• Ooki DAO is paying a $643K fine after CFTC’s court victory.
• Ex-SEC chair Jay Clayton has endorsed ‘true stablecoins’ and is having ‘blunt conversations’ on crypto.
• Crypto.com will halt its US institutional exchange offering, but retail users will remain unaffected.
Ooki DAO to Pay Fine After CFTC Court Victory
Ooki DAO has been ordered by the U.S Commodity Futures Trading Commission (CFTC) to pay a civil monetary penalty of $643,000 for illegal activities in the cryptocurrency derivatives market. The company was found guilty of failing to register as a derivatives clearing organization and engaging in illegal off-exchange activity related to Bitcoin futures contracts between July 2018 and August 2018.
Ex-SEC Chair Endorses ‚True Stablecoins‘
Former SEC Chairman Jay Clayton commented on the agency’s current treatment of cryptocurrencies during an event at Bloomberg Invest on June 8th. He stated that he supports the SEC’s actions and noted that during his tenure he was known for being a „crypto hawk“ who shut down the „ICO craze“. He also expressed support for „true stablecoins“ which are pegged to fiat currency or other assets like gold or silver.
Crypto.com Halts US Institutional Exchange Offering
Crypto.com announced that it would be halting its US institutional exchange offering due to regulatory issues surrounding American customers buying digital assets with fiat money in certain states such as New York and Washington D.C.. This move does not affect retail users as they can still trade cryptocurrencies through Crypto,com’s mobile app without any restrictions from where they live in the United States.
Buterin Says Ethereum Needs 3 Transitions To Survive
Vitalik Buterin, co-founder of Ethereum, recently stated that Ethereum needs 3 critical transitions in order to ensure its survival over time: an upgrade from proof of work (PoW) consensus algorithm to proof of stake (PoS), scaling solutions such as sharding and Plasma, and more user friendly programming languages like Solidity or Vyper so developers can easily build decentralized applications (dApps). Buterin believes these three issues are essential if Ethereum is going to be able to keep up with increasing demand for its platform over time and remain competitive against other blockchains out there today.
US DOJ Charges Russians With Laundering Bitcoin
The Department of Justice (DOJ) recently charged two Russian nationals with laundering over 600k worth of bitcoin obtained from ransomware attacks targeting large companies around the world between 2017 and 2020 . The two defendants have been identified as Andrei Tyurin and Kirill Victorovich Firsov; both were allegedly involved in laundering funds via dark web marketplaces, online gambling sites, online wallets, prepaid cards, bank accounts located outside Russia ,and through cryptocurrency exchanges based in multiple countries including South Korea , Japan , China , Hong Kong , Singapore , Latvia , Cyprus , Bulgaria , Poland , Germany and Estonia .