Circle Adopts EU's MiCA Regulations; Crypto Transfers by US and German Governments Stir Debate; 'Roaring Kitty' Faces Lawsuit
Summary:
Circle, the issuer of USDC, has been regulated under EU's MiCA regulations, establishing itself as the first stablecoin operator to do so. Concurrently, the governments of the U.S and Germany have been transferring substantial amounts of Bitcoin and Ether respectively, stirring debates in the crypto community. Meanwhile, Keith Gill, also known as "Roaring Kitty," is facing a class-action lawsuit over allegations of securities fraud triggered by his recent social media posts.
Circle, a USDC issuer, has emerged as the pioneer stablecoin operator to fall in line with the European Union's Markets in Crypto-Assets (MiCA) guidelines. In other significant events in the crypto world, governments of Germany and the United States have reportedly moved huge sums of Bitcoin and Ether, sparking debates. Furthermore, a class-action lawsuit has been lodged against Keith Gill, known widely as "Roaring Kitty," for his most recent series of social media engagements.
According to a statement dated July 1 by Circle's co-founder and CEO, Jeremy Allaire, the firm and its stablecoins, USDC and EURC, now fulfill MiCA's standards. Hence, stablecoin users can redeem and transfer monetary resources sans compliance concerns. The entrepreneur also revealed France as the host of Circle's European operations, a decision inspired by the country's active engagement with digital assets.
MIca's execution is projected to roll out gradually, with the new stablecoin regulations being activated on June 30. The discussion on bringing MiCA into effect commenced in April, 2023.
On another note, the American and German governments have been in the limelight lately for moving multi-million dollar crypto assets. The German government has primarily shifted Bitcoin, while its U.S. counterpart has moved Ether, acquired from seized funds.
Onchain analytics platform, Arkham Intelligence, reports that the German administration has moved 2,700 BTC to many exchanges in the past two weeks. The platform also divulged large Ether transactions by the U.S. government.
The data suggests that both countries are dealing with their holdings strategically, with Germany possibly planning to cash in its holdings through notable exchanges.
Keith Gill, famous for his role in the 2021 GameStop short-squeeze, has been accused of securities fraud in a class-action suit. The suit, which was filed due to a series of social media posts in May and June that led to extreme volatility in GameStop (GME) stocks, has supposedly been labeled as "doomed" to fail by a former federal prosecutor.
The allegation is that Gill's inadequate discloser regarding buying and selling GameStop options calls amounts to securities fraud, misleading his followers and causing financial loss for certain investors. Martin Radev, the plaintiff represented by law firm Pomerantz, alleges that these actions resulted in losses after he bought GME shares and call options from mid-May.
Published At
7/1/2024 11:24:45 PM
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