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Around The Block – APRIL 28 Week in News

by BlockNews Team
April 28, 2023
in Crypto, Media, NFT, Politics
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Around The Block – FEB 24 Week in News
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Introduction

In this recap of the crypto world, we will explore the events and news that had the most significant impact in the past week of April 24th. Our focus will be on the following developments:

  • Another Bank on the brink of collapse.
  • Hong Kong to release cryptocurrency framework in May 
  • Gensler Video Exposes Hypocrisy
  • Coinbase replies to Wells Notice
  • Apple vs. Epic Games

First Republic Bank in Trouble

First Republic Bank advisors are working frantically to rescue themselves from a potential disaster. And government institutions are helping to prevent more potential bank runs. Efforts to reach a deal have yet have fallen short as of yet. The Federal Deposit Insurance Corporation (FDIC), the Treasury Department, and the Federal Reserve are among those trying to help save the troubled lender. The government’s involvement is helping to bring more parties, including banks and private equity firms, to the negotiating table. Whether the U.S. government is considering participating in a private-sector rescue of First Republic is still being determined.

First Republic was a focal point during the U.S. regional banking crisis in March after the wealthy clients that helped support its growth started withdrawing large sums of money, which hurt the bank. This week, negotiations for a deal intensified following the bank’s disclosure of a $100 billion deposit outflow in the first quarter. Despite claiming stability, the bank is losing money as it replaces withdrawn deposits with interest-bearing funding from the Federal Reserve. U.S. officials prefer a private-sector solution over the possibility of First Republic entering FDIC receivership.

So far, the options that have been proposed need to be more appealing to garner a deal. To resolve the issue, any plan should include insurance for the losses that might be incurred by First Republic or a buyer if a deal were to happen. The losses would come from the bank’s loan portfolio and fixed-income investments, which could lose value due to increased interest rates. First Republic shares have lost 95% of their value since the regional banking crisis started on March 8 and have been more erratic lately as talks continue. There is still much uncertainty about proceeding since this could lay a precedent for future bank closures. 

Hong Kong Crypto Framework Incoming

Hong Kong’s Securities and Futures Commission (SFC) has announced that it will provide more details about developing its cryptocurrency regulations next month. The Chief Executive Officer, Julia Leung, revealed that the regulator would issue guidelines for the licensing requirements of virtual-asset exchanges in May. According to Leung, the regulatory framework for cryptocurrency exchanges generated over 150 responses during a consultation process held in the city. Hong Kong plans to establish a licensing system for crypto platforms on June 1, allowing retail investors to trade significant cryptocurrencies such as Bitcoin and Ether. The city also seeks to boost its financial center status by creating a digital-asset hub.

Some licensed trading platforms in Hong Kong, such as OSL and Hashkey Group, have started offering crypto-related services to investors under the supervision of the SFC. Both platforms are the first crypto exchanges in the city to receive licenses from them and provide crypto-to-fiat conversion services from Z.A. Bank, allowing users to withdraw crypto deposits in U.S. dollars, Hong Kong dollars, and Chinese yuan. Z.A. Bank’s CEO, Ronald Iu, said they would provide the same service for more crypto platforms in the city as they receive licenses. Hong Kong is aggressively pursuing its Web3 and blockchain push to establish itself as a hub for digital innovation in Asia, with more than 80 companies in the digital asset space showing interest in the city since October 2022.

Viral Gensler Video Exposes Foot in Mouth

Gary Gensler, current chair of the United States Securities and Exchange Commission (SEC), has been caught stating Bitcoin (BTC) is not a security a few times in the past. Now, he’s put his foot deeper into his mouth, claiming it applies to about 75% of “crypto assets.” In the recent video circulating on Twitter, Gensler’s hypocrisy hits a new high as he states that “three-quarters of the market is non-securities. It’s just a commodity, a cash crypto”. However, every crypto enthusiast knows his recent actions suggest otherwise. 

GARY GENSLER SAYING 3/4 OF THE #CRYPTO MARKET ARE COMMODITIES NOT SECURITIES!!!pic.twitter.com/PN4gm8teXG

— Crypto Macro (@cryptomacro14) April 26, 2023
Via @cryptomacro14 – Twitter

Surprisingly, in the present era, some individuals fail to recognize the abundance of recordings that may serve to expose hypocrisy and contradictions. The least Gensler can do is address them, but instead, he continues to aggressively pursue the crypto industry, clarifying that the SEC has jurisdiction over many digital assets. This has led to concerns among cryptocurrency investors and businesses alike, as they fear increased regulation could stifle innovation and limit their ability to operate. In this context, Gensler’s apparent shift in stance on cryptocurrency is confusing and raises questions about the SEC’s approach to the rapidly evolving crypto landscape.

Coinbase Replies to Wells Notice

In a recent development, Coinbase, the U.S.’s leading cryptocurrency exchange, responded to the Wells Notice issued by the Securities and Exchange Commission (SEC). The reply included a warning that it may be in the best interest of the SEC to walk away and not pursue enforcement action against the company. 

Coinbase went public by listing on the Nasdaq in 2021, and they argued that the SEC implicitly approved its business by allowing it to be listed on the exchange; it makes perfect sense. They said, “If the Commission had believed in April 2021 that Coinbase’s core businesses violated securities law, its mandate would have required it to prevent the S-1 from becoming effective to protect the investing public,”. 

In its response, Coinbase stated that if the SEC believed its core businesses violated securities law, it would have been required to prevent the S-1 from becoming effective in protecting investors. Furthermore, Coinbase cautioned the SEC that any attempt to pursue enforcement action against the company would likely cause reputational harm and discourage other companies from prioritizing compliance.

Further, Coinbase warned that any enforcement action taken against the company could harm the regulator’s reputation due to its “abrupt about-face.” Coinbase is begging to comply with regulations, yet the SEC continues challenging the company. This nonsensical behavior could discourage other companies from prioritizing compliance. The SEC has around five months remaining to review Coinbase’s response and decide whether to bring charges against the exchange. Given Coinbase’s strong counterarguments, it would not be in the SEC’s best interest to pursue enforcement action. The ball is now in the SEC’s court, and the industry is watching closely.

Apple & Epic Games Battle Continues

Epic Games sued Apple for violating two sections of the Sherman Act and California’s Unfair Competition Law (UCL) in a high-profile legal battle. Apple countersued Epic Games for breach of contract and reimbursement of legal fees. After a lengthy trial that included over 900 exhibits and numerous witnesses, the district court rejected Epic’s Sherman Act claims and agreed with the UCL violation. It prohibited Apple from enforcing it against other developers. The court also determined that Epic Games breached its contract with Apple but did not have to pay Apple’s legal fees. Both parties appealed the rulings, and while the appeals court agreed with most of the district court’s decisions, it disagreed with the legislation on legal fees and sent the case back for further action.

A US federal appeals court has ruled that Apple violated California’s Unfair Competition Law by not allowing app developers to use payment methods other than its own App Store, which charges a 30% fee for most transactions. The next option for a party dissatisfied with the Ninth Circuit Court of Appeals decision is to petition for a ‘writ of certiorari’ with the U.S. Supreme Court. The Supreme Court has the discretion to review lower court decisions. It is more likely to do so if the case involves an important legal question, a split among different circuit courts, or has broader societal or legal implications. If the Supreme Court denies certiorari, the Ninth Circuit’s decision stands as the final ruling, but if they do grant certiorari, then its decision will be the final ruling.

Tags: Around the BlockcryptoCrypto NewsNFTNFT News
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