New York Representative Ritchie Torres had an exclusive interview with Cointelegraph to discuss why retail investors are still at risk following the XRP court ruling.
New York prosecutor charges hacker over $9M exploit of Solana-based exchange
A skilled computer security engineer has been charged with wire fraud and money laundering related to an attack on a decentralized exchange.
Federal Prosecutors Investigate Former FTX Executive Over Possible Campaign Law Violations: WSJ
Ryan Salame is being investigated for potentially illegally avoiding federal limits on contributions to his girlfriend’s congressional campaign last year
Creditors for bankrupt Voyager Digital billed $5.1M in legal fees
Voyager is not the only crypto firm incurring hefty legal fees; FTX, for example, has been billed over $120 million in fees.
Crypto Hubs 2023: Where to Live Freely and Work Smart
With shifting regulatory regimes worldwide, crypto is on the move to find the best locales to put down roots, get licensed, register or just be. Crypto Hubs 2023, our ranking of the top 15 global crypto hubs, is a good place to start.
Bitcoin mining heats water in Brooklyn Bathhouse, users flip out
The impact of Bitcoin mining on the environment remains a significant concern to many, leading to unfavorable responses from people opposed to its use.
New York bans CoinEx exchange, seizes $1.7M in crypto assets
CoinEx was shut down for failing to register as a broker-dealer and for “falsely representing itself as a crypto exchange,” the NYAG said.
Celsius seeks to convert alts to Bitcoin and Ether under reorganization plan
The crypto lender has proposed converting all its altcoin holdings into Bitcoin and Ethereum to quell growing regulatory concerns and maximize the value of its assets.
Former House Rep blames industry outsiders for associating crypto with bank’s failure
According to Barney Frank, Signature Bank’s only issue prior to regulators seizing control in March was “crypto-fear inaccurate withdrawals.”
Coinmint Sues California Chipmaker for $23M, Alleging ‘Elaborate Deception’
The mining firm, which has been embroiled in several legal battles, describes an elaborate fraud scheme for a $150 million contract.
Coin Cafe Ordered By New York AG to Pay Back $4.3M in Fraudulent Fees
Brooklyn-based crypto trading platform Coin Cafe is paying back $4.3 million to defrauded investors, according to a Thursday statement from the New York Attorney General’s office, which accused the company of misleading customers about “exorbitant and undisclosed” fees.
Coin Cafe Ordered By New York AG to Pay Back $4.3M in Fraudulent Fees
Brooklyn-based crypto trading platform Coin Cafe is paying back $4.3 million to defrauded investors, according to a Thursday statement from the New York Attorney General’s office, which accused the company of misleading customers about “exorbitant and undisclosed” fees.
Coin Cafe Ordered By New York AG to Pay Back $4.3M in Fraudulent Fees
Brooklyn-based crypto trading platform Coin Cafe is paying back $4.3 million to defrauded investors, according to a Thursday statement from the New York Attorney General’s office, which accused the company of misleading customers about “exorbitant and undisclosed” fees.
Crypto Firms’ Plans To Leave The US Speak Imminent Doom, Says Tim Draper
The United States is gradually becoming too hot for crypto firms to operate due to unclear and stringent regulatory approaches. For instance, a recent development that sparked an outcry was the proposal to impose a 30% excise tax on crypto-mining facilities.
US President Joe Biden’s budget proposal presented a phased-in tax on the electricity used by crypto mining firms. This tax and the Securities and Exchange Commission’s enforcement actions may push many top crypto firms and startups to consider offshore operations. As such, Tim Draper foresees a massive departure from the US that might crash its economy.
US Unclear Regulatory Environment Is Leading To Massive Crypto Exodus
In a Twitter post, the founder of DFJvc, Draper mentioned that Silicon Valley startups are relocating operations to Asia, Europe, and the Middle East.
He further stated that Gemini and Coinbase are moving out of the US due to the regulatory pressure on their operations. Coinbase CEO Brian Armstrong hinted at the same outcome in an April conference organized by the Innovative Finance industry body.
While speaking, Armstrong stated that the Bahamas-based FTX exchange that crashed in 2022 shows the need for clear crypto regulations. As such, the industry needs clear regulations in the US and UK, or more firms will establish operations in “offshore havens.”
New York Is Losing Blockchain Development Leadership
Draper also pointed out that countries like Singapore, Dubai, and London gradually overtake New York in blockchain development. A report by Global Media Insight on March 29, 2023, pitched the UAE as the most digital-friendly country in the world.
The report revealed that Dubai has many policies that support blockchain technology. As such, it is emerging as one of the best crypto trading markets worldwide.
In April, Binance also shared many reasons Dubai is crypto-friendly, mentioning tax-free zone, government support, high-tech infrastructure, etc.
Apart from the UAE, London, and Singapore also has a more crypto-friendly environment than the US. According to Draper, these countries have positioned themselves to accommodate crypto firms, thereby attracting more investments gradually.
In conclusion, Draper believes that such an outflow of investment and development might leave the US economy in bad shape, increase homelessness and lead to a massive loss of jobs.
-Featured image from CNBC and chart from Tradingview
New York AG’s office seeks additional authority over crypto firms
Under a bill proposed by New York Attorney General Letitia James, crypto exchanges could be required to reimburse users who were the victims of fraud.
New York Attorney General Seeks New Crypto Powers for State Regulators
The bill follows legal suits taken by Letitia James in connection to crypto companies like Celsius, CoinEx and Nexo.
Blockchain Association Leaves New York as Federal Regulatory Fight Looms
The advocacy group will refocus its efforts on petitioning regulators and officials in Washington.
Celsius Founder Mashinsky Denies ‘Baseless’ Fraud Claims From New York State
Attorney General Letitia James said Mashinsky misled investors about the health of the now bankrupt crypto lender.
OpenSea ‘insider trading’ trial kicked off in New York district court
The court case might have a decisive influence on the legal classification of NFTs.
NYDFS adopts regulation to assess supervisory costs for licensed crypto firms
Since 2015, crypto firms operating in the state of New York have largely been required to apply for a BitLicense to offer services.