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Policy

IMF Renews Call for El Salvador to Fortify Bitcoin Regulatory Framework

The International Monetary Fund (IMF) has advised El Salvador to refine its bitcoin law, enhance regulatory oversight, and limit public sector exposure to the cryptocurrency. This recommendation was made by IMF spokesperson Julie Kozack during a press conference, as reported by Reuters. The IMF has previously cautioned El Salvador about the potential risks associated with bitcoin, most recently i…

Oct. 3, 2024, 9:52 p.m.

Policy

CFTC Subcommittee Proposes Guidelines for Utilizing Tokenized Shares as Collateral: Report

Following the approval of guidelines by a major Commodity Futures Trading Commission (CFTC) group, BlackRock and Franklin Templeton may see tokenized shares of their money-market funds used as collateral in trading, according to a Bloomberg report on Thursday. A subcommittee under the CFTC's Global Markets Advisory Committee has voted to forward the recommendations to the full committee, which is…

Oct. 3, 2024, 12:23 p.m.

Policy

Australian Authorities Seize $6.4M in Cryptocurrency in 'Ghost' App Crackdown

In a significant move, Australian law enforcement has confiscated approximately $6.4 million in cryptocurrency as part of a global operation targeting Ghost, a secure communication network allegedly designed exclusively for criminal activities. This development comes two weeks after the arrest of Jay Je Yoon Jung, a 32-year-old Sydney resident, who is believed to be the mastermind behind Ghost. J…

Oct. 3, 2024, 8:35 a.m.

Policy

US Securities Regulator Appeals Ruling in Ripple Case

The US Securities and Exchange Commission has announced its intention to appeal a federal judge's decision in its long-running case against Ripple. The regulator submitted a notice of appeal to the Second Circuit Court of Appeals, nearly two months after Judge Analisa Torres delivered her final judgment in the four-year-old case. In a July 2023 ruling, the judge determined that although Ripple's …

Oct. 2, 2024, 9:25 p.m.

Policy

SEC Enforcement Director Gurbir Grewal to Depart Agency

The Director of Enforcement for the U.S. Securities and Exchange Commission, Gurbir Grewal, has announced his departure from the agency, effective October 11. He will be succeeded by Deputy Director Sanjay Wadhwa, who will serve as Acting Director of the Enforcement Division. Sam Waldon, currently Chief Counsel for the enforcement division, will take on the role of Acting Deputy Director. SEC Cha…

Oct. 2, 2024, 7:11 p.m.

Policy

Indiana Resident Admits to $38 Million Cryptocurrency Heist Through Cyber Attack

A man from Indiana has admitted to participating in a 'cyber intrusion' that targeted a financial services company based in Sioux Falls, South Dakota. Evan Light, 21, and his accomplices hacked into the company's servers, stole sensitive customer information, and made off with nearly $38 million in cryptocurrency from 571 victims. According to the plea agreement, Light and his co-conspirators gai…

Oct. 2, 2024, 5:01 p.m.

Policy

US Presidential Election Betting: Kalshi Relaunches Congressional Prediction Markets

With the US election just a month away, Kalshi has resumed listing its congressional contracts after an appeals court lifted its order to pause the activity. The company is also set to launch a presidential contract, as indicated by a recent regulatory filing. Meanwhile, Interactive Brokers' ForecastEx is preparing to introduce its own congressional and presidential markets. This development come…

Oct. 2, 2024, 2:52 p.m.

Policy

The Shadow of Sam Bankman-Fried Looms Over Caroline Ellison's Sentencing

Caroline Ellison was sentenced to two years in prison and three years of supervised release for her involvement in supporting FTX and Alameda Research. The sentencing hearing was dominated by discussions of her former boss and boyfriend, Sam Bankman-Fried, who was not present. The prosecutor, Danielle Sassoon, contrasted Ellison's remorse with Bankman-Fried's lack of it, highlighting that Ellison…

Oct. 2, 2024, 1:30 a.m.

Policy

Bitwise Moves Forward with Plans for an XRP Exchange-Traded Fund

Bitwise, a prominent cryptocurrency asset management firm, is taking steps to establish an exchange-traded fund linked to XRP, a token closely tied to the cryptocurrency company Ripple. The company registered a trust entity in Delaware, a preliminary move towards listing and trading shares of an ETF. This process is similar to those undertaken by other firms, such as Blackrock and Fidelity, prior…

Oct. 1, 2024, 9:24 p.m.

Policy

Diddy Enlists Services of Sam Bankman-Fried's Attorney

Sean 'Diddy' Combs has appointed Alexandra Shapiro, the lawyer representing Sam Bankman-Fried, to handle his appeal against a New York court's ruling to keep him in custody pending his trial on charges of racketeering and sex trafficking. Bankman-Fried, who received a 25-year prison sentence in March for his role in the demise of his cryptocurrency exchange, FTX, hired Shapiro shortly after his c…

Oct. 1, 2024, 6:51 p.m.