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Coinbase, Consensys, and Paradigm are urging the U.S. Treasury to reconsider its proposed reporting requirements for crypto mixer transactions, citing a lack of specificity and concerns over resource allocation. In a comment to the Treasury Department’s Financial Crimes Enforcement Network (FinCEN) on Jan. 22, Coinbase stated that regulated platforms already comply with existing rules for recordkeeping and reporting of suspicious activities and illicit crypto mixing. The firm is particularly critical of the proposal’s requirement for crypto platforms to report all crypto mixing activities, including those serving legitimate purposes. Coinbase contends that this broad approach would lead to inefficient use of resources and unnecessary bulk reporting of non-suspicious transactions. Paul Grewal, chief legal officer of Coinbase, shared his thoughts in a Jan. 22 thread on X, emphasizing the need for more targeted measures. He believes a data dump without a monetary threshold ...

Crypto-friendly bank B. Riley Financial Inc. is said to be facing an undisclosed investigation from U.S. authorities. The Los Angeles-based investment bank B. Riley Financial Inc. is report edly under investigation by the U.S. Securities and Exchange Commission (SEC) for its transactions with a client associated with securities fraud, Bloomberg report s, citing sources close to the matter. According to the report , the investigation apparently linked to Brian Kahn, an unnamed co-conspirator in a U.S. Department of Justice criminal case linked to the 2020 collapse of the Prophecy Asset Management hedge fund. Sources claim that SEC officials conducted interviews in recent months to explore Kahn’s role in orchestrating the buyout of Franchise Group Inc., a deal facilitated by B. Riley and partly financed by Nomura Holdings Inc. You might also like: Core Scientific emerges from Chapter 11 bankruptcy B. Riley is known on the crypto market as a backer of two large Bitcoin ...

Investment firm Tiger Global is said to have marked down the value of its stakes in Bored Ape Yacht Club and OpenSea. According to a report from Bloomberg, the New York-headquartered investment firm has slashed its stakes in Bored Ape Yacht Club (BAYC) and marketplace for digital collectibles OpenSea by 69% and 94% respectively. While the reason for the move was not clear, it was not the only reduction made by Tiger Global. As per the report , the VC firm also slashed its stake in an AI-powered email company Superhuman by 45% and cut its valuation for search engine website DuckDuckGo by 72%, according to people familiar with the matter. You might also like: Magic Eden releases cross-chain NFT and crypto wallet Bloomberg claims investors in Tiger Global’s Private Investment Partners 15 fund suffered an 18% paper loss at the end of September, suggesting the latest move was made in a bid to contain risks of further decline. As of press time, Tiger Global made no publ...

A cryptocurrency rug pull is one of the simplest scams to prevent, according to the blockchain security auditor Hacken. Cryptocurrency rug pulls are not too difficult to be spotted by investors as the majority of such scams usually share distinct and visible features, according to a new report. Blockchain security auditor Hacken on Oct. 25 released its latest security insights report, aiming to spot the trends in Q3 crypto hacks and evaluate how affected projects approached security. The report paid specific attention to rug pulls , which is a type of exit scam occurring when a team pumps their project’s token before the sudden withdrawal of liquidity. According to Hacken, crypto rug pulls made up the largest amount of exploits in crypto , accounting for more than 65% of all hacks in Q3 2023. Cryptocurrency hacks by type in Q3 2023. Source: Hacken The reason for so many rug pulls on the market is that it's easy to create such schemes. “Serial scammers use token factories that ...

If true, the SEC will need to review and make a decision on Grayscale's spot Bitcoin ETF application. If denied, Grayscale could appeal the decision. The U.S. Securities and Exchange Commission reportedly has no plans to appeal the recent court decision that favored Grayscale Investments. The ruling requires the SEC to review the firm’s spot Bitcoin (BTC) exchange-traded fund application. Benzinga (and others) report ing that Reuters is report ing that the SEC will NOT be appeal ing Grayscale case. pic.twitter.com/yd9BBtRwv5 — Eric Balchunas (@EricBalchunas) October 13, 2023 The SEC’s supposed decision not to appeal the D.C. Circuit Court of Appeal’s ruling was highlighted in an Oct. 13 report from Reuters, which cited “a source familiar with the matter.” Bloomberg analysts also expect the SEC not to appeal to the Supreme Court but emphasized that this doesn’t necessarily mean Grayscale’s application is set to be approved. If the reports are true, the SEC will need to follow...

The total assets under Tether stand at $86.1 billion with total liabilities amounting to $82.8 billion — thus confirming a reserve backing of over 100%. Stablecoin issuer Tether maintain s a liquidity cushion of nearly $3.3 billion to provide stability to the Tether ecosystem and garner trust among shareholders.  Tether’s reserves report as of Aug. 24 reveals a combined surplus in shareholder capital cushion of $3.29 billion — spread over 15 blockchain ecosystems. Apart from Algorand and Polygon, Tether has reserved authority to issue USDT (USDT) tokens in the millions. Tether (USDT) current balances as of Aug. 24. Source: Tether Out of the lot, the Solana ecosystem leads in terms of the value pre-authorized for issuance, currently standing at $1.57 billion, with Ethereum and Tron taking up the next two slots with pre-authorization of $617 million and $353 million respectively. Tether has not yet responded to Cointelegraph’s request for comment about the importance of issuance pre...