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• Microsoft is testing a built-in crypto wallet for its Edge browser.
• The wallet likely supports Ethereum, DAI, USDC and USDT.
• Other browsers such as Opera and Brave have also integrated cryptocurrency features.

Microsoft Testing Crypto Wallet

Microsoft is testing a built-in crypto wallet for its Edge browser, as reported by software preservationist Albacore in a March 13 tweet. The web browser may soon support Ethereum and other digital assets like DAI, USDC and USDT.

Other Browser Wallets

Opera has supported cryptocurrency since 2018 while Brave has included its own crypto wallet with native Basic Attention Token (BAT). Mozilla Firefox and Google Chrome users can install third-party wallets like Metamask or MEW.

Crypto Donations Discontinued

Mozilla stopped accepting crypto donations to its own organization in 2022 following backlash. Vivaldi has stated it will never create a cryptocurrency.

Wallet Features

The Edge wallet includes trading integration with Coinbase and Moonpay, support for other extension wallets through its settings panel, and an „explore“ tab that features crypto news stories from around the web. It is non-custodial which means users have complete control of their funds and Microsoft cannot help users recover their wallet.

Disclaimer

Microsoft warns that users must use their own crypto balance within the wallet and says it will not cover any lost funds due to the project’s confidential nature

• The SEC issued a Wells Notice to Paxos, indicating that they are under investigation.
• The Wells Notice is used by the SEC to outline potential charges and allows the respondent to submit a written statement.
• The Wells Notice was given in reference to BUSD, Paxos’ stablecoin, alleging that it may be an unregistered security.

What Is A Wells Notice?

The Securities and Exchange Commission (SEC) can issue a Wells Notice when they have initiated or completed an investigation into an entity. This document outlines the substance of any potential charges and provides the respondent with the opportunity to submit a written statement before any action is taken. It was created as part of recommendations from the 1972 „Wells Committee“ which sought to review and assess the Commission’s enforcement policies and practices.

Paxos‘ Wells Notice

In February 2021, Paxos revealed that they had received a Wells Notice from the SEC regarding their stablecoin BUSD. This notice alleged that BUSD may be an unregistered security. As a result of this notice, Paxos halted all new token issuances for BUSD until further notice. Although there were no other allegations made against Paxos themselves, USDP-USD tokens (which are similar in nature) may also potentially be affected by this decision.

Implications Of The Investigation

This investigation could potentially have far reaching implications beyond just Paxos and BUSD if it is found that other dollar-collateralized stablecoins managed by Paxos also constitute unregistered securities according to SEC regulations. If this is ultimately found to be true, then these entities may need to take additional steps in order for their tokens to remain compliant with regulatory standards.

History Of The Wells Notice

The creation of the Wells Notice came as part of recommendations from William J Casey’s 1972 „Wells Committee“. This committee was established in order to review and assess existing enforcement policies and practices at the time. Although there is no legal requirement for regulators such as the SEC to provide prospective defendants with this opportunity before taking action, it has become common practice over time due its utility in allowing respondents time prepare their defense ahead of any possible litigation or enforcement actions taken against them by regulators such as the SEC .

Conclusion

The recent issuance of a Wells Notice by the SEC against Paxos indicates that their stablecoin BUSD may potentially constitute an unregistered security according to current regulatory standards. Although there were no other allegations made against PAXOS itself, other dollar-collateralized stablecoins managed and minted by PAXOS could also potentially fall into this category depending on how things progress during this ongoing investigation by regulators such as the SEC

• A survey conducted by Ripple and the U.S. Faster Payments Council found that 100% of respondents believe crypto and blockchain can result in benefits like efficiency and cost saving for the payments industry.
• The survey also revealed that almost 90% of respondents said that further growth in crypto payments adoption hinges on regulators providing the industry with clear rules around how to operate.
• The primary benefit of cryptocurrencies and blockchain technology is that they can drastically lower transaction costs and time, leading to savings for both businesses and consumers.

Overview

A survey conducted by Ripple and the U.S. Faster Payments Council has revealed overwhelming support for crypto payments, but regulatory uncertainty remains a barrier to widespread adoption. Respondents highlighted potential cost savings from using cryptocurrencies as well as blockchain technology, with 97% believing it will have a significant role in enabling faster payments within three years.

Benefits of Crypto Payments

The survey found that 100% of respondents believe crypto and blockchain can result in benefits such as efficiency and cost-saving for the payments industry. The primary benefit is that cryptocurrencies and blockchain technology can drastically lower transaction costs and time, resulting in savings for businesses and consumers alike. By 2030, it is estimated that crypto could save the payments industry roughly $10 billion in costs.

Barriers to Adoption

Almost 90% of those surveyed said further growth in crypto payments adoption depends on regulators providing the industry with clear rules on how to operate due to an uncertain regulatory environment – 10% believed there were no benefits at all from using crypto payments.

Implications

Crypto could be a catalyst for transforming an “antiquated” payment system, however without regulatory clarity this will not happen anytime soon – leaving many potential users hesitant until they know what regulations are required when using cryptocurrency as a payment method..

Conclusion

The results of the Ripple/U.S Faster Payments Council survey demonstrate strong potential cost savings associated with using cryptocurrency, but also reveal hesitancy due to unclear regulations. It is likely these regulations will need to be addressed before mainstream adoption can take place, allowing people to make full use of digital assets within their financial lives

• Circle CEO Jeremy Allaire believes that the U.S. Securities and Exchange Commission should not be responsible for regulating stablecoins.
• Allaire favors separate SEC regulations that could impose stricter rules around cryptocurrency custody, such as qualified custodians providing appropriate controls and protection against bankruptcy.
• The SEC has recently taken action against the TerraUSD stablecoin and associated assets, as well as issuing a Wells notice to Paxos regarding its Binance USD (BUSD) issuance at the request of New York regulators.

Circle CEO: Stablecoin Regulation Should Not Be Assigned to U.S. SEC

Mike Dalton · 12 hours ago · 2 min read
Circle CEO Jeremy Allaire told Bloomberg on Feb. 23 that the U.S. Securities and Exchange Commission should not be tasked with regulating stablecoins, insisting that they can instead be treated as payment systems. He also expressed his preference for separate SEC regulations that could impose stricter rules around cryptocurrency custody, such as qualified custodians providing appropriate controls and protection against bankruptcy.

SEC Actions Against Stablecoins

The SEC has recently taken action against the TerraUSD stablecoin and associated assets on Feb 16th, which lost most of its value in May 2022 due to its algorithmic-based value determination by crypto assets.. Additionally, Paxos received a Wells notice from the regulator after it stopped issuing Binance USD (BUSD) at the request of New York regulators last February 13th.. Unlike these cases, Circle’s own USDC is backed by traditional assets and maintains its $1 price peg..

SEC Chair’s Views on Stablecoins

SEC chair Gary Gensler has repeatedly suggested that stablecoins could come under the regulator’s jurisdiction in recent months, suggesting last September that these are similar to certain securities while also comparing them to poker chips in late January 2021 .

Regulatory Environment for Cryptocurrency

As regulatory environments become increasingly strict towards cryptocurrencies globally , Allaire said he favors separate SEC regulations that could impose stricter rules around cryptocurrency custody . He stated: “We have seen a lot of lessons learned [when] random exchanges have your assets…There is a reason why you have that kind of [custodial] rule.“

Conclusion

In conclusion, Circle CEO Jeremy Allaire believes that the U.S Securities and Exchange Commission should not be responsible for regulating stablecoins since they can instead be treated as payment systems subject to other banking regulation activities according to him.. As regulatory environments become more complex towards cryptocurrencies globally , he believes that stricter rules should be imposed so there would be better protection against bankruptcy

• Bitcoin (BTC) has reclaimed over $24,500 and flipped multiple-day moving averages.
• The 200-week moving average (200-WMA) is a reliable support level in previous bear market cycles for Bitcoin at $24,957.
• Another indicator of support is the 360-DMA currently stands at $25,398.

Bitcoin Flips Moving Averages

Bitcoin (BTC) has recently reclaimed over $24,500 and flipped multiple-day moving averages in the process. Several key levels of resistance must be crossed to reach the next price milestone of $25k.

60 & 120 Daily Moving Averages

The 60 daily moving average (DMA) is currently at $20,184 while the 120 DMA stands at $19,059 indicating that further upward momentum is needed before reaching key resistance levels.

200 Week Moving Average

The 200-week moving average (200-WMA) has been a reliable support level in previous bear market cycles for Bitcoin. It currently stands at $24,957 and must be broken through before reaching higher resistance levels such as the 360-DMA which currently stands at 25,398.

CryptoSlate’s Latest Market Report

CryptoSlate’s latest market report dives deep into Bitcoin on-chain data suggesting that the bear market might be coming to an end. This analysis points towards further potential growth for BTC if current trends continue to hold strong.

Conclusion

Bitcoin appears to have found temporary support above the 200-week moving average after reclaiming over $24,500 and flipping multiple day moving averages. However, several key resistance levels still remain before reaching new price milestones such as the 360 DMA which currently stands at 25k USDT per BTC token. CryptoSlate’s latest market report indicates that there may be more growth ahead if current trends continue to hold strong – however investors are reminded to do their own research before making any decisions related to trading cryptocurrencies as this activity carries a high risk of loss

• The Bank of England is planning to introduce a Central Bank Digital Currency (CBDC) called ‚Britcoin‘ as early as 2030.
• The BOE intends to impose an initial cap of between £10,000 to £20,000 ($12,017 to $24,033) on digital wallet holdings.
• Introducing the CBDC could lead to a decrease in demand for traditional bank deposits and reduce revenue for traditional banks.

Bank of England Plans To Introduce ‚Britcoin‘ CBDC

The Bank of England (BOE) plans to introduce a Central Bank Digital Currency (CBDC), referred to by industry and media as „Britcoin,“ as early as 2030. An initial cap of between £10,000-20,000 ($12,017-$24,033) will be imposed on digital wallet holdings.

Effects On Traditional Banks

The introduction of the CBDC could lead to a decrease in demand for traditional bank deposits and reduced revenue for traditional banks. This may result in decreased lending activity from banks that are struggling with reduced income streams.

Protecting Against Manipulation And Speculation

Analysts say that the key for regulators will be in protecting the CBDC from manipulation and speculation. The BOE wants its digital currency to work like cash but not accrue interest or become a tool used by speculators.

Implications For UK Financial Services Sector

These developments have significant implications for the future of finance in the UK. According to government data, the entire UK financial services sector brought in £174 billion in 2022, amounting to 8.3% of total economic output.

Conclusion

The BOE’s plans for introducing Britcoin bring about many questions regarding its potential effects on traditional banking institutions and financial services sectors at large. Ultimately it is up to regulators and policy makers alike to create effective safeguards against manipulation or speculation while still allowing consumers access this new form of digital currency if desired.

• Bitcoin is rallying after the collapse of FTX, with 25% of its supply held between $15.5k and $23k.
• UTXO Realized Price Distribution (URPD) shows that up to 20% of all Bitcoin supply is in high profit, from $686 to $15,000.
• Less than 1% of all supply is between $24,000 and $26,000. The majority of the Bitcoin supply is sitting at a loss.

Bitcoin Rally After FTX Collapse

Bitcoin has seen a surge in price after the collapse of FTX exchange with 25% of its supply held between $15.5k and $23k.

UTXO Realized Price Distribution

UTXO Realized Price Distribution (URPD) shows that up to 20% of all Bitcoin supply is currently in high profit positions ranging from prices as low as $686 to as high as $15,000. There is less than 1% of all Bitcoin held between prices levels of 24K-26K while most other coins remain at a loss position.

James Van Straten’s Take

James Van Straten, research analyst at CryptoSlate believes that this rally may be indicative of long-term growth for bitcoin given its current market capitalization and volume figures across exchanges globally. He also finds it notable that only a small portion (less than 1%) are found between price levels above 24K as this could mean further upside potential if more investors continue to buy into BTC now instead of waiting for higher prices later on down the line.

Token Unlocks

CryptoSlate looked at the data surrounding token unlocks to see how they affect the market and found short-term volatility can bring long-term growth when done correctly. In particular token unlocks can increase liquidity which opens up new possibilities for trading strategies and asset class diversification overall making them beneficial tools when used responsibly by investors who understand their implications fully before investing any funds into them or using them within their portfolios/strategies etc..

Disclaimer

CryptoSlate takes no responsibility should you lose money trading cryptocurrencies, so it’s always important to do your own due diligence before taking any action related to content within this article or elsewhere on the platform itself..

Bullet Points:
• Gemini Earn customers may be facing up to a $485 million shortfall due to Genesis‘ bankruptcy filing.
• Genesis claims to have fulfilled its debt to Gemini by using proceeds from the private sale of Grayscale Bitcoin Trust (GBTC) shares that had been collateralized.
• Customers on the Gemini Earn platform are now in a difficult position due to the uncertain outcome of the bankruptcy proceedings.

Gemini Earn customers are facing an uncertain future due to the bankruptcy filing of Genesis, a cryptocurrency lending platform. According to the bankruptcy filing, Genesis owes its creditors a total of $3.5 billion, with the largest debt being owed to Gemini Earn, which is estimated to be around $769 million.

Gemini had been offering rewards to customers who lent cryptocurrency to the platform, which were then loaned to counterparties such as Genesis. In order to protect their customers, Gemini had set up a collateral agreement with Genesis back in August of 2022. This agreement was further extended in November of 2022, but shortly after this extension, Genesis froze withdrawals from its platform.

Genesis then informed Gemini that it had sold the collateralized GBTC shares at $9.20 per share, netting $284.3 million. However, this amount was still far below the total amount due to Gemini, meaning that customers on the Gemini Earn platform are now facing a potential $485 million shortfall.

The situation is made even more complicated by the fact that Genesis is now claiming that they have fulfilled their obligations to Gemini by using the proceeds of the private sale of GBTC shares. This has put the customers of Gemini Earn in a difficult position, as it is unclear how this will affect the outcome of the bankruptcy proceedings.

In the meantime, customers of Gemini Earn are left to wait and see what will happen as the case proceeds through the bankruptcy court. It remains to be seen if the customers will be made whole, or if they will be left with a massive shortfall.

• FTT, the native token of bankrupt FTX exchange, has surged by over 48% in the past 24 hours.
• Other tokens of bankrupt crypto lenders Voyager and Celsius have also posted gains in the past 24 hours.
• Analysts within the crypto community are perplexed by FTT’s green run, with many wondering why top exchanges have not delisted the token.

FTX’s native token FTT has seen a remarkable surge in the past 24 hours, rising by over 48% to $2.58 according to CryptoSlate’s data. This impressive gain has pushed it to its highest level since FTX filed for bankruptcy in November 2022, when the token was trading at less than $1. The token is still 97% down from its all-time high of $84.

The rapid surge has left many analysts in the crypto community perplexed, with many questioning why top exchanges have not delisted the token. Crypto investor Mac tweeted: „[There is] not a single other place in the world you will find stocks of businesses that committed fraud and went bankrupt pump several hundred %. Meanwhile $FTT still not delisted from Binance and x3 from the lows. and you wonder why regulators hate us?“

Other embattled tokens have also seen gains in the past 24 hours. Voyager’s VGX and Celsius‘ CEL have both seen increases, with Ran Neuner asking if there was any reason to short FTT now. Neuner said that the token „surely has to go to zero.“

The surge in FTT and other bankrupt tokens has raised questions as to whether these tokens should remain on top exchanges, or if they should be delisted. Many analysts are concerned that allowing these tokens to remain on exchanges is inviting regulatory scrutiny to the crypto industry, and could have long-term negative effects.

For now, it appears that FTT and other bankrupt tokens will remain on exchanges for the foreseeable future. However, it remains to be seen how the market will react if these tokens continue to surge in the coming days and weeks.

• US prosecutors have issued subpoenas to hedge funds that have interacted with Binance as part of an ongoing investigation into potential violations of US anti-money laundering laws by Binance.
• John Ghose, a former Justice Department prosecutor specializing in crypto cases, believes Binance’s lack of know-your-customer (KYC) requirements for years made it a conduit for criminals to launder money.
• Binance implemented KYC requirements in August 2021 amid intensifying regulatory scrutiny of the world’s leading crypto exchanges.

The US attorney’s office for the Western District of Washington has recently issued subpoenas to hedge funds that interacted with Binance, as part of an on-going investigation into potential violations of US anti-money laundering laws by the world’s leading crypto exchange. The investigation has come as a result of intensifying regulatory scrutiny of the crypto industry, and in particular Binance, which has been accused of failing to properly enforce know-your-customer (KYC) requirements.

John Ghose, a former Justice Department prosecutor specializing in crypto cases, believes that Binance’s lack of KYC requirements for years made it a conduit for criminals to launder money. This, in turn, has led to increased scrutiny of the exchange, and federal prosecutors are currently evaluating whether they have sufficient evidence to bring charges against the exchange.

In December, Reuters reported that prosecutors were in discussion with Binance about a potential settlement, however Binance CEO Changpeng Zhao (CZ) denied that the exchange was working with the Department of Justice to settle matters out of court. In an attempt to comply with regional anti-money laundering regulations, Binance implemented KYC requirements in August 2021, which requires customers to submit identifiable information such as name, address, and government ID in order to open an account and make transactions.

The subpoenas issued to hedge funds come as part of the US attorney’s office investigation into Binance’s potential violations of anti-money laundering laws. The Washington Post reported citing sources familiar with the matter that the prosecutors had directed the investment firms to hand over their communication records with Binance.

It remains to be seen whether the US attorney’s office will bring charges against Binance, and whether the exchange will be able to successfully resolve the matter through a settlement. In the meantime, Binance continues to operate and serve a large number of customers worldwide.