Securities and Exchange Commissioner (SEC) Chair Gary Gensler supported the White House’s budget boost request for the stock market watchdog. But Mr. Gensler warned that the funds appropriated were tens of millions of dollars less than what his federal agency originally requested for the upcoming fiscal year. The Senate Appropriations Committee appropriated $2.4 billion to…
SEC Requests Bigger Budget to Tackle ‘Wild West of the Crypto Markets’
July 20, 2023
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Sam Bankman-Fried Attorneys Ask Judge to Remove Security Measures for ‘Close Friends’ Visiting
Lawyers for Sam Bankman-Fried on July 13 asked the judge overseeing his criminal prosecution to allow “close friends and colleagues” of the former FTX founder’s parents to visit him at his home without a security guard having to be present or conduct security checks. Mr. Bankman-Fried was extradited to the United States from the Bahamas in…
Ex-CEO of Bankrupt Cryptocurrency Exchange Celsius Arrested, Charged With Fraud
July 14, 2023
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The former CEO of bankrupt cryptocurrency lending platform Celsius Network, Alexander Mashinsky, has been arrested and is facing a string of charges for allegedly misleading investors and manipulating the price of the company’s crypto token, the Department of Justice announced on July 13. Mr. Mashinsky was arrested Thursday and charged with securities fraud, commodities fraud, and wire fraud for defrauding…
Central Banks Are Increasingly Interested in CBDCs, Says BIS Survey
July 12, 2023
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At least 93 percent of central banks are already researching the implementation of central bank digital currencies (CBCD), according to a recent survey. Twenty-four central banks in emerging and in advanced economies are expected to have digital currencies in circulation by 2030, the Bank for International Settlements (BIS) said in a survey published on July…
Financial Regulator Warns Crypto ATM Users Risk Losing Money
People using unregistered cryptocurrency ATMs risk handing their money to criminals, a financial regulator has warned. In a joint effort with law enforcement agencies, the Financial Conduct Authority (FCA) has disrupted 26 crypto ATMs, operating unlawfully across the country. Users can buy and sell cryptocurrency in exchange for cash or with a debit card when…
Britcoin ‘Will Change Everything,’ Analyst Warns
A Bank of England (BoE) digital pound will be a “complete restructure” of the current financial system and can give the government more control on how people use their money, a financial analyst warns. Some 130 countries are exploring a central bank digital currency (CBDC), according to the Atlantic Council. The Bank of England (BoE) and…
FTX Lied to Banks for Years About Misappropriated Customer Funds, New CEO Says
Cryptocurrency derivatives exchange FTX has been lying to banks about the suspicious movements of customer assets as far back as 2020, the company’s new leadership alleged in court filings. Once a $32 billion crypto empire, FTX collapsed in November 2022 after its disgraced founder Sam Bankman-Fried allegedly misappropriated customers’ money to cover losses at his…
Bankman-Fried Loses Bid for Documents From Former FTX Law Firm
NEW YORK—A U.S. judge on Friday denied Sam Bankman-Fried’s push to get a law firm that advised his now-bankrupt FTX cryptocurrency exchange to hand over documents he says can help him beat fraud charges. The onetime billionaire, who has pleaded not guilty to charges of stealing from FTX customers and lying to investors and lenders,…
Several US Agencies Set Up New Crypto Task Force in Arizona to Combat Illegal Online Activity
Federal agencies have joined forces to combat crimes involving cryptocurrencies in Arizona after seeing an increase in digital transactions related to narcotics, firearms, and other illicit activity. On June 15, Homeland Security Investigations in Arizona and representatives from four other federal agencies signed a memorandum of understanding to establish the “Darknet Marketplace and Digital Currency…
IMF Pushes Global Central Bank Digital Currency Platform as Cashless Trend Builds Steam
The International Monetary Fund (IMF) is working on a platform that would allow various central bank digital currencies (CDBCs) to interoperate on a global scale, which comes amid a broader push toward cashless societies and concerns about risks to freedoms. IMF managing director Kristalina Georgieva told conference participants on Monday in Rabat, Morocco, that the…
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