Day: March 15, 2023

Crypto firms may turn to ‘shadow banks’ following major collapses — Molly White

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In the wake of three major banks with ties to crypto firms collapsing, software engineer Molly White believes companies now looking at banking options may have to face “shadier” solutions. Speaking on March 14 at a South by Southwest (SXSW) panel in Austin, Texas on ‘Popping the Web3 Bubble’, White opined that crypto firms’ options following the collapse of the crypto-friendly Signature and Silvergate banks may drive them metaphorically underground. White compared the situation to that in 2017 and 2018, when crypto projects had “trouble accessing banking” with less knowledge…

Salesforce Taps Into NFTs Through Suite of New Web3 Products

In addition, Salesforce Web3 is rolling out Web3 Connect, an API integration that provides insight into the customer experience across Web2 and Web3 as they tap into these new technologies. Salesforce is also releasing NFT Management, a platform that allows companies to create and monitor the success of their NFT collections and blockchain data through the Salesforce interface. Source

Salesforce Web3 to help brands build trusted and scalable NFT programs

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Salesforce, a customer relationship management software firm announced the limited release of Salesforce Web3 on March 15. The company said it will be a platform that helps companies create, manage, and deploy non-fungible tokens (NFTs) in a trusted, scalable, and sustainable way. The service will allow brands connect with their customers in a whole new way by integrating their Customer 360 with Web3 data, in order to help brands gain a comprehensive understanding of how customers interact with their brand across traditional and emerging digital environments. According to Salesforce, its Web3 platform…

UK Treasury Budget Discusses Separate Reporting of Crypto Assets in Tax Documents – Taxes Bitcoin News

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Taxpayers in the United Kingdom will have to report cryptocurrency assets separately in their tax documents for the tax year 2024-25, according to the Exchequer’s recently published spring 2023 budget. New Criminal Offenses Planned by U.K. Government to Combat Tax Avoidance Amid the chaos in the banking sector following the collapse of Silicon Valley Bank’s U.K. subsidiary, finance minister Jeremy Hunt delivered the spring 2023 budget on Wednesday. Hunt, who was previously dealing with the bank’s failure, told BBC reporters that the shutdown of the U.K. financial institution posed no…

Sam Bankman-Fried petitions court to prioritize reimbursing his legal fees

Sam Bankman-Fried is seeking to use FTX’s insurance policies to cover his legal expenses, according to a court filing on March 15.  The former FTX CEO’s legal counsel requested in a motion to permit insurers to advance or reimburse his defense costs and fees under directors and officers (D&O) insurance policies held with Relm Insurance and Beazley Insurance. As per the filing, the policies “provides priority of payment to individual insureds with un-indemnified loss like Mr. Bankman-Fried.” Meaning the former CEO would be on top of the FTX payout list. “Based…

Starknet DAO Heads Toward First Governance Vote

The independent, nonprofit Starknet Foundation will delegate 33% of its overall voting power in the first vote to the first-phase Builders Council (getting 23% of the voting power) and a group of delegates selected from a delegate pool, who get 10%. The foundation, which aims to help the network achieve its decentralization goal, launched in November and was allocated 5.01 billion Starknet Tokens, or about 50.1% of the initial token supply of 10 billion tokens. Source

U.S. Government Using Crisis to Choke Off Crypto Access to Banks

Last week, Silvergate Bank, a California firm that catered to crypto companies, said it would “voluntarily liquidate” and shut down. Days later, tech startup-focused firm Silicon Valley Bank (SVB), which had some crypto clients, was closed by the California Department of Financial Protection and Innovation, which said the bank had “inadequate liquidity and insolvency.” Source accessBanksChokeCrisisCryptoGovernmentU.S CryptoX Portal

Senator Warren says Fed chair ‘has to recuse himself’ from reviewing regulatory failures

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Massachusetts Senator Elizabeth Warren, one of the more prominent anti-crypto voices in the United States Congress, has called on Jerome Powell to recuse himself amid an internal probe at the Federal Reserve. Speaking to reporters in Washington D.C. on March 15, Warren said Powell had led “the de-regulatory movement” at the Fed potentially touching upon some of the conditions that had led to the collapse of Silicon Valley Bank. The Fed chair called for a “thorough, transparent, and swift review” of its activities on March 13 following the bank’s shutdown…