Daily Archives: November 21, 2022, 5:50 pm

Treasury Warns Crypto Industry of Money-Laundering Risks in ‘Mixers’ – WSJ

The cryptocurrency industry must follow the U.S. Treasury Department’s anti-money-laundering and sanctions regulations to prevent bad actors from abusing platforms known as “mixers” to launder illicit funds, a senior official said. Mixers, which enable users to exchange cryptocurrencies with relative anonymity, can be a way for illicit actors to obfuscate the ownership and movement of funds while making it harder…

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Polyamory, penthouses and plenty of loans: inside the crazy world of FTX | Cryptocurrencies | The Guardian

Casual observers could be forgiven for thinking the collapse of the cryptocurrency exchange FTX is another typical tale of financial mismanagement. That’s how its founder, Sam Bankman-Fried, terms it: a liquidity crisis that tipped over into a solvency one. FTX had deposits and loans and when depositors tried to get their money back, FTX didn’t have it to hand. Sure,…

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ESG Foes in States, Congress Ready Attacks on ‘Woke’ Investing

Rep. Patrick McHenry of North Carolina, the likely chairman of the House Financial Services Committee, and Attorney General Patrick Morrisey of West Virginia are among several Republican officials with new ammunition to fight the Securities and Exchange Commission and investment firms on ESG. McHenry and Morrisey have yet to speak in depth about what’s next in their fights against an…

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Wall St. Brokers Look to Buy Rights to Assets Trapped on FTX – The New York Times

Wall Street brokers are circling the ruins of FTX, offering to pay the crypto exchange’s customers pennies on the dollar for the bankruptcy rights to their trapped cash and cryptocurrency on the platform, before looking to sell those rights to specialist hedge funds. The investment bank Jefferies and the brokers Seaport Global and BTIG are among a number of Wall…

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How Did AT&T’s $100 Billion Time Warner Deal Go So Wrong? – The New York Times

Soon after a sweeping courtroom victory in 2018 cleared the way for AT&T’s $100 billion takeover of Time Warner, John Stankey, AT&T’s chief operating officer and the newly anointed chief executive of Warner Media, summoned his top Warner Media executives to a meeting at the Time Warner Center off Columbus Circle. They included Kevin Tsujihara, the head of the Warner…

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Inside Gary Gensler’s SEC Campaign to Rein In the Crypto Industry – The New York Times

In March, eight months before his cryptocurrency empire imploded, Sam Bankman-Fried joined a video call with Gary Gensler, a longtime financial regulator who now leads the Securities and Exchange Commission. The meeting didn’t go well. Mr. Bankman-Fried, the chief executive of the Bahamas-based crypto exchange FTX, wanted approval from the S.E.C. to offer cryptocurrencies in the United States without the…

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Why the Fairfax County Police Pension Fund Should Divest From Crypto | John Reed Stark

Last week, I asked the Chief Investment Officer of the Police Fund, Katherine Molnar, how much the fund had invested in crypto-related investments. Molnar responded to me via email that: “In rough terms, there are crypto-related investments having a value of approximately $120,000,000 currently in the Fairfax County Police Officer Pension Fund. The target exposure is 4.75% across venture capital,…

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