Rama Subramaniam Gandhi, the former Deputy Governor of the Reserve Bank of India (RBI), has expressed the need for digital assets to be accepted in India. Speaking at the HODL ‘21 virtual conference, Gandhi spoke about how crypto could be used for payments and economic activities. 

Brian Armstrong, the CEO of AA ranked cryptocurrency exchange, Coinbase, has responded to threats that have been made by the U.S. Securities and Exchange Commission (SEC) regarding their yield product dubbed ‘Lend’.

Seven-time NBA all-star, Steph Curry, is the latest star to pen a deal with FTX - becoming a global ambassador for the fast-growing crypto exchange. Curry stated he joined FTX to "expand the reach of the FTX brand and tout the viability of cryptocurrency to new audiences around the world."

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Top stories in the Crypto Roundup today:

• Former Deputy Governor of the RBI Pushes for India Crypto Adoption
• Coinbase Under Fire by SEC
• NBA All-Star Steph Curry Joins FTX as Ambassador
• Sponsored: Crypto.com - The World’s Fastest Growing Crypto App

Former Deputy Governor of the RBI Pushes for India Crypto Adoption

Rama Subramaniam Gandhi, the former Deputy Governor of the Reserve Bank of India (RBI), has expressed the need for digital assets to be accepted in India. 

In India, the regulatory landscape surrounding cryptocurrencies is still unclear, with legislation still being deliberated by politicians. More recently, the Indian government announced that it was looking to create a bill that would define cryptocurrencies as a commodity - meaning they could be taxed. If this bill were to come to fruition, crypto would be unable to be used as payment.

Gandhi believes that digital assets and cryptocurrencies should be taxed and treated like any other asset or commodity. He added, “Cryptocurrencies should be paid for through normal payment channels. If they are not, it should be deemed mined, and capital gains tax must be levied. That is like voluntary disclosure.”

Coinbase Under Fire by SEC

Brian Armstrong, the CEO of AA-ranked cryptocurrency exchange, Coinbase, has responded to threats that have been made by the U.S. Securities and Exchange Commission (SEC) regarding their yield product dubbed ‘Lend’.

Coinbase, which went public on the Nasdaq stock exchange in April, came under fire by the SEC - receiving a subpoena on Lend, a new product that would allow users to potentially earn double-digital yields on deposits of the widely traded USDC stablecoin. The returns offered by Coinbase would far outweigh those of traditional financial banks and institutions. 

In a blog post, the firm’s Chief Legal Officer, Paul Grewel, said that: "Despite Coinbase keeping Lend off the market and providing detailed information, the SEC still won’t explain why they see a problem. Rather they have now told us that if we launch Lend they intend to sue. Yet again, we asked if the SEC would share their reasoning with us, and yet again they refused."

In a chain of tweets, CEO Brian Armstrong added that "They refuse to tell us why they think it's a security, and instead subpoena a bunch of records from us (we comply), demand testimony from our employees (we comply), and then tell us they will be suing us if we proceed to launch, with zero explanation as to why."

NBA All-Star Steph Curry Joins FTX as Ambassador

Seven-time NBA all-star, Steph Curry, has penned a deal with FTX - becoming a global ambassador for the fast-growing crypto exchange. Curry stated he joined FTX to "expand the reach of the FTX brand and tout the viability of cryptocurrency to new audiences around the world."

For Curry, the deal includes a stake in the company, whilst FTX have also agreed to contribute to the Eat.Learn.Play foundation, a charity aimed to abolish child hunger that is run by Curry and his wife.

Curry is no stranger to the cryptocurrency space. Last month, he splashed 55ETH ($180,000 at the time of the transaction) for a Bored Ape Yacht Club NFT.

Over the past year, FTX has been aggressively stepping up its marketing efforts - reaching a $135 million deal for naming rights of the Miami Heat arena, as well as a $210 million deal for the naming rights of esports team TSM. They also signed NFL quarterback Tom Brady as a brand ambassador in June. 

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