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Investors have been led astray by misleading signals from the market. It enticed them to go "all in" on centralized exchanges rather than focusing on real-world use cases for tokenized value exchange. (Rachel Sun/CoinDesk) Capitalism failed crypto. Or perhaps they failed each other. No, I’m not trying to exonerate Sam Bankman-Fried and all those who have abused people’s trust and...
Rep. Patrick McHenry. who chairs the committee in January, expressed his concerns in a letter to Treasury Secretary Janet Yellen. Rep. Patrick McHenry (Shutterstock/CoinDesk) The top Republican on the House Financial Services Committee wants the U.S. Treasury Department to delay implementing the crypto tax provisions in last year's Infrastructure Investment and Jobs Act until there is further clarity around who's...
Bankman-Fried was arrested Monday. Former FTX CEO Sam Bankman-Fried (Danny Nelson/CoinDesk) NASSAU, The Bahamas – FTX founder and former CEO Sam Bankman-Fried will be remanded into custody after a Bahamas judge ruled he should be denied bail on Tuesday. Magistrate Judge Joyann Ferguson-Pratt ordered that there be an extradition hearing next year, on Feb. 8, 2023, at 10:00 a.m. ET....
Maple Finance, the largest unsecured crypto lending platform, is grappling with a debt crisis while gearing up for a major system upgrade. The project's MPL token has plunged, and depositors are likely to stomach big losses. Here's how it happened, and what comes next. There's some $54 million of sour debt on Maple Finance's lending platform, as some of its...
The U.S. Securities and Exchange Commission issued letters to companies flagging the need to disclose any potential impacts from mayhem in the crypto markets. SEC Chair Gary Gensler (Anna Moneymaker/Getty Images) Crypto’s pains are being shared by a wide array of companies. The U.S. Securities Exchange Commission (SEC) is warning public companies that if they have a stake in the...
Freeman is facing eight counts related to tax evasion and operating an unlicensed money transmitting business. A supporter of the so-called "Crypto 6" attended the first day of Ian Freeman's trial for tax evasion and money laundering charges. (Cheyenne Ligon for CoinDesk) CONCORD, New Hampshire — Federal prosecutors say early bitcoin pioneer and Libertarian activist Ian Freeman and a group...
The exchange is trying to "refocus" amid a "deepening bear market," its CEO said on Twitter. Dubai (Kent Tupas/Unsplash) Crypto exchange Bybit will implement another round of job cuts as it tries to refocus its operations amid a "deepening bear market," CEO Ben Zhouannounced on Sundayin a Twitter post. A screenshot of a message in which Zhou said the layoffs...
Commissioner Kristin Johnson is pushing for her agency to work on policies to further tighten custody of customer assets as the CFTC sanctions another crypto Ponzi scheme. CFTC Commissioner Kristin N. Johnson and Conrad Bahlke, counsel at Willkie Farr & Gallagher LL at Crypto Connection 2022 (Amitoj Singh/CoinDesk) As the U.S. Commodity Futures Trading Commission awaits legislation to establish its...
Japan's financial services regulator was one of several that last year issued warnings saying Binance was not licensed to operate in its market. Binance has bought Sakura Exchange BitCoin (SEBC), a Japanese crypto exchange regulated by the country's Financial Services Agency (FSA), for an undisclosed sum,according to a blog postWednesday. With the acquisition, the world's largest crypto exchange by trading...
Ryan Pinder said The Bahamas would not share further information about his country's investigations into FTX at this time. Ryan Pinder, Attorney General of The Bahamas (YouTube) The Bahamas "is a nation of laws," the country's attorney general said, defending the island's actions in the wake of FTX's collapse. Duringa 23 minute pre-taped speech, Ryan Pinder, who is also a...