Daily Archives: November 10, 2022, 9:31 am

FTX Hurtles Toward Bankruptcy With $8 Billion Hole, US Probe

The crisis engulfing Sam Bankman-Fried’s FTX.com is rapidly worsening, with the onetime crypto wunderkind warning of bankruptcy if his firm can’t secure funds to cover a shortfall of as much as $8 billion. Bankman-Fried informed investors of the gap on Wednesday, shortly before rival exchange Binance abruptly scrapped a takeover offer. He said FTX.com needed $4 billion to remain solvent…

Read More

SEC has said nothing to prove Polkadot is not a security

Somehow, as a result of these communications, and without engaging with the enforcement division of the SEC at all, the Polkadot community claims it was able to gain the SEC’s most sought-after designation for a crypto asset: not a security. Further, that the SEC issued a no-action letter regarding DOT and that commissioners responded to press inquiries regarding DOT’s designation.…

Read More

The big crypto winner of the midterms? The SEC and CFTC | Fortune

With Democrats performing better than expected and Bankman-Fried’s fall from grace, experts say any legislation likely will take even longer. Amid the regulatory vacuum, that means the winners will be the Securities and Exchange Commission and the Commodity Futures Trading Commission, which can continue making ad-hoc enforcement decisions and jockeying for power. “The longer it takes Congress to do anything, the…

Read More

The Fall of FTX’s Sam Bankman-Fried Puts Crypto Industry on Edge – The New York Times

The rival, Changpeng Zhao, the chief executive of a bigger crypto exchange called Binance, agreed to bail out FTX. But FTX’s future grew murkier on Wednesday when Binance abruptly said the deal was off. Without much explanation, the company said in a statement that its executives changed their minds because of regulatory concerns and issues with “corporate due diligence.” The…

Read More

SEC, DOJ Investigating Crypto Platform FTX – WSJ

The Securities and Exchange Commission and Justice Department are investigating cryptocurrency platform FTX following its sudden implosion this week, a person familiar with the matter said. Staff at the two law-enforcement agencies were in close contact Wednesday, the person added. The Justice Department prosecutes criminal violations such as fraud, while the SEC enforces civil investor-protection laws. Source: SEC, DOJ Investigating…

Read More