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DCG
Binance to Pause US Dollar Bank Transfers This Week; Genesis, DCG Reach Initial Agreement With Main Creditors: Source
Crypto exchange Binance is temporarily suspending U.S. dollar bank transfers starting on Wednesday. Binance's U.S. division, Binance.US, is not affected by the suspension, according to a tweet from Binance.US Customer Support. Separately, crypto conglomerate Digital Currency Group (DCG) and its bankrupt Genesis subsidiaries reached an in-principle agreement on terms of a restructuring plan with a group of the firm’s main creditors, according to a CoinDesk source. DCG is also the parent company of CoinDesk.
Bankrupt Lender Genesis and Parent DCG Reach Initial Agreement With Main Creditors: Source
The term sheet includes "an equitization of the 10-year promissory note that DCG gave Genesis in return for the 3AC claims," a person familiar with the situation said.
Bitcoin Holds $23K Ahead of Key FOMC Meeting
Bitcoin (BTC) is trading above $23,000 as traders await the upcoming Federal Open Market Committee decision on interest rates. Steve Hanke, professor of applied economics at Johns Hopkins University and former senior economist on President Reagan’s Council of Economic Advisers, discusses the macro headwinds and recession concerns. Plus, his reaction to SEC's lawsuit against crypto exchange Gemini and crypto lender Genesis Global Capital for allegedly selling unregistered securities. Genesis and CoinDesk are sister companies owned by Digital Currency Group (DCG).
'Bitcoin Jesus' Says He Has the Money to Pay Crypto Lender Genesis
Roger Ver, the blockchain-industry veteran once known as “Bitcoin Jesus” thanks to his early evangelism for the cryptocurrency, said Wednesday that he has “sufficient funds” to make good on payments allegedly owed to the crypto lending firm Genesis Global. Genesis is a subsidiary of Digital Currency Group (DCG), a crypto conglomerate that also owns CoinDesk.
DCG-Owned Luno Slashes 35% of Staff
Cryptocurrency exchange Luno is cutting 35% of its workforce, citing the "incredibly tough year" affecting the crypto market. "The Hash" panel discusses the latest fallout of crypto winter, as an estimated 29,000 jobs have been cut across the crypto industry since April of last year. Luno is owned by Digital Currency Group (DCG), which is also the parent company of CoinDesk.
Crypto Exchange Luno Cutting 35% of Its Staff
Luno said the cuts will affect employees in all regions.
Date Set for Oral Arguments in Grayscale’s Appeal of SEC’s Bitcoin ETF Decision; Celsius Developments
Bitcoin's (BTC) January price rally has analysts focusing on higher valuations last seen in mid-2022. Separately, a date has been set to begin hearing oral arguments in Grayscale Investment’s appeal of the SEC decision to deny the conversion of GBTC into an ETF. Grayscale and CoinDesk are both owned by DCG. Separately, Celsius Network is planning to reinvent itself as a new, publicly traded "recovery corporation" to exit the bankruptcy process.
Rep. Davidson on Crypto Regulation: SEC Is 'Asleep at the Wheel'
Rep. Warren Davidson (R-Ohio), Vice Chair of the Financial Services Subcommittee on Digital Assets, Financial Technology and Inclusion, discusses the outlook for crypto regulation in the wake of Genesis' crypto lending businesses filing for bankruptcy. Plus, the future of CBDCs and stablecoins. DCG is the parent company of Genesis and CoinDesk.
Lawyers for Genesis and Its Creditors Are ‘Optimistic’ for a Quick Resolution to Bankruptcy Woes
Attorneys from all parties at Monday’s First Day hearing lauded “around-the-clock” efforts undertaken to resolve the brokerage’s disputes with its creditors.
