New York

Bitcoin and fintech company NYDIG has partnered with the New York Yankees to provide its Bitcoin Savings Plan to employees. The multi-year partnership cements NYDIG as the organization’s official Bitcoin payroll platform. According to a press release from NYDIG, the Bitcoin Savings Plan (BSP) lets employees convert a portion of their salaries into Bitcoin. Employees will not have to pay any transaction or storage fees for the service. “We’re proud to partner with our hometown team and an iconic sports…

Celsius Network has filed for Chapter 11 bankruptcy in New York. The embattled crypto lender announced this news on July 13, noting that it voluntarily initiated the bankruptcy process. In doing so, Celsius hopes to stabilize its business and start a restructuring procedure that maximizes value for all stakeholders. Per the announcement, Celsius and some of its subsidiaries filed voluntary petitions for reorganization under Chapter 11 of the US Bankruptcy Code. The entities filed the petitions in the US Bankruptcy…

Troubled crypto lending platform Celsius Network is facing fraud charges in a New York state court. Reuters reported this news on July 7, noting that KeyFi Inc brought these charges against the firm. Specifically, the plaintiff accuses Celsius of running a Ponzi scheme for personal gain. KeyFi Inc, which is run by Jason Stone - a former Celsius investment manager - claims Celsius used customer deposits to rig the price of its native token, CEL. Citing “gross mismanagement of customer…

Crypto lending firm Voyager Digital has filed for bankruptcy days after suspending operations. Voyager announced yesterday, noting that it voluntarily started the Chapter 11 process to maximize value for stakeholders. According to the announcement, the firm and its subsidiaries filed reorganization petitions with the US Bankruptcy Court of the Southern District of New York. Through this filing, Voyager seeks recognition of the bankruptcy case in the Ontario Superior Court of Justice pursuant to the Companies' Creditors Arrangement Act. The company…

Eric Adams – the crypto-bullish mayor of New York City – stands against the proposed bill to ban carbon-based Bitcoin mining across the state. In a recent interview, he revealed plans to speak with Governor Kathy Hochul to encourage her to veto the bill. Reversing His Position? Speaking with the New York business paper Crain’s on Monday, the mayor claimed that the proposed ban could interfere with mining upstate. Considering that billions of dollars go into crypto already, he doesn’t…

Under the DFS’ regulatory guidance, stablecoin issuers will have to fully back their tokens with reserve assets like U.S Treasury bills, notes, and bonds. The New York State Department of Financial Services (DFS) has announced new regulatory guidance for the issuance of stablecoins pegged to the U.S. dollar in the state, a press release unveiled. These guidelines will apply to all DFS-regulated stablecoin issuers. At the moment, these include Gemini Trust Company, Paxos Trust Company, and GMO-Z.com Trust Company. The…

New York Senators have passed a bill that prohibits the use of carbon power sources to mine cryptocurrencies. CNBC reported this development, noting that the Senators voted in Albany earlier today. The bill passed after some undecided Senators voted in its favor. The bill passed the state assembly in April. Its next stop is Governor Kathy Hochul's desk. Hochul can either pass the bill into law or veto it. Should Hochul sign the bill, New York will become the first…