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PayPal Enables U.S. Business Accounts to Buy, Hold and Sell Crypto

The service won’t be available to New York state in the beginning.

Payments giant PayPal (PYPL) will enable its business clients to buy, hold and sell cryptocurrency directly from their accounts in the U.S., potentially opening up a larger market for the firm.

After letting its retail users do the same via PayPal and Venmo accounts, the company said that it also saw demand from business owners to buy, hold and sell crypto. “Business owners have increasingly expressed a desire for the same cryptocurrency capabilities available to consumers,” said Jose Fernandez da Ponte, SVP of blockchain, cryptocurrency, and digital currencies at PayPal in a statement on Wednesday.

The payments company will also let U.S. merchants to externally transfer cryptocurrency on-chain to third-party eligible wallets, according to the statement.

PayPal has been active since 2020 to let its users buy hold and sell crypto currencies directly from their accounts. Last year, it unveiled its U.S. dollar-denominated stablecoin, PayPal USD (PYUSD), which reached a $1 billion market cap this summer.

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Utah Judge Rules SEC’s Case Against Alleged Crypto Mining Scam Green United Can Proceed to Trial

And no, she didn’t rule that crypto mining devices were securities.

The U.S. Securities and Exchange Commission’s (SEC) lawsuit against Green United can proceed to trial, a Utah judge ruled Monday.

Last March, the SEC accused the Utah-based operation of scamming investors out of $18 million by selling them phony crypto mining equipment via a multi-level marketing scheme in which the company’s affiliates received a portion of the proceeds from each of the $3,000 “Green Boxes” they sold.

According to the SEC’s complaint, investors were told that the so-called Green Boxes were specialized crypto miners that mined GREEN tokens on the Green Blockchain – which they allegedly claimed supported a “public global decentralized power grid” – and could generate 40% to 50% monthly returns. Investors never physically received their equipment, and were told that the machines would be remotely hosted at a Green United-controlled data center.

In reality, the Green Blockchain didn’t exist, but the Green Boxes did – sort of.

Green United’s founder, Will Thurston (who, along with promoter Kristoffer Krohn, is also named as a defendant in the lawsuit), allegedly used the money investors gave him for the phony Green Boxes and used it to buy S9 Antminers – commercially-available bitcoin mining machines – which he then used to mine bitcoin for himself. According to the SEC, investors didn’t see any of the actual bitcoin (BTC) their purchases mined, but instead received periodic distributions of worthless GREEN tokens created by Thurston on the Ethereum blockchain.

Though Green United’s lawyers attempted to have the case dismissed, U.S. District Court Judge Ann Marie McIff Allen ruled that the SEC has “sufficiently alleged a security in the form of Green Boxes” to allow the case to proceed to trial, as well as its allegations of fraud.

The ruling caused something of a stir in online crypto circles, with at least one large X account claiming (in a since-deleted post) that the “SEC says crypto mining devices are securities.”

“This is wrong. Remain calm,” responded Neeraj Agrawal, director of communications at crypto lobbying group Coin Center. “This has no bearing on managed crypto mining. It’s garden variety ‘cloud mining’ scamming.”

The judge’s Monday ruling makes no mention of the real S9 Antminers – or bitcoin – Green United was allegedly buying with investor funds.

NYDFS ‘More Eager Than Anyone’ for Federal Legislation, Chief Says

NYDFS Superintendent Adrienne Harris said any federal legislation should still keep a role for state regulators.

NEW YORK — New York Department of Financial Services Superintendent Adrienne Harris said federal legislation addressing cryptocurrencies would be welcome, but maintained that states should keep their existing roles overseeing digital assets.

States have been able to move more quickly while conventional wisdom that allowing states to regulate digital assets may create a “race to the bottom” in terms of regulatory oversight hasn’t been borne out, Harris said at the Digital Asset Compliance and Market Integrity Summit in midtown Manhattan Wednesday.

“We are maybe more eager than anyone to have a federal partner and to see federal legislation and regulation,” Harris said. “I think it’s really important that legislation gets passed, regulations get written, but it is still important that there is a role for the states.”

Harris said she was “optimistic” that the House and Senate might move legislation soon, saying NYDFS has spoken to both parties in both houses of the legislature over the past few years.

BitLicense evolution

New York’s BitLicense, which is nearly a decade old, has evolved over the years but the regulator’s view of it has stayed the same, Harris said.

“I think our approach hasn’t evolved that much. The approach was always about, how do you sort of square these competing objectives of fostering innovation, but protecting consumers and markets,” she said. “And so that means you really have to stay abreast of developments in industry, but also be the cop on the beat and strike that balance.”

NYDFS has one of the world’s largest crypto units, Harris said, with 60 full-time staffers dedicated to the crypto sector.

Harris said the general public’s views on the BitLicense have similarly become more accepting since its introduction, a change she called “gratifying.” Even federal lawmakers have pointed to the BitLicense as an example.

“[That’s] not to say that it’s perfect, right? There are some really valid critiques, both in terms of the rule and the way it has been operationalized,” she said. “But it’s been so gratifying to see California, Illinois, Nebraska, and then the EU and Singapore; everybody sort of takes pieces.”

Singapore Court Grants WazirX Four-Month Conditional Moratorium: Source

WazirX, which lost $234 million in a hack, had filed an application with the Singapore High Court for a six-month moratorium.

A Singapore court has granted Indian cryptocurrency exchange WazirX a four-month moratorium based on certain conditions on Thursday, an industry source told CoinDesk.

The conditions imposed on WazirX include revealing the addresses of its Wallets through a court affidavit, responding to users’ queries, revealing its book of accounts within six weeks, and ensuring that any future voting on the way ahead is conducted on an independent platform. CoinDesk reached out to WazirX to comment on the matter.

WazirX, which lost $234 million in a hack, some 45% of customers’ funds, had filed an application with the Singapore High Court for a six-month moratorium.

The hacker behind that July hack has nearly finished laundering the stolen funds, using Tornado Cash to obscure the transactions.

Earlier, the crypto exchange’s legal advisers said WazirX customers are unlikely to be made whole in crypto terms.

The Judge in the case heard the matter on Wednesday, and on Thursday, she delivered a verdict.

During the proceedings on Wednesday, she asked the legal representatives of WazirX to “think about” releasing the details of any assets the exchange had other than the tokens it held.

The Judge said the exchange acted on “good faith” by stepping up and seeking a moratorium, according to the industry source.

Harris Says Her White House Will ‘Invest in America’s Future’ Which Includes ‘Digital Assets’

The Democratic nominee promises she’ll be a tech-friendly president in remarks to donors.

Vice President and Democratic nominee Kamala Harris made her first remarks on crypto before donors in New York City, according to a report from Bloomberg.

“To build that opportunity economy, I will bring together labor, small business, founders and innovators, and major companies. We will partner together to invest in America’s competitiveness, to invest in America’s future,” Bloomberg quoted Harris as saying. “We will encourage innovative technologies like AI and digital assets while protecting consumers and investors. We will create a safe business environment with consistent and transparent rules of the road.”

Uniswap Labs CEO Hayden Adams appeared to endorse Harris following her remarks.

“Yes, Biden has been bad for crypto, and actions will speak louder than words, but progress is progress; it needs to start somewhere and should be encouraged,” he wrote on X. “She is signaling her admin will approach it differently / be more pro-innovation.”

In April, Uniswap received a Wells Notice, a memo that the Securities and Exchange Commission is considering enforcement action.

Harris’ remarks come after Republican nominee Donald Trump purchased burgers with bitcoin (BTC) at a crypto-themed bar called PubKey in New York.

Trump and his family are also promoting a Decentralized Finance (DeFi) project called World Liberty Financial on the campaign trail. Trump recently appeared on Rug Radio, a crypto media platform, to promote the project and discuss crypto policy.

Recently, Anthony Scaramucci, founder and managing partner of SkyBridge Capital, who also had a brief tenure as White House communications director under then-President Donald Trump, said during Token 2049 in Singapore that he is working with the Harris campaign to develop crypto policy.

In July, Scaramucci said on CoinDeskTV that the Democrats made a “horrific mistake” on crypto crackdowns, and largely mishandled crypto policy.

Currently, Polymarket is giving Harris a 52-47% lead with over $980 million bet on the election.

Ether Outperforms Bitcoin as Token 2049 Concludes, Overall Crypto Market Stays Flat

The CoinDesk 20 is beginning the week flat.

Ether (ETH) pushed past bitcoin (BTC) in daily gains as Token 2049, and Solana’s Breakpoint, two of the largest conferences in crypto, wrapped up in Singapore, but both of these tokens are relatively flat as the market stays stagnant.

ETH is up 2.6%, trading above $2,600, according to CoinDesk Indices data, while BTC is trading above $63,700, up 1.2%. The CoinDesk 20 (CD20), a measure of the performance of the largest digital assets, is flat, up less than 1%.

Data from CoinGlass shows that in the last 12 hours, slightly more short positions than longs have been liquidated, with $64.23 million in short positions and $54.42 million in longs being liquidated.

Trading is likely light in the aftermath of last week’s 50 basis points (bps) interest rate cut. BTC is up 9.5% in the last week while ETH is up over 16%. Polymarket bettors are confident that another rate cut is coming but are split as to the extent: 47% say it will be 50 bps, while 47% say it will be 25 bps.

Solana’s (SOL), which was the focus of the Breakpoint conference that took place immediately after Token 2049, is flat, trading above $145. During Breakpoint, many attendees were impressed with the announcements coming from the protocol, such as Jump Crypto’s validator going live.

Pendle, a portfolio company of Arthur Hayes’ fund Maelstrom, is down over 6.5%. Traders are likely spooked that Maelstrom has reduced its position in the project after Hayes spent a considerable amount of time promoting it on stage in Singapore.

For his part, Hayes said that they reduced their position in Pendle to get liquidity to fund “a special situation.”

“Those who monitor our wallets will get a glimpse as to what that is in the very near future,” he wrote on X.

Pendle is up over 24% on-week according to CoinGecko data.

Meanwhile, MOTHER, a memecoin promoted by music star Iggy Azalea is up 4.5% after she announced that the project was building a companion casino called Motherland.

MOTHER is one of the few celebrity memecoins that has managed to maintain its value. The token, however, mostly trades on decentralized exchanges (DEX) and is not available on any well-known centralized platforms. An addition of an online casino is sure to complicate the listing process on major centralized exchanges because of regulatory complexities.

Canada Moves Away From Retail CBDC, Shifts Focus to Broader Payments

Canada’s central bank has said it is shifting its focus to broader payments system research and policy development.

Canada is shifting its focus away from a retail central bank digital currency after years of research, its central bank announced last week.

“With this work completed, and with other payments issues gaining prominence, the Bank is scaling down its work on a retail central bank digital currency and shifting its focus to broader payments system research and policy development,” a document vaguely titled “Digital Canadian Dollar” said.

CBC News, Canada’s public broadcaster, reported that “The Bank of Canada confirmed” it has “shifted its focus away from the idea of introducing a digital Canadian dollar.” The story also said the Bank “is shelving” the idea of a Canadian dollar.

It isn’t clear whether the bank’s official statement saying it was “scaling down” its retail CBDC work and “shifting its focus to broader payments” research means it has shelved the retail CBDC idea completely.

Particularly because the Bank also said it would “continue to monitor global retail CBDC developments and publish some related research,” there would “be further opportunities for Canadians to provide input on a potential digital dollar,” and that all the research done so far would be “invaluable if, at some point in the future, Canadians … decide they want or need a digital Canadian dollar.”

Canada’s latest position comes as the debate over CBDC’s became a presidential election issue in the U.S. despite the Federal Reserve’s Chair, Jerome Powell, saying it was nowhere near recommending – or let alone adopting – a CBDC in any form” and that “people don’t need to worry about it.”

But the Bank of Canada’s update does come less than three months after a staff discussion paper which said that cash is “likely to decline” in relevance going forward then a “properly designed CBDC would help fill the gap” and maintain the relevance of a retail public money in the economy.”

At the end of 2023, the Bank received almost 90,000 responses to a public consultation paper, with most reflecting privacy concerns.

Core Scientific, on Cusp of Becoming a Major Force in AI Hosting, Initiated at Buy: Canaccord

The broker started coverage of the bitcoin miner with a buy rating and a $16 price target.

Core Scientific (CORZ) is on the cusp of becoming a major force in artificial intelligence (AI) hosting, broker Canaccord said in a Monday report initiating coverage of the bitcoin (BTC) miner.

Canaccord started coverage of the crypto mining company with a buy rating and a $16 price target. The shares were 1.4% higher at $12.15 in early trading.

A transformative 12-year contract the firm inked with hypersaler CoreWeave in June is a game changer, Canaccord said. The broker views it as the “first and landmark ‘mega deal’ signed by a bitcoin miner to provide high-performance compute (HPC) data center hosting capacity.”

A hyperscaler is a large-scale data center specializing in delivering huge amounts of computing power.

Canaccord identified three positive drivers for the stock: “Ramping revenue in AI hosting, better cash flow and potentially more site acquisitions on the way,” analysts led by Joseph Vafi wrote.

The price target comprises about $12 for the CoreWeave contract, $3 for the company’s remaining power supply that has been selected for AI hosting and around $1 for the bitcoin-mining business.

The company also has potential upside from mining. It still has about 230 megawatts (MW) of power that can be used for bitcoin mining, even after repurposing almost 500MW for AI hosting, the report noted.

Ether Leads Post-Fed Crypto Market Rally as Yen Weakness Sparks Risk-On Frenzy

From the U.S. dollar to cat-themed cryptos, global assets roar back following the FOMC’s bold move

On Sept. 18, the Federal Open Market Committee (FOMC) made a pivotal decision that significantly impacted risk-on assets. The Federal Reserve cut interest rates by 50 basis points, setting a new target range for the federal funds rate at 4.75% to 5.00%.

This move sparked debate, with some arguing that the Fed may have been late in the rate-cutting cycle, potentially signaling an impending recession. Historically, the last two times the Federal Reserve started with a 50 basis point rate cut were the 2001 and 2008 recessions, raising concerns that this current cut might signal similar economic challenges.

However, others suggest that the Federal Reserve may be navigating a “Goldilocks” period—where the economy grows sustainably. U.S. GDP growth for Q2 was a solid 3% on an annualized basis, and headline inflation has fallen to 2.5%, the lowest level since March 2021, reducing the need for real rates to remain this elevated (the real rate is the difference between the Fed’s target rate and the inflation rate). Furthermore, the Atlanta Fed’s GDPNow model predicts a Q3 GDP growth estimate of 2.9%, further supporting a balanced economic environment.

Impact on key macro assets

The development has been the significant rebound in the crypto market. Ether (ETH) surged nearly 14%, highlighting a resurgence of investor risk appetite. Within the cryptocurrency space, cat-themed meme coins have led the charge, emerging as some of the top performers with gains of 40% in just a week. Bitcoin (BTC) also saw a gain of over 5%, although its dominance in the crypto market dipped below 58%, signaling a broad-based rally across other digital assets.

Following the FOMC decision, several key macro assets have reacted positively. The U.S. Dollar Index (DXY) rose by 0.36%, pushing the index back above 101, a level widely regarded as vital. Meanwhile, the USD/JPY exchange rate, which had dropped to around 141 just before the Fed’s announcement, has since climbed to approximately 143.5. The weakening yen has further bolstered risk-on assets, including cryptocurrencies.

Crude oil prices have climbed over 2%, potentially influenced by ongoing geopolitical tensions in the Middle East. Gold, a traditional safe haven, also saw gains. Additionally, Nvidia (NVDA) shares increased by just under 2%, while the S&P 500 index (SPX) rose by over 1%, indicating that risk-on asset classes broadly welcomed the Fed’s decision.

Crypto ETFs see inflows

The buoyancy in the cryptocurrency market was further supported by inflows into both ether and bitcoin ETFs on Sept. 19 and 20. Ether-based ETFs recorded $8.1 million in inflows over these two days, while bitcoin ETFs saw much larger inflows of $250.3 million, according to Farside data.

Performance of market capitalization groups

When analyzing performance from a broader market perspective, it becomes clear that large, mid, and small-cap coins all faced underperformance in the lead-up to the FOMC decision.

However, coming out of the FOMC decision, small-cap cryptocurrencies have emerged as the biggest winners. Despite their early struggles, all three capitalization groups—large, mid, and small caps—have now made relative highs against bitcoin since the Fed’s announcement, reflecting a general increase in risk-on sentiment and liquidity across financial markets.

Market capitalization groups are typically defined as follows: large-cap stocks have a market capitalization greater than $1 billion, mid-caps fall between $100 million and $1 billion, and small caps range from $50 million to $100 million.

Looking ahead, the CME Fed Funds futures are evenly split, with a 50/50 probability of either a 25 or 50 basis point rate cut at the upcoming Nov. 7 FOMC meeting, scheduled just two days after the U.S. presidential election.

Monero Nears Major Supply Zone at $180: Technical Analysis

XMR has been locked in a range with $180 as resistance and $100 as a price floor for over two years.

Monero (XMR), the leading privacy-focused cryptocurrency, is rising toward a critical level that has repeatedly marked bull failure for over two years.

Since June 2022, XMR has been trading sideways, with multiple attempts to break above $180 leading to sharp pullbacks. The downside has been restricted to nearly $100, according to the charting platform TradingView.

The cryptocurrency’s struggle to maintain bullish momentum beyond $180 suggests traders have been offloading their holdings when it nears that level. With XMR now changing hands near $175, traders should closely watch for a repeat of a bearish reversal lower or a potential breakout.

Markets accumulate energy during consolidation phases, which is released in the direction of the eventual bullish breakout or bearish breakdown. The longer the consolidation, the bigger the buildup and eventual release.

A sustained move above $180 would shift focus to resistance at $260, which is identified by adding the height ($80) of the two-year trading range to the breakout price of $180. This method of arriving at potential price objectives/resistance levels is known as the measured move/height method, according to technical analysis theory.

XMR crashed 35% to $100 in February after Binance, the leading cryptocurrency exchange, delisted the token, saying it didn’t meet the exchange’s standard. Prices saw a brief rally in June after some European countries cracked down on botnet mining.