CRYPTOCURRENCIES
SPAC CFO Sentenced to Prison for Embezzling $5M
Cooper Morgenthau, former CFO of African Gold Acquisition Corporation, was sentenced to three years in prison for embezzling $5 million from three different SPACs. Morgenthau used the embezzled funds to trade cryptocurrencies and meme stocks, losing almost all of the money. He then provided falsified documents to the company’s accountants and raised $4.7 million from private investors based on fraudulent claims. Morgenthau has been ordered to forfeit $5.1 million and pay restitution of the same amount.
Nearly Half of Millennials Own Cryptocurrencies
A recent survey conducted by Bitget, a cryptocurrency exchange, has found that 46% of millennials in major population countries own cryptocurrencies, compared to 25% of Gen X, 21% of Gen Z and 8% of baby boomers. The survey also revealed that 27% of millennials and 36% of Gen Z consider cryptocurrency regulation an important factor when voting for political candidates.
CFTC Commissioner Calls for Reduced Cryptocurrency Anonymity
CFTC Commissioner Christy Goldsmith Romero has proposed reducing the anonymity of cryptocurrencies as a means of managing associated risks. Romero spoke at City Week 2023 in London, stating that market integrity, national security, and financial stability cannot be compromised.
Cryptocurrencies Act as Safe Haven Amid U.S. Banking Crisis
Amid the ongoing U.S. banking crisis, CEO of ARK Invest, Cathie Wood, praised cryptocurrencies for acting as a safe haven. Wood criticized the Federal Reserve's inability to prevent bank runs and blamed their policy failure for the current banking crisis. Wood projected crypto as a solution to the central points of failure and regulatory mistakes in the traditional financial system.
South Dakota Governor Vetoes Bill Excluding Cryptocurrencies from State's Definition of Money
Governor Kristi Noem of South Dakota has vetoed House Bill 1193, which sought to exclude cryptocurrencies from the state's definition of money. The governor believes that the bill would put South Dakota at a disadvantage and potentially lead to future overreach from the federal government in issuing a digital dollar.
Nigerian President-elect's Manifesto Includes Blockchain and Crypto Regulations
Nigerian President-elect Bola Tinubu has released a manifesto proposing the implementation of blockchain technology and cryptocurrencies in Nigeria's banking and finance sector. The manifesto suggests reforming existing Nigerian Security Exchange Commission regulations to create a more business-friendly framework for regulating digital assets. The proposed regulations would require digital asset companies to register with the SEC and comply with SEC regulations. The release of the manifesto coincides with the increasing adoption of cryptocurrencies in Nigeria, with the government hoping that the proposed SEC regulation reforms will attract more investors in the digital and economic sectors and stimulate economic growth.
G20 To Establish Standards For Global Crypto Regulatory Framework
The Financial Stability Board, IMF, and BIS will propose worldwide crypto regulations.
FATF Releases Action Plan to Improve Implementation of Global Standards on Crypto
Over 200 governments agreed to tighten the "application of FATF Standards on virtual assets and virtual asset service providers".
G20 Discusses Crypto Regulations Under India Presidency
G20 members reviewed technological advancements and dangers during the FMCBG conference on Feb. 24–25.
Blockchain Association Rejects Court's Securities Ruling on Private Blockchains
A U.S. lawyer called it "absurd" for a court to declare digital assets on centralized databases securities.
Circle Plans to Increase Workforce by 15-25%
Circle's $42 billion USDC is the second-largest stablecoin behind Tether's USDT.
Interchain Foundation to Spend $40 Million on Cosmos Ecosystem Development
The ICF supports adoption initiatives like Interchain Builders and Interchain NFTs while emphasizing core development.
Galaxy Digital Invests $44 Million Into Institutional Cryptocurrency
Galaxy Digital invests $44 million in institutional bitcoin custody platform GK8 to integrate its asset storage and management capabilities.
Father of two facing the dire prospect of losing his family forever
A two-year bitcoin trading addiction cost a Redditor $180,000 and maybe his wife and family.
Tim Beiko announced Shapella upgrade
Full and partial validator withdrawals alter the consensus layer.