Regulation

A class-action lawsuit against Silvergate Bank, Silvergate Capital Corporation and Silvergate CEO Alan Lane was filed at the California Southern District Court concerning accounts held by embattled crypto companies FTX and Alameda Research. The suit aims to hold Silvergate accountable for its alleged roles in placing FTX user deposits into the bank accounts of Alameda,

Sam Bankman-Fried, the jailed founder of bankrupt cryptocurrency exchange FTX has reportedly filed a new application for bail in the Bahamas Supreme Court following his previous unsuccessful bail bid. Local media on Dec. 15 reported the founder submitted the application and that it would be heard before the court in just over one month’s time

The New York state Department of Financial Services (DFS) released guidance on Dec. 15 for regulated banks seeking to engage in activities with virtual currency. The guidance, which took effect immediately, describes the application process and “summarizes the types of information the Department considers relevant” for obtaining the agency’s approval. The 11-page document consisted largely

Following the global trend of tightening the crypto regulation in the aftermath of recent market failures, France may reassess its eased regime of licensing for digital asset providers. That would challenge the nation’s efforts to present itself as one of the most pro-crypto countries in Europe.  According to the Financial Times, Hervé Maurey, a member

According to Bahamian court records filed on Dec. 14, Ryan Salame, the former co-CEO of FTX Digital Markets told the Securities Commission of the Bahamas (SCB) on Nov. 9 that FTX was sending customer funds to its sister trading firm Alameda Research. He also told the SCB only three people had the access required to

As the cryptoworld focused on the drama unfolding around FTX, United States Sen. Elizabeth Warren and Sen. Roger Marshall introduced the “Digital Asset Anti-Money Laundering Act of 2022” on Dec. 14. The seven-page bill would expand the classification of money service business (MSB), prohibit financial institutions from using technology such as digital asset mixers and

The arrest of former FTX CEO Sam Bankman-Fried by the Bahamian authorities served as a cue for anti-crypto proponents to reignite discussions around the dangers of cryptocurrencies. While some political leaders blame the crypto ecosystem for SBF’s alleged fraud, others find no point in blaming an entire industry for one man’s action. During House Financial Services Committee hearing on FTX,

Damian Williams, United States Attorney for the Southern District of New York, said the investigation leading to charges against former FTX CEO Sam Bankman-Fried had been “very, very fast” but prosecutors were “not done” with arrests. In a press conference livestream on Dec. 13, Williams said the timing of the arrest of Bankman-Fried had been

The indictment against Sam Bankman-Fried (SBF) was unsealed Dec. 13. The indictment, signed by U.S. Attorney for the Southern District of New York Damian Williams, is 14 pages long and containe eight counts.  The charges listed against SBF in the indictment are: Conspiracy to commit wire fraud on customers, wire fraud on customers, conspiracy to

The United States Securities and Exchange Commission (SEC) is taking further steps to stop Grayscale Investments’ efforts to launch a Bitcoin (BTC) exchange-traded fund (ETF). Grayscale began its legal challenge of the SEC’s denial order of the proposed investment product in June 2022. A 73-page brief filed with the U.S. Court of Appeals for the

Sam Bankman-Fried has been arrested by authorities in the Bahamas at the request of the U.S. government, just a day before the disgraced former FTX CEO was due to testify before Congress. Bankman-Fried was arrested by the Royal Bahamas Police Force following a formal notification from the United States government that it has filed criminal

Eric Adams, who became mayor of New York City in January, has reportedly stood behind a campaign pledge to make the city a crypto hub, despite a drop in the price of many tokens in 2022. According to a Dec. 12 report from Slate, Adams suggested he still wanted New York City to be the

Minnesota Senator Tom Emmer has slammed U.S. Securities Exchange Commission (SEC) Chairman Gary Gensler for his flawed “crypto information-gathering efforts,” saying that Gensler should appear before Congress to explain the cost of his “regulatory failures.” Emmer’s comments came in a Dec. 10 tweet to his 67,500 Twitter followers, where he referred to a bipartisan Blockchain

South Korean authorities believe Terraform Labs’ controversial founder and CEO Do Kwon is currently in the Southeastern European nation of Serbia. According to a Dec. 11 report from Chosun Media, South Korean authorities followed a tip-off concerning Do Kwon’s whereabouts suggesting he is now in Serbia and has been able to confirm it.  “Recently, we

United States-based cryptocurrency exchange Coinbase has asked its customers to convert their Tether-issued USDT (USDT) stablecoin to USD Coin (USDC), a USD-pegged stablecoin issued by Circle and co-founded by Coinbase in 2018. The cryptocurrency exchange suggested that USDC is a much more secure alternative in the wake of the FTX collapse saga and has also exempted

To help out the recently duped investors of FTX Tokens (FTT), shareholder rights litigation firm — Schall Law Firm — has taken up the task of investigating the investors’ claims against FTX for violations of the securities laws. It is estimated that over one million people have lost their life savings owing to the financial