Bitcoin News and Finance: What You Need to Know

U.S. Treasury Secretary Janet Yellen and Indian Finance Minister Nirmala Sitharaman discussed crypto regulation during the ninth India-U.S. Economic and Financial Partnership meeting. They stressed the importance of international cooperation and setting high regulatory standards globally. US and India Discuss Issues Surrounding Crypto Indian Union Minister of Finance & Corporate Affairs Nirmala Sitharaman and U.S. Treasury Secretary Janet L. Yellen discussed cryptocurrency regulation Friday during the ninth meeting of the India-U.S. Economic and Financial Partnership. U.S. Federal Reserve Chairman Jerome Powell and Reserve Bank of India (RBI) Governor Shaktikanta Das also attended the meeting, which was held in New Delhi. It was Yellen’s first visit to India as treasury secretary. According to a joint statement issued by Yellen and Sitharaman at the conclusion of the meeting: The United States and India look forward to sustained engagement through the longstanding U.S.-India...

Former U.S. Treasury Secretary Lawrence Summers has compared crypto exchange FTX to Enron, noting that the case is a classic fraud rather than the complexities of cryptocurrency regulation. He said the regulatory community ought to draw two lessons from the collapse of FTX. Larry Summers Compares FTX to Enron Former Treasury Secretary Lawrence Summers shared his view on the need for cryptocurrency regulation following the collapse of Sam Bankman-Fried’s FTX crypto empire in an interview with Bloomberg Television Friday. Summers served as the U.S. Secretary of the Treasury from 1999 to 2001. He is currently the Charles W. Eliot Professor at Harvard University. “A lot of people have compared this to Lehman. I would compare it to Enron,” he began, elaborating: The smartest guys in the room. Not just financial error but … whiffs of fraud. Stadium namings very early in a company’s history. Vast explosion of wealth that nobody quite understands where it comes from. Enron was an energ...

The famous author of the best-selling book Rich Dad Poor Dad, Robert Kiyosaki, says he is not worried about the price of bitcoin dropping. “I am a bitcoin investor,” he said, adding that when the price of the cryptocurrency hits a new bottom, he gets excited. Robert Kiyosaki Isn’t Worried About Bitcoin’s Price The author of Rich Dad Poor Dad, Robert Kiyosaki, says he is not worried about the price of bitcoin as BTC fell below $17K amid the implosion of cryptocurrency exchange FTX. Rich Dad Poor Dad is a 1997 book co-authored by Kiyosaki and Sharon Lechter. It has been on the New York Times Best Seller List for over six years. More than 32 million copies of the book have been sold in over 51 languages across more than 109 countries. Kiyosaki tweeted Friday: Bitcoin? Worried? No. I am a bitcoin investor as I am an investor in physical gold, silver, & real estate. I am not a trader or flipper. When bitcoin hits new bottom, $10 to $12 k? I will get excited, not worried. He ad...

Tesla CEO and Twitter chief Elon Musk has informed Twitter employees that the company’s “economic picture ahead is dire.” Noting that “bankruptcy isn’t out of the question,” the billionaire stressed that “Without significant subscription revenue, there is a good chance Twitter will not survive the upcoming economic downturn.” Twitter Could Go Bankrupt, Says Elon Musk Elon Musk, the billionaire who bought Twitter for $44 billion about two weeks ago, sent his first email to all Twitter employees Wednesday informing them of the social media platform’s grim financial situation. “There is no way to sugarcoat the message,” Musk wrote, adding: Frankly, the economic picture ahead is dire. He proceeded to detail that the economic situation is worse for a company like Twitter which is highly dependent on advertising in a challenging economic climate. “70% of our advertising is brand, rather than specific performance, which makes us doubly vulnerable,” he stressed. Musk continued, “That ...

Bitso, one of the largest cryptocurrency exchanges in Latam, has launched a QR payments program geared towards travelers in Argentina. The service proposal seeks to ease the way in which travelers and tourists make payments in the country, using Bitso’s interoperable QR payment technology to avoid unnecessary and often confusing cash exchange transactions in the region, where there are multiple dollar exchange rates. Bitso Launches QR Payment Service for Travelers Bitso, one of the leading cryptocurrency exchanges in Latam, has launched a QR-based payments service that aims to allow travelers to pay with cryptocurrencies in Argentina. The service seeks to make the lives of tourists arriving in the country easier, by allowing them to pay for services and goods with cryptocurrencies at all merchants using the popular QR payments method. Bitso’s objective is to serve as an integral payment service, avoiding the hassle of exchanging foreign currency for cash in a country like Argentin...

The European Commission is preparing to discuss with member states the adoption of a common tax regime for crypto assets, European officials have indicated. The talks with national treasuries are expected to start next year with the aim to end the differentiated tax treatment of cryptocurrencies across the bloc’s 27 jurisdictions. European Union to Consider Single Tax Regime for Crypto Income and Profits The executive body in Brussels, the European Commission, intends to soon launch talks with the financial ministries of the member states on whether establishing a Union-wide tax regime for crypto is warranted, a report by Politico revealed Thursday, quoting three EU officials. The discussions are set to begin in 2023, the sources told the publication. Their focus will be on sharing best practices as currently cryptocurrency wealth is subject to different taxes in each country. Commenting on the initiative, a spokesperson for the Commission elaborated: Difficulties in classifying,...

Japan’s top financial regulator, the Financial Services Agency (FSA), has issued a business suspension order to FTX Japan, the Japanese subsidiary of FTX.com. The financial watchdog has also ordered the crypto exchange to submit a business improvement plan by Nov. 16. Japanese Regulator Takes Action Against FTX Japan Japan’s Financial Services Agency (FSA) announced Thursday that the Kanto Local Finance Bureau has taken action against FTX Japan, the Japanese subsidiary of Sam Bankman-Fried’s embattled crypto exchange FTX.com. Three orders have been issued against the crypto exchange: a business suspension order, an order to hold assets domestically, and a business improvement order. FTX Japan must suspend operations from Nov. 10 to Dec. 9 and the exchange cannot accept new assets from clients during that time. The regulator has also ordered the company to submit a business improvement plan by Nov. 16. The FSA announcement explains that FTX Japan’s decision to halt customer withdra...

The White House and members of the U.S. Senate Banking Committee have called for proper cryptocurrency regulation following the collapse of crypto exchange FTX. “Without proper oversight of cryptocurrencies, they risk harming everyday Americans, and this is something that clearly we monitor and we see as an important issue,” said White House press secretary Karine Jean-Pierre. White House on Crypto Regulation Following the collapse of cryptocurrency exchange FTX, the White House and several U.S. lawmakers have called for stricter crypto regulation. White House press secretary Karine Jean-Pierre said at a press briefing Thursday in response to the FTX crisis: The administration has consistently maintained that without proper oversight of cryptocurrencies, they risk harming everyday Americans, and this is something that clearly we monitor and we see as an important issue. She added: “The most recent news further underscores these concerns and highlights why prudent regulation of ...

The chairman of the U.S. Securities and Exchange Commission (SEC), Gary Gensler, has outlined two paths the agency is taking to regulate the crypto industry. Meanwhile, a U.S. congressman is investigating whether Gensler helped FTX CEO Sam Bankman-Fried and his bankrupt crypto exchange on legal loopholes to obtain a regulatory monopoly. SEC Chair Gensler on FTX’s Undoing The chairman of the U.S. Securities and Exchange Commission (SEC), Gary Gensler, talked about crypto regulation and the undoing of cryptocurrency exchange FTX in an interview with CNBC Thursday. Without confirming whether the SEC is investigating FTX, the chairman explained that when crypto exchanges “mix together a bunch of customer money” without disclosure and “leverage borrowing against it,” investors get hurt. He was also asked about the watchdog going after Kim Kardashian which, on a relative basis, is a much smaller case than FTX. Gensler replied: Look, I think that investors need better protection in t...

Lionel Messi, one of the biggest Argentine soccer superstars, has announced his participation as an investor and brand ambassador in Sorare, an NFT (non-fungible token) game. Sorare hopes that Messi’s presence will improve the way in which the company relates to users, setting new standards in this regard. The economic details of the deal were not disclosed. Lionel Messi Partners With NFT Game Sorare Lionel Messi, one of the biggest soccer superstars and current player on the PSG soccer club, is now a brand ambassador and investor in the NFT card trading game Sorare. The presence of the player is directed to grow Sorare’s brand and improve the quality of the interactions the brand has with its users. As part of this partnership, Sorare announced that Messi took a stake in the company, without disclosing the numbers behind this transaction. To Sorare, Messi’s partnership is a milestone for the company, which had previously seen interest from another Spanish soccer player, Gerard Piq...

Law enforcement and judicial authorities from Russia and Turkey are joining forces in the fight against cybercrime, including the use of cryptocurrencies for illegal purposes. The collaboration has been agreed upon during a visit by Russia’s Prosecutor General to Ankara. Russia, Turkey Arrange Cooperation on Countering Crime Involving Digital Space and Assets The Prosecutor General of the Russian Federation Igor Krasnov and the Turkish Minister of Justice Bekir Bozdag have signed a new, two-year program for cooperation between their departments, the Tass news agency reported. The high-ranking officials met in the Turkish capital. One of the areas where the sides plan to coordinate efforts is the fight against cybercrime, including cases involving criminal use of cryptocurrencies and other virtual assets, the report revealed. After sealing the agreement, Krasnov highlighted Russian experience in the field: In Russia, the relevant judicial and investigative practice has been develo...

U.S. Senator Elizabeth Warren says the implosion of crypto exchange FTX shows that the crypto industry needs “more aggressive enforcement.” She stressed: “I’m going to keep pushing SEC to enforce the law to protect consumers and financial stability.” However, many people pointed out that the Securities and Exchange Commission (SEC) has failed to provide clear crypto regulation, leading to U.S. investors using offshore exchanges like FTX. Senator Elizabeth Warren Wants Tougher Crypto Regulation Following the crisis at cryptocurrency exchange FTX, U.S. Senator Elizabeth Warren (D-MA) stressed that the crypto industry needs more aggressive regulation. She tweeted Wednesday: The collapse of one of the largest crypto platforms shows how much of the industry appears to be smoke and mirrors. We need more aggressive enforcement and I’m going to keep pushing SEC to enforce the law to protect consumers and financial stability. Many people on Twitter disagreed with the senator from Massach...

Blockfi, a cryptocurrency lending platform, has announced that it is limiting the operations of its platform and pausing customer withdrawals. The company issued a letter where it states that this decision was caused by the “lack of clarity” on the current state of FTX, which had previously announced an investment of $250 million in the platform to bolster its balance sheet. Blockfi Limits Platform Activity, Pauses Customer Withdrawals Blockfi, one of the leading cryptocurrency lending platforms, announced on Nov. 10 at 8:16 p.m. (ET) it was limiting the activity on its platform and pausing customer withdrawals as a result of the liquidity crunch that FTX has been experiencing. The company cited the “lack of clarity” of the status of the exchange as the main reason behind this resolution. In an announcement , the company explained they found out about the FTX situation on Twitter, feeling “shocked and dismayed” by the development of this issue. Furthermore, the company declared th...

On Thursday, at approximately 12:48 p.m. (ET), the embattled exchange FTX revealed that it has created a special facility with Tron. The deal allows holders of specific Tron-based coins to withdraw the tokens to external wallets on a 1:1 ratio. While coin market aggregation sites say tron tapped a high of $0.06 per token on Thursday, tron reached a high of $2.49 per coin against the U.S. dollar on FTX. Tron Exchange Rate Balloons on FTX After Special Facility Established The troubled crypto exchange FTX has been the center of a lot of confusion and speculation since the world’s largest crypto exchange Binance explained it would be dumping all of its ftx (FTT) tokens. Four days later, FTX International has effectively paused withdrawals and the community suspects the exchange is insolvent. However, on Nov. 10, 2022, Tron founder Justin Sun said his team was working around the clock to help alleviate the situation with FTX. Sun also remarked that he is taking steps to help FTX. T...

Global investment bank JPMorgan has warned of the crypto market facing weeks of deleveraging stemming from the crisis at Sam Bankman-Fried’s crypto exchange FTX.com and trading platform Alameda Research. The firm’s analysts also predicted that the price of bitcoin could fall to $13,000. JPMorgan on FTX and Bitcoin’s Price JPMorgan Chase’s analysts, led by global market strategist Nikolaos Panigirtzoglou, provided their analysis of the FTX situation and a price prediction for bitcoin in a note Thursday. The analysts explained that fewer players in the crypto space are now able to rescue weaker players, stating: What makes this new phase of crypto deleveraging induced by the apparent collapse of Alameda Research and FTX more problematic is that the number of entities with stronger balance sheets able to rescue those with low capital and high leverage is shrinking. Facing a liquidity crunch, FTX CEO Sam Bankman-Fried reportedly asked several major crypto exchanges, including Coinb...

PRESS RELEASE. Fiat-crypto payment provider, Alchemy Pay , is bringing its mainstream-friendly services to Europe’s foremost crypto conference – London Token2049. The Singapore-based company has taken its payment network infrastructure and pivoted to direct-to-customer (D2C) services, with its highly versatile and customisable NFT Checkout and On & Off Ramp Solutions . Europe’s Premier Crypto Event TOKEN2049 is known for its industry-leading events held annually. Founders, CEOs, and projects come together to build relationships and share developments. It showcases sectors like DeFI, Gaming, Social Fi, NFTs, Metaverse, and DAOs, and brings together more than 3,000 attendees, 100+ sponsors, and around 150 speakers. Alchemy Pay On & Off Ramp After years providing business-to-business (B2B) fiat-crypto gateway services, Alchemy Pay’s ramp is now serving users on crypto platforms and dApps across multiple sectors. Alchemy Pay now boasts 300+ fiat payment channels worldwide. ...

The U.S. Securities and Exchange Commission (SEC) and the Department of Justice (DOJ) are reportedly investigating cryptocurrency exchange FTX. The crypto firm is suspected of mishandling customer funds and breaking securities laws. Regulatory probes are among the key reasons why Binance walked away from the acquisition of FTX. U.S. Regulators and DOJ Investigate Crypto Exchange FTX Several U.S. authorities are reportedly probing FTX, the embattled cryptocurrency exchange founded by Sam Bankman-Fried. The U.S. Department of Justice (DOJ) and the Securities and Exchange Commission (SEC) are looking into the turmoil surrounding FTX.com and its liquidity crisis, Bloomberg reported Thursday, citing a person familiar with the matter. The Justice Department prosecutes criminal violations, such as fraud, while the SEC focuses on securities law violations. Moreover, the SEC and the Commodity Futures Trading Commission (CFTC) are investigating whether FTX.com mishandled customer funds, the...

Queen Maxima of the Netherlands has outlined multiple benefits central bank digital currencies (CBDCs) could bring, particularly in the area of financial inclusion. “Governments could use a digital euro to channel financial support to low-income households. This would deepen longer-term inclusion, and act as a gateway to other financial services,” she said. Queen Maxima Envisions a Better Future With CBDCs Queen Maxima of the Netherlands talked about central bank digital currencies (CBDCs) Monday at the “Towards a legislative framework enabling a digital euro for citizens and businesses” conference. She is the United Nations Secretary-General’s Special Advocate for Inclusive Finance for Development (UNSGSA). The conference was jointly organized by the European Commission and the European Central Bank (ECB). Focusing on financial inclusion and how a digital euro might “benefit underserved groups,” Queen Maxima explained that “Traditional financial services have created roadblocks fo...

The European Commission is going to present a legislative proposal for a digital euro in the near future, President of European Central Bank Christine Lagarde has indicated. EU legislators are expected to define the new currency’s legal tender status and determine its privacy features. EU Commission to Propose Legislation for Eurozone’s Digital Currency Authorities in the euro area have already made good progress in exploring the rationale and the potential benefits and risks of a central bank digital currency ( CBDC ), the head of the European Central Bank (ECB) noted during a conference devoted to the digital version of the common currency. In a video message, Christine Lagarde said that the focus of their efforts is now shifting to the concrete design of the digital euro and its embedding into a legal framework. This is an area where EU legislators will play an important role, the top executive stressed and revealed: I’m therefore very much looking forward to the legislative ...

According to a report published on Nov. 9, 2022, Temasek Holdings, the Singaporean state holding company owned by the government of Singapore is allegedly engaging with FTX amid Binance’s plans to bail out the crypto trading firm. Singapore’s state investor has been known to have invested in the cryptocurrency and blockchain industry for quite some time now. Singaporean State Holding Company Temasek Helped Fuel FTX’s Series B and C Funding Rounds, Spokesperson Says Company Is Engaging With FTX On Nov. 9, 2022, The Straits Times (TST) business correspondent Claire Huang reported that a spokesperson from Temasek Holdings has been engaging with FTX. Temasek is Singapore’s state-owned holding company that was established in 1974. Temasek’s assets under management (AUM) as of 2022 are estimated to be worth around S$403 billion . “We are aware of the developments between FTX and Binance, and are engaging FTX in our capacity as a shareholder,” the Temasek spokesperson reportedly told Hua...

Following the issues surrounding FTX, the publicly-listed firm Galaxy Digital published its third-quarter earnings report and noted it has an “exposure of approximately $76.8 million of cash and digital assets to FTX.” The news follows a great number of exchange executives announcing that they had zero material exposure to the troubled exchange. Galaxy Digital Has Close to $77 Million in FTX Exposure After Galaxy Digital was dealt with a blow from the Terra blockchain fallout and UST depegging event, the company has revealed exposure to the embattled crypto exchange FTX. It started on Nov. 6, when Binance CEO Changpeng Zhao (CZ) told the public his exchange would dump FTT, the FTX-built exchange token. Then, after a couple of days of confusion, CZ and FTX CEO Sam Bankman-Fried revealed Binance would be acquiring FTX, with details to be announced in the near future. However, Binance revealed on Nov. 9 that it has officially backed out of the deal to acquire FTX. The news has rat...

Whistleblower and former NSA contractor, Edward Snowden, has been very vocal about the crypto economy in recent times. After publishing a copy of Bitcoin’s white paper on Twitter on the document’s 14th birthday, Snowden had some words with Craig Wright, the man who claims to be Satoshi Nakamoto. Following the news tied to the troubled crypto exchange FTX, Snowden added his two cents and said “custodial exchanges were a mistake.” After Feuding With the Self-Proclaimed Satoshi, Edward Snowden Blasts Troubled Crypto Exchange FTX and Sam Bankman-Fried’s Now-Deleted Tweets Edward Snowden has been tweeting often about the crypto sector and on Oct. 31, 2022, the whistleblower published a copy of Bitcoin’s white paper on the document’s 14th anniversary . While the tweet received over 46,000 likes and close to 10,000 retweets, it started an online tiff between Snowden and Craig Wright. Snowden's tweets are why I am on Twitter https://t.co/1pBlEORKFo — Shashank Bhardwaj (@bhardwajsha...