The Daily Edge | 7/13/23

Matt Brienen
December 13, 2022
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The SEC is suing bankrupt crypto lender Celsius Network and the firm's former CEO Alex Mashinsky for four counts of fraud and one count of securities violations, per a court filing on Thursday. Before going under last summer, the platform offered users high-interest rates for depositing their idle crypto via its Earn Interest Program. This program was touted as "safe investment with high returns." Now, the SEC alleges that Celsius and Mashinsky "misrepresented Celsius’s central business model and the risks to investors by claiming that Celsius did not make uncollateralized loans, the company did not engage in risky trading, and the interest paid to investors represented 80% of the company’s revenue."
Europe’s first bitcoin exchange traded fund is expected to be publicly listed this month, 12 months after its planned launch. Jacobi Asset Management originally announced that its bitcoin ETF was to list on Euronext Amsterdam in July 2022. However, it now says the fund is “on track” to launch this month, having decided that last year “the time wasn’t right” following the Terra Luna cryptocurrency crash in May 2022 and crypto exchange FTX’s collapse in November.
International governance organizations are again showing curiosity around blockchain. The latest example is the United Nations, which teamed up with the Internet Governance Forum (IGF) and the Government Blockchain Association (GBA) to create a blockchain standards group. The Dynamic Coalition on Blockchain Assurance and Standardization was approved by the IGF Secretariat on June 1, 2023, according to GBA executive director Gerard Daché. The coalition will research the blockchain space and its various solutions while collecting input and proposing recommendations to the UN. That process will go toward the creation of best practices and guidelines for a number of different industries that use or are considering using blockchain.
Luxor Technologies, a Bitcoin mining software and services company, has announced the expansion of its Bitcoin mining derivatives contracts. According to a press release sent to Bitcoin Magazine, the new offering from Luxor's Derivatives Desk includes six-month duration contracts and daily settlement rates, providing market participants with extended contract periods and swift access to liquidity. The press release stated that the addition of these features enhances hedging efficiency and reduces the cost of capital in the Bitcoin mining derivatives space. Matt Williams, Luxor's Head of Derivatives, expressed his enthusiasm for the innovative pricing model, stating, "This innovative pricing model takes Hashprice contracts to the next level." He emphasized that the integration of daily settlement rates makes their offerings more attractive to traditional finance investors, expanding the reach of Luxor's Hashprice Marketplace beyond the mining sector. Williams added, "This development underlines Luxor's vision of transforming hashrate into a viable asset class."

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