Crypto News Recap: Coinbase Delists Altcoins, Gensler Warns on Proof-of-Stake, Silicon Valley Bank Probe & More…

Breaking News: Coinbase Removes Six Major Altcoins from Trading Platform

In a routine internal assessment, Coinbase has suspended trading for six major altcoins, namely RLY, YFII, MIR, OMG, LOOM, and REP. The move comes as Coinbase strives to maintain regulatory compliance and ensure the safety of its users. However, the announcement has caused a dip in altcoin prices, as investors fear the impact of the delisting on the market.

Gensler’s Warning: Proof-of-Stake Tokens Could Be Regulated as Securities

SEC Chairman Gary Gensler has warned that proof-of-stake tokens could be classified as securities, triggering securities laws. Gensler argues that investors anticipate a return when purchasing tokens backed by proof-of-stake consensus mechanisms, a key component of securities laws. This has led to a debate between the SEC and the Commodity Futures Trading Commission (CFTC), with the latter arguing that most cryptocurrencies, including ether, are commodities.

Silicon Valley Bank Set to be Acquired by Another Bank, Not Venture Capitalists

The US government has announced that it will sell the defunct Silicon Valley Bank to a major bank, rather than private equity firms. The move comes as the SEC investigates the bank’s collapse, with the government aiming to sell the bank as a whole unit. This decision puts an end to private equity bids, with the government aiming to ensure regulatory compliance and prevent any further collapse.

OpenAI’s Move to For-Profit Raises Eyebrows, Including Elon Musk’s

Elon Musk has raised questions about OpenAI’s move from non-profit to for-profit, wondering how this could happen and why all non-profit entities don’t do the same. Musk had donated $100 million to OpenAI when it was still a non-profit entity but claimed to have no control over it. He believes that governments should regulate the AI space to ensure the technology’s usage is supervised for good use. OpenAI’s ChatGPT becoming open for public use has gained prominence in the artificial intelligence industry, paving the way for a new crypto coin category.

Uniswap Welcomes BNB Chain: A New Era for Cryptocurrency Trading

Uniswap has made a move to the BNB Chain, offering faster and cheaper transactions than the Ethereum mainnet. This move makes Uniswap more accessible to a wider audience and is similar to other chains such as Polygon and Arbitrum. The BNB Chain provides several advantages, and Uniswap’s move marks a new era for cryptocurrency trading.