The Bank of England’s upcoming crypto regime would try to ensure that funds are returned to customers when certain crypto firms enter a crisis.
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Author: Camomile Shumba
Bitcoin prices are heading higher as equities lag and U.S. banks weather a crisis, but it’s too soon to say how long the rally will last, according to Wintermute CEO Evgeny Gaevoy.
“I’m just not sure about the timing,” Gaevoy told The Scoop’s Frank Chaparro this week. “I would say like the value that we see now, I’m not sure how sustainable it is, but long time for sure.”
“It’s definitely something that has some legs and it’s the first time in a long time where I’ve seen something like this,” said Larry Cermak, The Block’s head of research and data, who was also a guest on the podcast.
The trio spoke Monday as news broke that the Commodity Futures Trading Commission had sued Binance, but before the 74-page filing was available.
“It’s the FUD. We’ll see how serious this is. It could be really serious. It could just be a small fine like it usually is,” Cermak said. “The only question will be, ‘What’s the actual impact?’”
Uncertain future
Cermak questioned how easy it might be for Binance to continue existing amid the enforcement action. He pointed to Bitmex. The platform no longer operates in the U.S. after its founders pleaded guilty to violating the Bank Secrecy Act, and took years to remove customers in the country.
“At the same time, Bitmex is still around. It’s still trading. So it’s like it didn’t lead to closure of the exchange, but obviously it wasn’t good for it,” Gaevoy said.
“They kind of faded away as soon as that came out and now they’re like the most irrelevant in terms of liquidity,” Cermak replied. “But also I think the timing was really good for Binance and FTX to start taking some of that market share.”
Gaevoy also said that there are still U.S. banks willing to work with crypto companies, taking the place of recently collapsed Silvergate and Signature.
For more of Frank’s chat with Evgeny and Larry, check out The Scoop podcast.
© 2023 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
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Author: Christiana Loureiro
Episode 30 of Season 5 of The Scoop was recorded at Paris Blockchain Week with The Block’s Frank Chaparro & Larry Cermak, and Wintermute Founder & CEO Evgeny Gaevoy.
Listen below, and subscribe to The Scoop on Apple, Spotify, Google Podcasts, Stitcher, or wherever you listen to podcasts. Feedback and revision requests can be sent to podcast@theblockcrypto.com.
In this episode, Wintermute Founder and CEO Evegeny Gaevoy and The Block VP of Research Larry Cermak examine how the recent regulatory crackdowns and bank failures have impacted crypto’s market structure.
During this episode, Chaparro, Cermak, and Gaevoy also discuss:
- Balaji’s Bitcoin bet
- The CFTC’s suit again Binance
- How Wintermute played the USDC de-peg
This episode is brought to you by our sponsors Circle, Railgun, Flare Network
About Circle
Circle is a global financial technology company helping money move at internet speed. Our mission is to raise global economic prosperity through the frictionless exchange of value. Visit Circle.com/Scoop to learn more.
About Railgun
Railgun is a private DeFi solution on Ethereum, BSC, Arbitrum and Polygon. Shield any ERC-20 token and any NFT into a Private Balance and let Railgun’s zero-knowledge cryptography encrypt your address, balance and transaction history. You can also bring privacy to your project with Railgun SDK, and be sure to check out Railgun with partner project Railway Wallet, also available on iOS and Android. Visit Railgun.org to find out more.
About Flare
Flare is an EVM-based Layer 1 blockchain designed to allow developers to build applications that can use data from other blockchains and the internet. By providing decentralized access to a wide variety of high-integrity data from other blockchains and the internet, Flare enables new use cases and monetization models. Build better and connect everything at Flare.Network.
© 2023 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
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Author: Davis Quinton and Frank Chaparro
XRP led gains in major tokens on positive sentiment, but might face a sell-off in coming days.
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Author: Shaurya Malwa
Tether (USDT), bitcoin (BTC), ether (ETH), binance usd (BUSD) and bnb coin (BNB) make up around 81% of Binance’s total balance.
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Author: Sage D. Young
A Delaware bankruptcy judge approved the sale of the bankrupt company’s assets to Abu Dhabi’s investment arm.
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A publicly-available token burn function in the contract allowed attackers to manipulate the protocol, some said.
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Author: Shaurya Malwa
Blockchain protocol Algorand (ALGO) has entered the world’s most populous country, India, with a project that aims to support the nation’s transformation from the back office of the Web2 world to the innovation hub of the Web3 world.
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Decentralized Autonomous Organizations (DAOs) are beginning to look like general partnerships in the eyes of U.S. courts.
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Author: Sam Reynolds
Bitcoin is flat, but ether is up, on potentially favorable comments by the CFTC before Congress.
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Author: Sam Reynolds
