Crypto lawyer faces uphill battle in New York attorney general race

MoonPay has secured a trust charter from the New York Department of Financial Services (NYDFS), allowing it to expand its cryptocurrency services in New York. This approval complements its existing BitLicense, enabling the firm to legally custody assets and offer over-the-counter trading services.

MoonPay has successfully secured a trust charter from New York, following its earlier acquisition of a BitLicense from the New York Department of Financial Services (NYDFS) in June. This positions MoonPay among a select group of cryptocurrency companies with both regulatory approvals.

Khurram Dara, a former lawyer for Coinbase, has announced his candidacy for New York Attorney General, challenging incumbent Letitia James, who has maintained a strong position in the office for years. Dara's campaign is marked by his criticism of James's approach to cryptocurrency regulation, which he describes as 'lawfare' against the industry.

Bitcoin has experienced a significant decline, losing over 35% of its value since early October, dropping from its all-time high of $126,000 to around $81,000, triggering panic in the market. This downturn has led to forced liquidations and a collapse in investor confidence, pushing Bitcoin into oversold territory.

Bitcoin has experienced a significant price drop of over $40,000 in the past six weeks, leading to a negative shift in market structure, according to Jeff Park, CIO at ProCap BTC. He emphasizes that the focus should be on the volatility markets rather than just spot prices, noting a resurgence in implied volatility that resembles earlier Bitcoin market conditions.

Coinbase has executed a significant internal migration of nearly 800,000 BTC as part of a consolidation strategy aimed at enhancing security and operational efficiency. This move reflects the company's ongoing efforts to adapt to the evolving landscape of cryptocurrency management and security protocols.

Coinbase has announced a scheduled migration of significant amounts of digital assets, specifically Bitcoin and Ether, to new internal wallets. This migration took place on Saturday, November 22, as part of the company's ongoing efforts to enhance security and operational efficiency.

The Bank for International Settlements (BIS) has raised concerns that stablecoins could pose a risk to global financial stability, prompting a response from Coinbase, which argues that such fears are unfounded. This debate highlights the differing perspectives on the role of stablecoins in the financial ecosystem.