The Fed and White House Want a CBDC: Ted Cruz

Ted Cruz (R-TX) – a crypto-supportive Republican senator – believes a US Central Bank Digital Currency (CBDC) is likely to become a reality.  The politician believes both the Federal Reserve and the White House currently want one, and that the Democratic party won’t vote against its issuance.  In an interview published by What Bitcoin Did on Friday, Cruz discussed the current political climate surrounding crypto. In general, the senator believes Democrats are more opposed to the industry than Republicans, due…

Bahamas Supreme Court Orders FTX to Cover Custody Costs

As new developments emerge pertaining to the failed exchange, FTX continues to take hits from various sides. The latest blow to Sam Bankman-Fried’s crypto empire is an order from the Supreme Court of Bahamas, where the company was based. Likewise, FTX's impressive roster of ambassadors is now under scrutiny from regulators. FTX to Cover Asset Custody Costs FTX now must reimburse the Securities Commission as the regulator took custody of the platform’s assets after its bankruptcy filing. Indeed, on Nov…

Huobi Publishes Asset Transparency Report, Discloses $3.5B Crypto Reserves 

In the wake of crypto exchange FTX’s resounding crash, Huobi Global has released an asset transparency report. The publication aims to allay user concerns about the security of their funds amidst growing anxiety industry-wide. Huobi Holds $3.5B Worth of Cryptocurrency Per the report, Huobi global’s reserves are worth an estimated total of $3.5 billion. As of Nov 12, the exchange held 191.84 million units of its native token Huobi token (HT), worth about 900M USD. Huobi’s reserves also include 274k…

British Bank Santander to Censor Transfers to Crypto Exchanges

The U.K bank Santander will prevent its customers from sending real-time transfers to cryptocurrency exchanges starting next year.  The prohibition aims to protect customers from scams and fraud, as well as the general risks associated with crypto investing.  Banks Blocking Bitcoin Purchases? In a notice published to its website on Friday, Santander said that certain new limits would be imposed starting next week. These include a £1,000 limit per transaction when using online or mobile banking, and a £3000 limit…

Coinbase Takes Ripple’s Side in Lawsuit With SEC

Cryptocurrency exchange Coinbase is seeking permission to file an amicus brief supporting Ripple Labs in its legal battle with a top federal regulator.  The company argues that the Securities and Exchange Commission's (SEC) lawsuit against Ripple is unprincipled, and violates due process. Coinbase’s Defense for Ripple Per the amicus brief dated Monday, Coinbase claims the SEC did not provide fair notice that Ripple’s conduct was illegal, prior to suing the firm. An amicus curiae is a third party that isn’t…

Crypto Enforcement Officers in Every Unit – UK Police Council

The United Kingdom National Police Chiefs' Council reportedly has officers trained for crypto enforcement in police forces throughout the region. Detective chief superintendent Andrew Gould revealed this during a discussion on the U.K. Economic Crime and Corporate Transparency Bill on Oct 25.  UK Officers Equipped to Handle Crypto Crime King Charles announced the aforementioned bill in May and by September it had made its way to Parliament. The policy seeks to eradicate “dirty money” within the nation. It also aims…

Is Ether a Security? The CFTC and SEC Can’t Decide 

Two of America’s top financial regulators may not see eye-to-eye on Ether’s legal status.  Rostin Benham – Chairman of the Commodities and Futures Trading Commission (CFTC) – reiterated on Monday that he views the asset as a commodity. However, he claims Securities and Exchange Commission (SEC) chairman Gary Gensler may think otherwise. Ether: Commodity or Security? The debate surrounding Ether will ultimately determine which agency has regulatory jurisdiction over the asset. Benham’s position aligns with what would give his agency…

Investors Like the SEC’s Strict Crypto Approach: Study

Cryptocurrency becomes more attractive for investment as the Securities and Exchange Commission (SEC) becomes more strict, per a recent study. As it showed, investors are now feeling more optimistic about Bitcoin’s price outlook heading into the end of the year. The Bright Side of Regulation The survey, conducted by MLIV Pulse, garnered 544 responses from different mark participants. Nearly 60% of the investors viewed the commission’s recent legal actions as a positive for crypto as an asset class. The SEC…

Stablecoins Could Undermine the Safety of the Banking System: FDIC Chief

Martin Gruenberg – Chairman of the Federal Deposit Insurance Corporation (FDIC) – has expressed worry over how stablecoins could affect U.S. banking.  During a speech at the Brookings Institution on Thursday, the chairman said a payment stablecoin could “fundamentally alter the landscape of banking.” “Economies of scale associated with payment stablecoins could lead to further consolidation in the banking system or disintermediation of traditional banks.”  Federal Reserve Vice chair Lael Brainard has previously noted similar risks, recommending a CBDC to…

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