USDC Issuer Circle Begs to Be Regulated [ Crypto Espresso 6.9.23 ]

Friday Friday giving news on Friday Because I am your host Andrew and this Is crypto espresso your teeny tiny daily Shot of caffeinated crypto headlines ah Let's go first up the US Department of Justice has objected to the bankruptcy Plan of bittrex a cryptocurrency Exchange that owes millions of dollars In fines to the government the doj Claims that the plan would unfairly Prioritize the repayment of customers Over the payment of penalties bittrex Filed for chapter 11 bankruptcy Protection in November of 2022 after the SEC and the cftc charged it with Operating an unregistered Securities Exchange and violating anti-money Laundering rules The Regulators imposed A total of 80 million dollars in fines On bittrex which it has not yet paid According to its bankruptcy plan bittrex Intends to use its remaining assets Estimated at about 200 million dollars To repay its customers who have been Unable to access their funds since the Exchange shut down the plan also Proposes to create a trust that would Hold 10 percent of bittrex's equity and Distribute it to the government agencies Once the company emerges from bankruptcy However the doj argues that this plan Violates the bankruptcy code which Requires that creditors with similar Claims be treated equally the doj says

That customers and The Regulators are Both unsecured creditors and therefore Should receive the same percentage of Recovery the doj also questions the Valuation of bittrex's equity and the Feasibility of its reorganization the Bankruptcy plan will hold a hearing on January 15 2023 to decide whether to Approve or reject bittrex's plan former United States cftc chairman Heath Tarbert has joined Circle as its new Chief legal officer and head of Corporate Affairs tarbert has a Distinguished career in the public Sector having worked in all three Branches of the federal government and In key Regulatory Agencies he will Replace Flavia naves who announced her Departure from Circle earlier this year CEO Jeremy alaire was recently featured In a Forbes article that covered how Circle is begging Congress to offer Regulatory Clarity for stable coins Circles Flagship stablecoin usdc has Seen its market share decline over the Past year from 34.88 to 23.05 percent The company blames the U.S regulatory Environment for favoring its main Competitor tether which has grown its Market share from 47.04 to 65.89 in the Same span of time the Commonwealth Bank Of Australia has announced that it will Limit payments to some cryptocurrency Exchanges that are considered high risk

The decision was made to protect Consumers from potential fraud and scams As well as to comply with anti-money Laundering and counter-terrorism Financial regulations according to a Statement on the CBA website the bank Will use a risk-based approach to Identify crypto exchanges that pose a Higher level of risk to customers and The bank the bank will then apply lower Daily limits on how much customers can Send to these exchanges using their CBA Cards or accounts the bank did not Specify which exchanges will be affected By the new policy the CBA said that it Supports Innovation and new technologies In the financial sector but it also has A responsibility to prevent Financial Crime and Safeguard customer funds the Bank added that it will continue to Monitor the crypto market and review its Position as the industry evolves the CBA Is not the first Australian Bank to Impose restrictions on crypto Transactions earlier this year the National Australia bank and Westpac also Announced similar measures to limit Payments to some crypto platforms the Bank cited increasing regulatory Scrutiny and customer protection Concerns as the main reasons for their Actions European consumer group beuc or Burke has lodged a complaint with the European commission and consumer

Authorities against social media Platforms Instagram YouTube Tick Tock And Twitter alleging that they Facilitate misleading promotion of Crypto assets beuc Argues that the proliferation of Misleading advertisements on these Platforms exposes consumers to Significant financial harm they are Calling for stricter advertising Policies on crypto and measures to Prevent influencers from misleading Consumers Joint complaint urges the consumer Protection operation Network to work With European supervisory authorities to Ensure that social media platforms Implement policies to prevent the paid Promotion of crypto scams and finally Crypto custodian and Enterprise wallet Provider bitco has announced its Intention to acquire fintech Infrastructure company Prime trust the Acquisition which is subject to Regulatory approval and other closing Conditions would make bitco the first Global digital asset company to provide A full Suite of solutions for Institutions and fintech platforms by Acquiring Prime trust bitco would expand Its wealth management offerings and add Another regulated Trust Company to its Network which already includes trust Companies in South Dakota New York

Germany and Switzerland bitco would also Leverage Prime trust's API Infrastructure and exchange Network Which are compatible with bitco's Services the deal comes at a time when The crypto custody Market is undergoing Rapid changes and challenges such as the Proposed rule changes by the U.S SEC That would make it harder for crypto Companies to act as custodians of their Customers funds Bitcoin Prime trust have Not commented on rumors that the lab Matter is insolvent and your host Andrew Refuses to comment on rumors that he Would really appreciate you liking this Video subscribing to our YouTube channel And clicking on that little bell icon to Get buzzed whenever a new crypto Espresso video goes live no nothing to Say about that matter talk to the hand And what did you think about today's Video Excuse me that was actually a little bit Of indigestion anyway drop me a line in That comment section below because I Read them and sometimes those comments They just keep me up at night questions About our headlines or crypto in general Take that plunge and ask Alex in the Description below Alex is always a great Resource for all things web 3 and the Metaverse and that about does it for Today and the week as always I've been Your host Andrew these have been your

Headlines and ladies and gentlemen Again See you Monday