Peter Wall steps down as CEO of Argo Blockchain, interim leadership
Cryptocurrency mining company Argo Blockchain PLC announced Thursday that CEO and interim chairman Peter Wall is stepping down from his position to explore other prospects. The company stated that it will appoint an executive search firm to find a new chief executive and will provide further updates as the process progresses. Meanwhile, Argos’ Chief Operating Officer, Seif El-Bakly, has been appointed interim CEO. Peter Wall has agreed to continue as an advisor to the company for the next three months to ensure a smooth transition. Matthew Shaw has been appointed as the new chairman. Argo Blockchain faced challenges in 2022 due to a sharp increase in power costs at the largest mining site, Helios. More here
Coinbase CEO Brian Armstrong opposes a potential ban on the retail sale of crypto stakes in the United States
Brian Armstrong, CEO and co-founder of Coinbase, has expressed his opposition to a potential ban on retail cryptocurrencies in the United States. In a recent Twitter thread, Armstrong stated that he has heard rumors of such a ban being considered by the US Securities and Exchange Commission and called it a “terrible” move. Armstrong emphasized the importance of investing in the cryptocurrency industry and its positive contributions, such as improved scalability, security and reduced carbon footprints. Despite not revealing the source of the rumours, Armstrong’s message has been viewed over 2.2 million times and highlights his stance on the matter. Details here.
Tether reports a profit of $700 million in the fourth quarter of 2022
Tether Holdings Limited, the company behind the popular stablecoin USDT, has reported a net profit of over $700 million in the last quarter of 2022, according to its latest Consolidated Reserves Report (CRR). The report shows that Tether ended 2022 with zero certificates and at least $67 billion in consolidated assets and surplus reserves of at least $960 million. The report also highlighted a reduction in secured loans, with the majority of Tether’s investments held in cash, cash equivalents and other short-term deposits. Tether’s assets exceeded its liabilities, with over 58% of its assets allocated in US Treasuries. Details here.
Bank of America: DeFi’s current functionality is just scratching the surface
A Bank of America report highlights the current state of decentralized finance (DeFi) in the digital asset market, saying that despite the shift in focus towards projects with real-world functionality, “DeFi’s current offerings are barely scratching the surface.” According to Coindesk, the report acknowledges that platforms such as Gauntlet are driving the development of DeFi, but warns that regulatory barriers, poor user interfaces and limited functionality may hinder mainstream adoption in the short term. Bank of America stated that the inability to perform proper identity verification and comply with anti-money laundering (AML) and know-your-customer (KYC) regulations is a significant headwind to DeFi’s mainstream adoption. The report suggests that the use of soul-bound tokens or non-transferable identity and reputation NFTs could play a crucial role in expanding DeFi’s functionality limit. More here
Binance Seeks Director of EU Guidelines to Promote Cryptocurrency Use
Cryptocurrency exchange Binance is seeking to hire an EU Policy Communications Director to join its global communications team, who will shape the company’s communications narrative and execute campaigns related to corporate, regulatory and political developments affecting the company across the EU. A job advertisement on the company’s website stated that the EU Policy Communications Director will be responsible for managing the company’s EU strategy and engagement with corporate and policy media, key opinion leaders, opinion elites and political influencers. The job search highlights the growing importance of regulations for leading cryptocurrency companies as the EU works to bring the industry under its regulatory control. More here.
Market Reactions to Potential US Crypto Staking Restrictions: Prices Fall
The crypto market experienced a widespread price drop as rumors circulated about potential restrictions on crypto betting in the US. According to TradingView data, Bitcoin traded at $21,890, down nearly 5% in the past 24 hours. Other popular cryptocurrencies including Ethereum, Binance’s BNB, Cardano’s ADA, Dogecoin and Shiba Inu also saw significant drops in value. The crypto-stock market was also affected, with shares in Coinbase, Silvergate, Block, MicroStrategy and Argo Blockchain experiencing significant falls. This reaction was sparked by a tweet from Coinbase CEO Brian Armstrong, who expressed concern over the potential restriction on crypto betting in the US. This market adjustment highlights the impact regulatory developments could have on the cryptocurrency industry. Investors and industry players will monitor the situation closely for further updates and potential changes.
