Digital Financial News

Disclaimer: The Industry Talk section features insights by crypto industry players and is not a part of the editorial content of Cryptonews.com.

Disclaimer: The Industry Talk section features insights by crypto industry players and is not a part of the editorial content of Cryptonews.com.

Troubled crypto trading and lending firm Genesis Global has lent out some $2.8bn to various crypto firms, including large loans to its parent company, Barry Silbert’s Digital Currency Group (DCG).

Disclaimer: The text below is a press release that is not part of Cryptonews.com editorial content.

New York has become the first state to restrict cryptocurrency mining after Governor Kathy Hochul on 22 November signed a two-year moratorium, calling the move necessary to help protect the environment.

Mainland China and Hong Kong are set to co-launch the digital yuan’s first cross-border pilot project – as the People’s Bank of China (PBoC)-led project edges ever-closer to roll out.

Over the last 15 days, the crypto world has looked on in horror as FTX and its 130-plus complex of related crypto entities filed for bankruptcy. A few months back, FTX was in the market to raise funding at a valuation of $32 billion.

Barry Eichengreen, professor of economics at the University of California, Berkeley, is a former senior policy adviser at the International Monetary Fund. He is the author of many books, including In Defense of Public Debt

Court filings show that FTX debtor companies have a total cash balance of just $1.24 billion.

Shanghai, China’s biggest city and its most powerful financial hub, is set to give away digital yuan tokens to 7000,000 of its residents later this week.

The collapse of Sam Bankman-Fried’s FTX has shattered confidence in the crypto sector and, in some people’s eyes, presented it with an existential problem. 

Financial regulators in South Korea want to impose a raft of new crypto-related laws – in a direct response to the collapse of the FTX crypto exchange and the implosion of Terra ecosystem coins in May.

Over 100 countries are currently exploring Central Bank Digital Currencies

Fidelity’s crypto boss said the firm is taking advantage of FTX’s collapse as clients flee “crypto native” platforms amid havoc in the wider sector.

Chairman of the United States Senate Banking Committee Sherrod Brown and three other Democratic committee members sent letters Nov. 21 to federal officials and to Anthony Noto, president of SoFi Technology. They expressed concern about the online bank’s efforts to conform to Federal Reserve Board requirements and nonbank digital asset trading activities conducted through SoFi Digital Assets.

Disclaimer: The Industry Talk section features insights by crypto industry players and is not a part of the editorial content of Cryptonews.com.

Disclaimer: The Industry Talk section features insights by crypto industry players and is not a part of the editorial content of Cryptonews.com.

"FTX, along with a number of other centralised crypto trading platforms, appear to operate as conglomerates, bundling products and functions within one firm. In conventional finance these functions are either separated into different entities or managed with tight controls and ring-fences," Cunliffe told his audience.The man in charge of financial stability at the BofE stressed: "Technology in and of itself does not change the need for transparency in corporate structures, governance, audit and systems and controls - for example to protect customers’ funds."Cunliffe says that crypto should be regulated for three reasons: to protect investors, to protect financial stability, and to foster innovation.The third reason "may appear counter intuitive to those who see regulation as opposed to innovation.

On-the-job detective ZachXBT has taken to Twitter to clear up what he calls a «lot of disinformation» about the FTX hack and the individuals who may be responsible for it. He has shared the research he did on what he thinks are the three most common mistakes people make about the breach.

Disclaimer: The text below is a press release that is not part of Cryptonews.com editorial content.

Investors have been reminded by the Singapore Police Force to be wary of websites that falsely claim they can assist them in recovering assets from the cryptocurrency exchange FTX, which has now gone out of business.