NY Regulator Warns Against Congress Overriding State Crypto Regimes
New York's head financial services regulator wants Congress to look at her state's rules around crypto when thinking about a national model and warned against federal laws overriding state regimes.
California AG Issues Warning-Ladened Guidance for Public Interested in Buying Crypto
With the cryptocurrency market becoming ever more complex and intimidating, California Attorney General Rob Bonta had decided to issue guidance for novice crypto buyers. The California Office of the Attorney General’s website now features a page that will help those new to crypto “avoid the hype, and get the facts.”
FDIC Acting Chair Says No Crypto Firms or Tokens Are Backed by Agency
Federal Deposit Insurance Corporation acting chair Martin Gruenberg said the agency does not back any crypto firms in the United States, nor does its insurance cover losses from tokens.
Thousands Petition for Congressional Investigation of Alleged SEC's Gensler–SBF Links
Almost 4,000 people have used a CryptoLaw petition app to demand that Congress investigate United States Securities and Exchange Commission head Gary Gensler’s “actions in the FTX fraud,” the organization <a href="https://twitter.com/cryptolawus/status/1592203835057094656" target="_blank">claimed</a> in a tweet on the morning of Nov. 14.
European Union Has Plans to Restrict or Ban the Use of Privacy Coins
EU legislators are working on an anti-money laundering policy proposal prohibiting banks and crypto providers from interacting with privacy coins, according to an anonymous EU diplomat who allegedly revealed the plans to <i>CoinDesk.</i>
Ripple Urges UK to Craft ‘Bespoke Regulatory Framework’ for Crypto
Ripple is hoping to make inroads with politicians in the UK amid its ongoing dispute with the SEC in the United States. The firm has issued a new regulatory whitepaper ahead of expected revisions to the UK’s Financial Markets and Services Bill, which is set to define the nation’s crypto regulation framework.
Crypto Could 'Crash' the Financial System, US Lawmaker Warns
Senate Banking Committee Chair Sherrod Brown, D-Ohio, is sounding the alarm on crypto following FTX's collapse. “This year we’ve seen cryptocurrency values collapse by $2 trillion. 2,000 billion dollars,” Brown said at the opening of a hearing with top U.S. banking regulators. "The parallels to past financial crises throughout our history are troubling.”
Bahamas Supreme Court Approves 'Provisional Liquidators' for FTX
According to an announcement from the Bahamas' Securities Commission, the country’s supreme court <a href="https://www.scb.gov.bs/wp-content/uploads/2022/11/Securities-Commission-Update-on-FTX-14Nov22.pdf" target="_blank">approved</a> the appointments of PricewaterhouseCoopers advisory partner Kevin Cambridge and partner Peter Greaves to act as “joint provisional liquidators” for FTX. The securities regulator also applied to have Brian Simms, a senior partner of Bahamas-based commercial law firm Lennox Patton, as a provision liquidator on Nov. 10.
Charlie Mungare Compares Cryptocurrency With Child Prostitution
In an interview crypto critic, Charlie Munger compares cryptocurrency with child prostitution. He said <b><i>“This is a very, very bad thing. The country did not need a currency that was good for kidnappers.”</i></b> In addition to this, he said <b><i>“There are people who think they’ve got to be on every deal that’s hot. I think that’s totally crazy. They don’t care whether it’s child prostitution or bitcoin.” </i></b>Berkshire Hathaway’s Vice chairman stated cryptocurrency is a combination of partly fraud and partly delusion. Munger said <b><i>“You are seeing a lot of delusions. Partly fraud and partly delusion. That’s a bad combination.”</i></b>
UK Treasury Committee to Probe Binance's Role in FTX Collapse
The U.K. Parliament’s Treasury Committee questioned why Binance revealed it was selling $500 million worth of FTT tokens on Nov. 6, and whether the exchange knew it could trigger FTX’s collapse during a cryptoasset inquiry.
