• The US Securities and Exchange Commission (SEC) reached a $30 million settlement with Kraken for their staking-as-a-service platform.
• Staci Warden, CEO of the Algorand Foundation, believes that lack of regulatory clarity led to this development.
• According to Warden, if Kraken’s protocol had been more of a “pass-through profit-taking from the underlying protocol” then it might have been within the purview of the SEC.

SEC’s Crypto Crackdown Highlights Lack of Regulatory Clarity

The U.S. Securities and Exchange Commission (SEC) recently reached a $30 million settlement with crypto exchange Kraken after they halted their U.S.-based crypto staking service due to what the regulator said was promoting the sale of an unregistered security. Algorand Foundation CEO Staci Warden weighed in on this development, saying that ultimately this highlights lack of regulatory clarity when it comes to crypto regulations in America.

Kraken Punished Rather Than Given Guidance

Warden stated that if clearer guidelines had been provided by the SEC, then Kraken’s staking service could have very well been within the purview of the regulator rather than punished for it. She further added that if Kraken’s protocol had been more like a “pass-through profit-taking from the underlying protocol” then it would not have faced such troubles from the regulator.

Issues With Crypto Regulations

According to Warden, although some regulations for digital assets do exist in America, there are still many issues surrounding them as cryptocurrency is still largely unregulated in most parts of world including America itself. This lack of regulatory clarity often leads to confusion both among investors and companies who wish to enter into this space as they are uncertain about how exactly they should go about doing so without running into any legal complications down the line..

Positive Approach Needed

Despite these issues however, Warden believes that regulators need to take a positive approach towards companies like Kraken who offer services related to digital assets instead punishing them for something which is just not clearly defined yet according to laws and regulations.

Conclusion

In conclusion it can be said that while some progress has been made when it comes to regulating cryptocurrencies and other digital assets, there is still much work left ahead before all parties involved can be on one page regarding these matters which will ultimately benefit everyone involved in one way or another as more clarity will lead more people entering into this space which in turn will help ensure its growth and sustainability over time

• Zodia Custody and SBI Digital Asset Holdings (SBI DAH) have announced a joint venture to set up a crypto asset custodian for institutional investors in Japan.
• The venture, ownership of which will be split 51%-49% in SBI DAH’s favor, is subject to anti-trust and foreign direct investment clearances, as well as licenses from the Japanese regulator, the Financial Services Agency.
• Zodia Custody and SBI are aiming to appeal to institutions interested in crypto investment and adoption but put off by a lack of custodial services that meet the grade of provider in the traditional finance (TradFi) industry.

Zodia Custody Teams Up With SBI Digital Asset Holdings

Zodia Custody has partnered with Japanese financial services firm SBI Holdings’s crypto arm to form a joint venture and establish a crypto asset custodian for institutional investors. The venture is subject to clearance from both anti-trust and foreign direct investment authorities, as well as licenses from the Japanese regulator, the Financial Services Agency.

Aimed At Institutions Interested In Crypto Investment & Adoption

Zodia Custody and SBI are aiming to cater towards institutions interested in investing or adopting cryptos but discouraged by lacking custodial services of providers found in traditional finance (TradFi). The joint venture will offer gold-standard crypto asset custody services in Japan.

Backed By Standard Chartered & Northern Trust

The joint venture between Zodia Custody and SBI Digital Asset Holdings is backed by Standard Chartered and Northern Trust. This provides added assurance for potential customers looking for reliable custody solutions for their digital assets investments.

Coinbase Confirms Halting Operations In Japan

Cryptocurrency storage provider Coinbase has confirmed that it is halting operations in Japan due to regulatory issues related with local licensing requirements. This news further highlights the need for secure digital asset custody solutions within Japan that meet industry standards – something which Zoida Custody aims to provide through its new joint venture with SBI DAH.

Conclusion

By teaming up with an established financial institution like SBI Holdings, Zodia Custody can offer much needed security features to businesses seeking reliable digital asset custody solutions within Japan – an area where Coinbase had previously struggled due to regulatory challenges.

• Mango Markets, a Solana-based crypto exchange, is pushing forward with a relaunch of the project, despite the US Securities and Exchange Commission (SEC) alleging that the project’s native token, MNGO, is a security.
• The SEC has not alleged wrongdoing by Mango, but accused MNGO trader Avraham Eisenberg of securities market manipulation.
• Securities lawyers have suggested that the SEC might be laying the groundwork to bring a case against the exchange that issued MNGO.

Mango Markets, a Solana-based crypto exchange, is pushing forward with a relaunch of the project, despite the US Securities and Exchange Commission (SEC) alleging that the project’s native token, MNGO, is a security. This is an ambitious move, as the SEC’s labeling of the token raises knotty problems about whether Mango Markets’ “version 4” can proceed without facing regulators’ wrath.

The SEC has not alleged wrongdoing by Mango. Instead, the agency last week accused MNGO trader Avraham Eisenberg of securities market manipulation, claiming that he drained $116 million from the exchange in October. Eisenberg is accused of “trading in a manner designed to artificially inflate the price of MNGO”, according to the SEC.

In light of this, securities lawyers who are not involved in the case have suggested that the SEC might be laying the groundwork to bring a case against the exchange that issued MNGO to its investors when it launched in 2021. They point to the fact that the SEC noted that purportedly ineligible US investors participated in the token sale, implying that the agency has authority to bring a future case asserting that this is an unregistered securities offering.

Mango Markets CEO, Daniel Harenberg, has stated that the relaunch of the project is intended to restore full liquidity to the MNGO token and rebuild trust in the platform. He also acknowledged that the relaunch will bring new challenges that the team will need to navigate, but he remains confident that the project can operate within the confines of the law.

The relaunch of Mango Markets is expected to bring new features and improved user experience. The team is currently focusing on the development of the platform, and the relaunch is planned for early 2022.

In the meantime, the SEC’s allegations against Eisenberg and the potential for further action against Mango Markets remain a concern. However, the team behind the exchange is determined to move forward with the relaunch and show that they are willing to comply with relevant regulations.

Bullet Point Summary:
• Timothy Stranex, co-founder and CTO of cryptocurrency exchange Luno, departed the firm in December to pursue personal projects.
• He was replaced as CTO by Simon Ince, who joined Luno two years ago as its vice president of engineering.
• Luno, owned by Digital Currency Group, has over 10 million customers worldwide and offices in several countries.

Cryptocurrency exchange Luno recently saw a key leadership change with the departure of co-founder and Chief Technology Officer (CTO) Timothy Stranex. Stranex had been with the firm since its founding nearly 10 years ago, and his exit in December was to pursue personal projects.

Stranex had co-founded the firm with Carel van Wyk, Pieter Heyns and current CEO Marcus Swanepoel. Taking his place as CTO is Simon Ince, who joined Luno just under two years ago as its vice president of engineering. Ince has a background in software engineering, having previously worked in the industry for over two decades.

Luno is a crypto exchange which has grown to become one of the most popular in the world. It is owned by Digital Currency Group (DCG), and has over 10 million customers located across the globe. The firm is headquartered in London, and has offices in Singapore, Cape Town, Johannesburg, Lagos and Sydney.

The firm is the latest in a string of cryptocurrency exchanges to experience a leadership change in recent months, as the industry continues to grow and evolve. The departure of Stranex from Luno marks the end of an era for the firm, but with Ince now in the role of CTO, the company is looking forward to a bright future.

• Genesis, a crypto lender, owes its creditors over $3 billion.
• Digital Currency Group, Genesis‘ parent company, is looking to sell its venture-capital portfolio, worth around $500 million, to pay off the debt.
• Tensions between DCG and Genesis creditors have been running high, with Cameron Winklevoss of Gemini calling for DCG CEO Barry Silbert’s ouster.

Crypto lender Genesis is in a tough spot. According to the Financial Times, the company owes its creditors over $3 billion, prompting its parent company, Digital Currency Group, to consider selling some of its venture-capital portfolio, worth around $500 million, in order to pay off the debt.

The situation has resulted in tensions between DCG and Genesis creditors, with Gemini co-founder Cameron Winklevoss even calling for DCG CEO Barry Silbert’s ouster earlier this week. DCG owns a portfolio of crypto exchanges like Coinbase (COIN), Kraken and Blockchain.com, as well as the now bankrupt FTX.

The assets owned by DCG are illiquid, however, meaning it will take some time to sell them off. This situation has caused a great deal of worry among creditors, some of whom have been vocal about their displeasure with the current state of affairs.

DCG has yet to make any definitive statements on the matter, declining to comment when asked by the Financial Times. However, the company is reportedly looking at asset sales in order to raise the necessary capital to pay off Genesis‘ debt.

In the meantime, the situation is still uncertain. It remains to be seen how DCG will address the mounting debt, and whether the venture-capital portfolio will be sold off in order to do so. Until then, creditors will have to remain in the dark, hoping for the best.

• Cryptocurrency prices have been volatile over the past 14 months and there is no sign of them stabilizing any time soon.
• Clients curious about cryptocurrencies have likely encountered the wild world of annual crypto predictions.
• Tim Draper predicted a 1,400% rally to $250,000 by the end of 2023, while Standard Chartered predicted a 70% plunge to $5,000.

As the crypto market is becoming increasingly popular, investors have had to contend with a great amount of volatility over the past 14 months, and there is no sign of it subsiding any time soon. This has caused many clients to explore the wild world of annual cryptocurrency price predictions.

The most optimistic call for 2023 was made by digital venture capitalist Tim Draper, who predicted a 1,400% rally to $250,000 by year-end. On the other hand, the most pessimistic call was made by Standard Chartered, who predicted a 70% plunge to $5,000.

These forecasts are made by a variety of sources and it can be difficult to make sense of them all. To gain a better understanding of the crypto market, it is important to keep track of news and trends, analyze the data and form an educated opinion.

To be sure, the crypto market is still relatively new and unpredictable, so it is important to proceed with caution. It is also important to remember that past performance is not a guarantee of future results. Therefore, investors should be aware of the risks associated with investing in cryptocurrencies, including the potential for sudden and dramatic price drops.

In the end, the best way for investors to make informed decisions about their investments is to stay informed, do their own research, and seek professional advice if necessary. With the right knowledge and understanding of the market, investors can take advantage of the potential for long-term profits and make prudent investment decisions.

Bullet Points:
• Securrency, an institutional cryptocurrency infrastructure firm, has hired State Street’s head of digital, Nadine Chakar, as its new CEO.
• Chakar replaces Securrency’s founder Dan Doney, who will continue to serve as CTO.
• Securrency provides institutions with blockchain-based regulatory technology to enable digital asset adoption in a compliant manner.

Securrency, an institutional cryptocurrency infrastructure firm, has taken a major step forward in its mission to provide digital asset adoption in a compliant manner. The firm has hired State Street’s digital chief Nadine Chakar as its new CEO. Chakar replaces Securrency’s founder Dan Doney, who will continue to serve as chief technology officer (CTO).

Nadine Chakar spent just under a year and a half as State Street’s digital chief, following more than two years as its head of global markets. She has also been on the Securrency board since 2021, when State Street was part of a $30 million funding round for the company. Other participants in the fundraise included U.S. Bank, Abu Dhabi, Catalyst Partners and WisdomTree Investments.

Securrency’s purpose is to provide institutions with blockchain-based regulatory technology on top of existing legacy systems to enable digital asset adoption in a compliant manner. Chakar’s appointment will bring her experience in institutional-grade compliance to the table, ensuring that Securrency’s products and services in tokenization, decentralized finance (DeFi) and interoperability will be compliant and secure.

The firm’s regulatory technology platform helps customers to interact with digital assets and financial services in a secure and compliant manner. It provides a range of services, such as digital asset issuance, management, and compliance, as well as risk management and transaction monitoring solutions. The platform also offers a compliance-as-a-service feature, which enables customers to quickly get up to speed with the various regulations relevant to their operations.

Securrency’s platform will be able to help financial institutions reduce the complexities of developing and managing their own digital asset solutions. It will enable them to rapidly deploy and manage digital assets in a compliant and secure manner.

With Chakar at the helm, Securrency is well placed to continue its mission of providing institutions with a secure and compliant way to adopt digital assets. Her expertise in institutional-grade compliance will be a great asset to the firm’s mission. With the right guidance, Securrency’s platform could prove to be a game-changer in the world of digital asset adoption.