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Bankrupt lender Genesis has asked the court to approve its proposed settlement agreement with the imploded crypto hedge fund 3AC. Bankrupt cryptocurrency lender Genesis has asked the court to approve its proposed settlement agreement with the imploded crypto hedge fund Three Arrows Capital (3AC). According to a court filing on Nov. 9, Genesis argued that the 3AC debtor should receive an allowed general unsecured claim against Genesis in the amount of $33 million. The amount accounts for 3.3% of $1 billion in claim s originally asserted against Genesis debtors. “Agreement provides that the 3AC debtor shall receive an allowed general unsecured claim against GGC in the amount of $33 million in full and complete satisfaction of the more than $1 billion dollars in claims asserted against each of the Genesis debtors,” the document reads. According to Genesis, 3AC’s $1 billion claim s against Genesis were the largest asserted claim s in Chapter 11 cases associated with the collapse of the ...

A new project aims to build a peer-to-peer marketplace to facilitate censorship-resistant, permissionless trading among Bitcoin users. Peer-to-peer (P2P) Bitcoin (BTC) marketplace s remain an important cog in allowing users to move money across borders, but their future depends on becoming permissionless and unstoppable according to Paxful’s Ray Youssef. Youssef, alongside Nicolas Gregory and Antoine Riard, is driving the development of Civ Kit, a P2P marketplace that will leverage the technology of Nostr and the Lightning Network to power a decentralized platform allowing censorship resistance and permissionless trading among peers. Youssef spoke exclusively to Cointelegraph’s Joe Hall at the Surfin’ Bitcoin conference hosted in Biarritz, France about the in-development project that is aiming for an alpha release toward the end of 2023. According to the white paper co-authored by Youssef, Gregory and Riard, the Civ Kit system will use the Nostr protocol for its P2P order book and...

Bitcoin ETFs are back in the spotlight after several companies filed with the SEC. This week’s episode of Market Talks discusses why approval would be a big deal for Bitcoin. In this week’s episode of Market Talks , Cointelegraph welcomes Natalie Brunell, a podcast host, educator and media commentator in the Bitcoin space. Her podcast, Coin Stories , consistently ranks among the top 50 to 100 on Apple podcasts. She has over 300,000 Twitter followers, and is an award-winning TV journalist and former investigative reporter. Brunell explains how Bitcoin (BTC) is a tool for the financial empowerment of billions of people worldwide and how the depreciating United States dollar is stripping away people’s economic dignity. The elephant in the room when discussing Bitcoin with someone new to the crypto space is its volatility and risk factor. Brunell describes how to overcome this, and how to explain that Bitcoin might be better than traditional assets, including stocks and real estate. Brune...

SEC-regulated firm INX only lists five cryptocurrencies on its platform, considering them as non-securities. Amid lawsuits against United States-based exchange s like Coinbase and Binance.US, an exec at a domestic digital asset firm has noted the legal implications of these recent enforcement actions for the industry. The era of trading cryptocurrencies as non-securities is coming to an end, according to Itai Avneri, chief operating officer at the blockchain trading firm INX. Avneri believes that a massive amount of coins offered for trading on crypto exchanges is among core reasons for legal issues. “You cannot continue to trade cryptocurrencies as if they are not securities. Those days are over,” Avneri said in an interview with Cointelegraph on June 19. According to the COO, INX outlined this exact idea in its prospectus five years ago. “It's like we had this crystal ball in our hands,” he added. According to data from CoinGecko, Coinbase has as many as 241 cryptocurrencies lis...

The European Union’s executive branch is set to propose a plan for a digital euro, mandating the ECB to establish usage regulations. The European Union’s executive branch is preparing to introduce a plan for a digital euro. This plan, which is still in the draft stage, calls for the European Central Bank (ECB) to regulate the use of digital currency. However, no specific limits for transactions or holdings have been proposed. To maintain financial stability, the ECB is required to decide on the necessary tools. These tools should not prevent digital euro transactions that do not risk stability and should be applied uniformly in the euro area. Register now and watch live from 11:45 CET: Supervisory Board Chair Andrea Enria appears at a fireside chat at European Financials Conference, organised by Goldman Sachs https://t.co/d9dekrBl3G — European Central Bank (@ecb) June 13, 2023 According to the draft proposal, there might be limits on the use of the digital e...

The detention of a United States journalist in Russia has sparked a renewed push from Alexander Vinnik, the co-founder of BTC-e, for a possible “prisoner swap” deal. Alexander Vinnik, the Russian co-founder of an allegedly illicit crypto exchange, BTC-e, is seeking release by way of a deal known as a “ prison er swap.”  According to a May 24 report in The Wall Street Journal, Vinnik’s lawyer is attempting to alter a protective order on Vinnik’s case so that he could be considered as part of a prisoner trade deal between Russia and the United States. This could see him “swapped” for detained WSJ reporter Evan Gershkovich. “Mr. Vinnik should be permitted to … answer the accusations against him and advocate publicly for his inclusion in a prison er swap,” wrote David Rizk, an assistant federal defender in the Northern District of California. Citing sources familiar with the prison er-swap process, Rizk explained that such negotiations require a strong public campaign to “maximize the cha...

Notably, the SEC plans to employ this strategy to broaden the market participation in Nigeria. At the same time, the regulator plans to maintain the Central Bank of Nigeria’s stance to not offer cryptocurrency trading to citizens of the nation. advertisement Abdulkadir Abbas, head of SEC urities and investment services at the SEC confirmed the plans of the regulator, saying the commission will “…like to start, as a regulator, with a very simple clear proposal before we go into the complex ones.” As it stands, the watchdog has begun to process applications for digital exchanges on a trial basis. According to the set-out blueprints, these crypto exchanges will go under a one-year regulatory incubation period during which they would be under the close supervision of the SEC. In the course of the one-year regulatory incubation, only a limited range of services would be offered by these entities. In the end, the Nigerian regulator would ...