28 Apr 2023
The Friday Focus - Issue 83
Crypto exchanges are in focus this week as Coinbase pushes SEC for answers, while Binance nukes its deal with bankrupt Voyager — more on the crypto exchanges' struggles and other news in this week's Friday Focus.
Top stories
SEC vs. Coinbase is building up to be an interesting, and defining, event for the crypto industry this year. After the SEC recently gave Coinbase official notice that the company is under investigation for its Earn product, wallet service, and exchange activity, Coinbase has now fired back. This week, CEO Brian Armstrong clearly warned the SEC that this is "not constructive and it's not good for America". Coinbase's lawyers also released a 73-page formal response, saying an SEC lawsuit will fail.
In other exchange news, Binance.US suddenly terminated its deal to buy assets from bankrupt crypto lender Voyager Digital. Not unrelated to the above Coinbase case, Binance blamed the "hostile and uncertain" regulatory climate in the U.S. as the main reason for its U-turn.
Another bankrupt crypto lender also faced disappointing news this week. A group of Genesis creditors suddenly rejected a previously agreed restructuring plan, throwing the months-long bankruptcy process into uncertainty. Genesis owes over $3.6 billion to its top 50 creditors.
Other News
From our Analysts
Why we're kicking AVAX out of our index
We have decided to throw out AVAX (Avalanche) from the K33 Vinter Quality Index. The decision is based on a re-evaluation of the supply schedule for the AVAX token. Download full report here.
In the report, we present the scores for all the top 30 cryptocurrencies on each individual pillar. The scores are based on hard evidence coupled with our specialist knowledge.
Weekend Reading
L2s, L3s and Everything in Between. In the past year, the execution landscape has become increasingly crowded. While the movement towards rollups as a scaling solution has been clear for some time now, adoption is just now taking off.
Here Are Six New Projects Looking to Mitigate Bitcoin Mining’s Energy Footprint
From technical improvement efficiencies to novel market-based solutions, a plethora of projects are trying to improve the bitcoin mining’s environmental footprint.
