• Nevada has requested for Prime Trust to be put into receivership due to an $82M deficit.
• EDX Markets reportedly dropped Paxos as its custodial partner.
• BitGo CEO Mike Belshe commented on the state of U.S. cryptocurrency regulations.
Nevada Requests for Prime Trust Receivership
Nevada has asked for Prime Trust, a financial services provider, to be put in receivership due to an $82 million deficit. This news follows reports that EDX Markets had dropped Paxos as its planned custodial partner and Robinhood’s layoff of 7% of its workforce on the same day as Cardano, Polygon and Solana delisting from the platform.
First Leveraged Bitcoin Futures ETF Opens For Trading
The first leveraged Bitcoin futures exchange-traded fund (ETF) opened for trading on the Chicago Board Options Exchange (CBOE). Switzerland seized $26 million tied to Do Kwon, co-founder of Terra, a blockchain project that is developing a payment system based on stablecoins.
BitGo CEO Comments On U.S Cryptocurrency Regulations
BitGo CEO Mike Belshe commented on the state of U.S cryptocurrency regulations in a conversation with CNBC on June 27th 2023. He highlighted regulatory challenges but said he believes crypto firms and traditional financial firms could create a stronger, derisked market together if given the opportunity by regulators outside the U.S who provide clearer pathways regarding regulations in this sector.
Opposition From Industry Players To Regulators
Belshe also noted that traditional financial firms may remain mostly out of cryptocurrencies due to stringent approaches taken by regulators such as opposition from key industry players – likely referring to ongoing Binance and Coinbase cases – adding that downturns could potentially stimulate demand for derisked markets platforms where opportunities may arise between crypto firms and traditional financial institutions should they choose to collaborate together in this sector..
Conclusion
In conclusion, it is clear that there are still many regulatory challenges facing crypto companies operating in the United States today however it appears that these issues can be addressed with collaboration between crypto companies and traditional financial institutions which could lead to greater opportunities within this sector should they decide too work together closely in order to navigate any potential regulatory risks involved with investing in cryptocurrencies at this current time period .