The legal team of Sam Bankman-Fried, the founder and CEO of FTX, has filed a motion to reconsider the denial of bail for their client, who is facing charges of securities fraud, money laundering and tax evasion. They argue that Bankman-Fried poses no flight risk or danger to the community, and that he should be released from custody pending trial.
The Department of Justice, however, opposes the motion and maintains that Bankman-Fried should remain in jail. The DOJ claims that Bankman-Fried has access to his laptop and can continue to run his business from prison, which is sufficient to protect his rights and interests.
Grayscale, the largest digital asset manager in the world, has reportedly requested a meeting with the U.S. Securities and Exchange Commission (SEC) to discuss the possibility of launching a spot bitcoin exchange-traded fund (ETF). A spot bitcoin ETF would allow investors to buy and sell actual bitcoins on a regulated platform, unlike the existing Grayscale Bitcoin Trust (GBTC), which only offers exposure to the price of bitcoin through shares that trade at a premium or discount to the underlying asset.
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Grayscale hopes that by meeting with the SEC, it can address some of the concerns that the regulator has expressed about the potential risks and challenges of approving a spot bitcoin ETF, such as market manipulation, custody, valuation, and liquidity. Grayscale also believes that a spot bitcoin ETF would provide more transparency, efficiency, and accessibility to the growing crypto market, as well as align with the SEC’s mission of protecting investors and facilitating capital formation.
In a landmark ruling, China’s Supreme People’s Court and the National Development and Reform Commission jointly issued a document confirming the status of cryptocurrencies as legal property and protected by law. The ruling came amid an appeal involving a cryptocurrency theft case that sparked controversy over the definition and place of cryptocurrencies in the Chinese legal system. The document states that cryptocurrencies have value, scarcity and disposability, so they meet the legal characteristics of property and should be protected by relevant legal provisions such as the Civil Code.
The document also emphasizes that cryptocurrencies, as an innovative form of digital assets, contribute to socio-economic development and technological progress, so their reasonable and legal use and trading should be encouraged. This ruling has had a positive impact on the Chinese cryptocurrency market, providing investors, developers and traders with more confidence and security, and also providing a reference and basis for the formulation of future cryptocurrency regulatory policies.
In a shocking announcement, Stake?com, the world’s largest crypto casino, confirmed that it was the victim of a cyberattack that resulted in the theft of $41 million worth of cryptocurrencies. The company said that the hackers exploited a vulnerability in its system and transferred the funds to an unknown address.
Stake?com apologized to its users and assured them that it was working with law enforcement and security experts to recover the stolen assets and prevent future attacks. The company also promised to compensate its users for any losses they may have suffered due to the breach.
X (Twitter) has obtained a money transmitter license from the Mississippi Department of Banking and Consumer Finance, allowing it to offer payment services in the state. The license enables X to facilitate peer-to-peer transactions, such as sending and receiving money, through its platform. X is one of the first social media companies to enter the payment industry, competing with established players like PayPal and Venmo.
