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    Judges deny Sam Bankman-Fried’s appeal for early release

    In a Sept. 21 order, Circuit Judges John M. Walker Jr., Denny Chin and William Nardini denied SBF’s motion for early release, which his team argued was largely due to First Amendment issues. The ruling said Lewis Kaplan — the judge overseeing SBF’s criminal case — had “correctly determined” that Bankman-Fried’s speech amounted to witness tampering.Continue Reading on Coin Telegraph More

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    Menendez charges cost Biden key foreign policy ally

    WASHINGTON (Reuters) – The charges against Democratic Senator Bob Menendez will cost President Joe Biden one of his most effective allies in Congress as he rallies support for aid to Ukraine and works to reclaim U.S. leadership on global issues from climate change to China.U.S. prosecutors on Friday charged Menendez and his wife with three felony conspiracy counts of bribery, fraud and extortion over their relationship with businessmen in his home state of New Jersey.Menendez said he decided to step down temporarily as chairman of the Senate Foreign Relations Committee. He has denied wrongdoing and said he plans to continue to work for the people of New Jersey despite what he described as a “smear campaign.” The senator is no stranger to controversy. He stepped aside as the ranking Democrat on the foreign relations committee in 2015 after he was indicted over what prosecutors said was a scheme to trade political favors for luxury vacations and campaign donations. He was reinstated as the panel’s top Democrat in early 2018 after the Justice Department dropped its case. Friday’s indictment came as the Biden administration engages in an ambitious effort to rebuild U.S. alliances to counter a more aggressive China and sustain political support for Ukraine’s war against Russian forces, which has cost the United States more than $100 billion. Menendez has been a crucial partner for Biden on these and other foreign policy priorities. He has steered the confirmations of dozens of Biden’s appointees through the Senate, and forcefully helped make Biden’s case for additional humanitarian, economic and military assistance for Ukraine.”Like him or dislike him, Menendez has played an incredibly influential role when it comes to shaping U.S. foreign policy,” said Daniel Vajdich, a Republican former Foreign Relations Committee staffer.Vajdich noted that Menendez’s departure adds to uncertainty on Capitol Hill about foreign policy, given sharp divisions among Republicans, who control the House of Representatives, on issues like aid to Ukraine. Menendez is expected to be succeeded as chairman by Senator Ben Cardin, who stepped in as the panel’s top Democrat in 2015, when Menendez was indicted on charges that were later dropped.At a White House press briefing, spokesperson Karine Jean-Pierre declined to comment on the charges.UKRAINE AID IN QUESTIONCongress is now considering Biden’s request from July for $24 billion more on top of $113 billion already sent to Kyiv, an appeal that faces resistance from many hard-right Republicans as lawmakers scramble to fund the government before a Sept. 30 deadline.The committee chair is the top foreign policy position in Congress. As chairman, Menendez writes legislation, sets the agenda for committee hearings, oversees the president’s nominations for a wide range of national security positions subject to Senate confirmation and reviews most international weapons sales.Suzanne Wrasse, a spokesperson for Senator Jim Risch, the committee’s top Republican, said Risch hoped for guidance from Democratic leadership soon on next steps.Menendez has been an ally to Biden on Ukraine against what he has called Russia’s “brutal assault.” And he has worked with the administration and Senate leaders on China, including a major bill to boost the U.S. semiconductor industry that became law last year.He has not always seen eye-to-eye with Democratic presidents. Menendez opposed then-President Barack Obama’s 2015 nuclear deal with Iran and any talk of reviving the agreement.Under Senate Democratic Conference rules, any member charged with a felony must give up his or her committee leadership position.Menendez is not required to resign from the Senate and can return to his committee post if the charges are dropped or reduced to less than a felony. More

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    Crypto Biz: Bidding war for SVB Capital, new crypto funds and Citi’s private blockchain

    Likewise, SkyBridge Capital, Atlas (NYSE:ATCO) Merchant Capital and Vector Capital are among the final bidders to acquire SVB Capital, the venture arm of the collapsed Silicon Valley Bank. SVB Capital is reportedly a backer of other major venture capital firms in the crypto space, including Sequoia and Andreessen Horowitz. Continue Reading on Coin Telegraph More

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    Judge grants DOJ motions barring testimony of Sam Bankman-Fried’s witnesses

    In a Sept. 21 filing with the U.S. District Court for the Southern District of New York, Judge Lewis Kaplan granted in limine motions from prosecutors that would bar certain witnesses from testifying in SBF’s criminal trial. Kaplan provided different legal grounds for granting the DOJ’s motions against certain witnesses, which included the proposed testimony being “not at all clear,” irrelevant to the trial, or would otherwise seemingly obfuscate the facts of the case for the jury.Continue Reading on Coin Telegraph More

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    WTO needs progress on ‘non-market’ practices, dispute settlement -USTR’s Tai

    WASHINGTON (Reuters) -U.S. Trade Representative Katherine Tai on Friday called for meaningful progress in making changes to the World Trade Organization by a ministerial meeting in February, with better tools needed to handle China’s “non-market” practices.The U.S. was committed to a reformed WTO that was focused on its “foundational goals,” marked by “openness, transparency, and fair-market-oriented competition”, Tai said in remarks to a trade forum in Washington.She said that in recent years, the WTO has failed to address non-market practices by some countries, seeking to “dominate key industrial sectors, promote national champions and discriminate foreign competitors, massively subsidize key sectors and manipulate cost structures.”Her remarks did not name China directly, but she later said she was referring to China.”These practices are unfair and disadvantage workers in developed and developing countries, like the very people this system should be empowering and lifting up,” Tai said at the Center for Strategic and International Studies event.”Real conversations” were needed on how the WTO can address issues, Tai said.The 13th Ministerial Meeting of the WTO is scheduled for Feb. 26-29 in Abu Dhabi. Tai called on the trade body’s 164 member countries to “lock in” any reforms where they can find consensus, “rather than continue to preserve an unsatisfying status quo until some theoretical point in the future where we agree on everything.”The WTO is a consensus-based organization where any member country can block proposals, and negotiating rule changes has proven extremely difficult since its 1995 founding.But there had been progress such as a deal last year to cut billions of dollars in harmful state fishery subsidies, which Tai cited as evidence that differences could be bridged.WTO Director Ngozi Okonjo-Iweala, speaking at the same forum, insisted that the trade body’s members were working through tough negotiation and said she was hoping for reform, including to the dispute settlement system, by February.”We have a lot of work ahead to deal with level playing field issues, including trade distortions from industrial, agricultural and other subsidies,” Okonjo-Iweala said. “And we certainly need to reform our dispute settlement system.”The United States has for years rendered the WTO’s Appellate Body inoperable by blocking the appointment of new judges, arguing that the organization’s dispute appeals process has overstepped its mandate.”The United States wants a WTO where dispute settlement is fair and effective and supports a healthy balance of sovereignty, democracy, and economic integration,” Tai said.She said the U.S. also wants a WTO “where all members embrace transparency. Where we have better rules and tools to tackle non-market policies and practices and to confront the climate crisis and other pressing issues.”Tai has long pushed back against China’s “non-market” economic and trade practices from China, raising fresh objections to its state-led approach during a late May meeting with Chinese Commerce Minister Wang Wentao in Detroit. She also has long argued that China has failed to embrace the market-oriented principles that it committed to follow when it joined the WTO in 2001, and that the trade body has been unable to counter China’s subsidies and support for state-owned enterprises. More

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    Coinbase sought FTX Europe acquisition after bankruptcy: Report

    According to a report from Fortune, Coinbase explored acquiring FTX’s European arm on two occasions, in November 2022 — following its parent company’s dramatic debacle — and in September 2023. A spokesperson for Coinbase confirmed the report: Continue Reading on Coin Telegraph More

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    Bitwise withdraws application to include Ethereum in its Bitcoin futures fund

    Bitwise’s General Counsel Katherine Dowling informed the U.S. Securities and Exchange Commission (SEC) that the trust had decided against pursuing the amendment strategy, as stated in a letter dated September 22. However, the letter did not provide further details beyond its initial submission on August 10.Seyffart noted that this development might not be significant yet. However, if Valkyrie, another crypto fund manager, also decides to withdraw its application for a similar amendment, it could indicate a larger trend or issue within the industry.Simultaneously, the SEC has postponed its decision on several spot Bitcoin ETF applications as of August 31. The regulator stated it needed more time to review submissions from WisdomTree, VanEck, Invesco Galaxy, Wise Origin Bitcoin Trust (by Fidelity), and BlackRock (NYSE:BLK).Seyffart suggested that Bitwise may see limited benefits in having a dual Bitcoin and Ethereum ETF given potential delays in market entry compared to competitors. Also, Bitwise may have investors who prefer exposure solely to Bitcoin. Previously, Bitwise had surprised the market by requesting to withdraw its application for the Bitcoin and ETH Market Cap Weight Strategy ETF, which it had filed with the SEC on August 3. This ETF was designed to invest in Bitcoin or Ethereum futures based on market capitalization. Concurrently, Bitwise is collaborating with ProShares for another ETF launch.The next deadline for SEC decisions regarding these applications is slated for mid-October. However, further delays could push the decision to early next year, possibly around March, April, or May. Bitwise’s decision to focus exclusively on Bitcoin underscores the ongoing regulatory uncertainty surrounding cryptocurrencies in the United States.The crypto community is keeping a close eye on news about crypto ETFs as the next deadline approaches. This attention was heightened when Gary Gensler, the chairman of the SEC, avoided directly addressing spot ETF approvals for cryptocurrencies during a U.S. Senate Banking Committee hearing on September 12.This article was generated with the support of AI and reviewed by an editor. For more information see our T&C. More