CFTC Charges Two Men Behind $44 Million Crypto Ponzi Scheme


The United States Commodity Futures Trading Commission (CFTC) has charged two U.S. residents and their entities for running a cryptocurrency investment scheme that defrauded over 170 investors. CFTC Charges Two Men for $44M Crypto Scam In an official press release, the CFTC alleged that the defendants, Sam Ikkurty and Ravishankar Avadhanam, had fraudulently solicited a … Read more

Record Inflation Rates Spread Worldwide, Could Crypto Ease Some of the Pain? (Op-ed)


The condition of the global economy seems to be in a state of knockdown. The years of financial boom after the crisis in 2008 ended with the outbreak of the COVID-19 pandemic at the beginning of 2020. Social distancing measures and “stay-at-home” rules crippled production to a serious extent, while numerous central banks took the … Read more

Former BitMEX CEO Arthur Hayes Avoids Prison Time, Sentenced to 2 Years Probation


The co-founder and former CEO of the crypto derivatives platform BitMEX was sentenced to two years of probation, with the first six months to be spent in home confinement. In late 2020, the Commodity Futures Trading Commission (CFTC) accused the company’s co-founders – Arthur Hayes, Benjamin Delo, and Samuel Reed – of operating a digital … Read more

Biden’s pick for Fed vice chair for supervision calls for congressional action on stablecoins


Fed nominee Michael Barr said that the government agency potentially releasing a central bank digital currency was an issue that required “a lot more thought and study.” Michael Barr, a law professor and former advisory board member of Ripple Labs who is United States President Joe Biden’s pick for vice chair for supervision at the … Read more

FTX US Launches Stock Trading for Select Users


The US arm of the cryptocurrency exchange, FTX, is going old school with the launch of its new stock-trading service for a limited number of users in the country. The new offering is being released through FTX Capital Markets, which happens to be a FINRA member broker-dealer. Push for Stock Trading According to the official … Read more

FTX US to launch stock trading against stablecoins


FTX Stocks will allow retail investors to fund their accounts with fiat-backed stablecoins like USD Coin via the FTX US crypto exchange. Major cryptocurrency exchange FTX is moving into equity trading, with its United States-based subsidiary FTX US launching a stock trading platform. West Realm Shires Services, the owner and operator of FTX US, announced … Read more

SEC chair uses crypto enforcement in justification for FY2023 budget


“We’re not trying to grow really significantly, but resources to grow at least six percent to grow our enforcement arm in this space,” said Gary Gensler. 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 … Read more

New Data Shows China Still Controls 21% Of The Global Bitcoin Mining Hashrate


China is back with a vengeance. The Cambridge Centre for Alternative Finance, or CCAF, collected data “spanning the period from September 2021 to January 2022” for their latest study. The headline is that, ban or no ban, the Asian country controls 21% of the Global Bitcoin mining hashrate. Since June 2021, here in NewsBTC, we’ve … Read more

California Considers Lifting Ban on Crypto Donations for Political Campaigns


California’s state regulator – Fair Political Practices Commission (FPPC) – will consider allowing the use of cryptocurrencies for political campaign donations four years after banning them. Potential Law Amendments During its most recent Commission Meeting, the FPPC disclosed it had arranged a “pre-notice discussion” where it will contemplate whether to enable digital asset political donations … Read more

China returns as 2nd top Bitcoin mining hub despite the crypto ban


China still hosts 21% of the total global Bitcoin hash rate after the local government banned all crypto operations in the country last year. The Chinese government has not managed to take down cryptocurrency operations as part of its crypto ban last year as China has re-emerged as one of the world’s largest Bitcoin (BTC) … Read more