Author: Atis. Sh

The trial of FTX founder, Sam Bankman-Fried, commenced on Tuesday, placing him at the epicenter of a contentious legal battle. Despite the foggy U.S. legal framework surrounding cryptocurrencies, the Department of Justice (DOJ) remains resolute. Their stance? The nebulous state of crypto regulations will not deter them from pressing fraud charges against Bankman-Fried, as revealed in a document disclosed on Wednesday. Sam Bankman-Fried, pleading not guilty, is facing allegations of misusing FTX customer funds. However, as the trial kicks off, lawyers on both ends remain in heated discussions over which evidence the yet-to-be-decided jury should be privy to. Moreover, the…

In a recent interview, BitMEX founder Arthur Hayes forecasts Bitcoin to skyrocket to a staggering $1 million by 2026. Hayes divulged his bullish perspective in a chat with prominent YouTuber Tom Bilyeu, citing Bitcoin’s limited supply, potential spot ETFs in key regulated domains, and prevailing geopolitical unrest as pivotal influencers. Factors Driving the Bullish Projection Central to Hayes’ optimism is the inherent scarcity of Bitcoin, with its supply capped firmly at 21 million coins. He posits that as more investors become cognizant of this limited availability, demand will soar, pushing prices upwards. However, Hayes’ enthusiasm doesn’t end with Bitcoin. In…

As the cryptocurrency frontier expands globally, Georgia takes a monumental leap into the future, with Ripple Labs standing as a pivotal ally. The National Bank of Georgia (NBG) has recently announced its commitment to pioneering the digital Georgian lari central bank digital currency (CBDC) through a structured live trial. This bold move seeks to redefine the nation’s economic landscape, placing Georgia firmly on the map of innovative finance. Central to this initiative, Ripple Labs has been selected to participate. Collaborating with eight other influential entities, this involvement underscores Ripple’s burgeoning impact in Georgia’s economic tapestry. The selection of Ripple speaks…

Japan has greenlit the installation of a Dogecoin statue, honoring the iconic Shiba Inu, Kabosu. Spearheading this initiative is PleasrDAO, the renowned NFT community holding the authentic “Doge” meme rights. They’ve partnered with the City of Sakura for the grand unveiling set on November 2, coinciding beautifully with Kabosu’s birthday. The Journey from Meme to Monument Nestled in Sakura Furusato Square, a favorite spot for Kabosu’s caretakers, this statue represents more than just a meme—it embodies a movement. Dedicated Kabosu aficionados rallied together last year, pooling resources to actualize this monument. Their aspirations don’t end here; whispers of an eventual…

Metro Bank’s shares plummeted another staggering 29% on Thursday, fuelled by rising concerns over the bank’s financial health. Amidst rumors of Metro Bank scrambling to bolster its finances, Financial Times unveiled that the bank is actively engaging with investors to secure £250 million ($303 million) in equity and £350 million ($424 million) in debt. Financial Turbulence for UK’s Challenger Debuting in 2010, Metro Bank pioneered as the inaugural competitor to longstanding UK banking giants like Lloyds, Barclays, and HSBC. Yet, as rumors circulate, the bank maintains a guarded stance, refraining from commenting. However, a subsequent statement did emphasize Metro Bank’s…

In a significant shift from its cryptocurrency origins, Kraken, a seasoned name in the crypto world, has unveiled plans to introduce trading of US-listed stocks and exchange-traded funds (ETFs). This ambitious venture will kickstart through a newly established division, Kraken Securities. An insider, choosing to remain anonymous, disclosed that this new service aims to cater to both US and UK markets. While Kraken has already secured the essential regulatory permissions in the UK, the company is presently in the application phase for a broker-dealer license in the US with the Financial Industry Regulatory Authority. Anticipation is building around a potential…

In a recent, exhaustive House Financial Services Committee hearing that spanned nearly five hours, SEC Chair Gary Gensler found himself at the receiving end of pointed questions and critiques from both sides of the aisle. This marked Gensler’s second appearance on Capitol Hill in just a month, with lawmakers eager to glean insights on his leadership at the SEC. Rep. Tom Emmer, R-Minn., pulled no punches, accusing Gensler of attempting to consolidate power, potentially at the expense of the financial future of the US. He further claimed that federal courts have indicated that Gensler might be overstepping his legal authority.…

After months of teasing, the Stablecoin Studio has launched as an open-source SDK on the Hedera network. Designed as an exhaustive toolkit, this innovative platform facilitates stablecoin issuers to expediently deploy applications and manage their stablecoins. What sets this apart is its capability to offer an all-inclusive management toolkit, fine-tuning digital asset operations with precision. What’s more, the toolkit reinforces transparency with its proof-of-reserve functionality. It draws from either existing systems or on-chain oracles, ensuring that disclosure remains at the forefront. Coupled with effortless integrations with custody providers, the Stablecoin Studio significantly trims down the time-to-market for stablecoin ventures. Hedera’s…

In a bid to bolster oversight in the burgeoning cryptocurrency sector, Taiwan’s Financial Supervisory Commission (FSC) has rolled out its long-awaited guidelines for crypto platforms. These guidelines, released today, revolve predominantly around ensuring customer protection and industry standardization. The FSC’s pronouncement emphasizes several critical points. At the forefront is the mandate that domestic crypto platforms maintain a strict division between company and customer assets. Additionally, they must lay down clear criteria for listing and delisting virtual assets and amplify the transparency of their information disclosure. Foreign Exchanges Must Register in Taiwan to Operate Legally Further tightening the leash on offshore…

JPMorgan Chase & Co.’s UK digital banking offshoot, Chase UK, will soon block customers from making cryptocurrency transactions, citing a significant rise in fraudulent activities and scams. Starting from October 16, those banking with Chase UK won’t be able to use their debit cards for cryptocurrency payments, nor initiate bank transfers related to crypto assets. “To help you keep your money safe from frauds and scams, we’re altering the types of payments you can make from Chase,” stated the email sent out to customers. This strategic move is primarily to safeguard customers from the pitfalls and potential risks that come…