Crypto may have won a major court battle yesterday. And the decision didn’t even involve crypto. In a ruling released Tuesday, a three-judge panel at the U.S. Court of Appeals for the District of Columbia Circuit found that, as the Wall Street Journal put it, “the SEC had exceeded its authority under federal law when it issued a 2020 order overhauling the governance of the data feeds.” This was a technical ruling on a case that has nothing to do with crypto. Basically, the SEC had sided with brokers that have maintained forever that exchanges like the New York Stock Exchange and Nasdaq wield monopolies and use that power to…
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CoinDesk on the Verge of Victory in Fight to FOIL Tether Records
Stablecoin has resisted sharing details of its reserves with publication it deems ‘unprofessional’
One of the biggest mysteries in crypto revolves around token issuer Tether. Crypto enthusiasts—and crypto journalists— have long tried to figure out exactly what hard assets comprise the massive reserves that tether, as a “stablecoin,” is required to keep its dollar for dollar ratio in backing bitcoin with American dollars. The question is not academic. Tether has more than $78 billion worth of tokens in circulation and is by far the largest stablecoin issuer, accounting for about half of all transactions against bitcoin on centralized exchanges. Press play to hear a narrated version of this story, presented by AudioHopper. If the market began to question the stability of those dollar…
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Pakistan province to start mining crypto
Well ahead of the national government in regulating crypto, authorities in Khyber Pakhtunkhwa plan to build two hydro-powered crypto mining farms
In December 2020, local media reported that Khyber Pakhtunkhwa authorities legalized crypto assets and cryptocurrency mining—putting the province well ahead of he national government, where crypto assets currently reside in a grey area.
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Breaking ground, Morgan Stanley offers Bitcoin funds to wealthy customers
Offered by a major bank, the three funds from Galaxy Digital, FS Investments, and NYDIG are another step towards the mainstreaming of Bitcoin
In a first by a big bank, international investment bank Morgan Stanley announced that is offering certain wealthy customers access to Bitcoin funds. According to a March 17 CNBC report, Morgan Stanley will offer funds from Galaxy Digital, FS Investments, and New York Digital Investment Group as part of its wealth management service. Morgan Stanley, which has $4 trillion in assets under management, reportedly told its financial advisors in an internal memo today that it intends to offer the funds exclusively to customers it feels have “aggressive risk tolerance” as well as at least $2 million on account with the bank. Investment forms will need accounts of at least $5…
