[ad_1] Sam Bankman-Fried faces federal charges following the collapse of FTX. He is now awaiting trial. Here’s what you should know. FTX, once a major cryptocurrency exchange, collapsed in November 2022 following financial misconduct between the company and its sister firm, Alameda Research. Sam Bankman-Fried, who was the founder and then-CEO of FTX, now faces federal charges related to the company’s failure and various wrongdoings. He has been awaiting trial in the U.S. for nearly a year. This is the latest on his situation. According to an August 2023 indictment, Bankman-Fried currently faces seven charges: Wire Fraud on Customers…
Author: Mike Dalton
[ad_1] Reddit Moons are attracting attention. Here’s what you should know about the emerging cryptocurrency. Moons are a cryptocurrency that is associated with Reddit. These tokens have recently attracted attention — here’s what you should know. Moons are crypto tokens that are distributed to users of the social media platform Reddit. Specifically, these tokens are distributed to users of the /r/cryptocurrency subreddit in part based on the number of upvotes that their posts receive. Users can spend Moons on various Reddit features. Moons are also used in governance, meaning that holders can vote on decisions related to /r/cryptocurrency. Moons circulate on…
[ad_1] The stablecoin, which is called PayPal USD, will become available to U.S. users almost immediately. Payments giant PayPal announced on Aug. 7 that it will launch a stablecoin similar to other major cryptocurrencies pegged to the price of the U.S. dollar. PayPal said that users who purchase or hold its stablecoin, called PayPal USD, will be able to spend the coin on purchases. Users will also be able to transfer the stablecoin between PayPal wallets and supported external wallets, send the asset in P2P transactions, and convert it to and from other cryptocurrencies supported by PayPal. PayPal said that…
[ad_1] Binance is addressing various fiat transfer restrictions that have affected its customers around the world. Binance, the largest crypto exchange in the operation, addressed issues around payment methods in major service regions toward the end of August. Binance.US, the independent American arm of Binance, is reportedly planning to work with Moonpay to allow users to spend U.S. dollars. Moonpay CEO Ivan Soto-Wright told Bloomberg on Aug. 7 that his company would work with Binance.US to that end. This agreement would allow users with debit or credit cards, Apple Pay, or Google Pay to purchase stablecoins for trading. The relationship…
[ad_1] Several political figures in the U.S. have taken a vocal stance on crypto. Who’s who in the American political system? Joe Biden became President of the U.S. on Jan. 20, 2021. In early 2023, he pushed for a heavy 30% tax on cryptocurrency mining, which he justified based on the environmental impact of mining as well as federal savings that could result from the policy. However, that plan was seemingly left out of a final debt ceiling deal in May 2023. Biden’s administration introduced an executive order in March 2022 that allows for the creation of crypto…
[ad_1] The securities regulator also took issue with Heart’s PulseChain and PulseX projects. The U.S. Securities and Exchange Commission filed charges against Richard Heart, the creator of the controversial HEX token and other projects, on July 31. The SEC specifically alleged that Heart and three of his projects — HEX, PulseChain, and PulseX — conducted unregistered offerings of crypto securities. The agency said that Heart raised more than $1 billion in crypto and used over $12 million to buy personal items and luxuries, including sports cars, watches, and a black diamond that is believed to be the largest in the…
[ad_1] Elon Musk has rebranded Twitter to “X.” Dogecoin gained 20% leading up to the change, through integration is uncertain. Elon Musk’s Twitter rebranded to X on July 25 in a move that brought an end to the company’s 17-year-old “blue bird” logo. That change follows an April merger in which Musk folded Twitter into his X Corp. group of companies but refrained from rebranding the website itself. The recent rebrand also coincides with a significant rise in the price of Dogecoin (DOGE), which is up 11.9% over one week and up 21.6% over two weeks. That growth is notable…
[ad_1] Ripple’s XRP token is generally not a security, according to the results of a court case that has largely concluded. Ripple recently declared victory in a case concerning the legal status of its XRP token. That outcome could have a broader effect on the crypto industry. Ripple spoke positively of the outcome in a July 19 press release, stating: “The Court unequivocally said that XRP, as a digital token, is not in and of itself a security. [The] ruling makes clear that the SEC’s misguided theory – that crypto tokens standing alone are securities – has no support…
[ad_1] Galaxy Digital’s CEO believes that ETFs from BlackRock and other firms could gain approval and drive Bitcoin prices higher. Mike Novogratz, the CEO of Galaxy Digital, has commented on expectations around the Bitcoin market and various proposed spot Bitcoin ETFs. Starting in mid-June, BlackRock and several other asset management firms submitted applications for spot Bitcoin exchange-traded funds (ETFs). Now, in a Bloomberg interview, Novogratz has predicted that a spot Bitcoin ETF “is probably going to happen” as BlackRock and others wait for those applications to potentially be approved after numerous other rejections in recent years. Novogratz previously commented on…
[ad_1] Gary Gensler is the head of the U.S. SEC. Here’s why he’s one of the most controversial figures in crypto today. In recent years, the U.S. Securities and Exchange Commission (SEC) has targeted numerous cryptocurrency companies, projects, and individuals. The SEC is currently headed by Gary Gensler, who serves as the agency’s chair. Gensler began his career with an 18-year position as a Goldman Sachs investment banker in 1979. Since then, he has served at various U.S. government agencies and has worked as an MIT economics professor, at times lecturing on blockchain. Gensler’s experience in those areas led him…