Blockchain
Here’s What Happened in the Cryptocurrency Industry Today — TradingView News
Montenegro’s Justice Minister has discussed Do Kwon’s legal proceedings with the US Securities and Exchange Commission (SEC). Meanwhile, rumors of Bybit’s impending demise were quickly denied by the exchange’s CEO, and the US House of Representatives passed a cryptocurrency bill that could put more cryptocurrencies under the purview of the cryptocurrency regulator. raw materials, despite the opposition of the White House and the chairman of the SEC.
SEC and Montenegrin government discuss Do Kwon case
The government of Montenegro has opened lines of communication with the US SEC regarding Terraform Labs co-founder Do Kwon, who was arrested in the Eastern European country in March 2023.
The dialogue between Montenegro’s Minister of Justice and the SEC was outlined in a May 22 note issued by the Montenegrin government. The Justice Minister discussed the SEC’s case against the co-founder of Terraform Labs, who was found guilty of fraud in an April ruling.
Kwon is free to travel within Montenegro after his release, but his lawyers have filed several appeals to delay his extradition. Depending on how the court decides, Kwon could be extradited to South Korea or the United States.
The collapse of Terraform in 2022 marked one of the largest failures in the history of the cryptocurrency market. It also kicked off a crypto winter that saw digital asset prices plummet throughout the year.
Bybit CEO denies insolvency rumors and shares proof of reserves
Ben Zhou, CEO of cryptocurrency exchange Bybit, addressed rumors that the platform was hacked and insolvent in a post shared on X.
On May 22, rumors of a defaulting exchange on
Some joked about withdrawing their funds from the exchange, while others tried to understand the situation more deeply.Cointelegraph
Within the chart, it appeared that Bybit’s wallets had been drained, which could leave people worrying whether the exchange was hacked or insolvent. However, when viewed independently, the trading platform’s portfolios still showed that the funds were still there.
The next day, Bybit clarified that none of the rumors were true. On May 23, Zhou officially announced on X that the rumors were false. He has written:
“None of the rumors I have seen so far have any real facts to back them up, please be aware.”
Additionally, Zhou also shared a link to Bybit’s proof of reserves (PoR) and a Nansen dashboard showing all Bybit wallets and the amount of assets they hold.
The PoR shows that the trading platform holds assets worth more than 100% of users’ deposits, ensuring that the exchange will have all assets readily available if users wish to withdraw them.
FIT21 Cryptocurrency Bill Passes US House: Here’s What Could Come Next
A bill clarifying the US securities and commodities regulator’s role in overseeing cryptocurrencies is headed for an uncertain future as it makes its way through the Senate before hitting US President Joe Biden’s desk.
The Republican-led FIT21, or HR 4763, passed in the U.S. House of Representatives on May 22, with 71 Democratic Party representatives and 208 Republicans in favor and 136 against.
Its future in the US Senate is unclear, as there is no companion bill and it faces one of the country’s biggest crypto critics, Senator Elizabeth Warren.
It could still be months before the 100-member Senate considers FIT21, as there is no time limit on when senators must act on it.
Even if they did, the bill would likely be assigned to a committee for possible rounds of reviews, hearings and markups. If it survives, then a majority of 51 senators will have to vote in favor for it to pass.
Some parts of FIT21 could change, with members of the House and Senate meeting to iron out any differences in their versions of the bill. The bill will then go to Congress for final approval.
President Biden will then have 10 days to sign or veto FIT21. However, his administration said on May 22 that it opposed passing the bill but did not say whether it would veto it.
Additional reporting by Geraint Price, Sam Bourgi and Felix Ng.