The debtors of the now-defunct cryptocurrency exchange FTX have filed the amended Chapter 11 plan of reorganization which indicates the value of customer asset claims will be retroactively set to the time when the exchange collapsed in November 2022. In a recent court filing in the United States Bankruptcy Court for the District of Delaware…
Read more
Top Stories This Week BlackRock revises spot Bitcoin ETF to enable easier access for banks BlackRock has revised its spot Bitcoin exchange-traded fund (ETF) application to make it easier for Wall Street banks to participate by creating new shares in the fund with cash rather than just crypto. The new in-kind redemption “prepay” model will…
Read more
Tether, the company behind the stablecoin Tether (USDT), disclosed letters directed to U.S. legislators, addressing requests for intervention by the Department of Justice in relation to the illicit use of its stablecoin. The communications were sent to members of the U.S. Senate Committee on Banking, Housing, and Urban Affairs and the U.S. House Financial Services…
Read more
In the ongoing legal dispute between Coinbase Global Inc. and the U.S. Securities and Exchange Commission (SEC), the XRP holder’s lawyer, John Deaton, has accused the SEC’s top official, Gary Gensler, of ‘gaslighting’ the public and disagreed with his stance on cryptocurrencies. The development in Coinbase’s rulemaking request occurred when the SEC rejected the trading…
Read more
Ripple’s Chief Legal Officer, Stuart Alderoty, has shared insights on the future of the cryptocurrency landscape, specifically in 2024. He discussed predictions about Ripple’s legal dispute with the Securities and Exchange Commission (SEC), the judiciary’s influence on crypto regulations, and potential legislative challenges in Congress. In his prediction, Alderoty foresees the possible resolution of Ripple’s…
Read more
Grayscale is evaluating the possible tax consequences associated with spot Bitcoin (BTC) exchange-trade funds (ETF), prompted by inaccurate reports circulating about unfavorable tax implications. In a series of posts on X (formerly Twitter), Grayscale clarifies that retail investors of the Grayscale Bitcoin Trust (GBTC) are not expected to incur tax implications when the fund sells…
Read more
With the Taiwan presidential election looming within a month, residents of Taiwan have been reportedly warned against using cryptocurrency betting platforms to wager on the presidential outcome. This advice comes amid an ongoing investigation, with several individuals already called for questioning. According to a recent local report, a number of Taiwanese citizens have utilized the…
Read more
The digital tenge, Kazakhstan’s central bank digital currency (CBDC), has been declared a success after a month-long pilot project. A host of business, regulatory and technical improvements are lined up for it in 2024. During its pilot run, the digital tenge was used to provide schoolchildren with free lunches in Almaty through the local Onay!…
Read more
Welcome to Finance Redefined, your weekly dose of essential decentralized finance (DeFi) insights — a newsletter crafted to bring you the most significant developments from the past week. The past week in DeFi saw an unprecedented chain of events unfold on Dec. 14 when a malicious actor exploited a vulnerability in the Ledger hardware wallet’s…
Read more
Bitcoin’s (BTC) rally has been taking a breather for the past few days but its strong rally in 2023 has not gone unnoticed. A survey of United States financial services companies by crypto firm Paxos showed that 99% of the firms were putting as much or more focus on crypto projects this year as compared…
Read more