Day: November 15, 2022

Yellen Says FTX Collapse Shows Weaknesses of Entire Crypto Sector — Fed’s Brainard Pushes for Strong Regulation – Regulation Bitcoin News

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U.S. Treasury Secretary Janet Yellen and Federal Reserve Vice Chair Lael Brainard have stressed the need for strong crypto regulation. Yellen said the FTX collapse shows “the weaknesses” of the entire crypto sector while Brainard cautioned that failures from one platform are “spilling over into elsewhere.” Yellen: Crypto Needs ‘Very Careful Regulation’ U.S. Treasury Secretary Janet Yellen shared her concerns regarding the implosion of cryptocurrency exchange FTX Saturday in an interview with Bloomberg. She stressed that FTX’s failure has reinforced her view that the crypto market requires “very careful regulation,”…

Will SBF face consequences for mismanaging FTX? Don’t count on it

Will former FTX CEO Sam Bankman-Fried be held accountable for his mismanagement of investor funds? After most of the entities tied to his cryptocurrency exchange became insolvent last week, blockchain analysts concluded the insolvencies came as a partial result of the exchange’s trading house, Alameda Research, burning through nearly $10 billion in cash that technically belonged to FTX customers. To date, the company has declined to elaborate on the contractual details that made the arrangement possible — or legal. In the aftermath of FTX’s collapse, skeptics have questioned whether the…

Bitcoin Something Big Is About To Happen… [Get Ready]

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TRX Surges Over 600% Following Justin Sun’s Deal With FTX

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Tron’s native token TRX has been seeing significant upside on the FTX exchange since the announcement of a potential deal that would allow users to withdraw funds. This deal is one of the only ones that have gone into effect since FTX began experiencing issues and it seems users are already taking advantage of it. However, it is not all rosy as users begin to notice the downside to this. TRX Price Explodes On FTX TRX token is already up more than 500% on the FTX crypto exchange over the…

SBF Is Sleeping Better, Playing Video Games — New York Times Sam Bankman-Fried Interview Dunked on for Going Soft on FTX Co-Founder – Bitcoin News

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On Nov. 14, the New York Times (NYT) published a massive 2,200-word expose and interview with the former CEO of FTX, Sam Bankman-Fried (SBF), and the article was criticized a great deal after it was published. The article noted that SBF would only offer “limited details about the central questions swirling around him,” and most of the article cited a number of former employees and sources familiar with the matter. New York Times Article Interviewing Former FTX CEO Sam Bankman-Fried Slammed for ‘Disgraceful Reporting’ The news publication the New York…

SBF winds down mystifying Twitter thread that said little over many hours

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Sam Bankman-Fried, the former CEO of bankrupt cryptocurrency exchange FTX, has concluded a Twitter thread he started Nov. 14. In approximately 40 hours, he spelled out “What HAPPENED” across nine tweets and then concluded with five tweets of text.  The unusual Twitter storm attracted extensive attention. The first tweet (“What”), for example, was retweeted nearly 6,000 times as of the afternoon of Nov. 15, with over 6,000 quote tweets on top of that. 1) What — SBF (@SBF_FTX) November 14, 2022 In the text tweets, Bankman-Fried (SBF) promises to tell…

Key Tax Implications of NFTs, Crypto Staking and Yield Farming

The IRS recently identified tax guidance relating to digital asset transaction validation, including staking, as a priority during 2023. As the digital asset ecosystem continues to grow and the tokenized economy takes hold, it will be imperative for the IRS to, whenever possible, issue guidance clarifying the tax treatment of certain activities. Source