Coinbase Reportedly in Talks to Acquire Derivatives Exchange Deribit
Coinbase, a leading cryptocurrency exchange, is reportedly in discussions to acquire Deribit, a prominent crypto derivatives trading platform. This potential acquisition highlights Coinbase’s strategic move to expand its derivatives offerings and strengthen its market position.
Key Developments in Crypto Today
- The U.S. Treasury Department officially removed crypto mixer Tornado Cash from its sanctions list.
- Crypto investors’ speculative appetite is declining amid rising scams and geopolitical tensions.
- Australia’s government announced plans for a new regulatory framework targeting crypto exchanges and addressing debanking issues.
Tornado Cash Removed from U.S. Sanctions List
The U.S. Treasury Department announced on March 21 that it has removed cryptocurrency mixer Tornado Cash from its sanctions list. This decision follows a January ruling by a U.S. appeals court, which determined that Tornado Cash’s smart contracts are not property of any foreign national or entity, thus limiting the Treasury’s authority to sanction them.
Following the announcement, Tornado Cash’s native token (TORN) surged approximately 60%, reaching a market capitalization of around $73 million.
Crypto Investors Shift to Safer Assets Amid Market Uncertainty
Investor appetite for speculative crypto assets is declining, driven by recent memecoin scams and global economic uncertainty. Glassnode data indicates Bitcoin’s “hot supply” metric—coins held for one week or less—has dropped significantly from 5.9% in November to 2.3% as of March 20. Analysts interpret this as investors shifting toward safer, longer-term crypto investments.
Australia Proposes New Crypto Regulatory Framework
The Australian government has unveiled plans for a new regulatory framework aimed at crypto exchanges, custody services, and brokerage firms. The proposed regulations will require these entities to:
- Obtain an Australian Financial Services Licence.
- Follow rules safeguarding customer assets.
- Meet minimum capital requirements.
The government also pledged to address the issue of crypto debanking, promising clearer guidelines and protections for crypto-related businesses. The announcement comes ahead of Australia’s federal election, expected by May 17, with the outcome potentially influencing the future direction of crypto regulation in the country.
