Intel Ceases Production of Mining Focussed Chips
The electronics giant recently stopped producing its Bitcoin mining chip series called Blockscale. Customers can still order new chips, but shipping will end in April 2024. Intel’s initial entry into the Bitcoin mining chip market came at an inopportune time, as the chips became available just as Bitcoin valuations plummeted at the end of the last crypto frenzy.
SEC Points Finger at Bittrex
The US SEC has accused crypto exchange Bittrex of operating an unregistered national securities exchange. The SEC accuses former CEO William Shihara of helping token issuers suppress public statements that would prompt regulators to scrutinize token offerings as securities. Bittrex has stated that no securities were offered or traded on its platform.
Terra Luna CEO Indicted
Nearly a month after his arrest in Montenegro, Do Kwon, co-founder and CEO of Terraform Labs, has been indicted. The prosecutor accuses Kwon of using a fake passport and other identity documents when he attempted to leave the country. Kwon’s indictment is expected to hinder extradition efforts to the United States and South Korea, where he faces multiple charges.
SEC Chairman Comes Unstuck During Hearing
During a five-hour hearing before Congress, SEC Chairman Gary Gensler struggled to defend his agency’s crypto policy. The committee pressed Gensler on whether the SEC is too tough on crypto firms, driving innovation overseas and jeopardizing US competitiveness. Committee Chairman Patrick McHenry criticized Gensler, saying enforcement-based regulation is neither sufficient nor sustainable.
TrueUSD Becomes Largest by Market Cap
TrueUSD, a little-known stablecoin before, is now the world’s largest Bitcoin trading pair, with its market capitalization increasing by $1 billion over the last two months. A significant contribution to its growth has been Binance, which in March removed Bitcoin trading offers with no fees, except for Bitcoin against TrueUSD, increasing demand for the stablecoin.
First Crypto Law Passed by The EU (MICA)
The legislators of the European Union have voted in favor of the regulation of crypto assets with an act known as MiCA, thus establishing a new crypto licensing protocol. The rules would impose a number of transparency and disclosure requirements on crypto platforms, token issuers, and traders. Parliamentary approval paves the way for the EU to become the first major jurisdiction in the world to adopt comprehensive crypto regulation.