By Frances Yue
“On centralized activities, it is pretty easy (to comply) in a sense that it is just about reporting the activity of your users whose activities are tracked in your database,” said Scalia.
“On the other side, you sometimes don’t know who the users are when it comes to on-chain activity. Identifying the users and putting in the data to fill that (form) is very complex,” Scalia added.
The crypto community has been closely watching an ongoing trial in Florida, where the family of David Kleiman, a deceased American computer expert, sued Craig Wright, an Australian programmer who claims to be Satoshi Nakamoto, the inventor of bitcoin. Wright’s claim has been repeatedly dismissed by the crypto community.
Kleiman’s family claimed that Kleiman and Wright developed and mined together more than 1.1 million bitcoin, worth $66 billion based on bitcoin’s recent price. Kleiman’s family argued that they are entitled to half of the bitcoin.
To prove Satoshi’s identity, one needs to show that they own the private keys of several addresses that are believed to belong to Satoshi, noted Georgetown University’s Angel.
“All Satoshi would have to do to prove their identity would be to basically move some fraction of bitcoin out of one of those addresses, and basically prove that they control the address,” Angel said. Wright has yet to provide such proof despite his promise.
The trial has now transitioned from the plaintiffs case to the defense.
Crypto companies, funds
In crypto-related company news, shares of Coinbase /zigman2/quotes/225893452/composite COIN +6.96% went down 5% to $331.7 late morning New York time on Thursday. It was down 1.6% for the past five trading days. Michael Saylor’s MicroStrategy Inc. /zigman2/quotes/202561856/composite MSTR +6.75% dropped 3.3% to $728.3 Thursday morning. It was down 11% over the past five days.
Mining company Riot Blockchain Inc. /zigman2/quotes/209538617/composite RIOT +2.89% shares fell 8% to $32, contributing to an 18% loss over the past five days. Shares of Marathon Digital Holdings Inc. /zigman2/quotes/205886758/composite MARA +1.87% plunged 4.4% to $48.7. It saw a loss of 31% over the past five days. Another miner Ebang International Holdings Inc. /zigman2/quotes/219243771/composite EBON +1.72% dived 4.5% to $1.8, with an 11% loss over the past five days.
Overstock.com Inc. /zigman2/quotes/200022359/composite OSTK +1.76% went up 2.5% to $107.1, contributing to an 8.7% gain over the past five days.
Square Inc. /zigman2/quotes/205989440/composite SQ +6.19% ’s shares inched up 0.6% to $233, with a 3% gain for the past five days. Tesla Inc.’s /zigman2/quotes/203558040/composite TSLA -0.05% shares rose 1% to $1,098, with a 3% gain over the past five days.
PayPal Holdings Inc. /zigman2/quotes/208054269/composite PYPL +5.31% fell 2.3% to $201.5, logging a 0.3% loss over the past five days, while NVIDIA Corp. /zigman2/quotes/200467500/composite NVDA +1.10% rallied 9.5% to $320, with a 5.4% gain over the past five days.
Advanced Micro Devices Inc. /zigman2/quotes/208144392/composite AMD +0.41% jumped 3.7% to $157 and notched a 7.5% return over the past five days.
In the fund space, ProShares Bitcoin Strategy ETF /zigman2/quotes/230440344/composite BITO +2.70% dropped 4.9% to $36.8 Thursday morning, while Valkyrie Bitcoin Strategy ETF /zigman2/quotes/230473388/composite BTF +2.57% declined 5.2% to $22.7. VanEck Bitcoin Strategy ETF /zigman2/quotes/230997909/composite XBTF +2.44% , which debuted trading on Tuesday, dropped 5% to $57.5.
Grayscale Bitcoin Trust /zigman2/quotes/203330852/delayed GBTC +5.28% went down 5% to $45.9, with a 12.1% loss over the past five days.
Must read s
Twitter CFO Says Investing in Crypto ‘Doesn’t Make Sense Right Now’ (The Wall Street Journal)