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#crypto
53 posts27 participants2 posts today
New: Trump's crypto venture announced its stablecoin would start trading on KuCoin today.
KuCoin is banned in the U.S. and was fined $300 million earlier this year after pleading guilty to flouting anti-money laundering laws.
me, for @Forbes
1/
ForbesTrump Crypto Venture World Liberty Financial Partners With KuCoin, Exchange Banned In U.S., Fined $300 MillionTrump’s family controls World Liberty Financial, the crypto firm behind USD1—a new stablecoin now trading on KuCoin.
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SEC requires material cybersecurity incidents be disclosed within four business days; state laws often have a 30-day disclosure deadline. It’s not clear if customers outside the US were affected; if so, other disclosure laws may apply.
A Coinbase data breach filing with the Maine Attorney General finally gives us some more detail than Coinbase’s vague “less than 1% of monthly transacting users”. 69,461 people were affected, and Coinbase says the data breach occurred on December 26, 2024.
It took them almost five months between the incident and the incident disclosure, although the company has since admitted it knew customer support agents were suspiciously accessing customer data as far back as January.
Feature story: Texas is the national epicenter of #Bitcoin mining, with only about 24 total mines operating outside our borders as of 2023. Candice Bernd explores how crypto has brought noise, pollution and unsafe working conditions to the Lone Star State. https://www.texasobserver.org/the-crypto-racket/
The Texas Observer · The Crypto RacketBitcoin mining afflicts locals with noise pollution, threatens water supplies, and receives generous public backing.
Adam Levitin on the GENIUS Act: “[I]n regard to cash deposits, the stablecoin investors will have priority over the claims of ma-and-pa for their bank deposits (and thus over the FDIC's subrogation claim when it pays ma-and-pa). Yes, you read that correctly: Congress is about to put the claims of stablecoin investors ahead of ma and pa's bank deposits. That's just stunning. Now ma-and-pa's deposits are FDIC insured, so they'll be alright, but it means the FDIC's Deposit Insurance Fund is footing the bill. In other words, the GENIUS Act is subsidizing stablecoin issuance on the back of bank deposits. By subordinating the FDIC's subrogation claim in a bank insolvency to the claims of stablecoin investors, the GENIUS Act is effectively letting FDIC insurance leak out to cover uninsured stablecoins, without any insurance premiums paid.”
Russia's new bill aims to simplify confiscating digital assets, targeting wallets and addressing anonymity challenges. Seize devices, ban transactions, and involve experts for crypto crimes! 
#Crypto #Russia #DigitalAssets
Coinbase was aware that support reps were suspiciously accessing customer data when its CEO tweeted that the CFPB should be "deleted". Among other things, the CFPB has pursued legal action against financial companies that failed to secure sensitive customer data.
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Trump crypto adviser David Bailey is following in the footsteps of sons of both Trump and Commerce Secretary Howard Lutnick, who are in the MicroStrategy-esque process of creating companies, rapidly going public, and acquiring large bitcoin holdings to become bitcoin proxy bets.
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A small company called GD Culture Group has announced it will somehow purchase up to $300M in TRUMP tokens. As a company that primarily does business on TikTok, they have a strong incentive to try to influence Trump as he navigates the ongoing saga around a TikTok ban.
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Trump’s exclusive dinner for holders of the TRUMP memecoin is scheduled for Thursday night. Nearly 3/4 of the wallets on the leaderboard likely belong to non-US buyers, including Justin Sun, whose legal troubles in the US have vanished following his Trump contributions.
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In the Senate, the GENIUS Act has advanced and will likely go to a full vote this week. Although Democrats are likely to insist on a vote on an amendment to limit Trump’s crypto corruption, it’s a symbolic gesture.
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Coinbase CEO Brian Armstrong has characterized my reporting on the timing of the user agreement update as a “conspiracy theory”. He did not comment on the substantive new hurdles introduced by the change, nor a question about the long delay in disclosing the breach.
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Coinbase has disclosed a substantial customer data breach, blaming it on “rogue overseas support agents”. This follows months of crypto security researchers warning about apparent security issues at the company.
According to Coinbase, the data thieves bribed members of Coinbase’s support team, which is based overseas and reportedly makes very little money. It seems Coinbase has been aware of a breach for several months, but only reported it on May 14.
At least five lawsuits have been filed about the breach in the days since, but a change to Coinbase’s customer agreement that went into effect on May 15 may make it more challenging for customers to obtain relief.
Newsletter: Coinbase’s substantial data breach coincides with a convenient terms of service update, while the GENIUS Act stablecoin bill regains momentum in the Senate
Citation Needed · Issue 84 – Rogue overseas support agentsCoinbase’s substantial data breach coincides with a convenient terms of service update, while the GENIUS Act stablecoin bill regains momentum in the Senate
lighting Trump's crypto corruption.
Sen Dems who railed against Trump's #corruption suddenly develop amnesia when: #crypto IND waves $197M in campaign donations. GENIUS Act: basically a permission slip for pres conflicts of interest. Ds opposed: bill 11 days ago citing ethics concerns. 16 D Senators:
funny how $40M spent defeating Sen Brown helped change their thinking.
The last time Congress created a 'weak REG regime for innovative FIN products'
*2008 #GFC.
#USPol
https://www.thenation.com/article/politics/genius-act-crypto-democrats/
The Nation · Democrats Are Greenlighting Trump’s Crypto CorruptionSixteen senators backed a disastrous bill that enshrines the crypto industry's flagrant abuses into law.
With 16 Democrats voting in favor, the GENIUS Act stablecoin bill has passed cloture in the Senate.
Alsobrooks (MD), Blunt Rochester (DE), Booker (NJ), Cortez Masto (NV), Fetterman (PA), Gallego (AZ), Gillibrand (NY), Hassan (NH), Heinrich (NM), Lujan (NM), Ossoff (GA), Padilla (CA), Rosen (NV), Schiff (CA), Slotkin (MI), Warner (VA).