***Bitcoin price fell below $27,000 on Thursday last week, as crypto market makers stepped back from U.S. trading. The sell-off was triggered by recent reports that the U.S. Department of Justice is investigating Binance, the world's largest cryptocurrency exchange.
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**SEC Chair Gary Gensler said that the cryptocurrency industry is "so noncompliant with laws" that it is "hard to get excited" about the sector. Gensler said that the SEC is working to bring more regulation to the cryptocurrency industry, but that it is a "slow and deliberate process."
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**The UK government unveiled a "world-first" crypto regime that will regulate stablecoins and other crypto assets. The new regime will be overseen by the Financial Conduct Authority (FCA) and will aim to protect consumers and investors from fraud and other risks.
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**Robinhood crypto revenue drops in Q1. Robinhood Crypto revenue fell 43% in the first quarter of 2023, as the company's user base declined. Robinhood said that the decline in revenue was due to a number of factors, including the overall decline in the cryptocurrency market and the company's decision to stop offering margin trading on cryptocurrencies.
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**Ex-Coinbase worker sentenced to prison for insider trading. A former Coinbase employee was sentenced to 4 years in prison last Wednesday for insider trading. Ishan Wahi, who was a product manager at Coinbase, used his position to trade on confidential information about new cryptocurrency listings. Wahi was caught after he bragged about his insider trading on social media.
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