Regulation

Top Stories This Week Caroline Ellison wanted to step down but feared a bank run on FTX Caroline Ellison, former CEO of Alameda Research, testified for over 10 hours this week at Sam Bankman-Fried’s trial, offering deeper details on the events that anticipated the FTX debacle in November 2022. From Ellison’s testimony, jurors learned that

China has released draft security regulations for companies providing generative artificial intelligence (AI) services, encompassing restrictions on data sources used for AI model training. On Wednesday, Oct. 11, the proposed regulations were released by the National Information Security Standardization Committee, comprising representatives from the Cyberspace Administration of China (CAC), the Ministry of Industry and Information

Coinbase has doubled down on its push for a court order compelling the United States Securities and Exchange Commission (SEC) to act on the firm’s crypto rulemaking petition. Coinbase wants a mandamus issued within 30 days to compel the SEC to give an official answer on whether it will accept or deny the petition. The

Lawyers representing former FTX CEO Sam “SBF” Bankman-Fried are seeking to bring up certain information from the crypto exchange’s terms of service during witness testimonies. In an Oct. 12 filing in United States District Court for the Southern District of New York, SBF’s legal team said the motion was aimed at addressing “address certain evidentiary issues”

Our weekly roundup of news from East Asia curates the industry’s most important developments. SBF’s Chinese bribe scandal worsens According to October 11 testimony from Caroline Ellison, co-founder of FTX-linked hedge fund Alameda Research, her colleague — disgraced FTX founder Sam Bankman-Fried — allegedly paid $150 million in bribes to Chinese government officials in 2021, higher

A 75-minute secretly recorded audio clip of Caroline Ellison has revealed the exact moment 15 former Alameda Research staff found out the hedge fund was “borrowing” user funds from FTX.  The full-length recording, obtained by Cointelegraph, provides fresh insights into the palpable tension felt by Ellison and Alameda staff in the lead-up to FTX’s collapse.

James Comer, chair of the United States House of Representatives Oversight and Accountability Committee, has threatened Securities and Exchange Commission (SEC) chair Gary Gensler with a subpoena. He wrote in the letter dated Oct. 12, that the committee will have “no choice” but to use compulsory measures to obtain documents if the SEC does not

United States District Judge Amy Berman Jackson of the District Court for the District of Columbia has reportedly signed multiple orders to clear pending motions in the ongoing lawsuit filed by the U.S. Securities and Exchange Commission (SEC) against crypto exchange Binance ahead of a crucial hearing. Among the key orders, Jackson cleared an amicus brief

FTX’s sister hedge fund, Alameda Research, lost at least $190 million of its trading funds due to arguably avoidable scams, according to a former engineer at the firm. In an Oct. 12 post to X titled “The Hacks,” former Alameda Research engineer turned whistleblower Aditya Baradwaj claims that the firm’s “breathtaking” agility led to “major

Seven members of the United States Senate have called on the Treasury Department and Internal Revenue Service (IRS) to advance a rule imposing certain tax reporting requirements for crypto brokers “as swiftly as possible”. In an Oct. 10 letter to Treasury Secretary Janet Yellen and IRS Commissioner Daniel Werfel, a group of U.S. senators including

In a world increasingly anxious about privacy and exploitation of one’s personal data by governments, corporations, social media platforms and banks, zero-knowledge proofs may offer some relief.  Indeed, this emerging cryptographic protocol could partially remedy two rapidly growing global deficits: privacy and truth. ZK-proofs have already found a home within the cryptocurrency and blockchain sector

At the time of publication, half of the legislative branch of the federal government of the United States was largely paralyzed following a vote ousting then Speaker Kevin McCarthy. U.S. lawmakers voted to declare the office of Speaker of the House of Representatives vacant on Oct. 3, marking the first time in the history of

Day six of the trial of Sam Bankman-Fried saw the conclusion of former FTX chief technology officer Gary Wang’s testimony and the beginning of former Alameda Research CEO Caroline Ellison’s. Wang testified about his plea deal, among other things. According to Inner City Press on X (formerly Twitter), Assistant United States Attorney Nicolas Roos asked

Former FTX CEO Sam “SBF” Bankman-Fried had ambitions to become president of the United States, according to his former girlfriend and business associate Caroline Ellison. Appearing in court on Oct. 10 to testify against Bankman-Fried, Ellison reportedly said the former FTX CEO wanted to be the U.S. president in the future. The declaration followed the

The Financial Conduct Authority (FCA) of the United Kingdom has placed restrictions on peer-to-peer lending platform Rebuildingsociety, the firm with which crypto exchange Binance partnered for compliance with the regulator’s marketing regime.  In an Oct. 10 notice, the FCA said Rebuildingsociety was not authorized to “approve the content of any financial promotion for a Qualifying

A bipartisan parliamentary committee has urged the British government to protect creators from copyright infringement associated with nonfungible tokens (NFTs) and address potential harms from sporting groups issuing digital assets. In an Oct. 11 press release, Culture, Media and Sport Committee members warned the “most pressing issue” was the risk to artists’ intellectual property rights