Good morning. Here’s what’s happening:

Prices Crypto Markets are waiting for the tech sector’s mixed earnings to come in. This could push prices down over the course of the week.

Insights Do Kwon was jailed in Montenegro on charges that he sold securities unregistered, but his lawyers raised a valid point about SEC’s quest to have unlimited jurisdiction over this asset class.

Good morning, Asia.

The markets in the region have opened flat with neither crypto nor traditional finance (TradFi), markets doing much.

Bitcoin is currently $27,514, a 1.2% drop, while Ether is down 2% at $1,845.

Ether’s relative stagnation is due to the Shanghai upgrade of the protocol, which has brought record breaking inflows into the ecosystem . This is because stakers are reinvesting their rewards.

Data shows that the majority of liquidations come from short positions. This suggests the market still has legs.

The Nikkei 225 is slightly up at 28,714 whereas the Korea’s KOPSI has remained flat at 2,522.

Wall Street in the U.S. is waiting for earnings from Microsoft, Alphabet and other companies scheduled to be released on April 25.

As CoinDesk stated earlier in the month , crypto remains closely correlated with Nasdaq. This reinforces the narrative of it being a risk asset and not a haven for economic malaise.

The Biggest Gainers

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Do Kwon has a point

Do Kwon, is back in court in America. via his attorneys because he is in prison in Montenegro. He wants the Security and Exchange Commission (SEC) to dismiss the case that was brought against him by the SEC alleging that he had sold unregistered security. The argument is that UST, an algorithmic stablecoin from Kwon’s Terra eco-system, is currency and not a financial instrument.

The docket states that there is no “clear congressional authority” for the SEC to regulate digital assets. It also notes that the chairman of the Commodity Futures Trading Commission has “changed his mind about whether cryptocurrencies are securities and now asserts that stablecoins like UST are not.”

Kwon’s not the only one here. The SEC continues its enforcement campaign. It is trying to add insider trading charges to the case of a terminated Coinbase product manager to have a broad net that can be used to label everything as a security. Or it is sneaking allegations into a complaint filed against former Alameda Chief Executive Officer Caroline Ellison. was not contested when she entered a plea agreement with prosecutors.

describes it as “backdoor rulemaking”.

Hong Kong is working on its own framework, and the Monetary Authority of Singapore has already set up a framework. The Monetary Authority of Singapore already has a framework in place, Hong Kong works on and Taiwan is rolling out a rulebook.

Kwon, who is not a saint, is in serious trouble after being found in Montenegro using a fake passport. His counsel makes a strong argument for crypto regulation in the U.S. and the SEC’s desire to have unlimited jurisdiction over this asset class.

In the fall of his presidency, he may set a precedent for future crypto regulations in the U.S. We will thank him in the end for pushing for greater regulatory clarity.


Important events

Consensus for 2023 (April 26, 28)

9:00 pm HKT/SGT (13:00 UTC). United States Housing Price Index, MoM/Feb.

10:00 pm HKT/SGT (14:00 UTC). United States new home sales (MoM/March).


CoinDesk TV

If you haven’t seen it yet, here is the latest episode of “First Mover” on CoinDesk TV.

Rep. Warren Davidson, R-Ohio, joined “First Mover,” to discuss the future U.S. crypto regulations. He explained his desire to restructure Securities and Exchange Commission and demanded the removal of SEC Chairman Gary Gensler. The news came at a time when bitcoin (BTC), which is currently falling, has reached a new 24-hour low. It was $27.844.46. PV01 CEO Max Boonen, and Crypto is Macro Now’s economist Noelle Acheson joined the discussion. Acheson was also the former head researcher at CoinDesk, Genesis Trading and Digital Currency Group.

Zimbabwe will Introduce Gold-Backed Digitized Currency, Report : Zimbabwe’s Central Bank wants to allow people to exchange Zimbabwe dollars into the gold-backed digital currency so they can hedge the currency’s volatility.

Wrapped Bitcoin Token Lives on Cardano Testnet : AnetaBTC Project aims to bring bitcoin liquidity into the Cardano Ecosystem.

Terra’s do Kwon wants SEC charges dismissed, court filings show .. The SEC can’t regulate digital assets in this case, because the UST Stablecoin is a money, not a financial instrument, Kwon’s lawyers have stated.

Standard Chartered Bank says Bitcoin price may hit $100K by year end . In a report, the firm stated that the crypto-winter is over and the bitcoin halving will be a catalyst for a rise in the price.



CORRECTION: Caroline Ellison, the former chief operating officer of Alameda Research was not its CEO.

James Rubin is the editor.