Crypto will play a “major role” in the United Arab Emirates’ global trade moving forward, says the UAE’s minister of state for foreign trade Thani Al-Zeyoudi. Speaking with Bloomberg on Jan. 20 in Davos Switzerland — where world leaders are currently gathered for the 2023 World Economic Forum — Al-Zeyoudi provided a host of updates
Regulation
The Stellar Development Foundation (SDF) has become the newest member of the United States Commodity Futures Trading Commission (CFTC) Global Markets Advisory Committee (GMAC), the blockchain announced on its blog. The committee is preparing to meet on Feb. 13 for the first time in over a year. SDF supports the Stellar blockchain, which is used
The United States Securities and Exchange Commission has followed the Commodity Futures Trading Commission and others in filing parallel charges against the crypto user allegedly behind a multimillion-dollar exploit of decentralized exchange Mango Markets. In a Jan. 20 notice, the SEC alleged Avraham Eisenberg manipulated Mango Markets’ MNGO governance token, allowing him to steal roughly
James Bromley, one of the lawyers representing debtors in FTX’s bankruptcy case, has criticized social media activity against his law firm promulgated by posts from former CEO Sam Bankman-Fried. In a Jan. 20 hearing in the District of Delaware, lawyers spoke on motions dealing with potential conflicts of interest between Sullivan & Cromwell, the law
Genesis Global, a prominent crypto lender, filed for Chapter 11 bankruptcy protection in New York on Jan. 20, becoming the latest company to declare bankruptcy in the wake of FTX’s collapse. However, the focus of the crypto community has shifted towards other crypto firms that had exposure to the lending firm. One report suggested that
Several crypto industry commentators have laid skepticism on FTX CEO John Ray’s vision to potentially reboot the crypto exchange, citing trust issues and “second-class” treatment of customers as some reasons why users may not “feel safe to go back.” Former FTX CEO Sam Bankman-Fried tweeted on Jan. 20 praising John Ray for looking at a
Ransomware victims have seemingly had enough of the extortion, with ransomware revenues for attackers plummeting 40% to $456.8 million in 2022. Blockchain intelligence firm Chainalysis shared the data in a Jan. 19 report, noting that the figures don’t necessarily mean the number of attacks is down from the previous year. Instead, Chainalysis noted that companies
A former FTX chief lawyer has accused the company’s US general counsel of channeling business to Sullivan & Cromwell (S&C) — the firm currently serving FTX as bankruptcy counsel. Daniel Friedberg, who was the chief regulatory officer of FTX until he resigned on Nov. 8, made the allegations as part of a Jan 19. court
The governor of New Hampshire has released the report of a commission he formed by executive order last year to recommend legislation around digital assets and blockchain. In a Jan. 19 announcement, Chris Sununu said the Commission on Cryptocurrencies and Digital Assets had reported that the legal and regulatory status of cryptocurrencies and digital assets was “highly
Crypto lender Nexo Capital has agreed to pay $45 million in penalties to the United States Securities Exchange Commission (SEC) and The North American Securities Administrators Association (NASAA) for allegedly failing to register the offer and sale of its Earn Interest Product (EIP). The news was announced by the SEC and NASAA in two separate
The United States Financial Crimes Enforcement Network (FinCEN) — a bureau of the Treasury Department — has argued that Binance is linked to the illegal cryptocurrency platform Bitzlato. In an order published on Jan. 18, FinCEN stated that the Binance cryptocurrency exchange was among the “top three receiving counterparties” of Bitzlato in terms of Bitcoin
The CEO of crypto exchange FTX has rejected calls for its law firm to be replaced as lead counsel in its bankruptcy case. John J. Ray III, who was appointed as the new FTX CEO on Nov. 11, filed a court motion on Jan. 17 arguing that Sullivan & Cromwell has been integral in taking
A commissioner from the Commodity Futures Trading Commission (CFTC) has called on Congress to stop allowing cryptocurrency exchanges to “self-certify” and list tokens without oversight. CFTC commissioner Christy Goldsmith Romero told an audience at a Jan. 18 University of Pennsylvania event focused on FTX that the current process wasn’t adequate to ensure proper oversight, saying: “I
Ripple CEO Brad Garlinghouse expects the firm’s long-running dispute with the Securities Exchange Commission (SEC) will be finalized within “single-digit months” and remains confident in securing a favorable outcome. Speaking to CNBC on Jan. 18 at the World Economic Forum in Davos, Switzerland, Garlinghouse said the verdict could come as soon as June this year
Noncustodial peer-to-peer crypto exchange Bitzlato was little known to some before the United States Department of Justice (DOJ) enforcement action against it on Jan. 18. It was cofounded in 2016 by recently arrested Russian national, Anatoly Legkodymov. According to a Russian source, Anatoly Legkodymov is the owner of 73.4% of Bitzlato, which has an office
The United States Department of Justice announced a “major international cryptocurrency enforcement action” against crypto firm Bitzlato and the arrest of its founder Anatoly Legkodymov. In a Jan. 18 announcement, U.S. Deputy Attorney General Lisa Monaco said authorities had taken enforcement actions against Bizlato in coordination with France, seizing Bitzlato’s website and labeling the business as
After the collapse of major cryptocurrency exchange FTX in November 2022, former CEO Sam “SBF” Bankman-Fried was arrested by Bahaman authorities on Dec. 12. Just a day later, the United States Securities and Exchange Commission and Commodity Futures Trading Commission filed charges against him for allegedly defrauding investors and violating securities laws. On Dec. 22,
South African Reserve Bank (SARB) governor Lesetja Kganyago highlighted issues surrounding the introduction of central bank digital currencies (CBDCs) at the World Economic Forum (WEF) 2023, held in Davos, Switzerland. In a WEF 2023 panel discussion dubbed “In the Face of Fragility: Central Bank Digital Currencies” Kganyago voiced his opinions on CBDCs and questioned if
The final vote on the European Union’s (EU) much-awaited set of crypto rules, known as the Markets in Crypto Assets regulation (MiCA), was deferred to April 2023. It marks the second delay in the final vote, which was previously postponed from November 2022 to February 2023. The latest delay is due to a technical issue
Caroline Pham, the Commodity Futures Trading Commission (CFTC) commissioner, has recently called on regulators to provide clearer guidance on crypto assets in 2023. In an interview with Bloomberg, Pham mentioned that discussions with global players over crypto regulations are ongoing. The government official said many foreign discussions are currently happening about global industry standards for crypto