The executive board of the International Monetary Fund (IMF) has assessed a paper on crypto asset policy published by the fund and expressed its agreement with its proposed policy framework. The paper, titled “Elements of Effective Policies for Crypto Assets,” developed a framework of nine policy principles that addressed macrofinancial, legal and regulatory, and international coordination
Regulation
The federal judge presiding over the case for former FTX chief executive officer Sam Bankman-Fried has ordered a superseding indictment unsealed containing 12 criminal counts. In a superseding indictment filed with the United States District Court for the Southern District of New York on Feb. 22, U.S. Attorney Damian Williams alleges Bankman-Fried’s actions in the
Nonfungible tokens (NFTs) belonging to the bankrupt hedge fund Three Arrows Capital (3AC) will be sold by its liquidators Teneo, according to a recent announcement. In a notice dated Feb. 22, joint liquidator Christopher Farmer announced that the liquidators intend to begin the sales of NFTs that belong to 3AC. The announcement highlighted that the
The United States Securities and Exchange Commission (SEC) has objected to Binance.US’ move to acquire over $1 billion of assets belonging to the defunct cryptocurrency lending firm Voyager Digital. According to a Feb. 22 filing submitted to the U.S. Bankruptcy Court in the Southern District of New York, the SEC believes that certain elements of
Kim Kardashian, Floyd Mayweather and other celebrities are looking to convince a judge to dismiss another revised attempt to hold them liable for allegedly promoting EthereumMax (EMAX) without proper disclosure. The celebrities asked a California federal judge to dismiss a second amended complaint from EthereumMax investors filed in December. According to the defendants, the renewed
The United States Securities and Exchange Commission has again been accused of overstepping its authority and unfairly labeling crypto assets as securities, this time in its insider trading case against ex-Coinbase employees. In an amicus brief filing on Feb. 22, the U.S.-based Chamber of Digital Commerce argued the case should be dismissed as it represented an
Cryptocurrency exchange CoinEx has been sued by the New York Attorney General, Letitia James, alleging the firm falsely represented itself as an exchange due to failing to register as a securities and commodities broker-dealer in the state. A 38-page petition filed by James in the New York Supreme Court on Feb. 22 alleged CoinEx “engaged
The founders behind the alleged $340 million “global Ponzi” scheme Forsage have been indicted by a federal grand jury in the District of Oregon. The four Russian founders — Vladimir Okhotnikov, Olena Oblamska, Mikhail Sergeev, and Sergey Maslakov — have been formally accused of having key roles in the scheme which raised approximately $340 million from
On Feb. 13, a federal judge put the Securities and Exchange Commission and the Commodity Futures Trading Commission cases against former FTX CEO Sam Bankman-Fried on hold. You’ll be forgiven if you missed this story — headlines and social media were dominated by the breaking news that the SEC was suing crypto firm Paxos for
California Representative Maxine Waters, ranking member of the United States House Financial Services Committee, has called for coordination and cooperation between government agencies and lawmakers to address crypto regulation. Speaking to Cointelegraph, Representative Waters suggested that recent enforcement actions on the crypto space from the U.S. Securities and Exchange Commission (SEC) and Commodity Futures Trading
NBA Top Shot Moments nonfungible tokens (NFTs) may be considered a security, as it meets the requirements under the United States security laws, according to court filings on Feb 22. The decision comes as federal judge Victor Marreo denied a motion from Dapper Labs CEO Roham Gharegozlou to dismiss a class action lawsuit claiming its
The Canadian Securities Administrators (CSA) published a notice on Feb. 22 describing new commitments it expects from crypto asset trading platforms (CTPs) seeking registration in Canada. The CTPs will enter into a new version of preregistration undertakings (PRUs), which are legally binding documents. Registered CTPs will be contacted by their principal regulators about compliance with
The United States Federal Trade Commission, or FTC, said it had started an investigation of crypto lending firm Voyager Digital parallel to the company’s bankruptcy proceedings. In a Feb. 22 filing in U.S. Bankruptcy Court for the Southern District of New York, the FTC said it was investigating Voyager and its employees “for their deceptive
Minnesota Representative Tom Emmer has introduced legislation in the United States House of Representatives that could limit the Federal Reserve from issuing a central bank digital currency, or CBDC. In a Feb. 22 announcement, Representative Emmer said he had introduced the ‘CBDC Anti-Surveillance State Act’ in an apparent effort to protect Americans’ right to financial
The Bank for International Settlements (BIS) has long taken a cautious approach to Bitcoin (BTC) and cryptocurrencies. However, there is no need for caution anymore as the “battle has been won” between fiat and crypto, according to BIS. BIS general manager Agustín Carstens, who made the claim, highlighted that “technology doesn’t make for trusted money,”
The United States Congress needs to take control of crypto legislation and make it a more “open process” where the entire marketplace is looked at “comprehensively,” suggests Kristin Smith, CEO of the Blockchain Association — a prominent U.S. crypto industry nonprofit. In a Feb. 22 Bloomberg interview, Smith said the industry needs U.S. lawmakers to
Attorneys working on behalf of former FTX CEO Sam Bankman-Fried have agreed to pay for a security expert to assist the federal judge overseeing his fraud case in navigating modern encryption technology to aid in possibly modifying Bankman-Fried’s bail terms. Bankman-Fried lawyers Christian Everdell and Mark Cohen sent a letter to Judge Lewis Kaplan on
The New York State Department of Financial Services (NYDFS) has announced enhancements to its ability to detect illegal activities with virtual currency among the entities its regulates. The new capacities are part of its efforts to keep pace with the industry and respond proactively to the virtual currency market, it said. The NYDFS released a
The Proof of Stake Alliance (POSA), a nonprofit industry alliance, has published two white papers examining on the status of deposit tokens in United States securities and tax law on Feb. 21. The papers were authored by representatives of over 10 industry groups. Liquid staking is the practice on blockchains using a proof-of-stake consensus mechanism
Stablecoin issuer Paxos was reportedly discussing the Binance USD (BUSD) stablecoin with the United States Securities and Exchange Commission following a Wells notice from the financial regulator. According to a Feb. 21 Reuters report, Paxos chief executive officer Charles Cascarilla said the firm was “engaged in constructive discussions” with the SEC and would continue to