Quote of the week: “Crypto assets have experienced a dramatic sell-off that has led to large losses in crypto investment vehicles and caused the failure of algorithmic stablecoins and crypto hedge funds, but spillovers to the broader financial system have been limited so far.”- IMF. Source: https://cointelegraph.com/
Crypto.com & Google Pay Integration: This week Crypto.com and Google Pay announced their partnership; Crypto.com is adding Google Pay as a payment option to buy over 250 cryptocurrencies. The integration is set to go live next week. Source: https://cointelegraph.com/
Voyager Rejects FTX’s Proposal: FTX and Alameda Ventures made a partial bailout proposal to Voyager Digital this week. Under the proposal, Alameda would purchase all of Voyager Digital’s asset loans, except the loans to Three Arrows Capital. Voyager’s customers could then receive some of the funds if they chose to open an account with FTX. Voyager rejected the offer, as the company believes it will disrupt its bankruptcy process. Additionally, Voyager Digital called it a “low-ball bid dressed up as a white knight rescue.” Source: https://www.fxempire.com/news/
Coinbase Faces SEC Investigation: The SEC is investigating Coinbase and whether the platform is offering unregistered securities. This probe came before and was separate from Coinbase’s alleged insider trading scheme. This investigation may lead to regulatory implications for the whole cryptocurrency industry. Source:
Legislation Featuring California: The California Fair Political Practices Commission reversed a 2018 ban; the state will again allow cryptocurrency contributions to state and local political campaigns. California will join 12 other states that explicitly permit political donations in cryptocurrency. Source: https://cointelegraph.com/
Kraken Under Federal Investigation: Kraken, a cryptocurrency exchange, is under federal investigation for potential violations of United States sanctions. The exchange allegedly permitted users in Iran and in other locations to buy and sell digital tokens. The United States Treasury Department’s Office of Foreign Assets Control has been investigating Kraken since 2019 and people believe that it will impose a fine as a consequence. Source: https://www.fxempire.com/news/
And, that’s a wrap!