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Circle CEO sees stablecoins in China’s future, Paradigm defends Bittrex in SEC lawsuit

Circle CEO sees stablecoins in China’s future, Paradigm defends Bittrex in SEC lawsuit
Circle CEO Jeremy Allaire made the case for stablecoins in China on Monday. Credit: Suzanne Cordeiro/Shutterstock.

Crypto never stops!

Circle CEO Jeremy Allaire has made the case for stablecoins in Asia as China. Elsewhere, crypto investment firm Paradigm went to bat for crypto exchange Bittrex in an ongoing Securities and Exchange Commission lawsuit. Meanwhile, drama unfolded on Twitter as blockchain data provider Arkham Intelligence’s new project was overshadowed by an email vulnerability that saw several anonymous users doxed.

These are some of the stories we’re looking at right now.

Circle CEO touts Asian stablecoins

Circle’s CEO said in a Friday interview that stablecoins may be a quick solution for China’s aim to internationalise the yuan, despite a mainland crypto ban.

Allaire, whose company issues stablecoin USDC, acknowledged Beijing’s icy stance on crypto, but pointed towards semi-autonomous Hong Kong’s recent push to become a crypto hub as encouraging for adoption in Asia.

Paradigm backs Bittrex in lawsuit

Paradigm filed dissent against the SEC’s lawsuit against Bittrex on Monday.

In the filing, Paradigm said the regulator “lacks the authority to regulate secondary markets for crypto assets,” and that the agency’s current claims exceed its jurisdiction.

Paradigm made a similar filing — referred to as an amicus brief — when the SEC sued Coinbase in May.

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Berenberg bullish on MicroStrategy

Equity research firm Berenberg Capital Markets said investment firm MicroStrategy stands to benefit from the upcoming Bitcoin halving, according to a Monday note to The Block.

MicroStrategy — which has gained attention for accumulating enough Bitcoin to be the asset’s leading private holder — is up 181% on the year.

Arkham accidentally doxes anons

Crypto Twitter was a-buzz yesterday with revelations that Arkham Intelligence had accidentally revealed, or doxed, the private emails of several anonymous users ahead of an upcoming token launch.

Arkham, which earlier announced a new “intelligence exchange,” did not comment on the vulnerability as several Twitter users took screenshots and decoded the private customer emails.

Former SEC Chair teases ETFs

Former SEC chair Jay Clayton said Monday that a spot Bitcoin ETF is not only possible in the US — but that recent interest by institutions like BlackRock may make approving such products “hard to resist” for regulators.

Clayton commented in a CNBC interview that a prospective spot ETF would need to prove it could operate as efficiently as a futures ETF to gain approval.

What we’re reading about around the web

Framework’s Vance Spencer thinks crypto market sentiment is still ‘catatonic’The Block

You can now store your Bitcoin private key as colorsDecrypt

Apple may not like it, but ‘Zapple Pay’ finds workaround for Bitcoin tipping on DamusCoinDesk