By Christopher Hamman
It seems the US Government is trying to ban crypto without doing it officially.
At least, not yet.
The owners of 6 million Bitcoins have taken “one for the team”, leaving those tokens forever locked in the blockchain, and Hindenburg Research is after Jack Dorsey’s Block.
These are the decentralized diaries!
Bitcoin Prices Range at $27k, and Altcoins Remain Steady
Bitcoin reached a high of $28,734.80, dipped to $26,716.33, and is currently steady at $27,044.61. With the current regulatory pressure, it remains uncertain if prices will break the $30k resistance. Rising miner revenue and inflows from the banking fallout could provide the much-needed buoyancy for the next bull run.
The Altcoins remained within range, with Ethereum at $1,702.27, Solana at $19.72, Polkadot at $8.53, and Avalanche at $16.43.
Kraken Announced the Suspension of ACH Deposits and Withdrawals
Following the Silvergate Bank Failure, Kraken announced the suspension of ACH deposits and withdrawals from March 27th.
Crypto-friendly banks have remained in short supply, but the cryptocurrency exchange indicated it would reactivate banking options once it found a suitable partner.
Timothy Peterson: 6 Million Bitcoins are Irretrievably Lost
Timothy Peterson, the Manager of Cane Island Alternative Advisors, tweeted that 6 Million of the 19 million-plus mined bitcoins are lost forever.
The Manager of the alternative investment platform also indicated that only 1.7 million bitcoins will be mined over the next 100 years, with 13 million tokens in circulation.
The Fed Cites Custodia Bank’s Crypto Focus as the Reason for its Rejection of its Supervisory Application
In an 86-page report, the Fed gave reasons for its January rejection of Custodia Bank’s application for supervision and membership in the Federal Reserve System.
The central bank cited “concerns about banks with business plans focused on a narrow sector of the economy” with crypto-focused activities.
The bank also asserted that “Those concerns are further elevated with respect to Custodia because it is an uninsured depository institution seeking to focus almost exclusively on offering products and services related to the crypto-asset sector, which presents heightened illicit finance and safety and soundness risks.”
Custodia, for its part, has mounted an extensive counter-offensive against the allegations.
The SEC Issued a Wells Notice to Coinbase Over Six Altcoins and Other Products
The Securities and Exchange Commission issued a Wells Notice to Coinbase over six Ethereum-based Altcoins-Rally (RLY), Power Ledger (POWR), LCX (LCX), XYO Network (XYO), DerivaDAO (DDX), and Amp (AMP) over potential violations of securities laws.
The notice also targeted other parts of the Coinbase ecosystem linked to staking services, including Coinbase Earn, Coinbase Prime, and the Coinbase Wallet.
In a robust rebuttal, the cryptocurrency exchange acknowledged receiving the notice, which did not “provide a lot of information” about the potential violations.
Coinbase also iterated that it had presented several proposals to the SEC over several months with no response from the regulator.
Florida’s Governor Proposed Legislation to Ban CBDCs
Florida’s Governor, Ron DeSantis, introduced draft legislation that would effectively outlaw any Central bank Digital Currencies (CBDCs) issued by the Federal Reserve or foreign entities.
The legislative proposal forbids using CBDCs as money per Florida’s Uniform Commercial Code (UCC) and extends the prohibitions to foreign-issued Central Bank Digital Currencies.
The SEC Sued Justin Sun and Several Celebrities on Market Manipulation Charges
Tron’s founder, Justin Sun, and some celebrities have been hit with charges from the SEC over market manipulation and wash trading charges.
In a press release, the regulator indicated it was suing Sun, the Tron Foundation, the BitTorrent Foundation, and BitTorrent (currently known as Rainberry) over bitTorrent (BTT) and tronix (TRX) sales.
The SEC alleged that Sun, via his employees, attempted to manipulate TRX prices via wash trading activities, with over 600,000 of such trades between two crypto trading accounts controlled by the Tron founder.
The regulator also went after Lil Yachty, Ne-Yo, Lindsay Lohan, Akon, Michelle Mason, Jake Paul, and Soulja Boy over their roles in promoting TRX and BTT tokens without disclosing payments.
Texas Legislature Proposed Pro-Crypto Laws to Attract and Protect Pro-Bitcoin Businesses
The Texas Capitol swung into action and introduced draft legislation sponsored by State Rep Harris Cody that provides legal protections for people who own Bitcoin, use it, and engage in Bitcoin-related activities.
The draft legislation also protects Bitcoin miners’ energy rights, a source of contention across several states.
JP Morgan: US Banking Crisis is an “Opportunity” for Some Crypto Exchanges
In a research report, JP Morgan identified gaps created by the recent banking failures, noting that new banking relationships will take time to form, creating opportunities for crypto exchanges.
The note said, “The banking crisis could present an opportunity for some exchanges which could gain market share by offering banking services to crypto-native firms and investors.”
Hindenburg Research Revealed its Block Short Position, Cited Fraud Facilitation, and Inflated Numbers
Hindenburg Research of short-selling fame revealed its latest target: Jack Dorsey’s Block.
According to its latest research report, Block’s policies enabled users to set up fake accounts and facilitated fraudulent activities.
Per the report, interviews with former employees indicate that 40% to 75% of reviewed accounts were fake or belonged to single individuals.
The report also accused Block of providing inaccurate metrics with misleading numbers, tying CashApp to criminal activities.
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