Nvidia to pay $5.5M as part of SEC case concerning 'inadequate disclosures' around crypto mining.
"All issuers, including those that pursue opportunities involving emerging technology, must ensure that their disclosures are timely, complete and accurate," said Kristina Littman.
The United States Securities and Exchange Commission, or SEC, has announced that it has settled charges against Nvidia — the company behind graphics cards used by many crypto miners — in regards to “inadequate disclosures.”
In a Friday announcement, the SEC said that Nvidia failed to disclose that mining cryptocurrencies was “a significant element of its material revenue growth” based on sales of its graphics processing units, or GPUs, during the 2018 fiscal year. The company has agreed to pay a $5.5 million penalty and will be subject to a cease-and-desist order based on violations of the Securities Act of 1933 and disclosures required by the Securities Exchange Act of 1934.
According to the SEC, Nvidia reported growth in revenue around its gaming business in 2018, but also had information attributing this rise to crypto mining. The firm was required to report the connection “related to a volatile business,” and by not doing so was misleading investors by failing to disclose the demand for crypto mining.
“NVIDIA’s disclosure failures deprived investors of critical information to evaluate the company’s business in a key market,” said Kristina Littman, chief of the Crypto Assets and Cyber Unit of the SEC's Enforcement Division. “All issuers, including those that pursue opportunities involving emerging technology, must ensure that their disclosures are timely, complete and accurate.”
The action from the SEC’s crypto enforcement unit was the first since the government agency announced plans to expand its Cyber Unit — which includes the Crypto Assets Enforcement Division — by 20 people in an effort to better “police wrongdoing in the crypto markets.” The SEC reported in January that between 2013 and the end of 2021, it has brought 97 enforcement actions against participants in the digital asset marketplace, costing them roughly $2.35 billion in penalties.
"All issuers, including those that pursue opportunities involving emerging technology, must ensure that their disclosures are timely, complete and accurate," said Kristina Littman.
The United States Securities and Exchange Commission, or SEC, has announced that it has settled charges against Nvidia — the company behind graphics cards used by many crypto miners — in regards to “inadequate disclosures.”
In a Friday announcement, the SEC said that Nvidia failed to disclose that mining cryptocurrencies was “a significant element of its material revenue growth” based on sales of its graphics processing units, or GPUs, during the 2018 fiscal year. The company has agreed to pay a $5.5 million penalty and will be subject to a cease-and-desist order based on violations of the Securities Act of 1933 and disclosures required by the Securities Exchange Act of 1934.
According to the SEC, Nvidia reported growth in revenue around its gaming business in 2018, but also had information attributing this rise to crypto mining. The firm was required to report the connection “related to a volatile business,” and by not doing so was misleading investors by failing to disclose the demand for crypto mining.
“NVIDIA’s disclosure failures deprived investors of critical information to evaluate the company’s business in a key market,” said Kristina Littman, chief of the Crypto Assets and Cyber Unit of the SEC's Enforcement Division. “All issuers, including those that pursue opportunities involving emerging technology, must ensure that their disclosures are timely, complete and accurate.”
The action from the SEC’s crypto enforcement unit was the first since the government agency announced plans to expand its Cyber Unit — which includes the Crypto Assets Enforcement Division — by 20 people in an effort to better “police wrongdoing in the crypto markets.” The SEC reported in January that between 2013 and the end of 2021, it has brought 97 enforcement actions against participants in the digital asset marketplace, costing them roughly $2.35 billion in penalties.
BattleVerse Open Beta Launch
BattleVerse ($BVC) - MULTICHAIN PLAY-TO-EARN METAVERSE and Binance Smart Chain GameFi Hackathon prize winner announced the start open beta test🚀
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🌐BattleVerse Universal link
BattleVerse ($BVC) - MULTICHAIN PLAY-TO-EARN METAVERSE and Binance Smart Chain GameFi Hackathon prize winner announced the start open beta test🚀
▫️Their main goal is to give everyone the opportunity to earn through fun gameplay, even if you are not an experienced player in the world of Play-to-Earn (P2E) games.
To celebrate this significant event the team launches another raffle in which 10 of the luckiest can win a cool Battle Shroom NFT🍄 and get to the battle arena among the first!
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80,000 Bitcoin gone: What’s left in Luna’s reserve wallet?
The Luna Foundation Guard updated the world concerning its crypto-asset reserves and shared a promise to compensate the remaining users of failed stablecoin UST.
The Terra saga continues. In a Twitter thread, the team behind the failed algorithmic stablecoin TerraUSD (UST) and the token LUNA shared precisely how much Bitcoin (BTC) and crypto assets they had disposed of.
The Luna Foundation Guard (LFG) also promised to “compensate remaining users of UST, smallest holders first,” with the remaining assets.
In summary, 80,081 BTC, or 99.61% of the Bitcoin that LFG guarded, has exited the fund. The group confirmed the sale of “33,206 BTC for an aggregate 1,164,018,521 UST” in a tweet. The remaining 47,188 BTC is not accounted for, while 313 BTC remains in reserve.
Interestingly, LFG has not sold a single BNB or AVAX token, holding around 40,000 and 2,000,000 of each, respectively.
The counterparty that the group used has not been named. Cointelegraph experts have compiled an analysis on the Terra ecosystem implosion, questioning the “long-term viability of algorithmic stablecoins.” The current makeup of the LFG reserve is the following:
Meanwhile, crypto enthusiasts with staked LUNA tokens should see their tokens returned to their wallets in the next 20 days. However, they will be worth less, as LUNA’s price has fallen over 99% since its highs, currently sitting at 0.0002.
What was once a 50 billion ecosystem now has a total reserve balance of $82 million, prompting popular crypto influencer Cobie to simply respond to the thread with “Bruh.”
The Luna Foundation Guard updated the world concerning its crypto-asset reserves and shared a promise to compensate the remaining users of failed stablecoin UST.
The Terra saga continues. In a Twitter thread, the team behind the failed algorithmic stablecoin TerraUSD (UST) and the token LUNA shared precisely how much Bitcoin (BTC) and crypto assets they had disposed of.
The Luna Foundation Guard (LFG) also promised to “compensate remaining users of UST, smallest holders first,” with the remaining assets.
In summary, 80,081 BTC, or 99.61% of the Bitcoin that LFG guarded, has exited the fund. The group confirmed the sale of “33,206 BTC for an aggregate 1,164,018,521 UST” in a tweet. The remaining 47,188 BTC is not accounted for, while 313 BTC remains in reserve.
Interestingly, LFG has not sold a single BNB or AVAX token, holding around 40,000 and 2,000,000 of each, respectively.
The counterparty that the group used has not been named. Cointelegraph experts have compiled an analysis on the Terra ecosystem implosion, questioning the “long-term viability of algorithmic stablecoins.” The current makeup of the LFG reserve is the following:
Meanwhile, crypto enthusiasts with staked LUNA tokens should see their tokens returned to their wallets in the next 20 days. However, they will be worth less, as LUNA’s price has fallen over 99% since its highs, currently sitting at 0.0002.
What was once a 50 billion ecosystem now has a total reserve balance of $82 million, prompting popular crypto influencer Cobie to simply respond to the thread with “Bruh.”
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MetaMask Aims to Help Crypto Scam & Phishing Victims Take Legal Action Against Fraudsters.
The browser-based crypto wallet provider MetaMask has announced that it will attempt to aid users who fall prey to crypto-related scams and phishing attacks in their quests to recoup lost or stolen assets.
In a press release, the wallet provider explained that it has teamed up with the UK-based firm Asset Reality, which specializes in investigating cases of stolen cryptoassets. The deal will see the latter handle individual cases, and the companies said their partnership represented “an industry-first approach in improving digital asset recovery.”
MetaMask claims to have 30 million monthly active users, and added that the arrangement would see Asset Reality provide MetaMask users support “globally.”
The firms explained that “traditional recovery uses civil litigation, and usually involves instructing a lawyer,” which was problematic in the absence of “special crypto processes,” with costs that “can be in excess of USD 75,000” and take long periods of time to complete.
But Asset Reality’s “offering,” it explained, “allows multiple victims of a scam operation to join forces and build a larger forensic investigation against a scam operation” – with the firm handling cases “free” of charge to MetaMask users.
However, the companies warned, “users may need to cover legal costs should they decide that the route of recovery makes economic sense.”
However, the firms claimed that in cases where “legal costs are too high,” they would “help them join forces with other victims as a group.”
The arrangement will also involve the blockchain analytics firm ConsenSys, which will be called upon to “pursue larger scale scam operations.”
The wallet provider will provide an interface whereby users can report on the nature of their losses, whereupon Asset Reality “will take over communication with the users, and will proactively keep users updated on the status of their cases.”
Dan Finlay, the co-founder of MetaMask, was quoted as stating:
“It’s really important that victims of hacks come forward, no matter how small. They could reveal or be the starting point of a wider investigation and create the opportunity to aggregate claims to commence potential legal action.”
Aidan Larkin, the CEO of Asset Reality, added that scam victims suffer both “emotionally and financially, and said:
“We see losses across the entire crypto ecosystem ranging from hundreds to millions of dollars in value.”
The browser-based crypto wallet provider MetaMask has announced that it will attempt to aid users who fall prey to crypto-related scams and phishing attacks in their quests to recoup lost or stolen assets.
In a press release, the wallet provider explained that it has teamed up with the UK-based firm Asset Reality, which specializes in investigating cases of stolen cryptoassets. The deal will see the latter handle individual cases, and the companies said their partnership represented “an industry-first approach in improving digital asset recovery.”
MetaMask claims to have 30 million monthly active users, and added that the arrangement would see Asset Reality provide MetaMask users support “globally.”
The firms explained that “traditional recovery uses civil litigation, and usually involves instructing a lawyer,” which was problematic in the absence of “special crypto processes,” with costs that “can be in excess of USD 75,000” and take long periods of time to complete.
But Asset Reality’s “offering,” it explained, “allows multiple victims of a scam operation to join forces and build a larger forensic investigation against a scam operation” – with the firm handling cases “free” of charge to MetaMask users.
However, the companies warned, “users may need to cover legal costs should they decide that the route of recovery makes economic sense.”
However, the firms claimed that in cases where “legal costs are too high,” they would “help them join forces with other victims as a group.”
The arrangement will also involve the blockchain analytics firm ConsenSys, which will be called upon to “pursue larger scale scam operations.”
The wallet provider will provide an interface whereby users can report on the nature of their losses, whereupon Asset Reality “will take over communication with the users, and will proactively keep users updated on the status of their cases.”
Dan Finlay, the co-founder of MetaMask, was quoted as stating:
“It’s really important that victims of hacks come forward, no matter how small. They could reveal or be the starting point of a wider investigation and create the opportunity to aggregate claims to commence potential legal action.”
Aidan Larkin, the CEO of Asset Reality, added that scam victims suffer both “emotionally and financially, and said:
“We see losses across the entire crypto ecosystem ranging from hundreds to millions of dollars in value.”
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Chainlink launches price feeds on Solana to provide data to DeFi developers.
Solana co-founder Anatoly Yakovenko noted that the integration will be beneficial to DeFi developers building on the platform.
Blockchain oracle platform Chainlink has announced the launch of its price feeds on the Solana blockchain. The integration allows decentralized finance (DeFi) developers to use the feeds within their decentralized applications (DApps).
In an announcement sent to Cointelegraph, the blockchain oracle platform notes that upon launch, seven price feeds will be available to Solana developers, including BTC/USD, ETH/USD and USDC/USD. At the later stages of the integration, more Chainlink oracle services and price feeds will be made available.
Anatoly Yakovenko, co-founder of Solana, believes the Chainlink integration will help developers building DeFi-based DApps on Solana. “Chainlink’s launch on Solana will give DeFi developers access to the most widely used oracles in blockchain,” he said.
Chainlink co-founder Sergey Nazarov also expressed his excitement over the integration. Nazarov noted that Chainlink has a comprehensive oracle network and that its team is anticipating its role in the Solana ecosystem. He described the integration as “a major leap forward” for DeFi.
As soon as Chainlink gets integrated, Solana-based projects have committed to using the price feeds for their products. Yield aggregators Francium and Tulip and lending protocol Apricot Finance are among those that will use them.
Earlier in May, LaProp integrated Chainlink to power its real-estate platform, which lets investors purchase tokenized shares of rental properties. Through Chainlink’s functions, rental payments will be automated and distributed to tokenholders within the platform.
Meanwhile, amid the Terra market fiasco, DeFi protocols reported losses from exploits resulting from a price feed discrepancy within the Luna Classic (LUNC) oracle as Chainlink paused the LUNA price feed. However, a community member believes that the losses are due to negligence from the protocols’ side.
Solana co-founder Anatoly Yakovenko noted that the integration will be beneficial to DeFi developers building on the platform.
Blockchain oracle platform Chainlink has announced the launch of its price feeds on the Solana blockchain. The integration allows decentralized finance (DeFi) developers to use the feeds within their decentralized applications (DApps).
In an announcement sent to Cointelegraph, the blockchain oracle platform notes that upon launch, seven price feeds will be available to Solana developers, including BTC/USD, ETH/USD and USDC/USD. At the later stages of the integration, more Chainlink oracle services and price feeds will be made available.
Anatoly Yakovenko, co-founder of Solana, believes the Chainlink integration will help developers building DeFi-based DApps on Solana. “Chainlink’s launch on Solana will give DeFi developers access to the most widely used oracles in blockchain,” he said.
Chainlink co-founder Sergey Nazarov also expressed his excitement over the integration. Nazarov noted that Chainlink has a comprehensive oracle network and that its team is anticipating its role in the Solana ecosystem. He described the integration as “a major leap forward” for DeFi.
As soon as Chainlink gets integrated, Solana-based projects have committed to using the price feeds for their products. Yield aggregators Francium and Tulip and lending protocol Apricot Finance are among those that will use them.
Earlier in May, LaProp integrated Chainlink to power its real-estate platform, which lets investors purchase tokenized shares of rental properties. Through Chainlink’s functions, rental payments will be automated and distributed to tokenholders within the platform.
Meanwhile, amid the Terra market fiasco, DeFi protocols reported losses from exploits resulting from a price feed discrepancy within the Luna Classic (LUNC) oracle as Chainlink paused the LUNA price feed. However, a community member believes that the losses are due to negligence from the protocols’ side.
KunciCoin will join the voting war process on Bybit ByVotes to get listed on Bybit.
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Get a chance to win a prize pool of up to $200K in the form of KunciCoin and also a first time deposit reward if you are a new member of Bybit Exchange.
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New Japanese law may allow seizure of stolen crypto.
Under the current variation of the law, there is no explicit procedure outlined for law enforcement officers to seize illegally obtained crypto from crime organizations.
Japan’s Justice Ministry is reportedly considering a revision of an asset seizure law relating to organized crime to include a stipulation that crypto can be commandeered in such instances.
If the reports are found to be true, a potential revision of the Act on Punishment of Organized Crimes and Control of Proceeds of Crime (1999) would enable law enforcement officers and courts to take control of crypto assets used in criminal activity such as money laundering.
According to reports from local media outlets such as the Yomiuri Shimbun on June 4, the Justice Ministry will first need to engage in talks with the Legislative Council on the issue before proceeding forward. While it will also need to iron out important details such as how officers can go about obtaining a criminal's private keys.
The talks with the legislative Council could go ahead as soon as next month according to the Jiji Press.
As the specific law focused on the seizure of funds/assets from organized crime does not explicitly outline any procedure concerning illegally acquired cryptocurrencies, there is a concern that criminals may be able to continue illicit behavior via their unseized digital asset holdings.
As it stands, the law only outlines that the type of assets that can be seized are physical property, monetary claims, and movable assets such as machinery, vehicles, tools, and supplies, with crypto falling under none of those categories.
Once the finer details have been set, the amendment to the law would need to be approved by the cabinet and then signed off by parliament, and may not meet much resistance given the nature of such a proposal.
The report comes just days after Japan’s parliament passed a bill to ban stablecoin issuance by non-banking institutions as part of a push to reduce system risk and provide greater consumer protections.
Under the bill, only licensed banks, registered money transfer agents, and local trust companies can develop and issue stablecoins.
Under the current variation of the law, there is no explicit procedure outlined for law enforcement officers to seize illegally obtained crypto from crime organizations.
Japan’s Justice Ministry is reportedly considering a revision of an asset seizure law relating to organized crime to include a stipulation that crypto can be commandeered in such instances.
If the reports are found to be true, a potential revision of the Act on Punishment of Organized Crimes and Control of Proceeds of Crime (1999) would enable law enforcement officers and courts to take control of crypto assets used in criminal activity such as money laundering.
According to reports from local media outlets such as the Yomiuri Shimbun on June 4, the Justice Ministry will first need to engage in talks with the Legislative Council on the issue before proceeding forward. While it will also need to iron out important details such as how officers can go about obtaining a criminal's private keys.
The talks with the legislative Council could go ahead as soon as next month according to the Jiji Press.
As the specific law focused on the seizure of funds/assets from organized crime does not explicitly outline any procedure concerning illegally acquired cryptocurrencies, there is a concern that criminals may be able to continue illicit behavior via their unseized digital asset holdings.
As it stands, the law only outlines that the type of assets that can be seized are physical property, monetary claims, and movable assets such as machinery, vehicles, tools, and supplies, with crypto falling under none of those categories.
Once the finer details have been set, the amendment to the law would need to be approved by the cabinet and then signed off by parliament, and may not meet much resistance given the nature of such a proposal.
The report comes just days after Japan’s parliament passed a bill to ban stablecoin issuance by non-banking institutions as part of a push to reduce system risk and provide greater consumer protections.
Under the bill, only licensed banks, registered money transfer agents, and local trust companies can develop and issue stablecoins.
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New Law Would Ban Crypto Pay in Russia (Again) as Miners Struggle to Convince Central Bank to Legalize Industry.
Crypto advocates are still facing an uphill struggle in Russia – where MPs are expected to vote in favor of a proposal that would ban the use of “monetary surrogates” as a form of payment. And it appears that crypto miners are yet to persuade the influential Central Bank Governor Elvira Nabiullina that their industry should not be banned.
A measure tabled by Anatoly Aksakov, the State Duma’s Chairman of the Financial Markets Committee, will be debated in parliament in the coming days – and is expected to pass unhindered. The bill effectively seeks to clarify existing legislation from 2020 that forbids the use of crypto in payments and settlements.
An explanatory document provided with the new draft law reads:
“The ruble is the official [currency] of the Russian Federation. [This measure] introduces a prohibition against the introduction of other monetary [items] or monetary surrogates on Russian territory. […]. The draft law introduces changes aimed at eliminating the indicated risks of using [cryptoassets] as a monetary surrogate by establishing a direct ban on the transfer or acceptance of [cryptoassets] as a counter provision for goods transferred, work performed and/or services rendered.”
Crypto advocates are still facing an uphill struggle in Russia – where MPs are expected to vote in favor of a proposal that would ban the use of “monetary surrogates” as a form of payment. And it appears that crypto miners are yet to persuade the influential Central Bank Governor Elvira Nabiullina that their industry should not be banned.
A measure tabled by Anatoly Aksakov, the State Duma’s Chairman of the Financial Markets Committee, will be debated in parliament in the coming days – and is expected to pass unhindered. The bill effectively seeks to clarify existing legislation from 2020 that forbids the use of crypto in payments and settlements.
An explanatory document provided with the new draft law reads:
“The ruble is the official [currency] of the Russian Federation. [This measure] introduces a prohibition against the introduction of other monetary [items] or monetary surrogates on Russian territory. […]. The draft law introduces changes aimed at eliminating the indicated risks of using [cryptoassets] as a monetary surrogate by establishing a direct ban on the transfer or acceptance of [cryptoassets] as a counter provision for goods transferred, work performed and/or services rendered.”
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Bitcoin's real energy use questioned as Ethereum founder criticizes BTC.
A founding member of Ethereum has claimed that Bitcoin uses nearly 1% of the world’s electricity, but different sources put it substantially lower.
The ever-raging debate around Bitcoin’s energy consumption has been re-ignited, with founding member of Ethereum Anthony Donofrio claiming that Bitcoin is using “way too much” energy.
According to figures from Digiconomist, Bitcoin (BTC) currently uses 0.82% of the world’s power while Ethereum (ETH) uses 0.34%. Ethereum researcher Justin Drake posted the figures to his 56,000 followers that Donofrio retweeted, stating:
Ethereum proponents are attempting to take shots at Bitcoin while simultaneously promoting Ethereum’s upcoming transition to proof-of-stake. Drake added another tweet moments later that read: “Ethereum post-merge: 0.000% of world.”
However, the validity of the figures are in doubt.
Even Drake was forced to acknowledge alternative sources of data in a later tweet, which estimated energy consumption figures at nearly 60% lower.
Data sourced from Digiconomist, which markets itself as a platform that “exposes the unintended consequences of digital trends,” has drawn criticism from blockchain industry professionals in the past. The most notable of these is fellow Ethereum developer Josh Stark, who called out the publication for frequently presenting the worst-case scenario when it comes to blockchain technology.
In November last year, Stark published a Twitter thread that questioned the accuracy of Digiconimist’s research methodology. Stark pointed out that almost all of the figures concerning blockchain power consumption were at the “very high end” of any theoretical outcome, especially when compared to more rigorous sources like the University of Cambridge.
Where Digiconomist claims that Bitcoin currently consumes 204 terawatt hours (TWh) worth of electricity per year, the University of Cambridge’s Bitcoin Electricity Consumption Index estimates that Bitcoin’s real consumption is much closer to 125 TWh, a 39% difference.
While it may be a well-known fact that Bitcoin’s proof-of-work consensus mechanism is an energy-consuming process, the discussion around just how much power the Bitcoin network actually uses remains a hot-button issue.
A founding member of Ethereum has claimed that Bitcoin uses nearly 1% of the world’s electricity, but different sources put it substantially lower.
The ever-raging debate around Bitcoin’s energy consumption has been re-ignited, with founding member of Ethereum Anthony Donofrio claiming that Bitcoin is using “way too much” energy.
According to figures from Digiconomist, Bitcoin (BTC) currently uses 0.82% of the world’s power while Ethereum (ETH) uses 0.34%. Ethereum researcher Justin Drake posted the figures to his 56,000 followers that Donofrio retweeted, stating:
Ethereum proponents are attempting to take shots at Bitcoin while simultaneously promoting Ethereum’s upcoming transition to proof-of-stake. Drake added another tweet moments later that read: “Ethereum post-merge: 0.000% of world.”
However, the validity of the figures are in doubt.
Even Drake was forced to acknowledge alternative sources of data in a later tweet, which estimated energy consumption figures at nearly 60% lower.
Data sourced from Digiconomist, which markets itself as a platform that “exposes the unintended consequences of digital trends,” has drawn criticism from blockchain industry professionals in the past. The most notable of these is fellow Ethereum developer Josh Stark, who called out the publication for frequently presenting the worst-case scenario when it comes to blockchain technology.
In November last year, Stark published a Twitter thread that questioned the accuracy of Digiconimist’s research methodology. Stark pointed out that almost all of the figures concerning blockchain power consumption were at the “very high end” of any theoretical outcome, especially when compared to more rigorous sources like the University of Cambridge.
Where Digiconomist claims that Bitcoin currently consumes 204 terawatt hours (TWh) worth of electricity per year, the University of Cambridge’s Bitcoin Electricity Consumption Index estimates that Bitcoin’s real consumption is much closer to 125 TWh, a 39% difference.
While it may be a well-known fact that Bitcoin’s proof-of-work consensus mechanism is an energy-consuming process, the discussion around just how much power the Bitcoin network actually uses remains a hot-button issue.
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Deloitte and NYDIG set up alliance to help businesses adopt Bitcoin.
Deloitte wants to enable blockchain and digital asset-based services across many areas involving Bitcoin products like banking, rewards programs and others.
Professional services giant Deloitte is getting increasingly serious about Bitcoin (BTC) amid the ongoing market downturn, setting up a major initiative to promote BTC adoption.
Deloitte has partnered with the Bitcoin-focused financial services firm, New York Digital Investment Group (NYDIG), to help companies of all sizes implement digital assets.
According to a joint announcement on Monday, NYDIG and Deloitte are launching a strategic alliance to create a centralized approach for clients seeking advice to adopt Bitcoin products and services.
The companies will work together to enable blockchain and digital asset-based services across multiple areas involving Bitcoin-related products, including banking, loyalty and rewards programs, employee benefits and others.
According to the announcement, global financial institutions and banks have been facing an increasing demand to provide trusted exposure to Bitcoin. The alliance between Deloitte and NYDIG aims to help accelerate adoption while ensuring compliance, Deloitte's digital assets banking regulatory practice lead Richard Rosenthal said, adding:
"The future of financial services will center around the use of digital assets, and we are focused on advising our clients on ways to engage in a regulated and compliant way.”
Rosenthal told Cointelegraph that the partnership became active on June 21. The launch comes amid a major drop in cryptocurrency prices, with Bitcoin losing about 50% of its value since the beginning of 2022. "We take a longer view and expect that many companies will continue to build out their own digital asset infrastructure and products," the executive noted.
The news comes months after NYDIG launched a benefits program allowing employees to convert a portion of their paychecks into Bitcoin in February 2022. The company previously raised $1 billion in equity investment in late 2021, bringing NYDIG’s valuation to roughly $7 billion.
Deloitte wants to enable blockchain and digital asset-based services across many areas involving Bitcoin products like banking, rewards programs and others.
Professional services giant Deloitte is getting increasingly serious about Bitcoin (BTC) amid the ongoing market downturn, setting up a major initiative to promote BTC adoption.
Deloitte has partnered with the Bitcoin-focused financial services firm, New York Digital Investment Group (NYDIG), to help companies of all sizes implement digital assets.
According to a joint announcement on Monday, NYDIG and Deloitte are launching a strategic alliance to create a centralized approach for clients seeking advice to adopt Bitcoin products and services.
The companies will work together to enable blockchain and digital asset-based services across multiple areas involving Bitcoin-related products, including banking, loyalty and rewards programs, employee benefits and others.
According to the announcement, global financial institutions and banks have been facing an increasing demand to provide trusted exposure to Bitcoin. The alliance between Deloitte and NYDIG aims to help accelerate adoption while ensuring compliance, Deloitte's digital assets banking regulatory practice lead Richard Rosenthal said, adding:
"The future of financial services will center around the use of digital assets, and we are focused on advising our clients on ways to engage in a regulated and compliant way.”
Rosenthal told Cointelegraph that the partnership became active on June 21. The launch comes amid a major drop in cryptocurrency prices, with Bitcoin losing about 50% of its value since the beginning of 2022. "We take a longer view and expect that many companies will continue to build out their own digital asset infrastructure and products," the executive noted.
The news comes months after NYDIG launched a benefits program allowing employees to convert a portion of their paychecks into Bitcoin in February 2022. The company previously raised $1 billion in equity investment in late 2021, bringing NYDIG’s valuation to roughly $7 billion.
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Basel Committee wants to limit banks' digital asset exposure to just 1% of equity.
Volatile cryptocurrencies such as Bitcoin would also be subjected to a 1,250% risk premium.
On Thursday, the Basel Committee on Banking Supervision suggested during its second consultation on the prudential treatment of crypto-asset exposures that banks limit their exposure to so-called Group 2 crypto assets to just 1% of their Tier 1 capital.
Group 1 digital assets consist of tokenized traditional assets, such as synthetic stocks, or those with effective stabilization mechanisms, such as regulated stablecoins. Under the new proposal, Group 1 digital assets would be subject to at least equivalent risk-based capital requirements as traditional capital assets within the current capital framework, Basel III.
However, cryptocurrencies that do not meet the above requirements will be classified as Group 2 digital assets, which would theoretically include major non-stablecoin, non-tokenized cryptocurrencies like Bitcoin (BTC) and most altcoins. Therefore, banks would only be able to commit 1% of their total equity or net asset value in either long or short positions toward Group 2 digital assets.
Moreover, the Basel Committee is considering banks adopting a 1,250% risk premium for Group 2 digital assets. In comparison, stocks typically have a 20% to 150% risk premium attached to their nominal values, depending on the company's credit rating. Under Basel III, a bank's risk-weighted assets must not surpass 10.5% of its Tier 1 capital for prudent leverage.
The move would likely severely constrain banks' ability to purchase volatile cryptocurrency in the future as, for the sake of argument, a bank would need to add $125 million worth of risk-weighted assets to its portfolio for every $10 million in Bitcoin purchased, making them far less lucrative than assets with less risk-weighting premiums. Basel III is an international regulatory accord that nearly all financial institutions in developed countries must abide by and is enforced by law.
Volatile cryptocurrencies such as Bitcoin would also be subjected to a 1,250% risk premium.
On Thursday, the Basel Committee on Banking Supervision suggested during its second consultation on the prudential treatment of crypto-asset exposures that banks limit their exposure to so-called Group 2 crypto assets to just 1% of their Tier 1 capital.
Group 1 digital assets consist of tokenized traditional assets, such as synthetic stocks, or those with effective stabilization mechanisms, such as regulated stablecoins. Under the new proposal, Group 1 digital assets would be subject to at least equivalent risk-based capital requirements as traditional capital assets within the current capital framework, Basel III.
However, cryptocurrencies that do not meet the above requirements will be classified as Group 2 digital assets, which would theoretically include major non-stablecoin, non-tokenized cryptocurrencies like Bitcoin (BTC) and most altcoins. Therefore, banks would only be able to commit 1% of their total equity or net asset value in either long or short positions toward Group 2 digital assets.
Moreover, the Basel Committee is considering banks adopting a 1,250% risk premium for Group 2 digital assets. In comparison, stocks typically have a 20% to 150% risk premium attached to their nominal values, depending on the company's credit rating. Under Basel III, a bank's risk-weighted assets must not surpass 10.5% of its Tier 1 capital for prudent leverage.
The move would likely severely constrain banks' ability to purchase volatile cryptocurrency in the future as, for the sake of argument, a bank would need to add $125 million worth of risk-weighted assets to its portfolio for every $10 million in Bitcoin purchased, making them far less lucrative than assets with less risk-weighting premiums. Basel III is an international regulatory accord that nearly all financial institutions in developed countries must abide by and is enforced by law.
