Law Financial News

19.11 / 11:59

business Law Twitter Court Lawyers SBF's lawyers terminate FTX representation due to conflicts of interest

Paul, Weiss, the law firm backing FTX CEO Sam Bankman-Fried (SBF) amid bankruptcy, renounced representing the entrepreneur, citing a conflict of interest. The decision to withdraw from representation after SBF’s tweets were found to disrupt the law firm’s reorganization efforts.

19.11 / 01:59

business Law Fried Sam fall The fall of FTX and Sam Bankman-Fried might be good for crypto

“Never in my career have I seen such a complete failure of corporate controls and such a complete absence of trustworthy financial information,” new FTX CEO John Ray III said in a legal filing on Thursday. “From compromised systems integrity and faulty regulatory oversight abroad, to the concentration of control in the hands of a very small group of inexperienced, unsophisticated and potentially compromised individuals, this situation is unprecedented.”

17.11 / 18:21

Law crypto law Brazil Crypto Law Back On Agenda As FTX Meltdown Sends Shockwaves

Brazil is one of the top 10 active markets globally for crypto.(Representational)

17.11 / 18:19

Law Adoption Asia Could Hong Kong really become China’s proxy in crypto?

With its partial autonomy, the island city of Hong Kong has traditionally served as “a gate to China” — the local trade center, backed by transparent English-style common law and an openly pro-business government strategy. Could the harbor, home to seven million inhabitants, inherit this role in relation to the crypto industry, becoming a proxy for mainland China’s experiments with crypto?

17.11 / 07:43

business Law Court Bitcoin Bahamian liquidators reject validity of FTX's US bankruptcy filing

Brian Simms, the court-appointed provisional liquidator overseeing the bankruptcy proceedings of FTX Digital Markets in The Bahamas, has called into question the validity of a Chapter 11 bankruptcy filing by subsidiary FTX Trading and 134 other affiliates in a Delaware court on Nov. 14.

16.11 / 02:41

Government Law SEC consequences Will SBF face consequences for mismanaging FTX? Don’t count on it

Will former FTX CEO Sam Bankman-Fried be held accountable for his mismanagement of investor funds?

15.11 / 00:33

Law regulation Terraform Labs Terra South Korean prosecutors call on Terra co-founder Shin Hyun-seong to cooperate: Report

Authorities in South Korea have reportedly requested Terraform Labs co-founder Shin Hyun-Seong, also known as Daniel Shin, to appear as part of an investigation into the collapse of the firm.

14.11 / 21:19

Law regulation investigation Manhattan District Attorney's Office probes FTX collapse: Report

Prosecutors with the United States attorney’s office in the Manhattan district of New York have reportedly begun investigating the fall of crypto exchange FTX.

14.11 / 07:19

business Law Funding Kraken Crypto exchange Kraken freezes accounts related to FTX and Alameda

United-States-based cryptocurrency exchange Kraken has frozen the accounts associated with “FTX Group, Alameda Research, and their executives,” on its exchange after engaging with authorities.

11.11 / 20:15

Law regulation SEC CySEC requested FTX's European arm suspend operations prior to bankruptcy: Report

The Securities and Exchange Commission of Cyprus, or CySEC, reportedly issued a statement amid FTX filing for Chapter 11 bankruptcy in the United States that the regulator requested the exchange halt operations for its Europe arm.

10.11 / 22:05

Law regulation Congress lawmaker US lawmaker warns of ‘major consequences’ for users of unregulated crypto firms, citing FTX

Maxine Waters, chair of the United States House of Representatives Financial Services Committee, pushed for additional federal oversight of crypto trading platforms and consumer protection amid FTX facing liquidity issues.

09.11 / 20:01

business Law Deal letter In staff letter, Binance CEO embraces scrutiny from regulators amid potential FTX deal

Changpeng Zhao, the chief executive officer of crypto exchange Binance also known as “CZ,” warned users its intention to acquire FTX may invite scrutiny from global regulators — but the firm is ready.

09.11 / 18:49

Law Adoption regulation Central Bank Some central banks have dropped out of the digital currency race

As countries around the world race to launch a central bank digital currency (CBDC), some jurisdictions have slowed down or dropped out of the race altogether.

08.11 / 07:11

business Technology Law Bitcoin Countries ignoring crypto AML rules risk placement on FATF's 'grey list' — Report

Countries failing to adhere to anti-money laundering (AML) guidelines for cryptocurrencies could find themselves added to the Financial Action Task Force’s (FATF's) “grey list."

08.11 / 03:21

Law Adoption accountants Crypto notches a win among professional accountants

In his regular column, J.W. Verret, a law professor, attorney, CPA, and head of the Crypto Freedom Lab covers law and regulation of cryptocurrency with a focus on decentralized finance (DeFi) and financial privacy.

04.11 / 04:19

Government Law Stablecoin Canada to examine crypto, stablecoins, and CBDCs in new budget

The Canadian federal government is set to launch a consultation on cryptocurrencies, stablecoins, and Central Bank Digital Currencies (CBDCs) as revealed in its new mini-budget.

04.11 / 01:05

Law Cybersecurity security Developers need to stop crypto hackers — or face regulation in 2023

Third-party data breaches have exploded. The problem? Companies, including cryptocurrency exchanges, don’t know how to protect against them. When exchanges sign new vendors, most just innately expect that their vendors employ the same level of scrutiny as they do. Others don’t consider it at all. In today’s age, it isn’t just a good practice to test for vulnerabilities down the supply chain — it is absolutely necessary.

03.11 / 17:25

Government Law Adoption The state of crypto in Southern Europe: Malta leads the way

Despite the turbulence that broke out in the crypto market this summer, there is an important long-term marker that should be considered in any complex assessment — the combination of adoption and regulation. The latest report by EUBlockchain Observatory, named “EU Blockchain Ecosystem Developments,” tries to measure this combination within the European Union, combining the data on each and every member country from Portugal to Slovakia.

03.11 / 01:17

Law regulation us government Fried Bankman-Fried misguides regulators by directing them away from centralized finance

Last month’s proposal from Sam Bankman-Fried, CEO of crypto exchange FTX, for regulators to establish a litany of standards for the cryptocurrency industry poses an existential threat to decentralized finance (DeFi) platforms and entrepreneurial spirit. As one of a select few with the capital and clout to move the needle in the discussion surrounding crypto regulation, Bankman-Fried, also known as SBF, should be taking a stand to protect DeFi by directing regulators to where they’re urgently needed: centralized finance (CeFi) platforms and centralized exchanges (CEXs).

02.11 / 20:47

Law regulation SEC Sec Chair SEC chair highlights crypto enforcement cases to legal experts

United States Securities and Exchange Commission Chair Gary Gensler cited major enforcement actions against crypto firms as part of the “economic realities” of securities regulation.

02.11 / 01:21

Law regulation G20 Crypto regulation is 1 of 8 planned priorities under India's G20 presidency, says finance minister

India’s Finance Minister Nirmala Sitharaman said she would love to show that the country is “moving speedily forward” with digital financial technology as it prepares to assume the presidency of the G20.

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