Latest News
By Federal Newswire | Oct 12, 2023
John Reed Stark, the president of John Reed Stark Consulting LLC and a former chief of the SEC's Office of Internet Enforcement, has shared three reasons why he believes Sam Bankman-Fried (SBF), the founder and former CEO of crypto exchange FTX, will likely be convicted. According to Stark, one reason is that multiple former corporate insiders, including former Alameda Research CEO Carolina Ellison and FTX co-founder Gary Wang, have already pled guilty to charges of fraud and are cooperating with prosecutors.
By Federal Newswire | Oct 12, 2023
Binance, the largest cryptocurrency exchange in the world, has been assisting Israeli law enforcement in freezing accounts and seizing funds associated with terrorist organizations, specifically the militant group Hamas and its Lebanese ally Hezbollah. In a partnership with Israel's Ministry of Defense, Binance helped seize $1.7 million worth of digital assets from accounts linked to Hezbollah and Iran's Islamic Revolutionary Guard Corps' Quds Force.
By Federal Newswire | Oct 10, 2023
The Blockchain Association has submitted its recommendations on how digital assets should be taxed in response to the Senate Committee on Finance's Request For Information. The association, which advocates for pro-innovation policies for the crypto community, sent a letter to the committee outlining its suggestions. The Senate Finance Committee had previously issued an open letter seeking guidance on how the Internal Revenue Code should be applied to digital assets, recognizing the regulatory challenges posed by their rapid emergence.
By Federal Newswire | Oct 10, 2023
Sam Altman, the CEO of artificial intelligence research lab OpenAI, believes that the U.S. government is waging a "war on crypto" following the collapse of the exchange FTX last year. Altman expressed his disappointment and sadness about the government's approach to cryptocurrency regulation. He stated, "There's many things that I'm disappointed that the U.S. government has done recently, but the war on crypto - which I think is a like, we can't give this up, like we're going to control this and all that - that's the thing that makes me quite sad about the country."
By Federal Newswire | Oct 10, 2023
A judge has denied the U.S. Securities and Exchange Commission's (SEC) request to appeal the decision that Ripple did not violate securities laws by offering the token XRP to members of the public. Judge Analisa Torres ruled in July that the sale of XRP to the general public did not constitute a securities offering, but she determined that the sales of the token to institutional investors were securities.
By Federal Newswire | Oct 10, 2023
FTX customers are unlikely to get all of their money back, according to an analysis conducted by the Wall Street Journal. The cryptocurrency exchange, which collapsed last November, left billions of dollars missing, and only approximately half has been recovered so far. Customers reportedly had approximately $16 billion in funds on FTX prior to its collapse, and the new management has recovered $7.3 billion that can be put towards paying customers back. However, the analysis found that FTX insiders spent the other $7.7 billion.
By Federal Newswire | Oct 6, 2023
U.S. Commodity Futures Trading Commission (CFTC) Chair Rostin Behnam emphasized the urgent need for a comprehensive regulatory framework for the cryptocurrency industry during the Futures Industry Association Expo 2023 on Oct. 2. This contradicts the stance of U.S. Securities and Exchange Commission (SEC) Chair Gary Gensler, who believes that existing securities laws are sufficient to regulate the industry.
By Federal Newswire | Oct 6, 2023
Forbes contributor Sean Stein Smith, a business and economics professor at the City University of New York and a member of the advisory board for the Wall Street Blockchain Alliance, said rather than being distracted by the drama of Sam Bankman-Fried's trial, crypto market participants should focus on several lessons from the collapse of FTX. Bankman-Fried, the founder and former CEO of crypto exchange FTX, is beginning his trial for his role in allegedly misusing investor and customer funds.
By Federal Newswire Report | Oct 4, 2023
The U.S. Securities and Exchange Commission (SEC) filed an opposition on Oct. 3 against Coinbase's motion to dismiss the SEC's lawsuit. Coinbase, the largest cryptocurrency exchange in the U.S., submitted the motion to dismiss in August, arguing that the SEC was abusing its authority and ignoring the legal definition of an "investment contract."
By David Beasley | Sep 29, 2023
France implemented a regulatory framework for digital assets in 2019 through the PACTE law, establishing its financial regulator, the AMF, as the supervisory authority of virtual tokens and digital asset service providers (DASP), Adan reported.
By Federal Newswire Report | Sep 29, 2023
Paradigm, a research-driven tech investment firm, has filed an amicus brief in support of Binance's motion to dismiss the lawsuit filed against it by the U.S. Securities and Exchange Commission (SEC). The filing states that Paradigm has not invested in Binance and has no financial interest in the case but believes the SEC has overstepped its authority.
By Federal Newswire | Sep 27, 2023
FTX, the cryptocurrency exchange that filed for bankruptcy last fall, has filed a lawsuit against the parents of its founder and former CEO, Sam Bankman-Fried. The complaint accuses Joseph Bankman and Barbara Fried of taking advantage of their relationship with FTX to make themselves wealthier at the expense of FTX customers.
By Federal Newswire | Sep 26, 2023
A group of bipartisan lawmakers sent a letter to SEC Chair Gary Gensler urging him to approve applications for spot bitcoin exchange traded products (ETP). The Congressmen argued that regulated spot bitcoin ETPs would enhance investor protection through increased transparency. The letter, signed by Republican Congressmen Mike Flood and Tom Emmer, and Democrat Congressmen Wiley Nickel and Ritchie Torres, specifically asked Gensler to "ensure" that the SEC stops discriminating against spot bitcoin ETPs. The lawmakers criticized the SEC's denial of Grayscale's application to...
By Federal Newswire | Sep 26, 2023
Majority Whip Tom Emmer's (MN-6) CBDC Anti-Surveillance State Act has advanced out of the House Financial Services Committee. The legislation would bar the Federal Reserve from issuing a central bank digital currency (CBDC) to individuals either directly or through intermediaries and would prohibit the Fed from using CBDC in monetary policy.
By Federal Newswire | Sep 26, 2023
On Thursday, September 21, 2023, Binance Holdings and its CEO, Changpeng Zhao (CZ), submitted a motion to dismiss the lawsuit initiated by the U.S. Securities and Exchange Commission (SEC). The filing, made to the U.S. District Court for the District of Columbia, contends that the SEC had overstepped its jurisdiction in the case. The filing argues that the regulatory agency didn't offer clear cryptocurrency sector guidelines, making their legal action unwarranted.
By Federal Newswire | Sep 26, 2023
In a recent interview, Richard Teng, the head of regional markets at Binance, dismissed comparisons between Binance and FTX, the crypto exchange that collapsed and filed for bankruptcy last year. Teng emphasized that Binance is financially secure and that any association between the two exchanges is unfounded.
By Federal Newswire | Sep 20, 2023
In a recent development, the U.S. Securities and Exchange Commission (SEC) has been denied its request to inspect Binance.US's software. This decision came from federal judge Zia Faruqui, further escalating the legal battle between the regulator and the U.S. affiliate of the world's largest cryptocurrency exchange.
By Federal Newswire | Sep 20, 2023
Ripple, the blockchain-based digital payment network, has announced that it will be hiring the majority of its new employees from jurisdictions with more regulatory clarity for cryptocurrencies than the United States. This decision comes after Ripple faced regulatory scrutiny in the U.S., though it won a court victory earlier this year when a judge ruled that its token XRP is not a security.
By Federal Newswire Report | Sep 13, 2023
Majority Whip Tom Emmer has announced a plan to sponsor an appropriations amendment to restrict the U.S. Securities and Exchange Commission's (SEC) use of funds for enforcement actions related to digital assets until a comprehensive regulatory framework is in place for the digital asset industry. The SEC has accused numerous cryptocurrency exchanges of violating securities laws this year, while members of the crypto industry argue that digital assets are not covered by existing regulations.
By Federal Newswire Report | Sep 7, 2023
A new report from Nasdaq highlights speed and accountability as two of the reasons that more philanthropic organizations are utilizing cryptocurrency and blockchain technology to make their efforts more efficient. The report said that when charitable organizations partner with crypto companies, the charities can amplify their reach and impact.
