Schlagwort: blockchain regulation

• Revolut is taking the step after its US-based partner Bakkt recently delisted the tokens.
• MATIC, ADA and SOL will however still be available on Revolut across other markets.
• Robinhood and eToro have recently also announced similar token delistings.

Revolut will end support for three major cryptocurrencies, the crypto-friendly bank has told its customers in the United States. 

The company said in a notice emailed to US customers that it will be delisting Cardano (ADA), Polygon (MATIC) and Solana (SOL). The “financial super app” added a host of tokens in early 2021 as demand skyrocketed amid the crypto bull market.

Revolut’s US partner delisted the tokens

London-based Revolut’s decision to delist ADA, MATIC and SOL comes as the company responds to the prevailing regulatory environment in the US.

The past few months have seen the US Securities and Exchange Commission (SEC) up its regulatory crackdown on multiple crypto platforms. 

Last month’s lawsuits against Binance and Coinbase highlighted the tough regulatory landscape crypto businesses faced in the US as the industry continued to fight for clarity from relevant authorities.

After the agency, led by Chair Gary Gensler, alleged the above coins and many others were securities, Revolut’s US partner Bakkt moved to delist Polygon, Cardano and Solana. The publicly-listed crypto custodian announced the delistings in mid-June.

Revolut has advised customers to sell their holdings on the app before September 18, after which any unsold assets will be sold and the cash deposited in users’ fiat accounts. 

Notably, the delisting only affects US-based users, meaning support will continue across other markets. There has also been other platforms that moved to remove various crypto tokens, including Robinhood and eToro.

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Bankruptcy Judge Martin Glenn of the US Southern District Court of New York on Friday ordered that bankrupt crypto lender Celsius can begin to sell or convert altcoins to Bitcoin (BTC) and Ether (ETH).

The price of CEL, the native Celsius Network token, rose sharply on Friday, trading above $0.15 with 33% gains in the past 24 hours.

Celsius can sell altcoins for BTC, ETH from July 1

The liquidating of the said altcoins comes ahead of a planned distribution of assets to creditors and will start on or after July 1, the judge ordered.

“The Debtors, in consultation with the advisors to the Committee, may sell or convert any non-BTC and non-ETH cryptocurrency, crypto tokens, or other cryptocurrency assets other than such tokens that are associated with Withhold or Custody accounts (collectively, the “Altcoins”) to BTC or ETH commencing on or after July 1, 2023,” reads part of the ruling.

Celsius is expected to use “commercially reasonable efforts to maximize the value of the Altcoins to be sold or converted to BTC or ETH.” However, with the SEC having recently alleged some of the altcoins held by the crypto lender as securities, the sales are expected to comply with the “applicable exemptions to the US securities laws.”

Among the tokens the US regulator recently highlighted as securities in its cases against Binance and Coinbase include Cardano (ADA), Polygon (MATIC) and Near (NEAR). Celsius holds these and other alts such as Bitcoin Cash (BCH), Litecoin (LTC) and Chainlink (LINK). 

The tokens have recently traded higher alongside the broader crypto market and it remains to be seen what impact, if any, the offloading will have on prices. 

Here are the Celsius alts FWIW, these will be sold and the proceeds used to buy BTC and ETH. https://t.co/Bp7MWUhstB

— Hal Press (@NorthRockLP) June 30, 2023

Celsius filed for bankruptcy in July 2022 after pausing customer withdrawals amid crypto contagion from the collapse of Terra and Three Arrows Capital. 

According to court documents, the company has been in dialogue with the SEC and state regulators as it looked to update its restructuring plan to only distribute crypto to creditors in bitcoin and ether.

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• The taxes will be lowered to 7% from the current taxation sliding scale of either 19% or 25%.
• Also, cryptocurrency payments of up to 2400 euros will not be taxed.
• Slovakia is one of the 27 member states of the European Union that recently adopted MiCA.

The Slovakian parliament voted on June 28 to approve a change that will lower personal income tax for gains made from the sale of cryptocurrencies that the user has held for at least a year. Click here for more on how to trade cryptocurrencies.

Taxes will be reduced from the current sliding scale of either 19% or 25% to 7%, a significant reduction. Cryptocurrency payments up to 2400 euros, or roughly $2,622.20, won’t be taxed.

More tax exempts for crypto users in Slovakia

Additionally, the voted-for bill exempts cryptocurrency income from a 14% health insurance contribution.

A local Slovakian media outlet reported that the Ministry of Finance believes the amendment will have a financial impact of about 30 million euros annually. A few weeks ago, the parliament approved another constitutional amendment that codified the right of citizens to use cash as a form of payment in light of the discussion surrounding a digital euro.

Slovakia is one of the 27 nations that make up the European Union, which has been actively working on cryptocurrency market regulation. On May 31, the EU passed its historic Markets in Crypto-Assets (MiCA) regulations as earlier reported here. The rules were developed with the intention of turning Europe into a centre for the trading of digital assets.

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• A US judge has said the court cannot wordsmith the SEC and Binance’s press releases.
• But in denying the crypto exchange’s motion, Judge Amy Berman Jackson said either party has to “adhere to their ethical obligations at all times.”
• SEC sued Binance in early June and published a press release alleging commingling of user funds.

Judge Amy Berman Jackson on Monday June 26 denied a motion filed by crypto exchange Binance that sought to stop the SEC from making public statements on the SEC/Binance case.

Binance had alleged that the SEC had published misleading statements that could impact the case and taint the jury pool.

Three days on from the filing, the court pronounced itself on the motion, with Judge Jackson noting that the court cannot “wordsmith” either party’s press releases. Her order read:

“While all of the lawyers in this case should adhere to their ethical obligations at all times, it is not apparent that Court intervention to reiterate that point is needed at this time, or that it is necessary or appropriate for the Court to get involved in wordsmithing the parties’ press releases. Nor is it clear that the agency’s public relations efforts to date will materially affect proceedings in this case.”

Binance questioned SEC’s statements

Binance’s motion followed SEC’s press release on June 21 in which the securities regulator had reiterated its allegations of commingling of user funds by the exchange’s leadership.

The statements came after the two parties reached an agreement on the handling of assets of Binance.US. The agency had filed for a freeze on the exchange’s assets suggesting the need to protect US customers.

In its response to the SEC’s press release, Binance said the regulator had published misleading facts about Binance and CEO Changpeng Zhao mishandling Binance.US customer funds. 

The motion sought orders against the regulator – specifically the motion wanted Judge Jackson to order counsel to comply with ethical obligations and not to make “misleading extrajudicial statements that may materially impact court proceedings.”

“Not a great result for Binance”

John Reed Stark, Former Chief, SEC office of Internet Enforcement, commented on the court’s decision, suggesting that Binance’s filing may not have been worth it.

“It seemed so frivolous on its face and more akin to marketing theater than legal argument,” he noted.

James “MetaLawMan” Murphy, a securities lawyer, said the judge’s order isn’t a great one for Binance – even if it doesn’t impact the merits of its case.

Judge Jackson has issued a brief order denying the @Binance motion before the SEC filed its response.
The judge wrote that it was not necessary to reiterate both side’s obligations to comply with ethics rules, and she will not get involved in „wordsmithing the parties‘ press…

— MetaLawMan (@MetaLawMan) June 26, 2023

Separately, the court set forth a timeline for the early proceedings. Binance will plead its case on September 21, 2023 before the plaintiff presents their legal arguments on 7 November 7, 2023. The court will listen to replies starting December 12.

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