As the global crypto community is still licking its wounds from the FTX collapse, a liquidity crisis continues to spread around centralized exchanges and decentralized finance (DeFi) alike. It is soon to be decided whether the coming regulation triggered by FTX’s bankruptcy will bring a silver lining to crypto. The Chamber of Deputies of Brazil,
Regulation
With the crypto winter slowing down developments within the space, two digital asset-focused firms will work together to speed up digital asset adoption for institutions. In an announcement sent to Cointelegraph, crypto-focused company SEBA Bank said that it formed a partnership with the financial services firm HashKey Group to accelerate the institutional adoption of digital
Sam Bankman-Fried, the former CEO of now-bankrupt cryptocurrency exchange FTX has declined to testify before the United States Congress until he’s “finished learning and reviewing what happened.” Rep. Waters, and the House Committee on Financial Services: Once I have finished learning and reviewing what happened, I would feel like it was my duty to appear
The most talked about crypto lawsuit involving the United States Securities and Exchange Commission (SEC) and Ripple is approaching its conclusion after a two-year-long battle. On Dec. 2 the SEC and Ripple both filed redacted replies to each other’s opposition to motions for summary judgment. Ripple argued in its motion document that the SEC has
Former CEO of FTX, Sam Bankman-Fried, has signaled he’s unwilling to testify before the United States Congress until he’s “finished learning and reviewing what happened.” Bankman-Fried was responding to a Dec. 2 tweet from U.S. Representative Maxine Waters inviting him to testify in a scheduled U.S. House Committee on Financial Services hearing on Dec. 13
2022 is nearing an end and might go down as one of the most eventful years for the crypto industry owing to the prolonged winter that had wiped more than 70% of the market cap from the top and the barrage of crypto firms imploding. This was mainly due to internal mismanagement and unchecked decision-making
The attempts of mainstream media to water down the frauds committed by FTX CEO Sam Bankman-Fried (SBF) did not fare well in convincing the crypto community and entrepreneurs. Instead, the misinformation campaign collided with Tesla CEO Elon Musk’s drive to position Twitter as “the most accurate source of information.” The world is yet to overcome
A judge with the Seoul Southern District Court has reportedly set aside arrest warrants for Terra co-founder Shin Hyun-seong along with those of 3 Terra investors and 4 developers. According to an Dec. 3 report from South Korea’s Yonhap News Agency, Judge Hong Jin-Pyo said there was little risk of Shin or the Terra associates
The leadership with the United States House Financial Services Committee have separately called on former FTX CEO Sam Bankman-Fried to appear in an investigative hearing scheduled for Dec. 13. In Dec. 2 posts on Twitter, House Financial Services Committee chair Maxine Waters, a Democrat, and ranking member Patrick McHenry, a Republican, requested SBF speak at
The former CEO of FTX, Sam “SBF” Bankman-Fried, has seemingly begun to embark on an apology tour to redeem his image a month after the sudden implosion of FTX, which revealed that the exchange had been improperly using customer and investor funds. OnNov. 30, Bankman-Fried made his first live public appearance since the collapse of
The founders of Three Arrows Capital, or 3AC, the Singapore-based crypto hedge fund with close ties to Terra Labs, have been spending more time engaging on social media and news outlets than dealing with its own liquidation, according to bankruptcy lawyers. In a Dec. 2 hearing in United States Bankruptcy Court in the Southern District
RBB Lab, a technology development firm based in the Republic of San Marino, has utilized nonfungible token (NFT) technology to issue a court summons to a former employee and a contractor. RBB Lab CEO Enrico Rubboli told Cointelegraph that it summoned the two individuals to the Judiciary of Italy on claims of attempted extortion and
Working on their national crypto framework, the amendments to the law “On virtual assets,” the Ukrainian regulatory community actively collaborates with international experts. The list includes the international consultancy firm Ernst&Young and the USAID Financial Sector Reform project. On Dec. 1, the Advisory Council on the Regulation of Virtual Assets, organized by the National Securities and Stock
Cryptocurrency miners in Russia appear to be unbothered by the ongoing crisis of crypto mining as the local demand for mining hardware has reportedly been on the surge in Q4 2022. Some crypto mining hardware distributors in Russia have faced a significant spike in demand for mining-designed application-specific integrated circuit (ASIC) chips, the local news
Central bank governors from around the globe are currently in Thailand to discuss the role of central banks amid evolving financial technology. The conference is jointly hosted by the Bank of Thailand (BOT) and the Bank for International Settlements (BIS). A panel discussion on digitalized monetary systems saw Eddie Yue, chief executive of the Hong Kong
Former FTX CEO Sam Bankman-Fried (SBF) has been lambasted this week following a series of controversial public appearances, with Galaxy Digital’s Mike Novogratz one of the latest to dish out a lashing to the former kingpin of crypto. On Dec. 1, Galaxy Digital CEO Mike Novogratz unleashed a tirade of criticism towards SBF concerning his
The United States Trustee handling FTX’s bankruptcy proceedings has referred to the now-defunct exchange as the ”fastest big corporate failure in American history,” and is calling for an independent probe to look into its downfall. In a Dec. 1 motion, U.S. Trustee Andrew Vara noted that over the course of eight days in November, debtors “suffered
The New York State Department of Financial Services (DFS) has submitted a proposed change in state laws that would allow it to charge licensed crypto companies for regulating them. While that may seem like an odd proposition, under Financial Services Law (FSL) it is common practice for the DFS to charge licensed non-crypto financial entities
United States Commodity Futures Trading Commission chair Rostin Behnam told a Senate Agriculture, Nutrition, and Forestry Committee meeting Dec. 1 that his agency’s regulations contain “core elements that have served the markets for decades.” But as the fallout from the FTX collapse gets sorted out, notable gaps in current legislation have come to light, Behnam
The New York State Department of Financial Services, or NYDFS, has proposed a regulation which would allow the government department to assess supervisory costs from licensed crypto firms operating in the state. In a Dec. 1 announcement, NYDFS Superintendent Adrienne Harris opened the proposed budget measure for public comment. The regulation, if approved, would grant