The collapse of supposed stablecoin TerraUSD last May wiped out more than $40 billion of market value held by investors who bought into the story that creator Do Hyeong Kwon and his firm Terraform Lab...
Tag: Policy
SEC warns celebrities after charging NBA Hall of Famer over crypto promotion
Policy • February 17, 2023, 11:30AM EST NBA Hall of Famer Paul Pierce settled charges brought by the U.S. Securities and Exchange Commission for unlawfully touting tokens sold by EthereumMax. ...
Gate.io integrates with Copper’s ClearLoop network amid fresh focus on custody
Crypto exchange Gate.io is partnering with digital asset custody firm Copper.co to fully integrate with its ClearLoop solution in a move that will allow users to quickly execute trades while maintaini...
Merit Peak, firm at heart of Reuters report, operated on Binance.US, exchange admits
Binance.US, the U.S. affiliate of the world’s largest crypto exchange, acknowledged that a market making firm called Merit Peak, which is alleged to have secretly received $400 million from the exchan...
SEC charges Terraform and Do Kwon post Terra collapse
Policy • February 16, 2023, 5:01PM EST The Securities and Exchange Commission charged Terraform Labs and its CEO Do Hyeong Kwon over its algorithmic stablecoin Terra USD, which collapsed dramatically ...
The Block: US regulators may spell Armageddon for crypto, but they’re not wrong: Compound’s Leshner
Recent crackdowns by U.S. regulators in the crypto industry are a “planned set of product takedowns” and risk annihilating the young market, Compound Labs founder Robert Leshner said. They’re not wron...
ECB Tells EU Banks to Adopt New Risk Policy for Crypto
The European Central Bank has told EU banks with crypto exposure to hold capital reserves according to crypto’s risk rating before crypto-related bills become law. Banks Must Adhere to Draft Standards...
Gensler opens new regulatory front for crypto firms: custody
SEC Chair Gary Gensler signaled an escalation to his post-FTX crackdown on the crypto industry on Wednesday, saying that digital asset firms are in broad violation of current custodial rules meant to ...
Stanford University’s Larry Kramer and Andreas Paepcke co-signed Sam Bankman-Fried’s bond
A pair of Stanford University academics co-signed FTX founder Sam Bankman-Fried’s bond, according to court documents unsealed on Wednesday. Larry Kramer, dean emeritus of Stanford Law School, s...
Judge denies request for FTX bankruptcy examiner
A judge denied a request to appoint an independent examiner in FTX’s bankruptcy case, noting that one would be too expensive when multiple investigations into the troubled crypto exchange are underway...
Senate Republican drafting proof-of-reserve legislation
Policy • February 15, 2023, 10:46AM EST Published 16 hours and 30 minutes earlier on Sen. Thom Tillis, R-N.C., is drafting legislation to require digital asset exchanges and custodians operating in th...
SEC to vote on rule that would tighten crypto custody requirements
The Securities and Exchange Commission will vote on a rule that would raise requirements for how registered investment advisers custody assets — including crypto. The agency will vote on propo...
Warren pledges to reintroduce crypto anti-money laundering bill
Sen. Elizabeth Warren, D-Mass., said she plans to reintroduce legislation with Sen. Roger Marshall, R-Kan., that would extend anti-money laundering laws to a broad array of the cryptocurrency ecosyste...
Bankruptcy court restricts KeyFi founder Jason Stone in Celsius case
KeyFi founder Jason Stone and others involved with the staking firm are barred from transferring or disposing of most property tied to the Celsius bankruptcy case, according to a temporary restraining...
Crypto markets rebound as Silvergate soars 16% on Citadel Securities, Susquehanna stakes
Cryptocurrency prices rebounded after yesterday’s decline, when the New York Department of Financial Services announced it will pursue regulatory action against stablecoin provider Paxos. ...
684 million BUSD burned for redemptions amid US regulatory scrutiny
Just over a day after it categorically denied regulator claims Binance USD (BUSD) is a security, Paxos has burned some 684 million of the stablecoin for U.S. dollar redemptions, on-chain data show. &#...
Coinbase, JP Morgan relationship intact amid regulatory crackdown: Sources
Rising regulatory scrutiny isn’t coming between Coinbase and one of its banking partners, JPMorgan Chase. The cryptocurrency exchange and the Wall Street stalwart are sticking together am...
Bankman-Fried banned from using VPN, bail arguments set for Thursday
A judge banned Sam Bankman-Fried from using a VPN after the former FTX boss said he used a private network to watch the Super Bowl while under house arrest. “The defendant’s use of a VPN present...
Bankman-Fried used VPN to watch Super Bowl, will stop using private network until bail is settled
Former FTX CEO Sam Bankman-Fried used a VPN to watch the Super Bowl, but he has agreed to stay away from the tech until his bail terms are settled, Bankman-Fried’s lawyer wrote in a court filing on Tu...
Sinbad crypto mixing service may be Blender in disguise: Elliptic
A shuttered crypto transaction mixer once sanctioned by U.S. regulators may have returned under a new name, according to an analysis by crypto firm Elliptic. Elliptic said that on-chain data sho...
Serious about your crypto project? Binance’s CEO says you should move.
Binance CEO Changpeng Zhao suggested crypto entrepreneurs might need to move to a country more favorable to cryptocurrencies and digital assets amid what appears to be a growing crackdown by U.S. regu...
Magic Eden lays off 22, about 15% of staff in latests workforce cuts
Magic Eden laid off 22 people as companies across the industry cut staff amid industry-wide cuts. That amounts to about 15% based upon the 141 employees listed on LinkedIn. Magic Eden is the lat...
CFTC, SEC cases against Bankman-Fried to be pushed back until criminal case ends
Civil cases brought by U.S. regulators against former FTX CEO Sam Bankman-Fried can be pushed back until after a criminal case concludes, a judge decided Monday. Damian Williams, U.S. Attorney ...
Tether dominates Brazil as bitcoin, ether fall out of favor
In a country where economic instability is as common as coconuts, Brazilians appear to favor the stablecoin tether as their cryptocurrency of choice. The federal tax authority, which compiles data fro...
SEC action against Paxos paints regulatory target on stablecoins
Stablecoins look to be the next part of the crypto ecosystem facing a regulatory crackdown. The U.S. Securities and Exchange Commission has issued notice to crypto infrastructure provider Paxos...
Crypto markets wrought ahead of US inflation data as regulatory issues steal focus
Crypto markets were roiled by the SEC last week, and now there’s even more uncertainty after the New York Department of Financial Services ordered Paxos to stop issuing BUSD. Next up is U.S. inf...
Paxos ‘categorically disagrees’ with SEC in calling BUSD a security
Paxos said it “categorically disagrees” with the U.S. Securities and Exchange Commission in calling Binance USD (BUSD) a security. The stablecoin issuer said it got an SEC Wells noti...
Circle warned regulator about rival Binance stablecoin last year, Bloomberg says
Circle filed a complaint with the New York State Department of Financial Services last year over rival Binance’s “mismanagement of reserves” for its own tokens, Bloomberg News report...
Galaxy Digital gets approval for Bahamas subsidiary amid rising US regulatory uncertainty
Galaxy Bahamas, a subsidiary of Mike Novogratz’s crypto investment firm, received approval from the Securities Commission of The Bahamas in December for registration as a digital asset business ...
Monetary policy: Definition, types and tools
What is monetary policy? Monetary policy refers to the actions taken by a central bank or monetary authority to manage the supply of money and interest rates in an economy, with the aim of promoting e...