Need to know what happened in crypto today? Here is the latest news on daily trends and events impacting Bitcoin price, blockchain, DeFi, NFTs, Web3 and crypto regulation.
Bitfarms’ CEO has stepped down after filing a lawsuit against the company in Canada. Ripple CEO Brad Garlinghouse says it’s clear the United States government is going after stablecoin issuer Tether. Meanwhile, Wells Fargo and JP Morgan Chase disclosed their Bitcoin ETF holdings.
CEO of Bitfarms to depart in response to lawsuit
Geoffrey Morphy is stepping down from his role as president and CEO of crypto mining firm Bitfarms after filing a lawsuit against the company in Canada.
According to a May 13 notice, Bitfarms disclosed that it had terminated Morphy three days after he filed a $27 million lawsuit against the firm in Ontario. As part of the lawsuit, Morphy claimed “breach of contract, wrongful dismissal and aggravated and punitive damages.”
“The Company believes the claims are without merit and intends to defend itself vigorously,” Bitfarms said in a statement. “Nicolas Bonta, Chairman and Co-Founder of the Company, has been appointed interim President and Chief Executive Officer, and will lead the Company” until a successor is chosen.
Bitfarms has been actively seeking a replacement for Morphy since March.
Founded in 2017, Bitfarms operates nearly a dozen Bitcoin mining facilities across North and South America. In April, the company announced a $240 million investment to upgrade its mining equipment following the Bitcoin halving.
It’s ‘clear’ US govt is going after Tether: Ripple CEO
Ripple CEO Brad Garlinghouse says it’s quite clear that the United States government is “going after” stablecoin giant Tether, something that could have a significant and unknown impact on the wider crypto market.
“The U.S. government is going after Tether, that is clear to me.” While he didn’t elaborate further on what the potential impact could be on markets, he instead described the news as “interesting one to watch.”
Tether, the firm that issues the U.S. Dollar-pegged stablecoin USDT
USDT $1.00 commands a market capitalization of $110 billion at the time of publication, something Garlinghouse says clearly makes the firm a “vital part” of the crypto ecosystem.
Notably, Ripple plans to launch a U.S. dollar stablecoin later this year, with Ripple chief technology officer David Schwartz telling Cointelegraph that it would back its token with dollar deposits, short-term government Treasuries, and “other cash equivalents.”
Wells Fargo discloses Bitcoin ETF exposure
The third largest bank in the United States, Wells Fargo, disclosed its exposure to Bitcoin exchange traded funds (ETFs) in a filing made with the Securities and Exchange Commission on Friday, May 10.
According to the documents, Wells Fargo holds $143,111 in shares of the ProShares Bitcoin Strategy ETF, Grayscale Bitcoin Trust, and Bitcoin Depot.
In the wake of the disclosure, JP Morgan Chase, the U.S.’ largest bank, also disclosed its holdings. Much to the surprise and chagrin of the crypto community, it appears to hold about $1.2 million in ETF shares even as CEO Jamie Dimon has publicly rebuked the cryptocurrency on numerous occasions.
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