FTX, a defunct crypto exchange, has filed an amended Chapter 11 reorganization plan that could result in significant losses for its creditors. The plan proposes valuing the creditors’ claims based on crypto prices from November 11, 2022, the day FTX filed for bankruptcy. However, since that date, major cryptocurrency prices have increased substantially, leaving creditors […]
The anticipation is building in the crypto world as the SEC’s decision on a spot Bitcoin ETF draws closer. SEC chairman Gary Gensler recently hinted that the approval process is underway, fueling excitement among investors. Several prominent financial firms, including BlackRock, Fidelity, and Grayscale, have applied for the ETF, with Grayscale seeking to convert its […]
Cantor Fitzgerald, a prominent Wall Street firm, has been confirmed as the custodian of Tether’s reserves, strengthening confidence in the popular stablecoin. With a market capitalization exceeding $90 billion, Tether has solidified its position as a leader among stablecoins. Despite its reluctance to disclose detailed information about its reserve assets, Tether has thrived and distanced […]
The Republic of Palau is making significant progress in its stablecoin project, with the launch of the second phase powered by Ripple’s XRPL technology. The Palau Stablecoin (PSC) pilot program aims to improve financial accessibility and facilitate transactions in Palau.The PSC stablecoin is a U.S. dollar-linked token held at a commercial bank with FDIC insurance. […]
The Ministry of Finance in Palau has launched the second phase of the Palau Stablecoin (PSC) Program. This program aims to establish a digital currency pegged to the U.S. dollar at a 1:1 ratio. The PSC is stored in a commercial bank with FDIC insurance and is issued on the XRP Ledger. Palau plans to […]
South Korea has exempted non-fungible tokens (NFTs) and central bank digital currencies (CBDCs) from the crypto interest mandate. The Financial Services Commission (FSC) has released a notification stating that investors in digital assets must receive interest when depositing their cash into an exchange by July 2024. The regulator has also classified virtual assets and established […]
FTX Debtors have submitted a revamped Plan of Reorganization, which deviates from FTX Trading’s original Terms of Service (TOS). The revised plan, filed recently, follows an agreement with creditor stakeholders reached in October.The updated Chapter 11 Plan of Reorganization, led by CEO John Ray III and legal representation from Sullivan & Cromwell, introduces a contentious […]
The Swiss National Bank (SNB) is facing new challenges as it struggles to combat the appreciation of the Swiss franc. Despite successfully taming inflation, SNB President Thomas Jordan now finds himself lacking the necessary ammunition to fight against the currency’s strengthening.In a recent speech titled “Does the Swiss National Bank Need More Capital?” Jordan emphasized […]
Tether, the stablecoin issuer, is intensifying its efforts to combat illicit crypto activities through enhanced collaboration with law enforcement agencies. The company has shared letters sent to members of the U.S. House Financial Services Committee and the U.S. Senate Committee on Banking, Housing, and Urban Affairs, outlining its commitment to fighting the illicit use of […]
Tether, the world’s largest stablecoin issuer, has reportedly frozen $435 million USDT (USD-pegged tokens) for the U.S. Department of Justice (DOJ), Federal Bureau of Investigation (FBI), and Secret Service. The CEO of Tether expressed the company’s desire to become a “world class partner” to the United States in order to “expand dollar hegemony.”This move by […]
