by Samuel Mbaki | Jan 27, 2023 | Cryptocurrencies
Pro-crypto US senator Ted Cruz has filed a resolution to make lawmakers buy snacks around the Capitol using cryptocurrencies. His resolution includes the introduction of crypto-supporting snacks vending machines.
Anything for crypto adoption?
Texas senator Ted Cruz is determined to support crypto adoption as he continues to file pro-crypto proposals. In the latest filing, Cruz wants the Congress and House of Representatives to allow for the introduction of crypto-supporting snacks vending machines.
On Wednesday, he introduced a concurrent resolution that seeks to allow only vending machines and food service contractors that accept payments in cryptocurrencies. However, this requirement will only be for the suppliers around the US Capitol.
If this proposal is accepted, the Secretary of the Senate, the House of Representatives’ Chief Administrative Officer, and the Architect of the US Capitol will be required to source crypto-accepting food and vending service providers.
US lawmakers continue pushing for the adoption
Senator Ted Cruz has been vocal about cryptocurrencies for quite a long time. He has lauded Bitcoin and even invested in it, particularly for its decentralization. In early 2022 he even invested in the coin per a given disclosure.
He is not the only Bitcoin investor in Congress as well. Eight others are known according to reports by “Bitcoin Politicians,” a crowdsourced data project. Some of the eight legislators include Wyoming Senator Cynthia Lummis and Pennsylvanian Senator Pat Toomey.
Pat has been active in the crypto space and has introduced a stablecoin Bill that seeks to create a regulatory framework for their use in digital payments. On the other hand, Senator Cruz has also expressed his will to make Texas a Bitcoin Haven. He says that cryptocurrency mining can be a great way to monetize energy from oil and gas and would be a great way to store the energy.
These developments show a growing faith in innovation, and investors should learn about the crypto space before entangling with it to reduce the possible risks.
by Fintech Express | Jan 21, 2023 | Regulation
Bankman-Fried, FTX Ex-CEO, and founder will lose assets worth $700M if he is found guilty of fraud during his upcoming trial. Bankman-Fried was arrested in the Bahamas and extradited to the US, facing multiple counts of fraud and breaking banking rules.
Bankman-Fried might lose his possessions
Sam Bankman-Fried might lose his possessions which currently stand at around $700M, a fall from over $10B if he is found guilty of eight counts of fraud. He is accused of misusing customer funds at FTX, making the exchange end up collapsing.
Allegations detail that he siphoned the money via Alameda Research, a company he had founded before FTX. The allegations are that he spent the funds on personal expenses.
Per a Friday court filing in the Southern District of New York, US Attorney Damian Williams said that 10 bank accounts, some shares, cash, and crypto holdings are among the possessions that Bankman-Fried will forfeit if he loses the trials.
The US already has its hands on Bankman-Fried’s accounts and shares
The asset pool the US prosecutors are eyeing includes highly contented 55 million Robinhood shares. These shares are priced at around $526M. They were bought via a loan from Alameda research and collateralized on another loan from BlockFi.
Bankman-Fried, BlockFi, and the FTX liquidation team have been contending to repossess them. However, the Department of Justice previously announced it had seized them. Other assets that are Bankman-Fried might forfeit over $20M held in an account under the name Emergent Fidelity Technologies.
Emergent Fidelity is a holding company that Bankman-Fried used to purchase shares. The court filing also explained that the Department of Justice was in reach of another $171M deposited under the name FTX Digital Markets in three Binance accounts. It explained that the possessions were collected between Jan.4 and Jan 19.
Elsewhere the authorities are increasing their efforts by cracking down on risky crypto exchanges. The US recently arrested Bizlato’s founder and closed down that exchange. South Korean regulators have also issued an arrest warrant for Do Kwon, ex-CEO of Terra Luna ecosystem.
Terra Luna collapsed in Mid 2022 due to shady management, and arrests have also been made. Keep watching FintechExpress for crypto regulation and other finance-related news.
by Fintech Express | Jan 20, 2023 | Cryptocurrencies
Genesis Capital has filed for bankruptcy protection with a New York court following a series of troubles with Digital Currency Group, its parent company. Bybit has been caught up in the crossfire as its investment arm reportedly committed sizeable funds to Genesis Capital, prompting its founder to speak out.
Mirana invested heavily in Genesis before bankruptcy
Ben Zhao, the Bybit founder, took to Twitter earlier today to comment on the developments regarding the connection between the now-bankrupt Genesis capital and Bybit.
He commented on an earlier tweet that had pointed at Bybit as a risky entity at the moment following Genesis Capital’s fall. The tweet claimed that Miran(Bybit) is one of Genesis capital’s creditors. The tweet detailed that Bybit had committed around $151M.
Zhao tweeted what he called full disclosure and said that Mirana is Bybit’s investment arm. He added that Mirana is tasked to manage some bybit company assets only and that client funds are separate from the funding that Mirana receives. He added that Bybit’s earn products also do not use Mirana.
Zhao also stressed that of the reported $151M, around $120M is in collateralized positions that Mirana already liquidated before DCG and Genesis capital’s woes.
Series of bankruptcies continues in the crypto space
Genesis capital is one of the many platforms that have met their end in the 2022 bear market. Big names like FTX, Celsius, Voyager, and Blockfi have all filed for bankruptcy. Most of these players have gone under due to poor management and leadership.
Other big crypto empires like Terra Luna have also gone down, claiming the life savings of many. Now, there is no end in sight as even more organizations continue to file for bankruptcy, have lay-offs, and leave the crypto space.
It remains to be seen if the crypto space will learn from its mistakes this bear and do better in the future or if the mayhem will continue. Keep watching FintechExpress.news for crypto and other finance-related news.
by Fintech Express | Sep 5, 2022 | Podcast
In the newest edition of “Around the Block With Jefferson Nunn,” Jefferson interviews Simon Grunfeld.
Simon Grunfeld is a VP of Web3 at Cogni. He is a founder and entrepreneur and brings a wealth of global experience across a broad spectrum of industries, ranging from blockchain, fintech, and capital markets to his executive role. His start in the capital markets began as the founder of Gallant VPS and Gallant FX, a PaaS world leader in Forex trading technologies.
