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2022-12-24 04:57:02 Crypto Auditors Come Under SEC Scrutiny

The US Securities and Exchange Commission is increasingly scrutinizing audits performed for cryptocurrency companies, with concerns over their legitimacy. These crypto companies have been seeking to demonstrate.

Many have been seeking out auditing firms to provide third-party assurances to their customers and prospective investors. Some of these reports neglect to include all the relevant financial information, the SEC said, with firms claiming it violated confidentiality.we will consider a referral to the division of enforcement.”

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2022-12-23 07:56:02 Retiring Sen. Toomey introduces new stablecoin bill

Sen. Pat Toomey, R-Pa., introduced a bill that would establish a federal framework for stablecoins and aims to “guide Congress” toward future crypto regulation, less than two weeks before the Republican is set to retire.

Toomey is the ranking Republican on the Senate Banking Committee, and he is viewed as an influential figure on crypto policy. The Pennsylvania lawmaker’s new bill is called the "Stablecoin Transparency of Reserves and Uniform Safe Transactions Act of 2022.". The bill would establish a new federal license for payment stablecoin issuers.

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2022-12-22 05:36:02 Waves Platform CEO announces launch of new stablecoin

Sasha Ivanov, the founder, and CEO of Waves Platform has announced that he will be launching a new stablecoin.Some users have expressed concern about the potential for the new stablecoin to depeg like the USDN stablecoin did multiple times this year.

Ivanov has previously taken on $500 million debt to restore the USDN peg, and he has stated that a “$USDN situation resolution plan” will be put into action in order to prevent a repeat of earlier events. The stablecoin will not be a new version of USDN with a new mechanic but an entirely new product according to the Waves CEO.USDN stablecoin did multiple times this year.

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2022-12-21 05:32:02 Binance joins U.S. lobby group's executive committee

Binance is joining the executive committee of the Chamber of Digital Commerce, a U.S. lobby group for the blockchain industry, as the world's biggest crypto exchange steps up its engagement with regulators.

Binance will contribute to research and potentially influence the shape of crypto legislation through discussions with policymakers and regulators, according to a statement. The crypto giant joins traditional finance firms like Visa and Deloitte as well as blockchain firms such as Circle and OKCoin. The exchange's U.S. unit, Binance US.

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2022-12-20 08:10:03 Binance.US agrees to buy Voyager's assets

Binance.US has entered into an agreement with Voyager Digital to acquire the bankrupt crypto lender's assets. “Our bid is a reflection of our guiding principle that customers should come first," Brian Shroder, Chief Executive Officer and President of Binance.US,

The announcement comes during financial turmoil for the blockchain and cryptocurrency industry, with centralized exchanges under increased scrutiny. Shroder noted on Twitter that "Binance.US is well capitalized: our assets exceed our liabilities," explaining: "All of our customers could withdraw their assets tomorrow.

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2022-12-19 04:54:02 FTX Co-Founder Bankman-Fried Plans to Surrender to US Extradition Request

Disgraced FTX co-founder Sam Bankman-Fried (SBF) has reportedly reversed his decision to contest his extradition to the United States. Bankman-Fried has spent close to five days in the Bahamas Department of Correctional Services (BDOCS) jail Fox Hill.

On Dec. 17, 2022, Reuters reported that “a person familiar with the matter said on Saturday” that Sam Bankman-Fried (SBF) plans to be more accepting of being extradited to the United States. The source noted that SBF will “reverse his decision to contest extradition” when he appears in court on Monday. The former FTX CEO was supposed to remain at Fox Hill until Feb. 8, 2023.

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2022-12-18 06:40:09 San Luis in Argentina to Create Dollar-Pegged Stablecoin

The Argentinian province of San Luis has passed a bill allowing it to issue a dollar-pegged stablecoin. The new law will also give local artists the chance to have their work minted as NFTs.

The bill, called “Financial Innovation for Investment and Social Economic Development” is the latest step for the region’s move towards digitization. The purpose of the law is to harness blockchain for the region’s benefit. These benefits include “financial innovation”, and “social, economic, cultural, and financial inclusion.”

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2022-12-17 08:15:09 Jefferies sees recovery rate of up to 40% for FTX creditors

Risks of clawbacks and lack of asset proof complicate the sale of claims. New York-based investment bank Jefferies Financial Group estimates FTX creditors could get as much as 40% of their money. However, that recovery rate would likely be lower once bankruptcy administrators have taken their fees.

Total liabilities at FTX appear to be between $10 billion and $13 billion against assets of $2 billion to $4 billion, Joseph Femenia, global head of distressed and special situations at the bank, said in an interview. That indicates a recovery rate of between 20% and 40%, said Femenia, who has assigned a five-person team to work on FTX full-time. the Securities Investor Protection Corporation paid the administration fees.

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2022-12-16 06:59:02 Bitcoin miner CleanSpark slashes 2023 hashrate guidance on build-out delays

Bitcoin miner CleanSpark is lowering its 2023 hashrate guidance from 22.4 EH/s to 16 EH/s because of build-out delays coming from its infrastructure partner, Lancium. CleanSpark did, however, meet its 5.0 EH/s year-end hashrate in October and is now projecting to reach 6.0 EH/s by Dec. 31.

Lancium was expected to provide first 50 megawatts this month and the next 150 megawatts in the spring, Bradford said. Instead, that capacity only will be available in late 2023 — or even later, given current market conditions. Margins in the industry are hurting amid higher costs and lower bitcoin prices. Some of the largest players are cash-strapped and struggling to pay bills.thousands of machines from competitors in recent months.

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2022-12-15 06:59:02 Total crypto market cap makes 4 week high to $874B following CPI release

The total crypto market cap recorded inflows of $27.2 billion in the last 24 hours to post a four-week high of $871.4 billion. This suggests investors’ confidence is returning following the FTX scandal and wider, ongoing macro factors.

Since bottoming, signs of returning confidence have presented with a slow trickle upwards. This sentiment was boosted on Dec. 13 following better-than-expected U.S. Consumer Price Index (CPI) data, showing a 7.1% year-on-year increase. Economists’ expectations were for a 7.3% increase. Market leader Bitcoin saw a spike to just below $18,000, and capital inflows jumped at 13:30 (UTC,) the time of the CPI announcement.

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