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March 2023

Crypto needs to look abroad as US exchanges go unbanked

The fall of Silvergate, SVB and Signature has left crypto firms scrambling for new banks. Will crypto banking head offshore for the long term?

Who should be held responsible for the Silvergate Bank and SVB crises?

As bank after bank topples, fingers are pointing everywhere. But crypto is not to be blamed for this unfolding crisis, writes Winston Hsiao of XREX.

Crypto banking crisis?

As the U.S. tries to head off a bank run, crypto is quickly running out of places to bank with.

Circle’s USDC stablecoin regains parity as regulators act to stop bank run risk

Circle said its $3.3 billion of USDC cash reserves at the collapsed Silicon Valley Bank will be available Monday after regulators stepped in to backstop deposits.

Bank bust

Contagion, regulation worries grow after crypto bank’s demise

FastForkast headlines

SEC warns Coinbase of potential legal action over staking, separately targets Tron founder Sun

Internal Revenue Service in U.S. solicits public opinions on proposed NFT taxes

Bitcoin, Ether extend losses; all eyes on U.S. interest rates

New York Community Bancorp unit to assume Signature Bank deposits, FDIC says

US accuses exiled Chinese tycoon Guo Wengui of $1 billion crypto-linked fraud

Voyager-Binance.US’ $1 bln deal should be put on hold, says U.S. Department of Justice

New York regulator says Signature Bank closure ‘nothing to do’ with cryptocurrencies: Reuters

New York attorney general sues KuCoin for ‘falsely representing itself as an exchange’

Biden administration proposes 30% crypto mining tax, closing wash-trading loopholes

Fed’s Powell says stablecoins could have role in financial sector if properly regulated

Bitcoin ATM firm accused of profiting from crypto scams via unlicensed machines: U.S. Secret Service

Creation of U.S. digital dollar would ‘crowd out’ crypto: ex-Biden adviser

March 2023

Truck industry as real-world crypto use case? How blockchain could replace system that leaves U.S. truckers out of pocket 

The current payment system relied on by truck drivers runs through third parties and adds costs to supply chains and consumers. Could blockchain tech provide an alternative, and would truckers trust it?

Binance makes Korea comeback with GOPAX acquisition

Top blockchain and crypto news: GOPAX deal sees Binance return to South Korea. Inflation fight spooks crypto markets. Chinese liquor giant gives cheers to NFTs.

Why the cloud will be critical to US competitiveness in world finance

The future global financial system will be reliant on the cloud, especially when it comes to CBDCs and stablecoins, writes Michael Greenwald and Logan Weber.

FastForkast headlines

Creation of U.S. digital dollar would ‘crowd out’ crypto: ex-Biden adviser

Binance expects to pay penalties to settle U.S. probes: Wall Street Journal

Digital asset industry comes under fire at hearing by U.S. Senate on ‘Crypto Crash’

Head of crypto, FX trading platform EminiFX pleads guilty to US$248 million fraud charges

Silvergate probed by US prosecutors over FTX, Alameda accounts: Bloomberg

February 2023

FastForkast headlines

Silvergate probed by US prosecutors over FTX, Alameda accounts: Bloomberg

Binance among top Bitcoin receivers of Bitzlato’s illegal funds, FinCEN says

Markets: Bitcoin, Ether rise as investors await US inflation data; Polkadot gains

US prosecutors, SEC probes Digital Currency Group: report

U.S. banking regulators warn against cryptocurrency fraud, contagion risks

Bahamas regulator denies FTX CEO’s claims over seized assets

January 2023

Why digital assets need regulations now more than ever

In times of market volatility, regulation can restore confidence and public trust in crypto, writes Albert Isola, Gibraltar’s minister for digital and financial services.

US bill set to demand know-your-customer from crypto companies

Top blockchain and crypto news: US senators push for crypto KYC. SBF faces the music in US courts. Alibaba Cloud to launch blockchain node.

US lawyers, Bahamas liquidators trade barbs over who rules FTX bankruptcy jurisdiction

Sam Bankman-Fried has reportedly made a second application for bail in the Bahamas – this as lawyers feud over control of the FTX bankruptcy, raising concern the sour grapes may seep into efforts to have Bankman-Fried extradited to face fraud charges in the U.S.

US Senator Elizabeth Warren submits crypto know-your-customer bill in wake of FTX collapse

As U.S. prosecutors line up charges against Sam Bankman-Fried, the founder of the collapsed FTX cryptocurrency exchange, Senator Elizabeth Warren is seeking to pass bipartisan regulation to rein in the “dark underbelly” of the crypto industry.

FTX Probe Begins

SBF was arrested by Bahamian authorities just a day before he was due to testify before Congress – but his successor has been revealing much about FTX’s collapse.

Sam Bankman-Fried in Bahamas police custody, faces criminal charges in U.S.

Top blockchain and crypto news: SBF denied bail, US extradition likely next. The Block chief quits over secret FTX loans. Hong Kong readies digital asset rules.

FTX an ‘old-fashioned embezzlement’ says new CEO as US authorities charge Bankman-Fried with fraud

Members of a U.S. Congressional hearing expressed frustration about the timing of Bankman-Fried’s arrest, saying they wanted him to testify under oath so the public could get the answers they are seeking about the collapse of FTX.

DeFi regulation: it’s not a matter of if, but when

The push to regulate DeFi is stronger than ever, and the sector would be wise not to fight but participate in that inevitability, writes Michael Shing of XREX.

FastForkast headlines

Bahamas regulator denies FTX CEO’s claims over seized assets

Bitcoin hashrate drops nearly 40% as deadly U.S. storm unplugs miners

Bankrupt miner Core Scientific may sell facilities under development: report

FTX founder Sam Bankman-Fried set to return to the U.S. on Wednesday

Sam Bankman-Fried extradition in doubt after confused court hearing in Bahamas

Sam Bankman-Fried arrested in the Bahamas, expected to be extradited to U.S.

SEC advises public firms to disclose crypto risks

U.S. considering bill to require crypto miners to report carbon emissions

Sam Bankman-Fried ‘not sure’ if he will testify before Congress on Dec. 13

December 2022

The crash and burn of FTX: What lessons does it teach us?

As FTX victims and creditors sift through the pieces, how much of this blowup should regulators have seen coming — and could it happen again?

U.S. midterms: gridlock… and progress on crypto industry regulation?

In a period of toxic divide between the Democrats and Republicans, the need to figure out how to regulate the growing cryptocurrency industry is one of the few issues both parties seem to agree on.

FastForkast headlines

Sam Bankman-Fried ‘not sure’ if he will testify before Congress on Dec. 13

New York State passes two-year moratorium on some crypto mining facilities

Bahamas regulator orders transfer of all FTX digital assets to government wallet

New FTX chief says lack of controls at bankrupt exchange ‘unprecedented’

Bahamian regulator contradicts FTX, says no approval given for fund withdrawals

FTX US warns user trading could be halted ‘in a few days’

California financial regulator launches probe into FTX

FTX assets frozen by Bahamas securities regulator

Bitcoin miner Riot Blockchain’s stock drops amid widening Q3 losses

November 2022

What is the future for cryptocurrency mixers after U.S. sanctions on Tornado Cash?

Tornado Cash, the Ethereum coin mixer slapped with sanctions by the U.S. Treasury back in August, has returned to the software hosting website GitHub amid a flurry of lawsuits against the Treasury for its action.

3 reasons crypto will spring back after Crypto Winter

The crypto market has been down for months, but the industry’s long-term future is brighter than ever, writes Guilhem Chaumont of Flowdesk. Here’s why.

FastForkast headlines

Bitcoin miner Riot Blockchain’s stock drops amid widening Q3 losses

New IRS tax language tweaked to include NFTs

Fed’s top bank watchdog eyes new regulation for banks doing crypto

BNY Mellon, largest custodian bank, starts Bitcoin, Ether custody services

Coinbase says it resolved glitch that blocked trades from U.S. bank accounts

October 2022

California governor vetoes bill requiring crypto-related businesses to obtain special license

A bill that proposed a regulatory and licensing framework for crypto companies was rejected by Gov. Gavin Newsom amid a broader national debate concerning the policing of digital assets.

U.S. Fed has growing interest in CBDCs, says Jeng at Crypto Council for Innovation

Linda Jeng, chief regulatory officer and general counsel at the Crypto Council for Innovation said the U.S. has seen the writing on the wall and is expanding the conversation about cryptocurrency, in comments at Forkast’s “Crypto Rising: CBDCs & Stablecoins: The Asia Perspective.”

SEC, Ripple seek summary judgment in attempt to speed up XRP lawsuit

The argument centers around if Ripple’s XRP sales were offerings of unregistered securities.

FastForkast headlines

Coinbase says it resolved glitch that blocked trades from U.S. bank accounts

Binance taps ex-U.S. senator Max Baucus to chair global advisory board

Bitcoin recovers from steep drop after Fed hikes rates by 75 basis points