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Crypto Platforms Should Work With SEC, Chair Gensler Says
U.S. Securities and Exchange Commission (SEC) Chairman Gary Gensler discusses the need for key players in the crypto ecosystem to work with the agency. “Make no mistake… if you have a platform, and you’re lending or borrowing crypto securities, you’ve got to come in and and work with us and get registered,” Gensler said.
Legal Expert: Not Enough Money to Go Around Celsius
As a new cashflow statement comes to light in Celsius Network's third bankruptcy hearing, Hodder Law Firm Managing Partner Sasha Hodder says the crypto lender just does not have "enough assets to go around." She adds that this will be particularly damaging for its Earn program customers. Plus, is Celsius still on track to run out of money by October?
Crypto Broker Genesis Cuts 20% Staff, CEO Michael Moro Steps Down
Genesis CEO Michael Moro is stepping down, as the crypto broker slashes 20% of its 260-person workforce. It follows major losses tied to the collapse of Three Arrows Capital earlier this summer. “The Hash” panel discusses the latest fallout of crypto winter, the human toll, and what it reveals about the state of crypto lending.
Market Bottom Being Tested? Zipmex In Buyout Talks
Silvergate CEO warns crypto market pain will continue, but still bullish on Bitcoin lending. DeFi total value locked plunged 67% in Q2. Zipmex in talks with potential buyers. FTX proposes liquidity plan for Voyager Digital customers. FTX reportedly in talks to buy South Korean crypto exchange Bithumb.
Voyager: ‘No Customer Will be Made Whole’ Under FTX Proposal
507 Capital Partner Thomas Braziel discusses his take on FTX's proposal to offer early liquidity to customers of crypto lender Voyager, saying their best bet is to "be patient and let the bankruptcy court process run a full auction." Plus, insights into Mt. Gox's bankruptcy case of 2014 and how it differs from Voyager's, citing the benefits of the American court system.
Crypto Lender Nexo Faces Declining Deposits
An analysis of Nexo's attestations reveals just how much its deposits have declined in recent months. The crypto lender may have suffered from withdrawals similar to those that led to troubles at its rivals. "The Hash" team discusses where Nexo fits into the wider crypto lending landscape and its yield crisis.
What to Expect From Crypto Lender Celsius' Bankruptcy Proceedings
"The Hash" panel discusses what customers should expect ahead of the first hearing in the Celsius bankruptcy case, as the insolvent crypto lender has said that it will give customers an option of staying "long crypto" or receiving a discounted cash settlement. Plus, a conversation on the company's $1.2 billion hole in its balance sheet.
Chris Giancarlo on Future of China's Digital Yuan
Former CFTC Chair Chris Giancarlo discusses the potential impact of central bank digital currencies (CBDCs) on crypto lending and global finance. ""You could envision a world 10 years from now where a third of the globe"" is using the digital Yuan because they're engaged with China, Giancarlo said.
BlockFi Receives $250M Credit Facility From FTX
Crypto lending platform BlockFi secured a $250 million revolving credit facility from FTX. BlockFi CEO Zac Prince notes the move “bolsters our balance sheet and platform strength," and added that "the proceeds of the credit facility are intended to be contractually subordinate to all client balances across all account types (BIA, BPY & loan collateral) and will be used as needed."
BlockFi Will Register Its Lending Product With SEC as Part of $100M Settlement
Crypto lender BlockFi will move forward with registering its high-yield crypto-lending product with the agency as part of its $100 million settlement deal with the U.S. Securities and Exchange Commission (SEC). "How are we actually promoting innovation?" Jenn Sanasie asks, adding that companies receive no protections from the government agency. Plus, "The Hash" team discusses SEC Commissioner Hester Peirce's response.
