CoinBasics Newsletter #7 : USDC vs SEC, Celsius Makeover, and BlockFi's Leaked Financials!

GM. Welcome to the world of crypto, where CoinBasics acts as your guide to navigate and uncover the vast landscape of this exciting space. Today, we've got some juicy crypto stories that will have you on the edge of your seat.

1. Circle's bad blood with the SEC !

The company behind the second-largest stablecoin, USDC, is blaming the SEC for a failed $9B SPAC merger in December. Circle claims the SEC didn't approve the registration before the deal expired, adding to the growing list of crypto firms with beef with the agency.

2. Celsius New Token Proposal to Repay Creditors

Celsius is undergoing a bit of a makeover. It's like a 90s high school movie, but with crypto. This platform went belly up and now they're trying to repay all the customers they lied to. They're doing this by y introducing a token called Asset Share Tokens (AST) for creditors: creating a new, made-up, imaginary token. These tokens will reflect the value of assets locked on the platform, But, it's not all bad news. Customers with assets above a certain amount will get these tokens and the rest will get a one-time repayment of liquid crypto. Will regulators green-light this proposal? We'll have to wait and see.

3. BlockFi's Secrets Exposed: Leaked Financials Reveal Ties to FTX.

Apparently, their "secret financials" were exposed by accident. Revealing that $1.2B of assets were tied up with FTX and Alameda Research. The company is still going through its bankruptcy process, so it's yet to be determined how much money they'll be able to recover.

That's all for today's ride. Tune in tomorrow for more thrilling crypto stories! Make sure to add us to your primary inbox so you never miss a beat.

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Please note that the information provided in this newsletter is for educational purposes only and is not intended as investment advice or a solicitation to buy or sell any assets or make any financial decisions or any intel. It is important to conduct your own research.