In a recent interview Michael Saylor, the MicroStrategy executive chairman and major Bitcoin (BTC) bull, shared his perspective on the fall of the FTX empire. Saylor said that for years there has been a low-grade “boiling Guerrilla war” between the BTC community opposite the crypto community over industry practices such as, what he repeatedly calls,…
Read more
Bankrupt crypto lender Celsius was granted an extension on its exclusivity period until Feb. 15, 2023. The court approval would give the troubled crypto lender another couple of months to file for a Chapter 11 restructuring plan. The approval to extend the exclusivity period came after two court hearings on Dec. 6. Celsius, in an…
Read more
The Lightning Network has struck Ghana, Kenya and Nigeria. During a conference in Ghana, Strike CEO Jack Mallers announced that the Bitcoin (BTC) payments company has partnered with the mobile app Bitnob to facilitate payments into Africa. Mallers made the announcement on stage at AfroBitcoin, a Bitcoin conference in Ghana’s capital city of Accra. He stood alongside…
Read more
Despite the Conservative Party’s rhetorical embracement of crypto under the new Prime Minister Rishi Sunak, the upcoming regulatory framework will reportedly tighten scrutiny over the industry. The legislation updates will broaden the powers of the financial regulator and probably limit foreign companies’ operations in the United Kingdom. According to a Financial Times report, the FTX…
Read more
Welcome to Law Decoded, your weekly digest of all the major developments in the field of regulation. There was some substantial good news for crypto last week, but the prevailing storyline is still the unfolding of FTX. While the extradition of the failed exchange’s founder Sam Bankman-Fried seemed pretty logical from the beginning of the…
Read more
Bitcoin (BTC) spending an “unprecedented” period below a key moving average is a poor guide to the 2022 bear market. That was the opinion of analyst Superswell, who this week championed on-chain metrics as a way of understanding current BTC price action. “Business as usual so far” for Bitcoin bear market In a series of…
Read more
Silvergate Capital CEO Alan Lane has slammed “short sellers” and “other opportunists” for spreading misinformation over the last few weeks — just to score themselves a quick buck. In a Dec. 5 public letter, Lane said there was “plenty of speculation – and misinformation” being spread by these parties to “capitalize on market uncertainty” caused…
Read more
Joseph Longo, the chairman of the Australian Securities and Investments Commission (ASIC) is calling for a regulatory loophole to be closed that allowed FTX to acquire an Australian Financial Services License (AFSL) in the country without the full suite of checks. According to a Dec. 5 report from the Australian Financial Review, Longo made the…
Read more
Several crypto firms are facing a probe from the United States Federal Trade Commission (FTC) over possible deceptive or misleading advertisements relating to cryptocurrencies. According to a Dec. 6 report from Bloomberg, FTC spokeswoman Juliana Gruenwald said the watchdog is investigating “several firms for possible misconduct concerning digital assets.” Gruenwald did not provide further details…
Read more
The Kentucky Public Service Commission (PSC) has reportedly opened a formal investigation into two proposed contracts that would offer discounted electricity prices to new crypto-mining operations. According to a Dec. 5 statement from environmental law group Earthjustice, the government department would be looking to determine whether subsidizing crypto mining operations will raise electricity costs for…
Read more