ICYMI: 03.07.23

Crypto Firms Flee Silvergate Capital

Major digital asset and blockchain firms, including Coinbase Global, Circle Internet Financial, Paxos Trust, and Galaxy Digital Holdings, announced plans to cease banking with Silvergate Capital. The bank, which serves the fintech industry, positioned itself as the leading bank for cryptocurrency. On Wednesday, it said that it was at risk of being “less than well-capitalized” and was evaluating its ability to continue doing business.

Binance Asset Management Raises Questions About the Exchange

A report from Forbes has raised questions about whether Binance is responsibly managing customer assets and stablecoin collateral. The new finding suspiciously resembled FTX’s misuse of customer assets to fund Alameda.

Binance Texts Reveal Plan to Elude Authorities

Recently disclosed texts between Binance executives from 2018 to 2020 revealed that Binance set out on a plan to neutralize U.S. authorities. Binance established Binance.US as an independent platform for U.S. Investors. However, Binance and Binance.US may be more comingled than the companies have disclosed, and if U.S. regulators conclude that Binance has control over a U.S. company, they would have the power to regulate Binance’s entire business. 

Tesla Execs Lay Out ‘Master Plan’ at Shareholder Meeting

Tesla executives laid out the company’s plan to shareholders to become the world’s largest carmaker and sell 20 million cars per year by 2030.

Electrician Shortage Hindering Renewable Energy Efforts

A shortage of electricians in the U.S. are impeding efforts to transition to renewable energy, as the skilled labor essential to installing electric-car chargers, heat pumps, and other gear is in short supply.  The average annual electrician salary rose from roughly $50,000 to about $60,000 from 2018 to 2022.

Robinhood Received Subpoena From SEC

Robinhood Markets reported in its latest 10-K filing that it received an investigative subpoena from the Securities and Exchange Commission following the collapse of crypto exchange FTX.