Latest Crypto News: No Imminent Intention To Declare Bankruptcy, Says Genesis; JPMorgan Files Trademark for Crypto Wallet

Cryptocurrency lender Genesis said on November 21, 2022 that it had no immediate intentions to declare bankruptcy.
Latest Crypto News: No Imminent Intention To Declare Bankruptcy, Says Genesis; JPMorgan Files Trademark for Crypto Wallet

This comes days after it was forced to halt customer redemptions due to the collapse of cryptocurrency exchange FTX, Reuters reported. 

"We have no plans to file bankruptcy imminently. Our goal is to resolve the current situation consensually without the need for any bankruptcy filing," a Genesis spokesperson told in an emailed statement to Reuters, adding that it continues to have conversations with creditors.

According to a Bloomberg report, Genesis was having trouble finding new money for its lending division. It had also reportedly told investors that if it did not obtain funding, it might have to file for bankruptcy.

Additionally, according to sources cited by the Wall Street Journal, the company had approached cryptocurrency exchange Binance with a request for financing, but Binance declined out of concern over potential conflict of interest.

According to the report, Genesis had also requested cash assistance from Apollo Global Management, a private equity firm.

Kenya Proposes Bill to Tax Crypto

Lawmakers in Kenya are presently debating whether or not to proceed with a proposal that would permit the taxation of cryptocurrencies.

Cryptocurrency exchanges, digital wallets, and transactions would be subject to taxation under the Capital Markets (Amendment) Bill , 2022, according to a report in Business Daily.

When selling or utilising their cryptocurrency in a transaction, Kenyan cryptocurrency investors must pay capital gains tax to the Kenya Revenue Authority. 

The legislation would also mandate that investors disclose certain information about their cryptocurrency ownership to the Capital Markets Authority, the government's financial regulator.

As many as 4.25 million Kenyans, or about 8.5 per cent of the population, are said to be cryptocurrency owners, according to a  UN research. 

The United States, with 8.3 per cent of the population, comes in sixth place in the world in terms of cryptocurrency users.

JPMorgan Files Trademark For Cryptocurrency Wallet

Investment bank JP Morgan has formally registered a cryptocurrency trademark, according to information gathered from a USPTO application. The company, aptly known as 'JP Morgan Wallet', plans to allow bitcoin payments, exchanges and transfers. 

With the newly created trademark, JP Morgan plans to provide Bitcoin exchange services to its clients. Additionally, the filling was authorised on November 15, 2022.

Trademark Attorney Mike Koundoudis had originally mentioned about the development in a Tweet.

He tweeted that JP Morgan Wallet had filed for "Virtual Currency Transfer + Exchange, Crypto Payment Processing, Virtual Checking Accounts, and Financial Services."

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