Markets: Bitcoin Dips Back Below US$17,000, Ether Falls, Dogecoin Leads Losers List
Bitcoin fell back below US$17,000 in Friday morning trading in Asia. Ether and all other non-stablecoin top 10 cryptocurrencies by market capitalization also lost ground. Dogecoin posted the biggest drop on the list, while Polkadot and Polygon both fell less than 2%. (forkast)
U.S. Trustee Asks Bankruptcy Court to Appoint FTX Trustee
The U.S. Trustee has asked a Delaware bankruptcy court to appoint an examiner in the ongoing FTX bankruptcy case. In a Dec. 1 court filing, the U.S. Trustee cited a "virtually unprecedented decline in value" as well as comments from FTX CEO John Ray III as reasons to appoint an independent examiner. An examiner, if approved, would act as a third-party, court-appointed investigator. It is a common step for the government to request one in a complex bankruptcy like the Chapter 11 bankruptcy most of the FTX-affiliated companies are now in. ( The Block)
S. Korea Releases Ethical Guidelines for the Metaverse
South Korea’s Ministry of Science and ICT released a guideline of core ethical principles for metaverse application participants, which includes users and developers, at a ministerial meeting on Monday. The guidelines identify eight principles to support its core values: authenticity, autonomy, reciprocity, respect for privacy, fairness, data protection, inclusiveness and responsibility for the future. (forkast)
Singapore Banks' Exposure to Bitcoin 'Insignificant' but Subject to Highest Risk Weight
Singapore's banks are required to hold $125 of capital against an exposure of $100 to risky cryptocurrencies like Bitcoin or Ether, an official said Monday. Although the jurisdiction's banks have "insignificant" levels of exposure to crypto – contributing shorter than 0.05% of total risk-weighted assets – these types of crypto assets are subject to the toughest risk management requirements set by international standard-setters, said Senior Minister and Minister in charge of the Monetary Authority of Singapore Tharman Shanmugaratnam in a written response to a question posed during a parliamentary session. (Coindesk)
Bankman-Fried Robinhood Shares are the Target of a BlockFi Lawsuit
A lawsuit filed by crypto lender BlockFi demands Robinhood shares Sam Bankman-Fried is said to have pledged to the company as collateral, the Financial Times first reported. Bankman-Fried owned about 56.2 million shares or 7.6% of Robinhood Class A common stock, according to a document filed with the Securities and Exchange Commission. (The Block)
Kraken Pays Over US$360K to US Treasury to Settle Iran Sanctions Allegations
U.S.-based cryptocurrency exchange Kraken has agreed to pay over US$362,000 to settle claims that it violated sanctions against Iran, the U.S. Treasury Department announced on Monday. The settlement represents the Treasury’s latest crackdown on the cryptocurrency industry. Crypto exchange Bittrex Inc. paid around US$30 million to the Treasury in October to settle allegations related to sanctions and anti-money laundering laws. (forkast)
UK Lawmakers Support Easy Seizure of Crypto Linked to Terrorist Activity
Lawmakers in the U.K. voted in favor of new rules that could make it easier for law enforcement agencies to seize crypto linked to terrorist activity. The rules were proposed as amendments to the Economic Crime and Corporate Transparency bill, which includes reforms that can help authorities combat local crime. The same lawmakers in the House of Commons, the parliament's lower house, had already voted in favor of amendments that would give powers to local enforcement to seize, freeze and recover crypto tied to crime. At the second reading of the bill on Oct. 13, they called to mirror these measures in the country’s existing counter-terrorism legislation as well. (Coindesk)
Bitcoin, Ether Needn't Follow Financial Rules, Belgian Regulator Says
Cryptocurrencies without an issuer such as bitcoin (BTC) and ether (ETH) are not securities, Belgium’s Financial Services and Markets Authority said Thursday. The regulator said it was getting an increasing number of questions about the regulatory treatment of crypto and hoped to address the most frequently occurring gray areas, including when digital assets can be classified as securities. (Coindesk)
Singapore Police Probe Hodlnaut for ‘Possible Cheating and Fraud’
Singapore’s white-collar crime investigation unit, the Commercial Affairs Department (CAD), on Wednesday, launched a probe into troubled crypto lender Hodlnaut for “possible cheating and fraud,” according to an official statement. Between August and November, the police received “multiple reports” that Hodlnaut and its directors had made “false representations” about the lender’s exposure to “a certain digital token.” (Decrypt)
EU Blockchain Infrastructure Plan Proceeds As Parliament Passes Digital Policy
The European Parliament passed a vote on the Digital Decade policy program, which will help businesses and public services digitalize their work and promises support for a “pan-European blockchain-based infrastructure."
