Highlights
Genesis Sells $2.1 Billion in GBTC Shares to Purchase Bitcoin for Debt Settlement
PayPal Expands PYUSD Stablecoin Use for Fee-Free International Transfers
Coinbase Secures Legal Victory in Cryptocurrency Securities Case
In a strategic move to address its financial obligations, Genesis, a crypto lending company that has declared bankruptcy, executed a significant transaction by selling approximately 36 million shares of the Grayscale Bitcoin Trust (GBTC) for $2.1 billion. This sale enabled Genesis to acquire 32,041 Bitcoins, aiming to use these assets to settle debts with its creditors. This action followed a period of financial restructuring for Genesis, which included gaining permission from a U.S. bankruptcy court to liquidate its GBTC shares, initially valued at a lower price.
The proceeds from this sale and the subsequent Bitcoin purchase underscore Genesis’s commitment to navigating its bankruptcy proceedings while ensuring creditor repayment. Meanwhile, Coinbase has indicated that this large-scale transaction is likely to have a neutral impact on the broader cryptocurrency market, suggesting that the funds will remain within the crypto ecosystem.
PayPal is set to broaden the utility of its PYUSD stablecoin, enabling U.S. customers to conduct international money transfers without transaction fees through its Xoom service. This initiative allows users to convert PYUSD to USD and transfer funds across approximately 160 countries, reflecting PayPal’s strategy to offer more cost-effective cross-border payment solutions. This move aligns with a World Bank report highlighting the high costs associated with sending money internationally. By integrating PYUSD into Xoom, PayPal not only promotes the adoption of cryptocurrencies but also positions itself as a leader in digital assets.
Paypal’s push for its stablecoin’s increased usage comes amid a burgeoning stablecoin market, with Ripple also entering the scene with a stablecoin aimed at enterprise clients. This development indicates a competitive and growing interest in stablecoin solutions, with PayPal aiming to capture a significant share of this expanding market.
Coinbase, a major cryptocurrency exchange, has won a significant legal battle in the United States Court of Appeals for the Second Circuit, which ruled that secondary sales of cryptocurrencies on its platform do not constitute violations of the Securities Exchange Act. This ruling stems from a lawsuit that questioned whether cryptocurrencies traded on Coinbase were considered securities. The court’s decision, influenced by the interpretation of Coinbase’s user agreements over time, dismissed claims under the Securities Exchange Act due to insufficient evidence of transaction-specific contracts. This outcome not only highlights the complexities of applying traditional securities laws to cryptocurrency transactions but also underscores the ongoing debate over the regulatory classification of digital assets. Coinbase hailed the decision as a victory for clarity in the legal landscape of cryptocurrency trading, emphasizing its implications for the future oversight of digital assets and the necessity of regulatory clarity for fostering industry innovation.
News
Genesis purchases $2.1B of Bitcoin following GBTC sell-off
Binance Users Stake Record $13 Billion to Earn Saga Gaming Token Rewards
Coinbase Ethereum Scaler Base Is Booming — And It’s All Meme Coins, Of Course
Binance ends support for Bitcoin Ordinals
Products
US PayPal customers will be able to use stablecoin for international payments
Hybrid NFT standard combines ERC-20 and ERC-721 with low transaction fees
Pantera Capital’s crypto fund surges 66% amid market optimism
Australian Asset Manager Monochrome Applies With Cboe Australia for a Spot Bitcoin ETF, Eyes Decision by Mid-Year
Regulation
Coinbase cleared in lawsuit over crypto transactions
Argentine government passes registration requirements for crypto firms
Coinbase secures restricted dealer license in Canada, pushing expansion abroad amid SEC crackdown
SEC calls for comments on Fidelity, Grayscale and Bitwise spot Ether ETF applications
Funding
Bitkraft launches $275M gaming fund, bringing total managed assets to $1B
DeFi developers behind crypto exchange Phoenix close $20 million Series A round
Crypto Projects Receive Over $1.16 Billion in Venture Capital Funding in March
Planet Mojo Raises $10.5 Million in Strategic Financing Round
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