In today’s bitcoin and cryptocurrency news, learn about how the exchange has made adjustments to the way staked assets may be moved and sold, stressing that consumers receive incentives via protocols and not from Coinbase. Meanwhile, the fourth annual Paris Blockchain Week (PBW), one of the largest conferences in the world devoted to blockchain, cryptocurrency, and Web3, began today. The event hosted over 10,000 attendees and sold out last year. Lastly, following months of litigation, Celsius just stated it has achieved an agreement with the Custody Ad Hoc Committee and the UCC on a settlement that purportedly “returns most digital assets in the Custody Program to account users who opt in to the settlement.”
After Regulatory Crackdown, Coinbase Changes Staking
Original Source: Coinbase Updates Staking Service Following Regulatory Crackdown
Assets that have been staked can now be transferred and sold. It’s important to note that consumers get incentives from protocols, not Coinbase.
One month after U.S. regulators cracked down on comparable goods, Coinbase updated its staking terms and conditions today.
In an email to customers on Friday, America’s largest cryptocurrency exchange claimed staking will continue and that consumers will receive incentives through protocols, not Coinbase, which is a bone of dispute with U.S. regulators like the SEC.
Staking is “locking up” bitcoin to maintain a blockchain’s network. Ethereum, Cardano, and Solana are proof-of-stake assets that reward consumers for pledging the blockchain’s native coin.
Exchanges like Coinbase offer to handle it for their clients because it might be complex.
“Coinbase serves merely as a service provider linking you, the validators, and the protocol,” the business announced today, adding that there will be a “transparent Coinbase fee.” The largest difference is that users must unstake assets before selling or transferring them, which puts Coinbase’s service closer to blockchain networks’ native staking systems.
Solana (SOL), Cosmos (ATOM), Cardano (ADA), and Tezos (XTZ) are the Coinbase assets that must be unstaked (XTZ). Bitcoin holders on Coinbase, for example, get staking rewards passively and may transfer and sell their assets at any time. Change is coming.
Coinbase now warns that assets staked on its platform may take “few hours or a few weeks” to unstake and sell. The customer email stated, “The time necessary is due to protocol regulations and Coinbase’s processing time”.
After Kraken, another major American digital asset exchange, was fined $30 million by the U.S. Securities and Exchange Commission for violating securities laws, Coinbase updated its conditions.
Kraken’s crypto asset staking-as-a-service initiative was not registered with the SEC. The regulator also ordered the exchange to stop U.S. client staking.
Kraken paid the charge but said it will continue to provide staking services to non-U.S. clients through a subsidiary.
The SEC warns that staking services may violate U.S. federal securities laws if exchanges decide clients’ returns instead of just the protocol.
“Defendants set these returns, not the underlying blockchain protocols, and the returns are not necessarily contingent on the actual returns that Kraken obtains from staking,” the SEC claimed in its lawsuit against the San Francisco-based exchange last month.
The Summit’s Second Day Has Begun
Original Source: Paris Blockchain Week 2023: Second day of the summit kicks off
Cointelegraph will report on PBW Summit’s second day after an eventful first day covering Web3’s impact and adoption.
Paris Blockchain Week (PBW), one of the largest blockchain, crypto, and Web3 conferences, began its fourth year. Last year’s 10,000-person event sold out.
On March 23, the summit, the week’s major event, resumes after two days of hackathons, talent fairs, and investor demos.
Circle CEO Jeremy Allaire discussed the future of money in a fireside chat. Digital asset regulation in the U.S. is “extremely disappointing,” Allaire said. “The US Congress is failing.”
In another exclusive interview, Cointelegraph’s Joseph Hall spoke to Ledger CEO Pascal Gauthier on the US financial crisis and its implications for crypto. He stated the failure of large banks emphasizes Bitcoin and self-custody.
Cointelegraph’s Joseph Hall spoke 1inch co-founder Sergej Kunz on the crypto ecosystem’s future. Kunz discussed investing limits for regular individuals, mainstream adoption, and huge firms entering the Web3 arena.
Michael Amar, Paris Blockchain Week chairman, moderated the next panel on Web3’s impact on startups and investors. Igneus Terrenus, head of partner relations at BitDAO; Laurenz Apiarius, creator of Blockwall Digital; Dan Tapiero, founder of 10T Holdings; Amos Meiri, founding partner at Node Capital; and Eden Shochat, equal partner at Aleph, comprised the panel. The panel discussed investors in the context of governance and decentralized autonomous organizations.
The experts discussed crypto tokens as securities and the Web3 ecosystem’s financial approach. Apiarius discussed investors and bad actors in Web3’s new economy. He explained:
“Some bad entrepreneurs exploit the Web3 trend, and investors should filter that and not invest in them.”
Moojan Asghari, Thousand Faces co-founder, hosted “The Ethics of Web3,” a public policy panel. Oscar Wendel, Dubai World Trade Centre senior manager; Margaux Frisque, D&A Partners co-founder; and Loic Brotons, Galeon CEO, comprised the panel.
Experts on the panel discussed ethics in fast-changing technologies like blockchain and Web3. Asghari explained that ethics constantly lag behind technology:
“This is the largest ethical challenge—what are the correct questions to ask ourselves now to make sure the technology doesn’t hurt us in the near or long future?”
Panelists noted that innovation precedes ethical standards.
In 2022, significant centralized finance (CeFi) players collapsed, casting a bad light on the crypto sector and reigniting decentralization arguments. “How to Do CeFi Right” experts from GBBC Digital Finance, BitGo, Shift Markets, Woorton, Messari, and Finoa discussed the balance and conflicts between traditional finance and DeFi.
Smart contracts, a crucial blockchain technology, were the topic of the following keynote. Stellar Development Foundation vice president Tomer Weller discussed smart contract development and its complexity. He said:
“Smart contracts are difficult and only as clever as their developers, and we need to hold them to a higher standard.”
Alexandre Dreyfus, Chiliz creator and CEO, spoke next on blockchain and gaming tokens in mainstream sports. He explained how decentralized tech in major sports enhances audience immersion.
The first panel of the day, “The Need for Yield,” was moderated by Cinderella Amar, co-founder of Glass Slipper Ventures, and featured Maxime Boonen, founder of B2C2 and PV01; Tim Grant, head of Europe, Middle East, and North Africa at Galaxy; Yoann Caujolle, co-founder of Rockby; and Charlie Meraud, CEO of Woorton.
The panel discussed crypto yield farming and its evolution. The panelists discussed the legality and viability of yield farming today.
Jeff Hasselman, Amazon Web Services’ Web3 head, gave the morning keynote. Hasselman said the Bitcoin white paper influenced him when discussing Amazon’s interest in the Web3 ecosystem. He explained:
In 2013, I saw the Bitcoin white paper and thought, “If this succeeds, it would truly be wonderful because it will reinvent what the internet is all about.”
Hasselman explained how Amazon assists Web3 builders and provides infrastructure to enterprises and blockchain developers.
Day two of Paris Blockchain Week Conference will discuss decentralized tech culture, adoption, and relevance. Panels on Web3 ethics, crypto payments, and crypto frauds are to be expected. Cointelegraph reporters provide daily updates, exclusive interviews, and behind-the-scenes information.
The 2023 edition of PBW features speakers from some of the industry’s biggest players, such as ConsenSys, Ledger, Animoca Brands, Algorand, Reddit and more. The summit and Web3XP cover public policy, enterprise blockchain, open finance, Web3 art, and investing in Web3 culture and entertainment.
PBW also hosts an investor event, a startup competition, a hackathon, and other events.
Last year’s event saw around 3,000 summit-goers and featured keynotes and fireside chats from some of the most prominent figures in the industry, such as Binance’s Changpeng Zhao and Tether’s Paolo Ardoino, among many others.
Bankrupt Crypto Lender Celsius Agrees to Release Digital Assets in Custody
Original Source: Bankrupt Crypto Lender Celsius Reaches Agreement to Return Digital Assets in Custody Program
After months of litigation, Celsius announced a Settlement with the Custody Ad Hoc Committee and UCC that “returns most digital assets in the Custody Program to account holders who opt in to the Settlement.”
Users who opt into the Settlement would “receive a total of 72.5% of their Custody Program digital assets back over time in exchange for I agreeing not to pursue any Custody-related claims or causes of action restricted by the Settlement and (ii) voting in support of the Plan.”
In a Celsius blog post, you “will receive an email from Stretto” if you are qualified to opt in to the Settlement.
“Receive a unique PIN that may be used on the Stretto Settlement website linked in your email.” You may also input your Custody-related email address on the Stretto website to obtain the unique PIN and further instructions.
“Submit an election opt in form using the link given in the opt in letter from Stretto,” the update said.
Enter your Custody-related email address “to get the Stretto email with your unique PIN and further instructions.”
The update says your assets will “remain on the Celsius platform.” Customers might “consent to the Settlement anew in line with the chapter 11 plan.”
Settling Custody Account Holders would “receive the first half of such Settlement (36.25%) once the 30-day opt in time has elapsed and the Debtors are able to execute withdrawals, which is projected to be roughly 15 days after the opt-in period expires.”
The second half (36.25%) will be distributed “upon the earliest of: I the effective date of the Debtors’ Plan, or shortly thereafter (ii) the dismissal of the Debtors’ chapter 11 cases or conversion to cases under chapter 7; (iii) June 11, 2023 if no plan has been filed by then; or (iv) December 31, 2023.”
“Approximately 15 days after the 30-day opt-in period expires,” your settlement assets will be ready for withdrawal.
“Reference their Custody Account Withdrawal FAQ to learn more about the withdrawal process” then.
This Settlement “only applies to Custody Account Users.”
The Settlement requires you to “vote your custody claims in favor of the Debtors’ chapter 11 plan.” You will “retain the right to vote your other claims (other than Custody claim) anyway you wish.”
Fintech and banking veteran Simon Dixon tweeted:
“To comply with Judge Glenn’s entity claims decision, Celsius is changing the Schedules and SOFA to be against just Celsius Network LLC and not other Debtor companies. Loan claims are against Celsius Lending LLC solely. Celsius must modify the bar date to April 28, 2023. Non-Contract Claims require a claim.
Summary of bitcoin and cryptocurrency news
To sum up, the SEC says that staking services may break U.S. federal securities laws when exchanges act as too much of a middleman by deciding the returns their customers would get instead of strictly following the protocol.
Meanwhile, the 2023 edition of PBW features speakers from some of the industry’s top firms, including ConsenSys, Ledger, Animoca Brands, Algorand, Reddit, and more. It has two parts: the main summit and the Web3XP. Some of the main topics are public policy, enterprise blockchain, open finance, Web3 art, and investing in Web3 culture and entertainment.
Lastly, assets will “remain on the Celsius platform.” “Clients will have the opportunity “to agree to the settlement again in connection with the Chapter 11 plan.”
