Coming every Saturday, Hodler’s Digest will help you track every single important news story that happened this week. The best (and worst) quotes, adoption and regulation highlights, leading coins, predictions and much more — a week on Cointelegraph in one link.
Top Stories This Week
Kraken’s Jesse Powell will step down as CEO, stay on as board chair
After more than a decade heading up crypto exchange Kraken as CEO, Jesse Powell has decided to pass the torch to the company’s chief operating officer, Dave Ripley. Powell is not done with Kraken, however. He will become chair of the board for the organization. “It’s just gotten to be more draining on me, less fun,” Powell said, as quoted in by Bloomberg. Ripley joined Kraken as chief operating officer in 2016.
South Korean ministry recommends enactment of special Metaverse laws
In line with other advances South Korea has taken to embrace the digital world, the country wants to create new laws regarding the Metaverse, according to plans from the Ministry of Science and ICT. The ministry wants proper laws in place for the Metaverse, but thinks it’s unwise to form-fit current regulations to new technology. Previous news saw South Korea invest $200 million toward metaverse development in the country.
New York judge orders Tether to document USDT backing
A New York court has ordered that Tether provide proof that its USDT stablecoin is fully backed. The decision is part of a case involving iFinex, Tether’s parent company, which originated in 2019. The case against iFinex alleges that it used the unbacked USDT for crypto market manipulation. Two other U.S. authorities have requested proof of backing on previous occasions, with iFinex reportedly providing sufficient documentation.
SEC lawsuit claims jurisdiction because ETH nodes are ‘clustered’ in the US
As part of a case against crypto YouTuber Ian Balina, the United States Securities and Exchange Commission (SEC) recently claimed certain jurisdictional rights based on the high number of Ethereum nodes reportedly residing in the U.S. Although crypto is borderless by nature, the SEC, in this…