Cryptocurrency

In separate Oct. 2 filings in the United States District Court for the Southern District of New York, SBF’s lawyers opposed pretrial motions from prosecutors requesting FTX customers and investors testify regarding how they believed the cryptocurrency exchange would handle assets. They also sought to block the testimony of a former FTX user — an unnamed Ukrainian national — using a “live two-way video,” partly on Sixth Amendment grounds.Continue Reading on Coin Telegraph More

The DOJ’s letter was filed in response to the defendant’s request for clarification and reconsideration of charges related to the misappropriation of funds in FTX. Lawyers for SBF argued that their client was “not guilty because FTX was not regulated in the United States, and he followed the rules concerning FTX US.”Continue Reading on Coin Telegraph More

The joint announcement of the CBDC pilot by the BOK, the Financial Services Commission (FSC) and the Financial Supervisory Service (FSS) was published on Oct. 4. According to the announcement, the project will assess the viability of a future monetary system grounded on “wholesale CBDCs.“Continue Reading on Coin Telegraph More

A report by Allied Market Research revealed that the blockchain finance market players are heavily exploring collaborations and acquisitions as a top strategy. COVID-19 pandemic-induced disruptions in traditional finance, coupled with the promise to reduce operational costs, set the stage for mainstreaming the digital ecosystem. Continue Reading on Coin Telegraph More

On Oct. 2, the financial market welcomed a total of nine ETF products aimed at tracking futures contracts linked to Ether, the native currency of the Ethereum blockchain.Out of these nine, five ETFs are solely focused on Ether futures, whereas the remaining four offer exposure to both Bitcoin (BTC) and Ethereum (ETH) futures contracts.Grayscale Investments is also exploring the possibility of converting its existing Ethereum Trust into a spot Ethereum ETF.Brian Quintenz, who serves as the Head of Policy at a16z Crypto and is a former CFTC Commissioner, suggested that the SEC’s approval of an Ethereum ETF may signal a change in the agency’s stance, possibly moving away from treating ETH as a security.Futures ETFs are backed by futures contracts on the Chicago Mercantile Exchange, not the physical asset. Moreover, the SEC appears comfortable with allowing these to trade. However, it still hasn’t approved anything spot-based for crypto.Quintenz also noted the high level of innovation taking place on the Ethereum blockchain, stating that the SEC’s decision “offers a more defined route for developers.”Despite the optimism, the initial trading volumes of these ETFs were low, and not everyone is convinced that the SEC’s approval is a bullish indicator.Tom Dunleavy, CIO of MV Capital, argued that the real game-changer would be the approval of a spot-based ETF.“Futures ETFs do not meet the latent demand for spot buying, which is facilitated by a spot ETF,” Dunleavy noted.At the time of writing, Ethereum is trading at $1,638, down 1.12% in the last 24 hours and around 65% off its all-time high of $4,878 nearly two years ago.This article was originally published on Crypto.news More

“I am clear that inflation is a huge problem in Argentina,” the country’s second-leading candidate said in an Oct. 2 presidential debate, before outlining how he plans to “solve” the country’s ravaging inflation:Continue Reading on Coin Telegraph More

In an Oct. 3 court order, Judge Torres denied the SEC’s motion, claiming that regulator failed to meet its burden to show that there were controlling questions of law or that there were substantial grounds for differences of opinion on the matter. Continue Reading on Coin Telegraph More

In an Oct. 3 notice, the U.S. Justice Department announced indictments against several China-based chemical manufacturers as well as many of their employees, who allegedly used crypto transactions as part of an illegal fentanyl precursor distribution scheme. According to the U.S. authorities, the companies “tend to use cryptocurrency transactions to conceal their identities and the location and movement of their funds”, identifying at least 3 individuals who held crypto wallets for payments. Continue Reading on Coin Telegraph More