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MGX Invests $2 Billion in Binance |
| Abu Dhabi-based investment firm MGX has invested $2 billion in Binance, marking the first institutional placement in the crypto exchange and MGX's first digital asset-focused investment.Binance, the world's largest crypto exchange by trading volume with over $20 billion daily volume, has a significant presence in Abu Dhabi with around 1,000 employees. The CEO of Binance, Richard Teng, previously served as the head of the Abu Dhabi Financial Services Regulatory Authority. |
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Dealmaking. Networking. Big moves. Consensus 2025 is where the industry’s top players connect, innovate, and build what’s next. Don’t miss out. Save 15% with code NODE15. |
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| The bullish sentiment in the bitcoin market following Donald Trump's election victory has fizzled out, as indicated by the narrowing spread between next month and front-month BTC futures on the CME.The market has likely moved past the narrative that a pro-crypto President is beneficial for the industry, with macro correlations now driving the market. The CME futures curve is still in contango. |
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Bitdeer Increases BTC Holdings |
| Bitdeer Technologies increased its bitcoin holdings by 75% over two months to 1,039 BTC as of February.The company redirected some mining equipment toward self-mining due to customer payment delays and the recent bitcoin price dip.BTDR produced 110 BTC in February, down from 126 BTC in January. |
Hyperliquid Loses $4M on Ethereum Trade |
| A "whale" wallet on Hyperliquid opened a $200 million long trade on ether (ETH), resulting in a $4 million loss for one of the protocol’s vaults.The user withdrew funds, reducing their margin below maintenance requirements, which led to a $1.8 million profit for the user but a $4 million loss for Hyperliquid’s Hyperliquid Provider (HLP) vault. In response, Hyperliquid will update the maximum leverage for bitcoin (BTC) and ETH to 40x and 25x, respectively, to increase maintenance margin requirements for larger positions. |
Opinion: SEC Could Face Private Lawsuits |
Sydney Johnson and Calvin Koo, lawyers at Kobre & Kim:
Until the new presidential administration took office, the digital asset industry was embroiled in an existential showdown with the U.S. Securities and Exchange Commission. For years, the SEC waged a scorched-earth regulation-by-enforcement campaign against the digital asset industry and its most-used platforms for failing to adhere to confusing — or non-existent — rules about what constitutes a security and who must register to buy and sell them. Now, under new leadership, the SEC has confirmed the end of its regulation-by-enforcement era.
While this shift has dramatically reduced (though not eliminated) exposure to regulatory suits by the agency, the industry must prepare for private plaintiffs to exploit the enforcement void and perpetuate, at least in the near term, ambiguities in the application of federal securities laws by bringing suits in U.S. courts alleging that particular digital assets are securities and seeking to hold businesses and their leaders responsible for withholding material information or other alleged misconduct, in violation of the securities laws. In the face of the SEC’s enforcement retreat, individuals and firms should be prepared for private plaintiffs to exploit the enforcement void. Historically, the private plaintiffs’ bar has stepped in to pursue litigation in the wake of decreased regulatory enforcement (or at least the perception of it), whether it be suits alleging violation of the federal antitrust laws or financial misconduct in violation of the securities laws following the 2008 crisis. Such private suits, often brought as class actions, can be an expensive nuisance for businesses and their founders (often named as defendants themselves) — even for those who prevail at an early stage.
In the digital asset space, private plaintiffs may still use the federal securities laws as a basis to bring a variety of allegations, including: selling unregistered securities; engaging in the sale of securities by means of a prospectus (e.g. white paper) containing untrue statements or omissions of material facts; securities fraud and other misconduct (e.g. rug pulls or pump-and-dump schemes); violations by individuals who have decision-making control over the seller, such as founders or company leadership.
Private plaintiffs may also pursue alleged violations of state securities laws and other common law causes of action.
Read the full text of "The SEC's Retreat From Crypto Enforcement May Invite More Private Lawsuits" here. |
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