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The US regulators’ crackdown on the crypto market has led to the closure of Silvergate, Silicon Valley Bank, and Signature, while prominent figures criticize scapegoating cryptocurrencies for the banking crisis. The House Financial Services Committee investigates potential coordinated efforts to de-bank the crypto market as the banking crisis worsens.

“The FTX debacle shed light on the murkiness of crypto regulations following accusations made against the former CEO, Sam Bankman-Fried. Charles Hoskinson, Cardano’s founder, raised concerns over the media’s leniency towards Bankman-Fried, comparing him to Bernie Madoff. This case emphasizes the need for transparent and accountable media and robust crypto regulations.”

“Sam Bankman-Fried, former FTX CEO, faces a trial for allegedly misleading customers about the financial health of his company. The trial explores FTX’s business practices, its relationship with subsidiary Alameda, and highlights the complex issues of regulating a rapidly evolving global crypto industry.”

The Monetary Authority of Singapore has granted a Major Payment Institution Licence to Sygnum Singapore, enabling it to extend its services to the Asia–Pacific market. However, the recent downfall of Silvergate Bank, due to high-risk crypto activities, underscores the need for balancing growth and safety in blockchain adoption.

“The sequential nature of the blockchain forms the bedrock of cryptocurrencies, yet it faces regulatory scrutiny. An incident involving Sam Bankman-Fried of FTX has catalyzed attention towards regulations around blockchain. Amid this, Taiwan and Hong Kong have imposed stringent rules on crypto exchanges. Regulation, seen as essential to prevent crises like the FTX debacle and ensure trust in this booming market, hangs in the balance as the blockchain leaps into the future.”

“The upcoming trial of former FTX executive, Sam Bankman-Fried, aims to unravel FTX’s approach in managing customer assets, a key factor for the case’s outcome. Meanwhile, Ethereum co-founder, Vitalik Buterin, expresses concerns about a possible monopoly by decentralized autonomous organizations (DAOs), highlighting potential vulnerabilities in the blockchain ecosystem.”

“The case against Sam Bankman-Fried, founder of crypto exchange FTX, exemplifies the increasing relevance of regulation in the crypto world. Legal proceedings reveal his political donations to be admissible, offering insight into alleged misuse of FTX customer funds. Additionally, Bankman-Fried’s involvement in creating and allegedly manipulating FTX Token prices illuminates broader concerns of fraudulent token price manipulation within the crypto industry.”

The mBridge Central Bank Digital Currency (CBDC) project, comprising members from China, Hong Kong, Thailand, UAE, and BISIH, is preparing for expansion. The project offers faster, cost-effective, and transparent cross-border transactions. Concerns rise from potential exploitation for sanctions evasion.

“The U.S. bill known as the ‘CBDC Anti-Surveillance State Act’ aims to prevent the Federal Reserve from issuing a central bank digital currency. This bill has sparked mixed emotions, with supporters seeing it as crucial for protecting personal liberties against state control, while critics argue it could stifle innovation and trust in digital currencies.”

“Former Celsius executive pleads guilty to fraudulent activities sparking concerns about regulatory control in crypto markets. Amidst ensuing legal proceedings, Celsius sought bankruptcy protection, bringing into focus the urgency for effective checks, balances, and regulations in the volatile crypto industry.”

Former FTX exchange General Counsel, Ryne Miller, has launched his own firm, Miller Strategic Partners, to offer strategic and regulatory guidance to blockchain firms. This development occurs amid FTX’s legal troubles and bankruptcy protection filing, prompting concerns about the handling of their substantial crypto holdings. Interest in this situation is reflected by founder of Tron Network, Justin Sun’s, plans to bid for FTX’s assets.

U.S. Securities and Exchange Commission Chair, Gary Gensler, stands firm on his belief that most crypto tokens likely qualify as investment contracts under the law, making them subject to securities laws. Despite recent court decisions favoring crypto entities like Ripple, Gensler remains focussed on the noncompliance of the crypto sector with these laws, fuelling ongoing crypto-securities law conflicts.