Cryptocurrency

NEW YORK (Reuters) -Sam Bankman-Fried, founder of the now-bankrupt cryptocurrency exchange FTX, pleaded not guilty on Tuesday to a new indictment alleging fraud and conspiracy charges.Bankman-Fried entered his plea in Manhattan federal court, his first appearance there since a U.S. judge sent him to jail. He wore a beige-colored prison uniform with the sleeves slightly rolled up. His mother, Stanford Law School professor Barbara Fried, looked on from the courtroom audience.Bankman-Fried, 31, has been behind bars since Aug. 11, when U.S. District Judge Lewis Kaplan revoked his bail for allegedly tampering with witnesses at least twice.The former billionaire is being housed at Brooklyn’s Metropolitan Detention Center, which has gained infamy for conditions that public defenders have called “inhumane.”His lawyers have asked Kaplan to let him out five days a week to review evidence at the Manhattan courthouse, saying he would otherwise be unable to prepare adequately for his scheduled Oct. 2 trial. Kaplan is allowing Bankman-Fried to meet with his lawyers in the courthouse with an internet-enabled laptop for around 6-1/2 hours on Tuesday.  Bankman-Fried was jailed after sharing the personal writings of his former romantic partner and colleague, Caroline Ellison, with a New York Times reporter. Ellison, who had been chief executive of Bankman-Fried’s hedge fund Alameda Research, is one of three former members of his inner circle who have pleaded guilty and agreed to testify against him at trial. Prosecutors say Bankman-Fried stole billions of dollars in FTX customer funds to plug losses at Alameda, purchase lavish real estate, and donate more than $100 million to U.S. political campaigns in a bid to promote crypto-friendly legislation.Bankman-Fried has acknowledged risk management failures at FTX but denied stealing funds.His lawyers said he may assert an advice-of-counsel defense at trial, prosecutors said in court papers on Friday.The defendant has previously said advice from Silicon Valley law firm Fenwick & West on conduct such as FTX’s use of disappearing messages led him to believe his activity was legal.Fenwick & West declined to comment. More

YouTube CEO Neal Mohan outlined in a blog post that now is a critical time to “boldly embrace this technology with a continued commitment to responsibility.”Continue Reading on Coin Telegraph More

Meanwhile, citing sources familiar with the matter, The Wall Street Journal reported that the U.S. Securities and Exchange Commission (SEC) is likely to approve multiple applications for Ether futures exchange-traded funds (ETFs) simultaneously. So far, the SEC has not instructed the firms to withdraw their applications, unlike in 2021. This suggests the regulator won’t block the fund’s launch within a few weeks. The SEC’s decision on Bitcoin ETFs could also come in early 2024. Continue Reading on Coin Telegraph More

After the latest fall, about 88% of Bitcoin (BTC) held by short-term holders (STHs), those owning Bitcoin for 155 days or less, has plunged into loss, according to Glassnode’s weekly newsletter, “The Week On-Chain.” Glassnode warns that the STH cohort is “increasingly price sensitive.”Continue Reading on Coin Telegraph More

Optimism surrounding what was previously thought to be the impending approval of a spot-based Bitcoin exchange-traded fund has begun to give way as $42 million worth of the week’s outflows came from BTC alone.Continue Reading on Coin Telegraph More

According to an announcement posted on X (formerly known as Twitter), the CAR National Assembly passed a law on tokenizing land and natural resources on July 24. Among other provisions of the law, it will make it possible to obtain business visas online and allow citizens and foreigners to set up businesses “easily” and obtain licensing in real estate, agriculture, natural resource exploitation and forestry. The statement said the law was “unanimously approved.”Continue Reading on Coin Telegraph More

In an Aug. 21 letter to Sens. Ron Wyden and Mike Crapo, Coin Center pointed to the Virtual Currency Tax Fairness Act — a bill previously introduced in other sessions of Congress — for provisions, including having the Internal Revenue Service (IRS) establish a de minimis exemption for crypto transactions. The measure could be aimed at encouraging crypto as a method of payment by treating digital asset transactions like ones used to purchase foreign currency.Continue Reading on Coin Telegraph More

While many crypto industry heavyweights have praised the app for bringing thousands of people on-chain and inspiring sign-ups from even non-crypto figures — such as gaming YouTuber Faze Banks and Russian protest group Pussy Riot — some have warned it’s at risk of burning out.Continue Reading on Coin Telegraph More