Riding The Wave News Summary 182
Japan to allow startups to raise funds by issuing crypto instead of stocks: Report, Gemini Blasts DCG and Genesis Bankruptcy Plan, Calling It ‘Misleading at Best’, & more.
Welcome to Riding The Wave. If you have questions or feedback, please reply to this email. If you are new to the Newsletter, please check out what we provide on our about page and consider subscribing. Within the Newsletter, I provide News Summaries, Weekly Status Updates, & Deep Dive Articles on Specific Topics (Ex: How do I pick which coins/tokens to buy?). More details here
News
Table of Contents
Tweets
Japan to allow startups to raise funds by issuing crypto instead of stocks: Report
Gemini Blasts DCG and Genesis Bankruptcy Plan, Calling It ‘Misleading at Best’
US lawmakers advance legislation blocking the digital dollar
Ethereum’s Holesky Testnet Fails To Launch, in Rare Tech Misstep for the Blockchain
Tweets
https://twitter.com/100trillionUSD/status/1703434372534202873
https://twitter.com/WhaleChart/status/1702935672967889303
Japan to allow startups to raise funds by issuing crypto instead of stocks: Report
The Japanese government reportedly plans to permit startups to raise public funds through the issuance of crypto assets, such as currencies, instead of stocks, local media has reported.
According to Japanese financial news site The Nikkei, this updated system is specifically applicable to a category of funds known as Investment Business Limited Partnerships (LPS). So far, Japan has lagged behind the rest of the world in embracing digital assets. However, this has been changing in recent months.
Japan’s primary financial regulatory authority, the Financial Services Agency (FSA), made a significant move on Aug. 31, seeking to amend the tax code related to cryptocurrencies, thereby taking a more active role in cryptocurrency regulation. The noteworthy move is aimed at exempting local businesses from the year-end “unrealized gains” tax on cryptocurrencies.
Japanese Prime Minister Fumio Kishida reaffirmed the country’s commitment to fostering the Web3 industry in a keynote address on day one of the WebX conference in Tokyo, Japan.
Gemini Blasts DCG and Genesis Bankruptcy Plan, Calling It ‘Misleading at Best’
Crypto exchange Gemini has criticized a bankruptcy recovery plan related to Genesis, Gemini’s partner on a lending program that’s been frozen for months, saying the potential deal is “misleading at best,” according to a Friday court filing.
Earlier this week, Genesis and its parent company, Digital Currency Group, said more than 230,000 retail creditors who used Gemini’s Earn program stand to be made “nearly whole” under a proposed remuneration deal to be voted on later this year. Earn was offered to customers of the Gemini crypto exchange, but Genesis supplied the financial infrastructure that ran the program. (Genesis, like CoinDesk, is owned by DCG.)
But Gemini said Friday that Gemini Earn users will not recover “anything close [to the] real value” of the money they’re owed under the proposal.
“DCG touts proposed recovery rates that are a total mirage – misleading at best and deceptive at worst,” Gemini’s lawyers said in the filing. “Make no mistake: Gemini Lenders will not actually receive anything close in real value terms to the proposed recovery rates under the current ‘agreement in principle.’”
DCG owes more than $1.65 billion to the beleaguered crypto lender Genesis, which, in turn, owes some $1.2 billion to Gemini. Genesis owes over $3 billion to its top 50 creditors overall.
US lawmakers advance legislation blocking the digital dollar
Keep reading with a 7-day free trial
Subscribe to Riding The Wave to keep reading this post and get 7 days of free access to the full post archives.