Almost a month after Michael Saylor’s Strategy helped push bitcoin down about 20% in a week by selling just 32 bitcoins for $2.5 million, the company announced it may sell far more aggressively. In an 8-K filing with the U.S. Securities and Exchange Commission, Strategy on June 29 announced its Digital Credit Capital Framework, allowing it to sell as much as $1.25 billion worth of bitcoin to build its cash reserve, pay dividends, and fund stock buybacks. Despite that, Strategy plans to maintain its long-term strategy of aggressively building its bitcoin treasury, currently at 847,363 BTC. While the sale of 32 bitcoins represented just 0.004% of its holdings, the shock…
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Tech Firms Bringing Stablecoin Payments to Masses: Bitwise
This will also bring millions into the crypto economy
Tech companies with big distributed gig worker bases will help expand stablecoins into a $4 trillion business. Along the way, they will help bring millions of investors into the crypto economy. That’s according to Matt Hougan, chief investment officer of crypto asset manager Bitwise, who pointed to a pair of pilot programs by DoorDash and Meta to pay gig workers and content creators in stablecoins. “On a relative basis, these are not a big deal,” Hougan said in a blog post. “Both are pilot projects and the dollar amounts are small. But they’ve answered a question I’ve had about stablecoins for a long time. They’ve also increased my confidence that…
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Caitlyn Jenner Wins $JENNER class action
Judge rules the memecoin is not a security
A class action lawsuit against former Olympian Caitlyn Jenner has been thrown out by a federal judge, who ruled that her failed $JENNER memecoin was not a security. Jenner was sued by a group of investors who saw the market capitalization of the token drop steeply from a high of around $46 million. It is now nearly worthless. Lead plaintiff Lee Greenfield said he lost more than $40,000 after investing in $JENNER. The lawsuit, which was thrown out and refiled last year, cannot be refiled again, the judge ruled. The JENNER token was essentially a rug pull, with Jenner claiming that she herself had been scammed by the person who…
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Circle Won’t Freeze Stolen USDC Without Court Order
CEO Allaire defends refusal to act during hacks
In the face of growing criticism, Circle CEO Jeremy Allaire defended the USDC-issuer’s policy of refusing to freeze its stablecoins immediately after hacks and exploits. While leading stablecoin issuer Tether freezes its USDT stablecoins if it can be done in time — often within hours of a reported hack — to prevent stolen funds from being moved, Circle does not. It has been criticized for refusing to act while stolen funds are still in a position to be seized and restored to their rightful owners. Speaking during a press conference in Seoul, South Korea, on Monday, Allaire explained that as a regulated financial product, it cannot freeze tokens on a…
