Regulation

FTX’s leadership is looking to claw back more than $240 million from insiders and executives that benefited from FTX’s “wildly inflated” acquisition of stock-clearing platform Embed in September. Cointelegraph reported yesterday that a lawsuit was filed against former FTX CEO Sam Bankman-Fried and other top FTX insiders on May 17 concerning the Embed acquisition, which

A trio of speakers in attendance at Industry Day, May 18, during the Bitcoin 2023 event in Miami held a discussion on government regulation and how the cryptocurrency industry should fight back against the “anti-crypto army.” Moderated by David Zell, cofounder of the Bitcoin Policy Institute, the panel featured Perianne Boring, Founder and CEO at

State versus federal regulation was a key issue in the hearing on stablecoins in the United States House of Representatives on May 18. The House Committee on Financial Services’ new Subcommittee on Digital Assets, Financial Technology and Inclusion heard testimony from five experts as it considered two proposed bills to regulate stablecoins. There were two

FTX lawyers are suing former CEO Sam Bankman-Fried, co-founder Zixiao Wang, and former senior executive Nishad Singh over the $220 million acquisition of stock-clearing platform Embed, alleging lack of due diligence.  According to a May 17 filing, FTX had paid $220 million to acquire Embed through its United States subsidiary after having allegedly “performed almost no due

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On May 10, the United States House of Representatives Financial Services Committee and Agriculture Committee held their first joint hearing on digital asset regulation. The event felt like a logical continuation of another recent hearing where representatives lambasted Securities Exchange Commission Chair Gary Gensler for perceived regulatory overreach.  The principal narrative, articulated by the hearing’s

Italy’s back and forth with the emergence of artificial intelligence (AI) continues, after lawmakers in the country announced funds for those at risk of losing their jobs to automation.  On May 15 Italian officials set aside 30 million euros ($33 million) towards the Fondo per la Repubblica Digitale (FRD) to enhance the capabilities of the

Terra co-founder Do Kwon’s bail is now in question after the State Prosecutor’s Office filed an appeal against it. Kwon is still wanted for extradition by South Korea and has criminal charges to answer in the United States.  On May 17, the State Prosecutor’s Office in Montenegro’s capital Podgorica appealed against the previous decision of the

Financial services firm Wells Fargo has reached a settlement in a class-action lawsuit, agreeing to pay shareholders $1 billion. The lawsuit alleged that the bank had misled its shareholders about its efforts to resolve the 2016 fake accounts scandal. A $1 billion all-cash settlement was granted preliminary approval by United States district judge Gregory Woods

Ripple will participate in the Hong Kong Monetary Authority’s (HKMA’s) digital Hong Kong dollar (e-HKD) central bank digital currency (CBDC) pilot program by showcasing a real estate asset tokenization solution. The company will reveal its new CBDC platform at the same time.  Ripple will partner with Taiwan’s Fubon Bank and others to demonstrate equity release

Two prominent crypto asset managers, namely Grayscale and Bitwise, have put a halt on their ETH futures exchange-traded fund (ETF) plans amid growing scrutiny from United States regulators. Grayscale filed an amendment to its Securities and Exchange Commission filing on May 17 to remove mentions of Ethereum futures ETF. The amendment comes just within a

Self-regulatory organization CryptoUK and crypto exchange Kraken UK has slammed a recent report from a panel of British lawmakers that suggested crypto should be regulated in a similar vein to gambling. In a May 17 report, the Treasury Committee “strongly recommended” that unbacked crypto be regulated as gambling due to concerns over the “significant” consumer

Within 11 days in March, four banks in the United States and one in Switzerland collapsed. First Republic Bank followed in May. Three of the four largest-ever U.S. bank failures occurred in those two months. It was a painful reminder that banks bear significant risks that can quickly spill over to other industries. Ironically, despite

Defense lawyer and former federal prosecutor, James K. Filan, expects the infamous Hinman Speech documents to be released to the public by June 6, citing a previous court order. The Hinman documents relate to a 2018 speech from former Securities and Exchange Commission (SEC) corporation finance division director Bill Hinman, who essentially stated that Ether (ETH)

Lawmakers from South Korea are pushing to enshrine stricter regulation of digital assets in the wake of a gruesome murder case involving digital assets.  According to a May 18 Bloomberg report, a Korean woman was abducted on March 29 and later murdered in a dispute believed to have stemmed from a disagreement over cryptocurrency-related losses

Pakistan will ban cryptocurrency services operating in the country and never legalize crypto trading, Minister of State for Finance Aisha Ghaus Pasha said at a session of the Senate Standing Committee on Finance and Revenue on May 16, according to multiple local media reports. Other officials, including State Bank of Pakistan director Sohail Jawad, spoke

A Greenland Holdings subsidiary is applying for a virtual asset trading license in Hong Kong, the South China Morning Post reported. It is the first state-owned Chinese company to do so.  Greenland Financial Technology Group CEO James Geng Jing told the Hong Kong newspaper that a new company dedicated to virtual asset trading would be

On May 15, the Supreme People’s Procuratorate of the People’s Republic of China, the national agency responsible for legal prosecution, shared its thoughts on the non-fungible token (NFT) market. In an article published, three authors laid out the prosecutors’ vision of the market risks and the following reasons to enforce it more actively. The article

Sam Altman, the CEO of OpenAI and co-founder of Worldcoin, recently testified before Congress alongside IBM’s chief of trust, Christina Montgomery, and NYU professor Gary Marcus.  The Senate judiciary subcommittee session represented Altman’s first official appearance before Congress, giving senators the opportunity to question the OpenAI CEO concerning his company’s views on regulation. ‘If this

The European Council has approved updated rules that extend tax reporting requirements to include transfers of crypto assets. This is the eighth version of the Directive on Administrative Cooperation (DAC), which is a set of procedures for automatic information sharing between European governments for tax purposes.  DAC8 was proposed in December and approved May 16