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On May 9, Bitcoin (COIN:BTCUSD) is showing signs of recovery as new U.S. macroeconomic data revealed an unexpected rise in unemployment claims, hitting a nine-month high. At last check, the cryptocurrency was up 1.4% over the last 24 hours at $62,038. This situation is generating expectations of interest rate cuts by the Fed due to tensions in the labor market.
Exodus (USOTC:EXOD), a provider of cryptographic wallets, announced that the U.S. Securities and Exchange Commission (SEC) has caused an unexpected delay in its NYSE listing scheduled for May 9. The SEC is reviewing the company’s registration statement, which has delayed the process. Despite the setback, Exodus reported strong revenue growth in the first quarter and continues to operate on the OTCQX under the ticker EXOD.
In the last quarter, Robinhood Markets (NASDAQ:HOOD) saw significant growth, primarily driven by an increase in cryptocurrency transactions. Revenue rose 40% year-over-year, with crypto transactions more than tripling. Adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) were $0.05 per share. The company also added 500,000 new accounts, the largest addition since the first quarter of 2022, and saw robust deposit growth. Cryptocurrency transactions more than tripled compared to the previous year, and new products and increased EBITDA margins also contributed to success.
During a May 9 interview on CNBC, Vlad Tenev, CEO of Robinhood, expressed concerns about the restrictions on Americans’ access to cryptocurrencies, criticizing the SEC’s “regulation by enforcement” approach. Tenev highlighted the lack of progress after several meetings with the SEC, culminating in a Wells Notice indicating the possibility of enforcement actions against the company for selling alleged unregistered securities. Tenev calls for regulation that facilitates, rather than restricts, access to cryptocurrencies.
Despite the SEC’s intimidation of Robinhood regarding potential irregular securities offerings, JPMorgan (NYSE:JPM) believes this will not affect the approval of future spot Ethereum ETFs. According to analysts led by Nikolaos Panigirtzoglou, the situation could mirror that of the futures-based Bitcoin ETFs already approved. Even if the SEC initially refuses, it will face legal challenges and may eventually approve the spot Ether ETFs. The SEC’s Wells Notice to Robinhood seems more a reinforcement of the view that various cryptocurrencies should be considered securities, but this does not imply that Ether is a security.
The Digital Currency Group (DCG), parent company of Grayscale, announced an 11% increase in quarterly revenue, reaching $229 million. Grayscale contributed $156 million, remaining stable despite challenges such as intense redemptions and a reduction in the management fee following its Bitcoin Trust’s conversion into an ETF. Other group companies, like Foundry and Luno, also saw significant revenue increases, marking a strong start to the year for DCG.
Binance terminated an employee who identified market manipulation by DWF Labs, a cryptocurrency investment firm that is a client of the exchange, according to the Wall Street Journal. The former team member and Binance’s surveillance team detected irregular activities, including pump-and-dump schemes and wash trading involving large investors. Despite the evidence presented, Binance found insufficient proof for action and ultimately dismissed the head of the investigation team.
In response to the Wall Street Journal’s accusations of market manipulation, both Binance co-founder Yi He and DWF Labs vehemently denied the allegations. Yi He, in a post on X, described the article as beneficial for Binance’s visibility, while criticizing the emotional and biased basis of the media. He also highlighted Binance’s support for authorities in investigations, which is rarely reported, and defended the integrity and transparency of its operations.
In Canada, Binance was penalized by regulators with a fine of approximately $4.3 million (C$6 million) for two separate violations of the country’s financial regulations. The Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) stated that Binance failed to register as a foreign money services business despite several warnings to do so. Additionally, Binance failed to report 5,902 cryptocurrency transactions, each exceeding $10,000, including the necessary customer knowledge (KYC) data from June 1, 2021, to July 19, 2023, according to FINTRAC’s blockchain analysis.
Charles Hoskinson, founder of the Cardano blockchain (COIN:ADAUSD), announced the integration of the Cardano Improvement Proposal (CIP) 69 in the upcoming Chang hard fork. In a statement via X, he responded to the demands of the community and the Cardano Foundation. Despite being a last-minute addition, Hoskinson assures that this should not significantly delay the release of Chang, although he acknowledges that unexpected adjustments in the roadmap may present risks. CIP-69 aims to simplify interactions in the platform’s smart contracts, eliminating certain complications and improving the security and effectiveness of decentralized applications.
Ripple (COIN:XRPUSD) and XRPL Labs have teamed up with Swirlds Labs, creator of Hedera (COIN:HBARUSD), and the Algorand Foundation (COIN:ALGOUSD) in the Decentralized Recovery (DeRec) Alliance. This alliance, founded by Leemon Baird of Hedera, aims to develop an open-source system for digital asset recovery, improving interoperability and security for users, especially those new to cryptocurrencies. The initiative also includes other organizations such as Acoer and BankSocial, collaborating to establish standards for digital asset recovery.
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