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Government employee caught mining crypto at public’s expense

An information technology operations supervisor at the Suffolk County clerk’s office in New York allegedly harnessed his position to place crypto mining equipment in various spots at the Riverhead Centre in the New York County in which he worked. 

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An information technology operations supervisor at the Suffolk County clerk’s office in New York allegedly harnessed his position to place crypto mining equipment in various spots at the Riverhead Centre in the New York County in which he worked. 

He set up 46 devices for crypto mining, “in locations like an unused electrical wall panel or underneath floorboards,” according to a statement on Wednesday.

Crypto mining can be an expensive undertaking, sometimes requiring specific equipment for the task as well as hiking up electrical costs wherever the mining apparatuses are set up. Mining equipment can also give off notable amounts of heat, adding to the equation.

According to a quote in the statement from the district attorney in Suffolk County:

“Mining cryptocurrency requires an enormous amount of resources, and miners have to navigate how to cover all of those electricity and cooling costs’’

The accused faces a number of legal claims, such as grand larceny, and could receive a sentence of as long as 15 years jail time. The courts released Naples without requiring bail while he awaits further legal proceedings.

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Coinbase to launch yield-bearing Bitcoin fund for institutions

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Coinbase is set to introduce the Coinbase Bitcoin Yield Fund (CBYF) on May 1, targeting institutional investors outside the United States. The fund aims to provide annual net returns between 4% and 8% on Bitcoin (BTC) holdings.​

Utilizing a cash-and-carry strategy, the fund seeks to generate yield by capitalizing on the price differences between spot Bitcoin and its derivatives. This approach offers a passive income opportunity for Bitcoin holders, addressing the asset’s limitation of not supporting staking mechanisms like those available for Ether (ETH) and Solana (SOL).​

Aspen Digital, a digital asset manager based in Abu Dhabi and regulated by the Financial Services Regulatory Authority, is among the initial backers of the fund. Coinbase emphasizes that CBYF is designed to mitigate the investment and operational risks typically associated with Bitcoin yield products, aligning with the risk appetites of institutional investors.​

The launch coincides with a notable uptick in Bitcoin’s market performance, which saw a 9% increase in the week leading up to April 28. This surge is attributed to significant exchange-traded fund (ETF) inflows, marking the second-highest weekly inflow at over $3 billion. Analysts suggest that if Bitcoin surpasses the $100,000 threshold, retail investor interest may experience a substantial boost.​

Coinbase’s introduction of CBYF reflects the growing institutional demand for structured Bitcoin investment products that offer yield, potentially setting a precedent for similar offerings in the digital asset space.

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Stacks Asia expands Bitcoin initiatives with Abu Dhabi partnership

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The Stacks Asia DLT Foundation has announced a strategic partnership with the Abu Dhabi Global Market (ADGM), marking the first official presence of a Bitcoin-based organization in the Middle East. This collaboration aims to promote institutional adoption of Bitcoin through educational initiatives and support for developers.​

ADGM, recognized as one of the world’s fastest-growing financial centers, will work with Stacks Asia to enhance the adoption of its Bitcoin layer-2 (L2) solution across the Middle East and Asia. The partnership is set to play a pivotal role in shaping the future of Bitcoin’s programmability and adoption in these regions.​

Kyle Ellicott, Executive Director at Stacks Asia DLT Foundation, emphasized the significance of the partnership, stating, “Stacks and ADGM are a powerful combination for accelerating Bitcoin adoption across the Middle East and Asia.” He highlighted ADGM’s status as a global financial hub where capital and innovation converge to shape the future financial landscape.​

Starting in May, the foundation plans to host a series of live and virtual events aimed at empowering institutions with the knowledge to integrate Bitcoin into their operations. These initiatives will also focus on creating opportunities for the real-world adoption of Bitcoin-powered applications.​

In addition to regional efforts, Stacks is advocating for progressive global regulations to cement Bitcoin’s role in the future financial landscape. The foundation is developing the Bitcoin Capital Activation Framework, a comprehensive policy blueprint to assist regulators in enabling Bitcoin utility within their jurisdictions. Furthermore, the upcoming launch of the Bitcoin Policy Bridge in May will unite regulators from key jurisdictions across the Middle East and Asia to foster a collaborative approach to Bitcoin regulation.​

This partnership follows ADGM’s memorandum of understanding with the Solana Foundation in February, aimed at advancing the development of distributed ledger technology.

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Coinbase presses to axe rule banning SEC staff from holding crypto

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Coinbase is calling on the U.S. Securities and Exchange Commission (SEC) to lift its prohibition on employees owning cryptocurrencies, arguing that the restriction hampers the agency’s ability to effectively regulate the digital asset industry.​

In letters addressed to SEC Chair Paul Atkins and Office of Government Ethics Acting Director Jamieson Greer, Coinbase Chief Legal Officer Paul Grewal contends that allowing SEC staff to hold cryptocurrencies would enhance their understanding of the technology and market dynamics, thereby improving regulatory oversight.​

Grewal emphasized that firsthand experience with digital assets is crucial for regulators tasked with overseeing a rapidly evolving sector. He noted that the current ban may impede the SEC’s Crypto Task Force from fully grasping the nuances of the industry, potentially leading to less informed policy decisions.​

The appeal comes amid ongoing tensions between Coinbase and the SEC over the regulatory framework governing cryptocurrencies. Coinbase has previously challenged the SEC’s approach, advocating for clearer guidelines and more tailored regulations to accommodate the unique aspects of digital assets.​

As the debate over crypto regulation continues, Coinbase’s latest request highlights the broader conversation about how regulators can effectively engage with emerging technologies while maintaining ethical standards and avoiding conflicts of interest.

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