The CEO of the US-based Blockchain Association, Kristin Smith, will be moving to the recently launched Solana Policy Institute leaving the cryptocurrency advocacy group.
Here are the latest updates from the crypto world
The CEO of the US-based Blockchain Association, Kristin Smith, will be moving to the recently launched Solana Policy Institute leaving the cryptocurrency advocacy group.
According to Cointelegraph, the Blockchain Association (BA) said in an April 1 notice that Smith would be stepping down from her role as CEO on May 16. As per the association, the soon-to-be former CEO will become president of the Solana Policy Institute on May 19.
No reason was provided for the move to the Solana advocacy organization nor was it informed in the notice as to who will lead the group after Smith’s departure.
Cointelegraph reached out to the Blockchain Association for comment but did not receive a response at the time of publication.
GameStop Corporation (GME), a Video game retailer has completed a convertible debt offering that raised $1.5 billion, with some proceeds earmarked for buying Bitcoin. According to Cointelegraph, on April 1, GameStop said with the Securities and Exchange Commission, the offering was first set to raise at least $1.3 billion, but purchasers chose an additional $200 million aggregate principal amount of notes.
GameStop also added, "The company expects to use the net proceeds from the offering for general corporate purposes, including the acquisition of Bitcoin in a manner consistent with the Company's Investment Policy."
Unless previously converted, redeemed or repurchased, the convertible notes are debt that can later be converted into equity and are scheduled to mature on April 1, 2030.
According to the filing, initially, the conversion rate for the notes will initially be 33 shares of Common Stock per $1,000 principal amount of notes.
The US Securities and Exchange Commission and crypto exchange Gemini have asked to put a pause on the regulator’s suit over the exchange's Gemini Earn program, saying they want to discuss a potential resolution.
In an April 1 letter to Edgardo Ramos, the New York federal court judge, lawyers representing the SEC and Genesis requested a 60-day hold on the case and that all deadlines be pulled “to allow the parties to explore a potential resolution.”
The letter states, “In this case, the parties submit that it is in each of their interests to stay this matter while they consider a potential resolution and agree that no party or non-party would be prejudiced by a stay.”
The lawyers also added that the stay was in the court’s interest as “a resolution would conserve judicial resources” and suggested that a joint status report be submitted within 60 days after the entry of the stay.
In January 2023, the SEC sued Gemini and crypto lending firm Genesis Global Capital, alleging they offered unregistered securities through the Gemini Earn program.
The enforcement case against Gemini remains outstanding, despite Genesis agreeing to pay $21 million to settle charges related to the lending program in March 2024.