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2022-11-19 09:14:02 Cardano developer Emurgo to issue fiat-pegged stablecoin called USDA

Cardano developer Emurgo announced plans to issue a U.S. dollar-pegged stablecoin called USDA on the network in early 2023. The Cardano developer also revealed that USDA will be the first delivery from its Anzens product market line. Anzens is the Cardano developer’s financial services product, created to bridge crypto and real-world finance. Stablecoins have become an integral part of the crypto trading and credit ecosystem. Major Layer 1 networks including Ethereum, BNB Chain and Solana have stablecoins. These stablecoins facilitate activities like trading, borrowing, lending and staking, among others. Such stable currencies offer a means of transferring value between the crypto and broader financial markets. They also help users store value, as crypto tokens tend to have volatile price movements.

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2022-11-19 03:14:00 US Senator Urges Congress to Pass Her Crypto Bill — Claims It Would've Prevented FTX Bankruptcy

U.S. Senator Cynthia Lummis believes that the FTX bankruptcy wouldn’t have happened under the Lummis-Gillibrand crypto bill. She stressed: “It’s clearer now than ever before that we need comprehensive regulation in the digital asset space.”. U.S. Senator Cynthia Lummis (R-WY) explained in a series of tweets Monday why the collapsed cryptocurrency exchange FTX wouldn’t have gone bankrupt had Congress passed her crypto bill. The cryptocurrency trading platform filed for bankruptcy last week. The senator from Wyoming has been a supporter of bitcoin for quite some time. She personally owns BTC and believes that bitcoin.

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2022-11-18 21:14:00 Crypto exchange Bitstamp registers with Spain's central bank

Bitstamp, the longest-running crypto exchange, has secured its registration in Spain’s central bank. The Luxembourg-based exchange is now able to legally provide its services to Spanish users, both for fiat currency and digital assets. The assessment of Bitstamp’s eligibility began in January when the exchange applied for the authorization. Registration with the Bank of Spain means that Bitstamp needs to comply with anti-money laundering and counter-terrorist financing provisions. It also means that the exchange is subject to national laws regarding crypto advertising, which the National Securities Market Commission announced at the beginning of the year. Once the new laws are in place, exchanges will be able to “passport” their registration.

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2022-11-18 15:14:02 President Bukele reveals El Salvador will buy 1 Bitcoin daily

President Nayib Bukele announced that El Salvador would buy 1 Bitcoin (BTC) daily starting November 18. The recent bear market does not appear to have deterred President Bukele’s interest in the flagship digital asset. Under Bukele, El Salvador became the first country to make BTC a legal tender and the first sovereign state to purchase the cryptocurrency. El Salvador’s last Bitcoin purchase was on June 30, 2022. Then, the country bought 80 Bitcoin at an average cost of $19,000. Cumulatively, the government has spent over $100 million to acquire a total of 2,381 BTC –the current bear market conditions have dropped the asset’s value to less than $40 million. President Bukele described BTC as the opposite of FTX and likened the struggling exchange to a Ponzi scheme.

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2022-11-18 09:25:11 Chainalysis Confirmed as FTX Creditor in Bankruptcy Case

Analytics firm Chainalysis has announced that it is owed money in the bankruptcy proceedings for collapsed exchange FTX. In documents filed to bankruptcy court in Delaware on Wednesday, Chainalysis was identified as a creditor. The blockchain analysis firm had a longstanding relationship with FTX, going back to at least 2019, when the two joined forces to revamp the exchange’s anti-money laundering (AML) and know-your-customer (KYC) systems. That relationship appeared to be in place as of August, when FTX last updated the help page on its website.

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2022-11-18 03:14:00 Binance’s role in FTX collapse unclear to UK lawmakers: Bloomberg

Binance sent answers to questions from the UK’s parliamentary committee investigating the downfall of FTX following a hearing on Monday, including on its role in the collapse of FTX. FTX was a major competitor of Binance's prior to its failure and subsequent bankruptcy. UK lawmakers are not convinced by the evidence Binance provided to understand its role in the collapse of FTX, according to a member of Parliament. In response to the question of what role it played in FTX's collapse, Binance shared a series of news articles since the catalytic leak incriminating FTX for mishandling its funds on Nov. 2. The Treasury Committee reportedly expected to review Binance's internal records.

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2022-11-17 21:10:00 Luna Foundation Guard says it spent $2.8 billion to defend UST peg

Luna Foundation Guard (LFG), a non-profit created in January to grow the Terra ecosystem, has published an audit stating that it spent $2.8 billion in bitcoin and stablecoins to defend the TerraUSD (UST) stablecoin peg during the May collapse. LFG was set up to defend the UST peg as one of its mandates. The organization held bitcoin, stablecoins. The audit was performed by JS Held, according to an LFG statement on Wednesday. The audit report stated that LFG spent 80,081 BTC and $49.8 million in stablecoins, amounting to $2.8 billion in total, to defend the UST peg. This defense happened during the Terra ecosystem's death spiral that occurred in May. At the time, UST lost its parity with the U.S. dollar.

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2022-11-17 15:55:00 South Korean authorities raid Terraform Labs co-founder's company: Forkast

The Seoul Southern District Prosecutors’ Office raided Chai Corporation, a payments technology company founded by Terraform Labs cofounder Daniel Shin (Shin Hyun-seung), according to a report from Forkast. Earlier this week, it also summoned Shin as part of an investigation into whether he breached capital markets law. Terra’s won-pegged stablecoin KRT into its payment service, Forkast said. Prosecutors allege that the company used customers' personal information in launching the service, without consent. Shin has attempted to distance himself from Terraform Labs and claimed that he cut ties with both in 2020 to focus on Chai Corporation, which has been operating independently from Terra since Q1 2020, according to the company. He was also due to testify in parliament on Oct. 6 but pulled out the day before.

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2022-11-17 09:32:00 Binance gets regulatory nod for institutional crypto custody in Abu Dhabi

Binance has secured permission from regulators in Abu Dhabi to operate as a crypto custodian for institutional clients. The crypto exchange received the regulatory nod from Abu Dhabi’s Financial Services Regulatory Authority. This body is a unit of the Abu Dhabi Global Market, which functions as the financial center of the United Arab Emirate’s capital city. Binance previously received in-principle approval from Abu Dhabi authorities to operate as a crypto broker-dealer. Wednesday’s regulatory nod expands the company’s presence in the UAE and the Persian Gulf at large. The exchange giant also has license approval from regulators in Dubai, UAE’s commercial capital. Binance’s operations in the UAE and the Persian Gulf are under a subsidiary called Binance AD. Dominic Longman, senior executive officer at Binance AD.

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2022-11-17 03:14:02 BlockFi preps possible Chapter 11 bankruptcy protection filing: WSJ

Crypto lending firm BlockFi is preparing for a possible Chapter 11 bankruptcy protection filing, according to the Wall Street Journal. The firm also plans to conduct layoffs, the journal reported, citing people familiar with the process. citing "significant exposure to FTX and associated corporate entities.". BlockFi signed a credit deal with FTX US earlier this year with the right to be potentially acquired. Since FTX's collapse, BlockFi has struggled to continue business operations. Last week, BlockFi’s founder and chief operating officer, Flori Marquez, had said on Twitter that all of the company’s products were operational and client withdrawals were being processed. Marquez had also said that BlockFi’s credit line was from FTX US and that BlockFi would be an independent entity until at least July.

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