Weekly Crypto Digest for June 17-22, 2024
Sunday, June 23, 2024
In the latest issue of Weekly Crypto Digest, read more about SEC closed an investigation into ETH, MicroStrategy adds more BTC, Binance announced airdrops and more news.
The SEC has closed its investigation into the status of Ethereum
The US Securities and Exchange Commission (SEC) Division of Enforcement has closed its investigation into Ethereum 2.0. This is stated in the ConsenSys message.
The SEC took this step after the organization sent a letter asking for clarification of the asset class when approving spot ETH-ETFs.
The corresponding appeal on behalf of ConsenSys was received on June 7. Its staff asked the regulator to confirm that the product's 19b-4 filings were based on the premise that the asset was classified as a commodity and, therefore, the agency would close the investigation.
MicroStrategy bought 11,931 BTC and issued shares worth $800 million
MicroStrategy purchased an additional 11,931 BTC for $785 million (~$65,883 per coin) using proceeds from convertible notes and excess cash.
The firm now holds 226,331 BTC, acquired for approximately $8.33 billion. At the time of writing, these assets are valued at $14.5 billion.
At the same time, MicroStrategy founder Michael Saylor announced the sale of convertible bonds with a yield of 2.25% due in 2032. The total cost of securities sold was $800 million.
The Winklevoss donated $2 million to Trump in Bitcoin
In the United States, support for Donald Trump is gaining momentum, who, before his rival, incumbent President Joe Biden, bet on cryptocurrencies. While the first one receives millions in donations from industry participants, the second one tries to change the situation in its favor.
On June 20, Tyler and Cameron Winklevoss, co-founders of the Gemini Bitcoin exchange, announced their support for Trump and donated $1 million to him in bitcoins (15.47 BTC at the time of the transaction).
They also criticized the Biden administration for "open war" against the crypto industry. They said the SEC "has not developed a single industry rule that would help any of its participants understand how to navigate the regulatory framework for this new asset paradigm."
Binance Announces Airdrops for BNB Holders
Crypto exchange Binance has announced a HODLer Airdrops program for BNB holders. This program will provide early access to tokens that are prepared to be listed on the platform.
To participate in the campaign, you must subscribe to the Simple Earn program for BNB.
Users must also have KYC verification and be in an "eligible" jurisdiction. The exchange did not provide a specific list of countries.
The company clarified that participation in HODLer Airdrops does not affect the standard benefits of holding BNB, such as the right to participate in Launchpool and Megadrop.
Binance is now accepting applications from projects that are willing to participate in its new rewards program.
Gemini will pay $50 million as part of a settlement with New York prosecutors
The Bitcoin exchange settled the claims of the New York State Attorney's Office by paying $50 million.
In October 2023, the department filed a lawsuit against Gemini, Genesis and Digital Currency Group (DCG) and their management, accusing them of defrauding 230,000 investors out of over $1 billion.
According to the investigation, Gemini lied to users about the Earn staking program, which it implemented jointly with Genesis. The Winklevoss brothers' company has repeatedly assured investors that the product is low-risk.
Gemini transferred the funds raised through Earn to Genesis, which used them to issue loans to bankrupt Three Arrows Capital and Alameda Research.
The settlement will allow "all defrauded investors to fully recover the assets they invested in the program but were unable to withdraw when it collapsed," prosecutors said.
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