The Caribbean nation of St. Kitts and Nevis may declare Bitcoin Cash (BCH) legal tender by March 2023. Prime Minister Terrance Drew made that announcement while he spoke at the Bitcoin Cash 2022 conference in St. Kitts on Nov. 12. St. Kitts and Nevis is a member of the Eastern Caribbean Central Bank and part of
Regulation
A judicial authority established by the United Arab Emirates (UAE) Federal Decree has adopted blockchain technology to save time and costs related to the enforcement of commercial judgments. ADGM Courts, an authority that supports the financial regulator Abu Dhabi Global Markets (ADGM), has implemented blockchain technology to help save significant time for the parties in
The Australian government has doubled down on its commitment towards a robust regulatory framework for crypto following the catastrophic collapse of FTX last week. A spokesperson for Australian Treasurer Jim Chalmers said the Treasury said it is now planning on regulations to improve investor protection next year, according to a Nov. 16 report from the
The former CEO of FTX Sam Bankman-Fried has expressed deep regret over filing for Chapter 11 bankruptcy last week, calling it his “biggest single fuckup.” In a wide-ranging interview with VOX which was published on Nov. 16, Bankman-Fried reportedly answered questions on a number of topics such as the Nov. 11 Chapter 11 bankruptcy filing,
California Representative Brad Sherman, who repeatedly called for a ban on U.S. residents buying crypto, accused leaders at several financial agencies of parroting former FTX CEO Sam Bankman-Fried’s ideas on regulating digital assets. In a Nov. 16 hearing before the House Financial Services Committee, Sherman directed his remarks to Federal Reserve vice chair of supervision
Members of the United States House Financial Services Committee have scheduled a December hearing aimed at exploring the collapse of crypto exchange FTX and “broader consequences for the digital asset ecosystem.” In a Nov. 16 announcement, the House committee said it expected to hear from individuals and companies involved in the events that led to
Historical crime has left a proverbial black mark on the cryptocurrency ecosystem with multi-million dollar hacks, scams and fraud cases grabbing headlines around the world. Various research reports have highlighted the use of cryptocurrencies for illicit means, with varying degrees of severity since Bitcoin’s inception in 2009. This has ebbed and flowed but crypto is
Abu Dhabi’s Global Market (ADGM) and Financial Services Regulatory Authority have granted cryptocurrency exchange Binance clearance to offer its services in the region. An official announcement from the United Arab Emirates capital’s financial center confirmed that Binance will be cleared to offer cryptocurrency custodial services to professional clients once it has met the requirements for
In the aftermath of the FTX exchange liquidity crisis and bankruptcy, the United States and Bahamian authorities are reportedly discussing the possibility of extraditing Sam Bankamn-Fried, former CEO of the company, back to the U.S. for questioning. According to a Bloomberg report citing people familiar with the matter, conversations between local law-enforcement officials, including the
The superintendent of the New York Department of Financial Services (DFS) joined a nationwide regulatory discussion in the aftermath of the FTX collapse with a fresh take. Adrienne Harris believes that any federal crypto legislation to come should not override state regulatory regimes. During her speech under the headline “Digital asset regulation: The state perspective”,
Economic uncertainty amid geopolitical tensions, rising interest rates and slowing economic growth have put a strain on the United States financial system. Reacting to the massive losses reported by the traditional banks in Q2 2022, the Federal Deposit Insurance Corporation (FDIC) decided to prioritize five key policies this year, which include evaluating the risks of
Australia’s financial markets regulator has suspended FTX Australia’s financial license following the appointment of a voluntary administrator to help nearly 30,000 Australians and 132 Australian companies get their funds back from FTX. The announcement was made by the Australian Securities and Investments Commission (ASIC) on Nov. 16 local time, which suspended the Australian Financial Services
Will former FTX CEO Sam Bankman-Fried be held accountable for his mismanagement of investor funds? After most of the entities tied to his cryptocurrency exchange became insolvent last week, blockchain analysts concluded the insolvencies came as a partial result of the exchange’s trading house, Alameda Research, burning through nearly $10 billion in cash that technically
With the cryptocurrency market becoming ever more complex and intimidating, California Attorney General Rob Bonta had decided to issue guidance for novice crypto buyers. The California Office of the Attorney General’s website now features a page that will help those new to crypto “avoid the hype, [and] get the facts.” “Don’t fall for a fantasy
Federal Deposit Insurance Corporation acting chair Martin Gruenberg said the agency does not back any crypto firms in the United States, nor does its insurance cover losses from tokens. In a Nov. 15 hearing of the Senate Banking Committee on the oversight of financial regulators, New Jersey Senator Bob Menendez said lawmakers needed to “take
Almost 4,000 people have used a CryptoLaw petition app to demand that Congress investigate United States Securities and Exchange Commission head Gary Gensler’s “actions in the FTX fraud,” the organization claimed in a tweet on the morning of Nov. 14. The CryptoLaw website is run by lawyer John Deaton, who is representing Ripple against the
The Federal Reserve Bank of New York’s Innovation Center, or NYIC, announced that it would be launching a 12-week proof-of-concept pilot for a central bank digital currency, or CBDC. In a Nov. 15 announcement, the New York Fed said the program would explore the feasibility of an “interoperable network of central bank wholesale digital money
The Supreme Court of the Bahamas has approved two provisional liquidators to oversee the assets of crypto exchange FTX Digital Markets, which is headquartered in the country. According to a Nov. 14 announcement from the Bahamas’ Securities Commission, the country’s supreme court approved the appointments of PricewaterhouseCoopers advisory partner Kevin Cambridge and partner Peter Greaves to
Blockchain4Ukraine — a group of pro-crypto Ukrainian lawmakers — and the citizen group Virtual Assets of Ukraine (VAU) revealed a joint roadmap for promoting and developing Web3 in the country. The document was signed by its co-authors on Nov. 14, according to regional media. The roadmap proposes a set of measures for promoting Web3, such
The FTX liquidation crisis turned bankruptcy saga continues as a recent filing reveals additional information on Sam Bankman-Fried’s leadership and the exchange’s final days. On Nov. 14, a new document was filed in a United States federal court in Delaware, where FTX US is based. It revealed that the exchange may have “more than 1