A federal judge has allowed identities of guarantors who signed on sureties for former FTX CEO Sam Bankman-Fried’s $250 million bond to be made public following a request from several news outlets. Court documents released on Feb. 15 showed that the two previously unidentified individuals were Andreas Paepcke, a senior research scientist at Stanford University
Regulation
As reported by a local publication on Feb. 15, Korean financial authorities are looking into the staking services market. However, as the unnamed official specified to the journalists: The fears of the crypto community about the possible repercussions of the recent court deal between the United States Securities and Exchange Commission (SEC) and Kraken are
Despite attempts to police cryptocurrency through enforcement actions, United States financial regulators “are bound by legal reality” and Congress will ultimately decide crypto regulations the policy expert for the crypto advocacy group Blockchain Association has suggested. The association’s chief policy officer, Jake Chervinsky, shared his views in an extensive Feb. 14 Twitter thread on the
United States Federal Reserve Board Vice Chair Lael Brainard has been chosen to be the director of the National Economic Council, making her President Joe Biden’s top economic adviser, according to media reports. In her new position, Brainard will oversee the implementation of the Biden administration’s multibillion-dollar economic agenda, which includes the Bipartisan Infrastructure Law and
Indian authorities once again demonstrated their tough stance on cryptocurrencies with a preemptive ban on crypto advertising and sponsorships in the local women’s cricket league. As reported by Planet Sport on Feb. 14, the Board of Control for Cricket in India (BCCI) sent a 68-page advisory to the Women’s Premier League teams, specifying the activities
A New York judge has granted a request from prosecutors to defer civil proceedings against Sam Bankman-Fried from the Commodities Futures Trading Commission and the Securities Exchange Commission until after the FTX founder’s criminal trial in October. U.S. District Judge of Manhattan Kevin Castel on Feb. 13 granted the motions to stay the civil proceedings
The European Parliament has released a report on a draft bill proposing that banks holding cryptocurrencies set aside a large amount of capital in an effort to address potential risk. In a Feb. 9 notice, European Union lawmakers said any framework applied to crypto assets should “adequately mitigate the risks of these instruments for the
The Central Bank of the United Arab Emirates (CBUAE) is planning to launch a central bank digital currency (CBDC) for cross-border and domestic use as part of the first of its newly-launched financial infrastructure transformation (FIT) program. In a recent announcement, the CBUAE introduced the FIT program and highlighted its aim to support the country’s financial
The United States Securities and Exchange Commission (SEC) has reportedly told stablecoin issuer Paxos Trust Co. it’s planning to sue the firm for violation of investor protection laws in relation to Binance USD (BUSD). According to a Feb. 12 report in The Wall Street Journal citing people familiar with the matter, the SEC issued a
What is monetary policy? Monetary policy refers to the actions taken by a central bank or monetary authority to manage the supply of money and interest rates in an economy, with the aim of promoting economic growth and stability. To affect the price and accessibility of credit, this may entail altering the money supply, setting
The Consumer Federation of California (CFC), a nonprofit advocacy organization working for consumer rights, sponsored a bill that seeks to license and regulate the activities of cryptocurrency exchanges. The legislation demanding regulatory oversight of crypto businesses — the Digital Financial Assets Law — was introduced by Assemblymember Timothy Grayson with the aim of protecting Californians
Rumors of an impending crypto ban came to fruition on Feb. 9 with the Securities and Exchange Commission’s enforcement action against Kraken, which resulted in a settlement where the exchange agreed to end its staking services for American users. The action will likely extend to all companies based in the United States. Reactions were predictable
The joint provisional liquidators of FTX Digital Markets — the firm’s subsidiary in the Bahamas — have released a report on the company’s physical assets in the island nation. According to an affidavit filed by a PricewaterhouseCoopers partner with the Bahamas’ supreme court on Feb. 8, FTX’s joint provisional liquidators, or JPLs, said the company
Kazakhstan, one of the world’s biggest Bitcoin (BTC) mining hubs, announced plans to introduce new crypto regulations to reduce tax fraud and unlawful business operations. A new law signed by Kazakh President Kassym-Jomart Tokayev on Feb. 6 reinstated the nation’s stand against the unlawful mining operations and issuance of crypto assets. Out of the two distinct
The parts that make up the cryptocurrency ecosystem are not all equal, United States Federal Reserve Board governor Christopher Waller told a conference audience on Feb. 10. He had clear preferences among the three elements of the ecosystem that he identified. Waller was hosted by the Global Interdependence Center at its “Digital Money, Decentralized Finance,
United States Securities and Exchange Commission chair Gary Gensler issued a warning to crypto companies to “come in and follow the law” after the agency announced a settlement with crypto exchange Kraken. Appearing on CNBC’s ‘Squawk Box’ on Feb. 10, Gensler said crypto exchanges should register with the SEC in order to be compliant with
Local Russian media outlets reported on Monday that Bitzlato co-founder Anton Shkurenko was detained in Moscow on Feb. 6 at the request of Interpol. However, according to a Feb. 10 report from CoinDesk, Shkurenko was stopped and detained by the local police for an identity check, then promptly let go after a conversation. Shkurenko said
United States Securities and Exchange Commission (SEC) commissioner Hester Pierce has publicly rebuked her own agency over the shut down of Kraken’s crypto staking program in the United States. The commissioner blasted her regulator in a Feb. 9 statement called “Kraken Down,” noting that regulation by enforcement “is not an efficient or fair way of
New Hampshire is on the verge of becoming a national leader in cryptocurrency if its legislature follows through on recommendations made by a commission appointed by Governor Chris Sununu. The recommendations would establish a legal framework for blockchain and crypto businesses in the state, providing clarity and certainty to entrepreneurs and regulators while avoiding the
Cryptocurrency exchange Kraken is reportedly being probed by the United States Securities and Exchange Commission over whether it breached rules around the offering of securities. According to a Feb. 8 Bloomberg report, the probe relates to certain offerings that Kraken has made to U.S. clients. A person with knowledge of the matter said the probe
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