Lawyers See Crypto Regulation Coming in 2023 Because Industry needs to Rebuild Trust
“Crypto will recover,” Katherine Dowling, general counsel member at Bitwise Asset Management, said to TechCrunch. “This is not the death of crypto.” Given the belief by many that crypto remains here to stay, it’s worth looking ahead. Crypto denizens certainly are — after the FTX collapse, questions circulated concerning crypto’s future and what regulators would do next. (Techcrunch)
Investing in Bitcoin Still Makes Sense, Says Tom Lee
Fundstrat’s head of research – Tom Lee – remains a bitcoin bull and believes the asset could serve as a proper investment tool for certain investors. He added in a recent interview that the entire crypto industry had a horrific year, but he expects the upcoming 2023 will not be the same.
Would-Be Crypto Sleuths Converge on Bahamas to Hunt for SBF
Following the collapse of cryptocurrency exchange FTX, Crypto Twitter influencers are converging in the Bahamas in search of former chief executive Sam Bankman-Fried. The now-bankrupt exchange has been headquartered in the Bahamas since September of last year and operated out of a luxury penthouse at the Albany Resort, a gated community located on the island of New Providence. The neighborhood is now the target of impromptu investigations ostensibly on behalf of the crypto community. (Decrypt)
CME Head Appears To Say He Bribed CTFC Official
In an appearance on Fox News on Wednesday to discuss the FTX collapse, CME Group boss Terry Duffy appeared to say that he bribes or bribed a Commodity Futures Trading Commission (CTFC) official. Tucker Carlson asked Duffy where SEC chairman Gary Gensler was while FTX was mismanaging clients’ funds. Duffy answered: “I don’t know where Gary Gensler was, but my regulator at the CTFC I bribe, I asked them, why in the world are you invoking the Commodity Exchange Act?” (Decrypt)
DAOs: FTX Demise Is Win For Decentralization
FTX failed partly because it was too centralized, according to DeFi adherents — with decentralized advocates now saying the debacle has unexpectedly given DAOs an opening. There was little to no transparency of where the crypto exchange custodied customer cryptocurrencies, industry participants told Blockworks. A purported lack of transparency in crypto — ironically, long considered the first open, traceable financial system — is nothing new, from Mount Gox onward. (Blockworks)
Crypto Twitter Calls for Calm After wETH Insolvency Joke Goes Viral
An inside joke about the “insolvency” of Wrapped Ethereum (wETH) over the weekend has forced influencers to explain it was just a “shitpost” after members of the community took it as real. The wETH insolvency FUD (fear, uncertainty and doubt) seemingly began to make the rounds on Nov. 26, with false rumors alleging that wETH isn’t backed 1:1 by Ether (ETH) and is insolvent. (Cointelegraph)
Alameda Withdrew $204M in Crypto From FTX US Days Before Exchange Collapsed
Alameda Research reportedly withdrew the most funds from FTX US, the U.S. arm of FTX, days before the crypto exchange filed for bankruptcy. The majority of the withdrawn cryptocurrencies were sent to wallets owned by FTX International, “suggesting that Alameda may have been operating to bridge between the two entities,” crypto intelligence firm Arkham said. (Bitcoin.com)
FTX's New CEO 'Misrepresented' Actions Taken by Bahamian Authorities, Says Country's AG
Bahamas Attorney General and Minister of Legal Affairs Ryan Pinder said it was "extremely regrettable" that FTX's new CEO John Ray III "misrepresented the timely action taken by the Securities Commission and used inaccurate allegations," while also defending the steps taken by the country's regulators in the aftermath of the exchange's collapse. (The Block)
The Bahamas' Attorney General Defends Country's Regulatory Regime Amid FTX 'Debacle'
During a 23 minute pre-taped speech, Ryan Pinder, who is also a senator and the minister for legal affairs, summarized FTX's collapse and alluded to The Bahamas' government's actions, while also seeking to reassure investors and tourists that the country was a safe place to both visit and operate a business. FTX founder Sam Bankman-Fried liked and retweeted the Office of the Prime Minister of The Bahamas' tweet on the speech. (Coindesk)
Venezuelan Currency Plunges Almost 40% Against the US Dollar, Analysts Cite Crypto Drought as Part of the Problem
The Venezuelan fiat currency, the bolivar, has lost almost 40% in its exchange rate against the U.S. dollar in a month.
