![]() ![]() crypto business and focus on expanding internationally.Ĭoinbase shares jumped after the company reported first-quarter earnings and revenue beats, which Coinbase attributed in part to aggressive cost-cutting measures. ![]() Jane Street plans to reduce its global cryptocurrency footprint, while Jump Crypto plans to pull back on its U.S. In May, Bloomberg reported that Jane Street Group and Jump Crypto, two of the largest market makers in crypto, were planning to dial back their crypto-related businesses. The lawmakers said crypto has “no intrinsic value” and “more closely resembles gambling than a financial service.” Other Crypto Headlines ![]() Treasury Select Committee argues cryptocurrency trading should be classified and regulated as gambling. “Many drug traffickers use crypto in an attempt to evade law enforcement, thus facilitating the ongoing opioid epidemic in the United States and other drug-related crises worldwide,” Chainalysis said.Ī new report from the U.K. Authorities have already identified four prominent crypto addresses belonging to Chinese chemical shops suspected of producing fentanyl components.Ĭhainalysis has identified dozens of other addresses that have similar activity patterns and said these addresses have received more than $37.8 million in crypto payments since 2018.Ī similar report by blockchain researcher Elliptic identified 90 Chinese companies willing to sell fentanyl precursor chemicals, 90% of which accept cryptocurrency as payment. The SEC has plenty of company when it comes to crypto crackdowns.Įun Young Choi, director of the Department of Justice’s National Cryptocurrency Enforcement Team, said in May that the DoJ is stepping up its enforcement on crypto companies committing crimes or allowing crypto to be used for money laundering.īlockchain analytics firm Chainalysis recently reported that fentanyl traffickers make ample use of cryptocurrency to quickly complete cross-border transactions. “Institutional investments will likely continue to be constrained until regulatory clarity is made through these cases,” he says. cryptocurrency market, innovation, the banking industry’s appetite to bank crypto companies and the user’s ability to access digital assets,” Shiery says. “These regulatory entanglements should continue to be the front and center of the cryptocurrency industry’s attention due to ramifications on exchanges, the U.S. ![]() Jonathan Shiery, partner at Guidehouse Financial Services, says the ongoing regulatory crypto crackdown and legal battles with Ripple and Coinbase will continue to dominate the headlines in June. Meanwhile, regulators say more protections must be put in place to protect investors from the types of failures that led to the collapse of several crypto lenders and exchanges in 2022. customers.Ĭoinbase, Ripple and other crypto companies have reportedly been exploring shifting their businesses outside of the U.S. The Commodities Futures Trading Commission took legal action against Binance in March, alleging the exchange had broken numerous securities laws by illegally soliciting U.S. Patrick Hillmann, chief strategy officer at Binance, the world’s largest cryptocurrency exchange, said in May that it is a “very difficult time” to operate in the U.S., and Binance plans to do “everything we possibly can” to be regulated in the U.K. In May, Coinbase CEO Brian Armstrong said SEC Chair Gary Gensler has an “anti-crypto view” and the SEC lawsuits against Ripple and Coinbase are “unhelpful for the industry in the U.S.” The Crypto Crackdown ContinuesĬrypto exchanges are strategizing about how to respond to the ongoing SEC crypto crackdown. Ethereum prices dropped less than 1% in the month and are up 58% overall so far in 2022. Even after its significant year-to-date rebound, Bitcoin prices remain down more than 60% from their all-time high of $68,789 in November 2021.īitcoin prices dropped 6% in May but are still up more than 66% year-to-date. ![]()
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