Regulation

A key set of crypto tax reporting rules is being delayed until further notice under a decision made by the United States Treasury Department. The rules were supposed to be effective in the 2023 tax filing year, in accordance with the Infrastructure Investment and Jobs Act passed in November, 2021. The new law requires that

Dan Berkovitz, general counsel for the United States Securities and Exchange Commission, said he will be leaving the agency after more than a year. In a Dec. 22 announcement, the SEC said Berkovitz will depart on Jan. 31. A former commissioner with the Commodity Futures Trading Commission, Berkovitz joined the agency in November 2021. At

Cryptocurrencies like Bitcoin (BTC) could potentially find some mutually beneficial interactions with central bank digital currencies (CBDCs), according to one industry executive. While crypto is often associated with financial freedom, the concept of CBDC is frequently seen as the exact opposite. But this doesn’t mean that there cannot be a balance between the two, according

The last year has been an eventful one for the crypto space. The collapse of the Terra ecosystem and its TerraUSD (UST) algorithmic stablecoin saw $50 billion wiped off the market in a flash. And more recently, FTX, an exchange many thought was “too big to fail,” came crashing down. There’s been no shortage of

More than one million creditors of failed crypto exchange FTX have been waiting to be made whole since before the firm’s bankruptcy filing on Nov. 11, but according to one expert, recipients of donations and contributions may have a legal means of returning the funds directly to investors and customers.  Louise Abbott, a partner at

The United States Securities and Exchange Commission (SEC) and the Commodities Futures Trading Commission (CFTC) have hit former Alameda Research CEO Caroline Ellison and former FTX co-founder Gary Wang with fresh fraud charges. The new charges from the SEC and CFTC come as the pair plead guilty to federal fraud charges filed by the U.S.

The United States Securities and Exchange Commission (SEC) has filed a complaint against Thor Technologies along with its co-founder and CEO David Chin, claiming that Thor’s 2018 initial coin offering (ICO) constituted an unregistered securities sale under the Securities Act of 1933. Thor Technologies raised $2.6 million from 1,600 investors between March and May 2018

A Russian legislator who was one of the authors of the bill to legalize cryptocurrency mining in the country has been tied to a local over-the-counter (OTC) exchange known as Bankoff. Russian opposition activist Mikhail Khodorkovsky linked Bankoff OTC to lawmaker Andrei Lugovoi in an article of London-based investigative project Dossier Center on Dec. 19.

With more regulators eyeing the crypto space as the FTX debacle continues, the $1.5 billion merger of online investing platform Superhero with the Australian crypto exchange Swyftx was shelved.  In an email to its customers, Superhero highlighted that it will not be proceeding with its merger with the crypto exchange. According to the company, this

Before its downfall, crypto exchange FTX and its then-CEO Sam Bankman-Fried had been some of the most prolific spenders in the space, bailing out crypto firms and donating to political campaigns and media outlets. With more than 1 million FTX creditors looking to be made whole, what’s happening with these funds? Bankman-Fried said in May

More than six months after the collapse of the Terra ecosystem, South Korean authorities continue to investigate and freeze the funds of persons involved in Terra. After seizing 140 billion won ($108 million) from Terra co-founder Shin Hyun-Seong in November, the Seoul Southern District Court has recently ruled to confiscate more assets related to Terra.

Staffers at the Bank of Canada released an analytic note on fiat-referenced crypto assets, otherwise known as stablecoins, Dec. 19. In addition to a review of mechanisms for creating and distributing stablecoins and a list of the potential risks and benefits they involve, the note expressed the authors’ support for further regulation of the crypto

Former FTX CEO Sam Bankman-Fried, currently in the custody of Bahamian authorities, has reportedly agreed to be extradited to the United States to face charges. According to a Dec. 19 report from Reuters, Bankman-Fried’s legal team said it planned to prepare documents to have him reappear before the Bahamas Magistrate Court sometime this week. The

The arrest of European Parliamentarian and cryptocurrency proponent Eva Kaili has been labeled as a blow to the ecosystem by prominent blockchain industry participants. Kaili, one of 14 European Parliament vice presidents, was arrested and charged on Dec. 10 by Belgian prosecutors that are investigating allegations of corruption, money laundering and criminal organization involving Qatar

United States Banking Committee chairman Sherrod Brown has suggested that the Securities Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) should perhaps consider a ban on cryptocurrencies. Brown’s comments were made during a Dec. 18 appearance on NBC’s “Meet the Press,” although the senator quickly added that a ban would be difficult to

A global standard for banks’ exposure to crypto assets has been endorsed by the Group of Central Bank Governors and Heads of Supervision (GHOS) of the Bank for International Settlements (BIS). The standard, which sets a limit of 2% on crypto reserves among banks, must be implemented on Jan. 1, 2025, according to an official announcement

The Securities and Exchange Commission (SEC) was “asleep at the wheel” regarding how FTX Group and its subsidiaries met financial and corporate control requirements, Representative Pete Sessions said in the Saturday Report on December 17. “We need to look at what the Securities and Exchange Commission was doing,” stated the Texas Congressman, adding that “the SEC

The prosecutors investigating former FTX CEO Sam Bankman-Fried (SBF) have reportedly reached out to top members of the Democratic Party demanding information about the political donations made by the entrepreneur. Democratic members from the Democratic National Committee (DNC), the Democratic Congressional Campaign Committee (DCCC) and Congressman Hakeem Jeffries were contacted by SBF prosecutors for information

Sam Bankman-Fried, former FTX CEO, has reportedly reconsidered his earlier decision to contest extradition and is expected to appear in court in the Bahamas on Dec. 19 to seek a reversal, Reuters reported on Dec. 17 citing a person familiar with the matter.  By consenting to extradition, Bankman-Fried would be able to appear in a

Welcome to Finance Redefined, your weekly dose of essential decentralized finance (DeFi) insights — a newsletter crafted to bring you significant developments over the last week. Industry experts are confident in DeFi and believe the sector would continue to see adoption despite its security flaws, primarily due to the mammoth failure of centralized exchanges. Despite