Legal troubles are mounting for the co-founder of failed Terra crypto project Do Kwon as the South Korean government revives the dormant “Grim Reapers of Yeoui-do” to investigate Terra’s fall. The special investigative and prosecutorial team consists of members from various financial regulators, and is designed to prosecute securities fraud and unfair trading schemes. Potentially…
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Russia will legalize crypto payments “sooner or later” according to the Ministry of Industry and Trade of the Russian Federation, Denis Manturov. The country’s government has been exploring various crypto adoption plays throughout 2022, but is yet to finalize any concrete policy concerning digital asset payments. However, its legalization has been recommended by Russia’s finance…
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Gary Gensler, chair of the United States Securities and Exchange Commission, or SEC, has cited concerns about cryptocurrency enforcement in its budget request for the next fiscal year. In written testimony for a Wednesday hearing of the U.S. House Committee on Appropriations, Gensler said he supported President Joe Biden’s request to budget more than $2.1…
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Andrea Salinas has won the Democratic primary election for the newly created Oregon 6th District seat in the United States House of Representatives. Practically since it started, the election race was the object of intensive media attention, which most often centered around Salinas’ opponent Carrick Flynn, whose campaign was generously funded by the Protect Our…
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Bitcoin (BTC) headed toward an “interesting” liquidity area on May 18 as United States stock markets opened with a bearish bang. BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView BTC price nears “interesting” rematch with lows Data from Cointelegraph Markets Pro and TradingView followed BTC/USD as it broke through the $29,000 support after the Wall Street open.…
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Financial commentator Frances Coppola is convinced that algorithmic stablecoins such as TerraUSD (UST) will always be vulnerable to sudden collapses, no matter how much the technology improves. “They can improve their game theory, they can improve their risk assessment, but I think there will still always be some states of the world that they won’t…
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Seven major crypto companies — Binance.US, Circle, Solana Foundation, The Aave Companies, Hedera, TRM Labs and Civic — joined hands to launch a community-driven scam reporting tool. Named Chainabuse, the tool aims to enable crypto users to issue warnings and discuss ongoing fraudulent activity such as scams and hacks in real-time. Launched on Wednesday, the…
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Financial companies in Israel are increasingly moving into cryptocurrencies like Bitcoin (BTC), with two competing credit card firms working on BTC investment and cashback features. Two Israel-based credit card companies, Max and Isracard, have inked partnerships with crypto-related platforms in order to allow cardholders to purchase Bitcoin, the local news agency Calcalist reported on May…
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Currently, trialogue for the Markets in Crypto Assets (MiCA) and Transfer of Funds (TFR) regulations is underway in the European Commission, the European Parliament and the Council of Ministers, which will be concluded in a few weeks. If adopted, the TFR would, according to experts, impose a vast financial surveillance regime on the European decentralized…
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A Dutch regulator stated that the crypto derivatives market should be restricted to wholesale trade. The reasons are not unfamiliar — lack of transparency, market manipulation and “other forms of criminal activity.” On May 12, the head of Capital Markets and Transparency Supervision at the Dutch Authority for Financial Markets (AFM), Paul-Willem van Gerwen, shared his…
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