Regulatory Waves and Crypto's Future

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In 2023, the crypto industry began with post-FTX fallout such as Operation Chokepoint 2.0, the failures of banks serving the crypto industry and the SEC's Wells Notice against Coinbase.

Meanwhile, Bitcoin Ordinals brought innovation to the Bitcoin network, while Ethereum's Shanghai upgrade introduced new functionalities. 

The criminal trial of Sam Bankman-Fried was the dramatic climax of the year, as lawmakers’ concerns about crypto being used for terrorist financing brought crypto into the mainstream conversation. The year ended with Binance's substantial settlement with the U.S. government and spot Bitcoin ETFs in the horizon, ushering in what looks like the beginnings of another bull market. 

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Links

DCG

Unchained: Gemini vs. DCG Is Heating Up. Could Gemini Force Genesis Into Bankruptcy?

Reuters: Crypto lending unit of Genesis files for U.S. bankruptcy

CELSIUS

Unchained: 

• 7 Revelations From Celsius’ Examiner Report
• Why the Celsius Examiner Report Shows 'a Complete Disaster in Almost Every Way'

Operation Chokepoint 2.0

WSJ: Regulator Orders Crypto Firm Paxos to Stop Issuing Binance Stablecoin

The Verge: Kraken pays a $30 million fine and shuts down crypto staking in the US

Unchained: 

• Coinbase’s Top Lawyer Calls SEC Wells Notice a ‘Massive Overreach’
• Just a Coincidence? Coinbase and Polygon Lawyers See Bad Omens in SEC Crackdown

Bitcoin Ordinals

Unchained: 

• Bitcoin Ordinal NFTs Are Hot and Getting Hotter. What's the Hype About?
• Bitcoin’s Daily Transaction Fees Surpass Ethereum’s for First Time Since 2020

Signature, Silvergate, SVB, USDC depeg

Investopedia: What Happened to Silicon Valley Bank?

CNBC: Stablecoin USDC breaks dollar peg after firm reveals it has $3.3 billion in SVB exposure

Unchained: 

• The Chopping Block: Was Crypto Just Debanked?
• Why Caitlin Long and Meltem Demirors Are Worried About Crypto’s Future in the US - Cryptocurrency
• SEC Issues Coinbase a Wells Notice
• Rep. Emmer on Why He Believes Gary Gensler Is a ‘Bad-Faith Regulator’

Reuters: Signature Bank failure due to 'poor management,' US FDIC report says

The Verge: Silvergate has collapsed

Ethereum’s Shanghai upgrade

Unchained: 

•  Shapella in the Rearview: After Major Upgrade, What’s Next for Ethereum? 
• Staked Ethereum Withdrawals Enabled As Shanghai Upgrade Goes Live

CoinDesk: What’s Next After the Ethereum Shanghai Upgrade Known as Shapella

PROMETHEUM

Unchained: 

• Prometheum and Paradigm in Debate: Can the Status Quo Work for Crypto
• These 2 Crypto Trading Platforms Agree With SEC Chair Gary Gensler
• Crypto Community Unearths Questionable History of SEC-Aligned Prometheum - Cryptocurrency Regulation

SEC vs. Binance and Coinbase

Unchained: 

• SEC Files 13 Charges Against Binance Including the Mishandling of Funds, Sale of Unregistered Securities
• SEC Sues Coinbase for Breaking Securities Laws
• SEC Sues Binance, Coinbase: ‘This Is Not the End of Crypto in the United States’

RIPPLE

Unchained: 

• New Order in SEC vs. Ripple Over XRP Is a Win for Crypto: What Happens Now?
• The Chopping Block: Jake Chervinsky on How the SEC Has Lost Credibility

CoinDesk: Ripple, Crypto Industry Score Partial Win in SEC Court Fight Over XRP

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