• DCG is currently in talks with capital providers, as part of a mediation with Genesis.
• Coinbase’s Paul Grewal says proposed SEC custody rule „unnecessarily singles out crypto“.
• A ‘Kim Jong-Un’ was approved for a Gate.io crypto account and Bittrex filed for US bankruptcy but will not halt global operations.
DCG Talks With Capital Providers
Digital Currency Group (DCG) is reportedly in discussions with capital providers as part of a mediation process with Genesis Trading, according to recent reports. This comes amidst the legal dispute between the two companies that began when DCG acquired Genesis from its parent company, Digital Currency Group, Inc., in 2019.
SEC Proposed Custody Rule
Coinbase Chief Legal Officer Paul Grewal has spoken out against the U.S Securities and Exchange Commission’s (SEC) proposed revisions to federal custody requirements that would require registered investment advisers (RIAs) to hold client assets at qualified custodians. According to Grewal, the proposal “unnecessarily singles out crypto” and Coinbase suggests a more inclusive approach to qualified custodians and a unified possession or control standard for crypto assets instead.
Gate.io Crypto Account Approval
Surprisingly enough, news recently broke that an individual going by the name of ‘Kim Jong-Un’ had been approved for an account on Gate.io – one of the world’s leading cryptocurrency exchanges – despite no proof of identity or address being provided during registration process. The news immediately raised questions regarding Gate.io’s compliance standards and security protocols when it comes to approving new accounts on their platform; however, they have since defended themselves stating that they had followed all necessary KYC procedures while registering Jong-Un’s account.
SBF Charges & Bittrex Bankruptcy
Meanwhile Swiss Financial Market Supervisory Authority (FINMA) issued charges against former Falcon Private Bank Chairman Hanspeter Brunner claiming he had violated banking law regulations; however, Brunner argued that most of these charges suffer from multiple legal flaws according to his lawyer Daniel Kupferberg. Additionally, news also broke this week that U.S based cryptocurrency exchange Bittrex had filed for Chapter 11 bankruptcy protection in Delaware court but clarified later on that this would not affect global operations as its international arm remains untouched by the filing procedure currently underway in America.
It has certainly been an interesting week within the cryptocurrency space which saw some unexpected developments such as Kim Jong-Un getting approved for a Gate io account or Bittrex filing for US bankruptcy protection along with other important updates like DCG engaging capital providers amidst mediation with Genesis or Coinbase voicing its concerns surrounding SEC’s proposed custody rules – all of which will likely shape how we view digital asset regulation moving forward into 2021 and beyond!