Two Dramatic Crypto Stories to Watch This Week

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In crypto, the drama never ends and regulators seemingly never sleep. Last week, there were stock drops, ratings downgrades and new warnings from the SEC, among others.

Here are the two biggies to watch this week:

Bypass Silvergate

Short sellers are lining up to withdraw some of the crypto bank Silvergate, with one notable, Marc Cohodes, predicting its demise within a week, reports Benjamin Robertson of The Block.

As such, it could be another messy week for the crypto bank.

Silvergate was recently beaten for its ties to FTX and Alameda Research. The institution shut down one of its main money transfer platforms, the Silvergate Exchange Network, on Friday shortly after Moodys downgraded its long-term issuer rating. Additionally, stocks are down about 95% in the past six months.

Crypto companies are wondering where to go next, with Swiss banks potentially looking like good options for some, according to Bloomberg.

Binance.US, Voyager and the SEC

Securities and Exchange Commission staff believe Binance.US operates an unregistered stock exchange in the United States, a lawyer said during a Voyager Digital bankruptcy hearing on Friday evening, as our Stephanie reported. Murray.

The comments come as the SEC ramps up its crypto enforcement activity, including settling with crypto exchange Kraken on its staking service and proposing tougher rules for crypto custodians. Representatives for Binance and Binance.US did not immediately comment.

It could be another week of narrative wrangling by crypto heavyweight firms as they attempt to navigate these choppy regulatory waters.

Voyager’s hearing is also expected to extend into a third day, continuing Monday in U.S. Bankruptcy Court for the Southern District of New York.

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