Regulation

Top Stories This Week Sam Bankman-Fried enters not guilty plea for all counts in federal court Former FTX CEO Sam Bankman-Fried (has pleaded not guilty to all charges related to the collapse of the crypto exchange, including wire fraud and securities fraud. He faces eight criminal counts, which could result in 115 years in prison

The legal team for former FTX CEO Sam Bankman-Fried has filed a motion in an effort to stop the exchange’s debtors from controlling more than $450 million worth of shares of Robinhood. In a Jan. 5 court filing regarding FTX’s bankruptcy case, Bankman-Fried’s lawyers said FTX debtors had “failed to carry their heavy burden” establishing

The United States Attorney’s Office for the Southern District of New York has launched a page on its website appealing to Sam Bankman-Fried’s alleged victims of fraud at FTX to come forward and informing them about court proceedings. In a Jan. 6 filing, Assistant U.S. Attorney Danielle Sassoon requested the federal court allow her office

A group of FTX customers has filed a limited objection to FTX’s plan to sell four independently operated subsidiaries, arguing that they should be privy to the sales process to ensure that customer interests are represented.  The group has also shared concerns that “misappropriated customer funds” may have been used to acquire or keep these

Fourteen years after Bitcoin’s Genesis block launched a profound disruption in financial services and other industries through the rise of blockchain technology, United States authorities are finally becoming more interested in cryptocurrencies’ future and economic impact. On Dec. 14, the Financial Accounting Standards Board (FASB) discussed new accounting and disclosure requirements for entities holding crypto assets

200 million Twitter users’ private information, including their email addresses, was put for sale after a breach exposed 400 million users’ private information in the last week of December 2022. The hacker behind the December breach had earlier demanded $200,000 from Twitter in a bid to return the stolen data and warned if the demand

At the time of publication, the United States House of Representatives was at a historic standstill in its process of choosing a Speaker for the 118th Congress — a quagmire that could lead to lawmakers delaying committee hearings. As of Jan. 4, California Representative Kevin McCarthy lost the fifth round of votes to become the

As a part of its reform of crypto regulation, Indonesia will create a crypto exchange in 2023, according to reports. The platform is planned to be launched prior to a shift of regulatory power from commodities to securities authority.  On Jan. 4, the head of the Commodity Futures Trading Regulatory Agency of Indonesia (Bappebti), Didid

The Bahamas will have legal representation in the unfolding FTX case. The Caribbean nation chose Brown Rudnick as counsel “in certain matters of engagement related to the collapse of FTX Digital Markets Ltd.,” alongside Bahamian lawyers and other experts, according to a statement released by the law firm.  FTX Digital Markets is headquartered in the

As liquidity issues surround the Digital Currency Group (DCG), Three Arrows Capital (3AC) founder Su Zhu made a Twitter thread containing allegations against DCG and FTX. However, the founder immediately got called out by the crypto community for blaming others and not taking accountability.  In the thread, Zhu alleged that DCG had a role in

Although having been granted the opportunity to enjoy Christmas and the New Year with his family, former FTX CEO Sam Bankman-Fried has very few reasons for optimism in 2023. The United States Department of Justice has launched an investigation into the whereabouts of approximately $372 million in missing digital assets from FTX and its U.S.-based

The year 2022 wasn’t the best one in terms of crypto reputation among regulators and policymakers. However, even amid the market breakdown and repetitive public attacks on the industry, some of the officials found the courage to embrace the innovation. Some of the names are not new, while others showed progress significant enough to include

Avraham Eisenberg was arrested in Puerto Rico on Dec. 26 on commodities fraud and manipulation charges relating to the $110 million exploit of the decentralized Mango Markets exchange. Eisenberg had self-identified as the actor behind what he called a “highly profitable trading strategy” and insisted that he had taken “legal open market actions, using the

Former FTX CEO Sam Bankman-Fried (SBF), currently free on a $250 million bail bond, will reportedly plead not guilty to the alleged FTX and Alameda-related financial frauds in court on Jan. 3. SBF was arrested in the Bahamas at the request of the U.S. government under suspicion of defrauding investors and misappropriation of funds held

Legislators in the United States seem to be reevaluating the crypto industry and its regulatory needs in light of FTX’s collapse. According to the Wall Street Journal, since the crypto exchange filed for bankruptcy in November, lawmakers have been under pressure to set a new regulatory framework for cryptocurrencies.  Several proposals are in the works

Proof of reserves (PoR) has gone from a buzzword to a roar in recent weeks as the crypto world tries to recover from the shock and losses of the current crypto winter. After a flurry of discussion and work, criteria and rankings for adequate PoR are beginning to appear, but the fine points of how

The Central Bank of the Republic of Turkey (CBRT) has completed the first trial of its central bank digital currency (CBDC), the Digital Turkish Lira, and has signaled plans to continue testing throughout 2023.  According to a statement released by the CBRT on Dec. 29, the central bank authority said it successfully executed its “first

Former FTX CEO Sam Bankman-Fried met with government officials at the White House on at least four separate occasions in 2022, one of which reportedly occurred just two months before the fall of his crypto empire. Most of the meetings were disclosed in visitor logs that are posted by the White House every month, with

The Reserve Bank of India (RBI) has appealed to the country’s presidency of the G20 group of the world’s largest economies as a pulpit to call for the development of a global regulatory framework for crypto assets. In its latest financial stability report, released Dec. 29, the bank again expressed its concerns about the burgeoning

The California Department of Financial Protection and Innovation (DFPI) has fired off 17 separate warnings over two days against crypto brokers and websites it suspects of being fraudulent. The list includes Tahoe Digital Exchange, TeleTrade Options, Tony Alin Trading Firm, Hekamenltd/Tosal Markets Limited, Trade 1960, Yong Ying Global Investment Company Limited, Unison FX, VoyanX.com, and