“I hate to say I told you so” is a phrase oft-repeated but rarely sincere. It’s a delightful feeling to claim credit for warning about a problem in advance. That’s a liberty I’m taking with federal financial regulators at the United States Securities and Exchange Commission. In January of this year, while serving as a
Regulation
The first official decentralized autonomous organization (DAO) in the United States is taking on the Securities and Exchange Commission (SEC) over its 2021 token registrations. American CryptoFed DAO has told Cointelegraph it will represent itself without an attorney over SEC allegations that it omitted and misstated information in a securities registration last year. The DAO
The ongoing case of the Celsius bankruptcy continues as the United States Bankruptcy Court in the southern district of New York State approved a new filing deadline. According to an official document, a deadline has been set for those filing any claims against the former digital assets lender. Any person or entity — which covers
Billionaire investor and hedge fund manager Bill Ackman says he remains bullish about cryptocurrencies, despite the recent collapse of the FTX cryptocurrency exchange and the market turmoil that’s followed it. In a Nov. 20 Twitter thread, the CEO and founder of hedge fund management firm Pershing Square Capital Management said he believes “crypto is here
The independent examiner in crypto lender Celsius’ bankruptcy case has alleged that the company failed to set up “sufficient” accounting and operational controls in its handling of customer funds. In an interim report released on Nov. 19, examiner Shoba Pillay made a number of stark observations in her court-appointed investigation into the bankrupt cryptocurrency lending
On Nov. 11, while the rest of the country was celebrating Veteran’s Day, Sam Bankman-Fried announced that FTX — one of the world’s largest cryptocurrency exchanges by volume — had filed for bankruptcy. Lawmakers and pundits quickly latched onto the rapid disintegration of FTX to call for more regulation of the crypto industry. “The most
Native cryptocurrencies turned out to be the biggest factor contributing to the demise of numerous exchanges and ecosystems this year, most recently during the FTX collapse. Korea’s financial authority, Korea Financial Intelligence Unit (KoFIU), took notice of the same as it launched a probe into crypto exchanges in relation to listing their in-house, self-issued tokens.
As part of the recent bankruptcy filing, the defunct crypto exchange FTX, along with 101 of the 130 affiliated companies, announced the launch of a strategic review of their global assets. The review is an attempt to maximize recoverable value for stakeholders. FTX, at the time led by CEO Sam Bankman-Fried (SBF), filed for Chapter
American CryptoFed DAO, the first decentralized autonomous organization (DAO) to get legal recognition in the United States, is at risk of losing its registration after the U.S. Securities and Exchange Commission (SEC) dug up anomalies in the Form S-1 registration statement dated Sept. 17, 2021. The Wyoming Secretary of State’s office recognized American CryptoFed as
FTX — the three letters on everyone’s lips in recent days. For those active in the crypto space, it has been a shattering blow as a tumultuous year for crypto nears an end. The repercussions are severe, with over a million people and businesses owed money following the collapse of the crypto exchange, according to
The Singapore Police Force has warned investors to be weary of fake websites claiming they can help them recover funds from the now-bankrupt cryptocurrency exchange FTX. On Nov. 19, the police issued a warning about a website claiming to be hosted by the United States Department of Justice that prompts FTX users to log in
Paul, Weiss, the law firm backing FTX CEO Sam Bankman-Fried (SBF) amid bankruptcy, renounced representing the entrepreneur, citing a conflict of interest. The decision to withdraw from representation after SBF’s tweets were found to disrupt the law firm’s reorganization efforts. Starting Nov. 14, SBF published a series of tweets that amassed extensive attention across Crypto
While crypto exchange FTX stole the limelight from other fallen ecosystems, South Korean authorities continue their efforts to bring closure to the victims of the year’s first crypto crash — Terraform Labs. Nearly six months after the Terra (LUNA) blockchain was officially halted, South Korean authorities froze approximately $104.4 million (140 billion won) from co-founder
United States Commodity Futures Trading Commission (CFTC) commissioner Summer Mersinger suggested that the time to act on cryptocurrency regulation may have arrived. Speaking at the Texas Blockchain Summit on Nov. 18, Mersinger considered what it may take for effective crypto regulation in the United States. “Lately it’s probably been 70-80% of what we talk about,”
Calls for harsher regulations around cryptocurrencies and digital assets will likely grow louder in the aftermath of FTX’s collapse — something former United States presidential candidate Andrew Yang said isn’t conducive to making America a hotbed for blockchain innovation. Speaking at the Texas Blockchain Summit in Austin on Nov. 18, Yang acknowledged that the bankruptcy
A bill was introduced into the Russian State Duma, the lower house of parliament, on Nov. 17 that would legalize cryptocurrency mining and the sale of the cryptocurrency mined. Cryptocurrency cannot currently be used for settlements in Russia. The proposed law reads, “Digital currency obtained as a result of mining can be disposed of by
When it comes to designing a metaverse map, it’s more about the vibe than practicality. From space pods to jungle islands and celebrity neighbors, users want to feel like they are someplace special. What considerations go into designing a metaverse platform? Insiders explain that one key factor is that virtual worlds need to be created
The Financial Industry Regulatory Authority (FINRA), the American self-regulatory organization, has launched an examination into the firm’s retail communications concerning crypto products and services offered by them. The regulatory body, in an official notice, announced that it is launching a targeted exam on firms on how they handled retail communications between July 1 and the end of
Bankrupt crypto exchange FTX has appointed restructuring administration firm Kroll as its agent to track all claims against FTX and ensure interested parties are notified of developments throughout its Chapter 11 bankruptcy case. Known as the “claims and noticing agent,” Kroll was appointed to the role on Nov. 12 with the news made public on
United States Sens. Elizabeth Warren and Richard Durbin wrote to the former and current CEOs of FTX, Sam Bankman-Fried and John Jay Ray III, respectively, on Nov. 16 to ask for more information on the collapse of the cryptocurrency exchange. They made 13 requests for documents, lists and answers. “The public is owed a