{"id":617101,"date":"2023-03-12T09:09:26","date_gmt":"2023-03-12T14:09:26","guid":{"rendered":"https:\/\/news.sellorbuyhomefast.com\/index.php\/2023\/03\/12\/the-week-in-crypto-silvergate-grayscale-and-kucoin\/"},"modified":"2023-03-12T09:09:26","modified_gmt":"2023-03-12T14:09:26","slug":"the-week-in-crypto-silvergate-grayscale-and-kucoin","status":"publish","type":"post","link":"https:\/\/newsycanuse.com\/index.php\/2023\/03\/12\/the-week-in-crypto-silvergate-grayscale-and-kucoin\/","title":{"rendered":"The Week in Crypto \u2013 Silvergate, Grayscale and Kucoin"},"content":{"rendered":"
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By Mark Hunter<\/a><\/span><\/span><\/p>\n

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1 day agoSat Mar 11 2023 11:56:36<\/span><\/p>\n

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\"The-Week-in-Crypto---Silvergate,-Grayscale-and-Kucoin\"\t\t\t\t\t\t\t\t\t\t\t<\/p>\n

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Reading Time: <\/span> 2<\/span> minutes<\/span><\/span><\/p>\n

This week in the crypto world we\u2019ve seen stories involving crypto tax, Silvergate, Grayscale, Voyager and much more. Ready to find out which stories made our top three this week.<\/span><\/p>\n

Look no further.<\/span><\/p>\n

Silvergate Files for Liquidation<\/span><\/h2>\n

Troubled crypto bank Silvergate this week announced that it was being <\/span>fed to the liquidators<\/span><\/a>, less than a week after it revealed it missed its annual earnings filing. The bank, which began serving Bitcoin users in 2013, was deeply affected by the collapse of FTX and has been hit by allegations of impropriety surrounding the activities of FTX and Alameda Research.\u00a0<\/span><\/p>\n

Its parent company, Silvergate Capital Corporation, put out a press release in which it blamed \u201crecent industry and regulatory developments\u201d for its need to wind down operations, with the company \u201cconsidering how best to resolve claims and preserve the residual value of its assets\u201d.<\/span><\/p>\n

Grayscale Turns Tables on SEC<\/span><\/h2>\n

Bloomberg Intelligence this week put the odds of Grayscale succeeding in its bid to overturn the Securities and Exchange Commission\u2019s (SEC) denial of its <\/span>Bitcoin ETF bid at 70%<\/span><\/a> following oral arguments in court yesterday. This marks a stunning turnaround from its pre-hearing odds of 60% in favor of the SEC, with senior litigation analyst Elliott Stein now claiming that the court will probably rule for Grayscale, but that the wording of any ruling will be crucial with regards to whether it can actually go ahead.<\/span><\/p>\n

Such an outcome would be a major fillip for GBTC investors, who have had their funds trapped on the platform ever since the first investments in 2013, funds which now total $5.5 billion in value.<\/span><\/p>\n

Kucoin Sued by New York Attorney General<\/span><\/h2>\n

Crypto exchange Kucoin was this week <\/span>hit with a lawsuit<\/span><\/a> by the Office of the New York State Attorney General (OAG) Letitia James over allegations that it is selling unlicensed securities. The lawsuit, which mentions ETH, LUNA and UST in particular, accuses the exchange of \u201crepeatedly and persistently\u201d breaching the Martin Act, which prohibits anyone from selling securities without a license.<\/span><\/p>\n

It also alleges that Kucoin \u201cfurther failed to comply with an OAG subpoena issued\u2026by failing to appear for testimony to address the office\u2019s concerns. That the case mentioned Ethereum specifically is interesting, given that it has become the subject of hot debate since converting to a proof-of-stake consensus mechanism.<\/span><\/p>\n<\/p><\/div>\n<\/p><\/div>\n<\/p><\/div>\n

Read More<\/a>
\n Mark Hunter<\/p>\n","protected":false},"excerpt":{"rendered":"

By Mark Hunter1 day agoSat Mar 11 2023 11:56:36 Reading Time: 2 minutesThis week in the crypto world we\u2019ve seen stories involving crypto tax, Silvergate, Grayscale, Voyager and much more. Ready to find out which stories made our top three this week. Look no further. Silvergate Files for Liquidation Troubled crypto bank Silvergate this week<\/p>\n","protected":false},"author":1,"featured_media":617102,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[22791,101874],"tags":[],"class_list":{"0":"post-617101","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-crypto","8":"category-silvergate"},"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/posts\/617101","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/comments?post=617101"}],"version-history":[{"count":0,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/posts\/617101\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/media\/617102"}],"wp:attachment":[{"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/media?parent=617101"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/categories?post=617101"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/tags?post=617101"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}