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The American Vast Bank, the first in the United States to offer its clients tools for working with crypto currencies, has decided to leave the crypto industry . Information about this appeared on the credit institution’s website. Due to the refusal to work with crypto currencies, the Vast Bank team closed the mobile application through which bank clients could conduct transactions with digital assets. “To strategically align our operations, effective Wednesday, January 31st, 2024, we will be disabling and removing the Vast Crypto Mobile Banking application from Google and Apple, which means your Vast Crypto Mobile Banking account(s), including any Digital Assets held in custody, will be liquidated and closed.” Vast Bank statement The credit institution offered users tools for working with crypto currency in 2019. According to American Banker, Vast Bank could refuse to work with digital assets due to pressure from the U.S. Office of the Comptroller of the Currency (OCC). In Sep...

SEC said in a court filing that Binance.US has produced only 220 documents during the discovery process many of which were “unintelligible screenshots and documents without dates or signatures.” The United States Securities and Exchange Commission (SEC) has accused Binance.US of non-cooperation in the ongoing investigation against the crypto exchange, according to a court filing dated Sept. 14. The SEC in its court filing noted that Binance.US’s holding company called BAM has produced only 220 documents during the discovery process. Many of the submitted documents under the Consent Order “consist of unintelligible screenshots and documents without dates or signatures.” SEC added that BAM has refused to produce essential witnesses for deposition, instead agreeing only to four depositions of witnesses it has unilaterally deemed appropriate and said: “It has responded to requests for relevant communications with blanket objections and has refused to produce documents kept in the ordi...

NFT project y00ts will return the $3 million it received from Polygon Labs and transfer to Ethereum. In this week’s newsletter, read about CBS Studios’ receiving approval for Star Trek NFT trademarks , check out how FC Barcelona acquired investment for its nonfungible token (NFT) initiative, and find out why NFT project y00ts is bridging to another network just months after its previous transfer. In other news, Canadian authorities are trying to create a repository for seized crypto and NFT assets, and don’t forget this week’s Nifty News, featuring Coca-Cola releasing an NFT collection on Coinbase layer 2, Base.  Star Trek trademarks for NFTs: The final frontier The patent application filed by CBS Studios over the Star Trek name’s usage in crypto and NFTs has been approved by the United States Patent and Trademark Office. CBS applied for the patent back in April, which was finally approved on Aug. 8. The trademark included use for digital crypto collectibles and NFT-authenticated ...

The US Securities and Exchange Commission (SEC) asked Coinbase to halt all crypto trading operations except for Bitcoin (BTC). Financial Times (FT) report cites the San Francisco-based crypto exchange Coinbase’s CEO Brian Armstrong. He claims that SEC’s request came prior to the regulator’s lawsuit against the exchange. On July 6, SEC sued Coinbase for allegedly operating in the US without having the necessary registrations.  Moreover, Armstrong believes that the agency’s demand to halt all digital asset trading activities — with Coinbase offering more than 200 tokens — would have brought “the end of the crypto industry in the US.” “They came back to us, and they said . . . we believe every asset other than Bitcoin is a security. And, we said, well how are you coming to that conclusion, because that’s not our interpretation of the law. And they said, we’re not going to explain it to you, you need to delist every asset other than Bitcoin.” Coinbase CEO Brian Armstrong to...

Coinbase Asserts No Rules Were Broken During the course of the 14-minute video, CEO Brian Armstrong emphasized that the company was ready to defend their position in court, however, they are open to a “true dialogue to a workable path forward” for the larger crypto sector. While speaking about the Wells Notice received last month, Armstrong was quoted as saying: advertisement A Wells Notice at this stage, when there is not a clear rulebook, is not constructive and it’s not good for America. Read More: Google & Polygon Join Forces To Boost Network Growth, MATIC Price Set To Rally? Chief Legal Officer Paul Grewal provided a list of a few pointers to demonstrate the company’s compliance with the securities law. These pointers highlight that the company does not list securities, follows a “robust process” as outlined by the SEC, and that it rejects over 90% of the crypto assets during an internal review prior to getting l...

First Republic Bank Fears Collapse According to recent statements released by the financial institution, First Republic is attempting to unload between $50 billion and $100 billion in debt instruments as part of its “strategic options” to resolve the massive capital outflow. However, the White House is still concerned whether it has the bandwidth to find a way out from insolvency, as reports by Financial Times note that officials from the Biden Administration, the Federal Reserve, and the Treasury Department met with the bank’s top executives in the past few days. Read More: Binance Hits Snag As New China-Link Emerges; Are US Customers In Trouble? Moreover, according to reputed Fox journalist Charles Gasparino, bankers working at First Republic Bank claim that the government would take over the failing bank through “receivership” — similar to bankruptcy in the private sector — after the bank has exhausted all alternatives including asset sal...

A new survey from CasperLabs found that despite education gaps, enterprise adoption of blockchain technology in the U.S., U.K. and China is set to increase in the next year. The crypto and blockchain space has had a turbulent past year, but that is not stopping users and enterprises from looking into the industry. A new survey from CasperLabs and Zogby Analytics revealed that the sentiment around blockchain adoption is especially positive among enterprises. The poll was conducted via 603 business enterprise “decision makers” in the United States, the United Kingdom and China. Nearly 90% of the businesses surveyed reported deploying blockchain technology in some capacity, with 87% saying they plan to invest in blockchain in the next year. This is particularly pronounced in China, where over half of the respondents plan to invest in blockchain in 2023. Ralf Kubli, a board member of the Casper Association, said that despite the recent turbulence, companies continue to turn to blockchain...