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Today in crypto, Genius Group says it’s being forced to downsize its Bitcoin treasury by order of a US court. President Donald Trump’s pick for US Securities and Exchange Commission (SEC) chair passed a key committee vote and the US Office of Foreign Assets Control (OFAC) sanctioned eight crypto addresses linked to Russian crypto exchange Garantex and the Yemeni political and military organization the Houthis.
Genius Group says it’s been banned from buying more Bitcoin
Singapore-based artificial intelligence firm Genius Group says it’s temporarily barred from expanding its Bitcoin treasury after a US court order has banned it from selling shares, raising funds and using investor funds to buy more Bitcoin.
Source: Roger James Hamilton
A New York District court issued the preliminary injunction (PI) and temporary restraining order (TRO) on March 13 in connection with a broader dispute surrounding its merger with Fatbrain AI, the Genius Group said in an April 3 statement.
“Genius is taking all necessary measures to minimize Bitcoin sales but anticipates that it will need to downsize its Bitcoin Treasury in the coming months in the event the PI remains in place,” the firm said.
Paul Atkins’ SEC nomination passes committee vote
Paul Atkins is one step closer to securing the top position at the US Securities and Exchange Commission after the Senate Banking Committee voted to advance his nomination.
In an April 3 banking committee session, lawmakers voted 13 to 11 for Atkins to serve two consecutive terms as a commissioner at the government agency, effectively taking over former Chair Gary Gensler’s term.
Atkins’ nomination is expected to go to a full Senate vote in the near future.
Senator Tim Scott speaks at the committee hearing. Source: US Senate Banking Committee
Before the vote, committee chair Tim Scott said Atkins would bring “much-needed clarity” to the cryptocurrency sector.
Donald Trump selected Atkins to replace Gensler as the SEC head in December, roughly one month after winning the presidential election.
At the time, Trump praised Atkins’ track record as a former SEC commissioner and for his expertise in digital assets.
US sanctions 8 crypto wallets tied to Garantex exchange and Yemeni Houthis
The US Treasury Department sanctioned eight cryptocurrency wallet addresses linked to Russian crypto exchange Garantex and the Yemeni political and military organization the Houthis.
The United States Office of Foreign Assets Control (OFAC) sanctioned eight crypto addresses that data from blockchain forensic firms Chainalysis and TRM Labs had linked to the organizations. Two are deposit addresses at major crypto platforms, while the other six are privately controlled.
Visualization of transaction flow related to OFAC sanctions. Source: Chainalysis
The addresses in question reportedly moved nearly $1 billion worth of funds linked to sanctioned entities. Most of the transactions funded Houthi operations in Yemen and the Red Sea region.
