BlackRock Launches Digital Liquidity Fund for Asset Tokenization

BlackRock, the world’s leading asset manager, is venturing into the digital asset space with the introduction of its first tokenized asset fund, the BlackRock USD Institutional Digital Liquidity Fund. The initiative, leveraging the Ethereum blockchain for tokenization, highlights a $100,000 minimum investment threshold and involves collaboration with Securitize for token sales. 

BlackRock’s CEO, Larry Fink, underscores the venture as a step toward achieving a unified ledger system, instant settlements, and the eradication of illegal activities in the financial sector through the tokenization of all financial assets, promising enhanced customization and efficiency.

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Lawyers: 50-Year Sentence for Sam Bankman-Fried “Not Just”

Sam Bankman-Fried’s defense team has opposed the Department of Justice’s recommendation for a 40 to 50-year prison sentence, labeling it as an excessive “medieval view of punishment.” In a recent filing, his lawyers criticized the proposal as unjust and an exaggeration of Bankman-Fried’s actions, portraying him as a villain without considering his non-violent past and potential for restitution through FTX’s bankruptcy proceedings. 

The defense argues for a more moderate sentence of 63 to 78 months, highlighting the disproportionate nature of the proposed punishment for the FTX founder, who was convicted of committing one of the largest financial frauds in U.S. history. The sentencing is scheduled for March 28.

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Slerfsol Memecoin Recovers Post $10M Token Burn Fiasco

Despite a problematic start, the Solana-based memecoin, Slerfsol (SLERF), has achieved a remarkable market capitalization of over $500 million, thanks to substantial community backing. The initial hiccup occurred when its creator inadvertently destroyed more than $10 million worth of Solana during the presale event on March 18. 

Nonetheless, SLERF rebounded impressively, now trading at $0.79 and listed on various exchanges. In a gesture of support, the creator sought donations to compensate affected investors, receiving significant contributions, including 3,000 SOL. Furthermore, cryptocurrency exchanges such as BingX and Bitget have pledged to donate trading fees from SLERF transactions back to the community, illustrating a strong communal effort to rectify the presale’s mishap.

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Genesis Settles SEC Charges with $21M Penalty Over Gemini Earn

Genesis Global Capital has reached a settlement with the U.S. SEC, agreeing to pay a $21 million penalty to resolve charges related to the Gemini Earn product. This agreement follows a New York judge’s decision to proceed with the SEC’s case against Genesis and Gemini, despite their attempts to halt it. 

The settlement, which was initially agreed upon in February 2024, stipulates that the SEC’s share of the penalty will be deferred until after all other bankruptcy claims are settled. SEC Chair Gary Gensler emphasized that this settlement reinforces the necessity for crypto lending platforms to adhere to established securities laws.

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Other breaking news

• Immutable, Polygon, and King River Raise $100M for Web3 Gaming Fund
• MicroStrategy Acquires Over 1% of Bitcoin’s Total Supply
• Largest Pension Fund Contemplates Bitcoin Investment
• Tether Intensifies Lobbying Amid Washington Regulations
• Sygnum Bank Tokenizes $50M of Matter Labs’ Reserves

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