Regulation

Following the arrest of former FTX CEO Sam Bankman-Fried (SBF), three prominent Democratic groups have reportedly decided to return over $1 million to investors that lost their funds due to misappropriation. On Dec. 16, the Democratic National Committee (DNC), the Democratic Senatorial Campaign Committee (DSCC) and the Democratic Congressional Campaign Committee (DCCC) pledged to return

Officials with the United States Financial Stability Oversight Council, or FSOC, have recommended U.S. lawmakers pass legislation aimed at addressing regulatory gaps for crypto-related activities. In its annual report released on Dec. 16, the FSOC recommended members of Congress pass legislation granting “explicit rulemaking authority for federal financial regulators over the spot market for crypto-assets,”

The Russian central bank is ready to consider allowing cryptocurrency use within the country but only as part of a legal experiment, governor Elvira Nabiullina said. “It’s possible to consider transactions through an authorized organization in the country as part of an experimental legal regime, but that would require a relevant law,” Nabiullina stated during

United States prosecutors have laid charges in two separate cases against nine people who founded or promoted a pair of cryptocurrency companies alleged to be Ponzi schemes that netted $8.4 million from investors. On Dec. 14 the U.S. Attorney’s Office for the Southern District of New York unsealed the indictment, alleging the purported crypto mining

Crypto.com has received a Payment Institution License (EMI) from Banco Central do Brasil, the central bank of Brazil. The license will allow it to “continue offering regulated fiat wallet services for customers in Brazil,” according to an announcement on the company’s website. Crypto.com has offered a Visa card in Brazil for purchases in cryptocurrency or fiat

“A highly profitable trading strategy” was how hacker Avraham Eisenberg described his involvement in the Mango Markets exploit that occurred on Oct. 11. By manipulating the price of the decentralized finance protocol’s underlying collateral, MNGO, Eisenberg and his team took out infinite loans that drained $117 million from the Mango Markets Treasury.  Desperate for the

Mike Belshe, the CEO of digital asset custodian BitGo has confirmed that Alameda Research attempted to redeem 3,000 Wrapped Bitcoin (wBTC) in the days before FTX’s bankruptcy filing on Nov. 11.  During a Dec. 14 Twitter Spaces hosted by decentralized finance (DeFi) researcher Chris Blec, Belshe confirmed the firm knocked back the redemption request because

After being denied bail in a Bahamas Magistrate Court, former FTX CEO Sam Bankman-Fried could spend up to two months in the country’s Fox Hill Prison, a facility with reported cases of physical abuse against prisoners and “harsh” conditions. Authorities in the Bahamas reportedly remanded Bankman-Fried to the medical wing of Fox Hill following a

Court filings continue to shed light on the dubious relationship between FTX and Alameda Research, in which the hedge fund was afforded an “unfair” trading advantage as well as unprecedented access to user holdings on the cryptocurrency exchange. The United States Commodities Futures Trading Commission filed a complaint in the Southern District Court in New York

White House press secretary, Karine Jean-Pierre, declined to answer questions from a reporter on whether United States president Joe Biden will return the $5.2 million in campaign donations previously given by FTX founder Sam Bankman-Fried. “Will the president return that donation?” Associated Press reporter Zeke Miller asked in a Dec. 13 press briefing, “does he

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

Authorities in Canada are taking measures to better protect Canadian cryptocurrency investors in the aftermath of the FTX collapse and the spreading contagion. The Canadian Securities Administrators (CSA), the council of Canada’s provincial and territorial securities regulators, on Dec. 13 issued an update to crypto trading platforms operating in the country. The CSA said that

Pro-crypto United States senator Cynthia Lummis has remained steadfast in her support for Bitcoin (BTC) as part of diversified retirement plans, despite calls from her senator peers otherwise. As it stands, Lummis seems to be just one of the few openly crypto-friendly politicians in the United States and has notably pushed for progressive crypto regulation alongside Senator

Welcome to Law Decoded, your weekly digest of all the major developments in the field of regulation. So, Sam Bankman-Fried, public enemy number one, won’t appear in front of Senators on Dec. 14, as he missed the deadline for responding to a Senate Banking Committee request. However, we could witness the entrepreneur appear before Congress

Another crypto-skeptic United States senator is on the loose, with Democrat Jon Tester boldly stating that he sees “no reason why” crypto should exist. Tester is the senior senator of Montana and has held a seat there since 2007. He also serves on the Senate Banking Committee, which is one of the key players involved

The Japanese subsidiary of the now-defunct cryptocurrency exchange FTX has received approval from local regulators to continue sorting out issues with withdrawals until next year. The Kanto Local Finance Bureau, a local financial regulator running under the Ministry of Finance of Japan, has issued a statement regarding FTX Japan operations, Reuters reported. The Japanese authority

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

The United Kingdom’s Chancellor of the Exchequer, Jeremy Hunt, laid out a number of reforms aiming to “drive growth and competitiveness” to the country’s financial services sector including efforts that support the crypto space. In an announcement, the U.K. government highlighted that it will create a smarter regulatory framework for the country that it describes as “agile,

Since taking over at the United States Securities and Exchange Commission (SEC), chairman Gary Gensler has repeatedly been referred to as the “bad cop” of the digital asset industry. To this point, over the past 18 months, Gensler has taken an extremely hard-nosed approach toward the crypto market, handing out numerous fines and enforcing stringent

While many crypto fraudsters were able to slip through the cracks in the past, the same does not hold for FTX CEO Sam Bankman-Fried (SBF). Running parallel to the ongoing scrutiny related to FTX frauds, the United States Department of Justice (DOJ) is reportedly investigating a potential fraud that involves SBF siphoning funds offshore just