Highlights
Tether Reports Record Q1 Profits and Expands Investment Portfolio
SEC Reevaluates Ether as Security, Impacting Crypto Regulation
Vodafone Integrates Crypto Wallets into SIM Cards Amid Expansion Plans
Tether, the leading cryptocurrency firm, announced an unprecedented profit of $4.52 billion for Q1 2024, marked by significant financial disclosures. The company, known for issuing the popular USDT stablecoin, recorded its net equity at $11.37 billion as of March 31, 2024, a notable increase from $7 billion at the end of the previous year. This financial boost was attributed to $1 billion earned from operations including U.S. Treasuries and additional profits from appreciating investments in gold and bitcoin. Tether also expanded its asset base, holding over $90 billion in U.S. Treasuries, ensuring high liquidity for USDT redemption. Moreover, Tether is diversifying its portfolio, investing in sectors like artificial intelligence, clean energy, and bitcoin mining, further illustrating its commitment to broadening its market influence.
Recent developments in a lawsuit against the U.S. Securities and Exchange Commission (SEC) have revealed a significant shift in the regulator’s perspective on Ether, the cryptocurrency pioneered by Ethereum. This disclosure comes after Consensys, an Ethereum software firm, filed court documents suggesting that the SEC, led by Chair Gary Gensler, may have classified Ether as a security for over a year, diverging from earlier SEC statements under different leadership. This stance emerged despite previous assurances in 2018 that Ether was not considered a security, akin to Bitcoin. The ongoing “Ethereum 2.0” investigation aims to probe unregistered Ether transactions dating back to at least 2018, with the potential reclassification likely to influence the SEC’s decisions on related financial products, such as the proposed Ether exchange-traded funds.
Vodafone, a major UK telecommunications provider, is advancing its technological capabilities by integrating cryptocurrency wallets into SIM cards, aligning with broader blockchain adoption strategies. This initiative coincides with Vodafone Idea — a subsidiary in India partly owned by Vodafone — aiming to secure approximately $3 billion in debt to bolster its financial standing, including $1.8 billion through loans. David Palmer, Vodafone’s Blockchain Lead, shared in an interview that by 2030, the company anticipates the operation of 20 billion mobile phones, with 8 billion smartphones facilitating access to these advanced SIM card-integrated crypto wallets. This shift underscores a significant movement towards digital identity integration within mobile technologies. Meanwhile, Vodafone Group is also expanding its technological horizons by entering a decade-long strategic partnership with Microsoft to explore generative AI, further marking its commitment to adopting cutting-edge technologies.
News
Tether Q1 2024 Attestation Reveals Record $4.52 Billion Profits
SEC and Gensler believed Ether was security for at least a year
Binance Founder Changpeng Zhao Gets 4 Months in Prison
Coinbase reports $1.64B revenue for Q1 2024
Products
Vodafone looks to integrate crypto wallets with SIM cards
HK ETF Inflows Counter US Outflows Pre US Jobs Report
Australia’s largest stock exchange could list approved spot bitcoin ETFs by end of 2024: Bloomberg
Coinbase rolls out Lightning Network support in collaboration with Lightspark
Regulation
Here’s How EU Nations Are Preparing to Enforce MiCA
UK sharpens focus on crypto regulation in latest anti-money laundering report
Monetary Authority of Singapore (MAS) Announces New Regulatory Framework for Stablecoins
India’s crypto regulations can do with a HODL strategy
Funding
XION Raises $25M to Revolutionize Web3 Accessibility: Making Crypto a Seamless Experience
Wisdomise Raises $9.5M in Funding Ahead of Public Token Launch
BAXUS Raises $5 Million in Funding to Expand Web3 Spirits Marketplace
Airstack Secures $4 Million Seed Funding Led By Red Beard Ventures
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