Weekly Cryptocurrency News | U.S. SEC Warning to Coinbase, Tracking Terra’s Do Kwon, etc.

news of the week

We will deliver the news mainly for one week (3/18-3/24).

This week, the news that major US crypto asset (virtual currency) exchange Coinbase received a “Wells Notice” from the US Securities and Exchange Commission (SEC) was the most read news.

Regarding the virtual currency market, a report on the 20th that summarized the price of Bitcoin (BTC) that temporarily rose to the $28,000 level and that the price of gold soared is attracting attention.

In addition, an article reporting that a person believed to be the co-founder of Terraform Labs, Do Kwon, who was leading the development of Terra, was detained also attracted a lot of attention.

table of contents

1. This week’s news ranking
2. Market news ranking
3. Virtual Currency/Blockchain Industry News

This week’s news ranking

1st place: US SEC investigates coinbase on suspicion of violating securities laws Sends Wells notice (3/23)

US Coinbase announced on the 22nd that it received a Wells notice from the SEC on the same day. The SEC’s investigation includes listed cryptocurrencies and the staking service Coinbase Earn. (the article ishere)

2nd place: Do Kwon founder of Terra, arrested at Montenegro airport or currently checking identity (3/24)

The interior minister of the Balkan country Montenegro announced on the 23rd that a person believed to be Kwon had been detained. Kwon was initially detained at the airport for “falsification of documents,” he said. (the article ishere)

3rd place: Former Coinbase CTO warns against US dollar hyperinflation, bets on Bitcoin reaching $1 million (3/20)

Former Coinbase Chief Technology Officer Balaji Srinivasan warns of possible hyperinflation in the U.S. on May 18, making an implausible bet that the Bitcoin price will reach $1 million in the next three months. presented the contents of (the article ishere)

Market news ranking

1st place: Bitcoin temporarily rises to the $28,000 level, and gold soars due to global financial instability (3/20)

In the virtual currency market, the Bitcoin price is temporarily in the $28,000 range. Gold, a safe-haven asset, soared due to global financial turmoil. (the article ishere)

2nd place: Bitcoin decline, optimistic view retreats with FOMC Powell remarks and Yellen congressional testimony (3/23)

Bitcoin fell 2.59% from the previous day to $27,405. Fed Chair Powell’s remarks at the US Federal Open Market Committee (FOMC) and US Treasury Secretary Yellen’s testimony to Congress had an impact on financial markets. (the article ishere)

3rd place: Willingness to buy bitcoin is strong, to Arbitrum (ARB) airdrop of L2 largest force (3/24)

Bitcoin price rose 3.14% from the previous day to $28,271. The Arbitrum (ARB) airdrop also received a lot of attention this week. (the article ishere)

Virtual Currency/Blockchain Industry News

U.S. SEC sues TRON founder Justin Sun and others (March 23)

The SEC today filed a lawsuit against Tron (TRX) founder Justin Sun for offering and selling unregistered securities. He also alleges that he was wash traded. (the article ishere)

Bitcoin Layer 2 “Stacks (STX)” soars about 6 times since the beginning of the year (3/18)

The asset price of Stacks (STX), which provides a smart contract layer for Bitcoin, has skyrocketed. As of the 18th, STX increased by 29% from the previous day, a 6-fold increase since the beginning of the year. (the article ishere)

Major web browser “Microsoft Edge” testing virtual currency wallet (3/21)

It was reported that IT major Microsoft is collaborating with Web3 developer ConsenSys for the purpose of implementing a virtual currency wallet in the web browser “Microsoft Edge” for Windows. Plans to implement a self-custody wallet have not been made public internally and are believed to be accessible to users in a test environment. (the article ishere)

Nexon’s “MapleStory” to adopt polygons for building NFT games (3/23)

Major game development company NEXON announced on the 22nd that it has signed a partnership with Polygon Labs, which develops the blockchain of Polygon (MATIC). Adopting Polygon’s technology to develop a blockchain version of the popular game MapleStory. (the article ishere)

US SEC sends subpoena to DeFi project “Sushi” (3/22)

The Sushi DAO, which operates the decentralized exchange (DEX) Sushi, and “Head Chef” Jared Gray have been found to have received a subpoena from the SEC. Mr. Gray proposed the creation of a legal defense fund on a forum on the 22nd. (the article ishere)

U.S. Presidential Committee of Economic Advisers Report “Crypto Assets Have Brought No Benefits” (March 24)

The 2023 Annual Economic Report published by the United States President’s Council of Economic Advisers on the 21st showed a negative view of virtual currency and Web3 technology. The White House Advisory Council, which advises the president on policy, also recommended in the report that “the United States should focus on its own digital financial infrastructure.” (the article ishere)