Crypto law advances despite FTX fall

Crypto law advances despite FTX fall

13 November 2022


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USA, Crypto law advances despite FTX fall.

Stabenow and Boozman - senators - published the last version of the Digital Commodities Consumer Protection Act 2022 (DCCPA) despite FTX’s failure. 

“Stabenow and I remain committed to advancing a final version of the DCCPA that creates a regulatory framework that allows for international cooperation and gives consumers greater confidence that their investments are safe,” wrote Senator Boozman.

Bankman-Fried, FTX CEO, is a supporter of the crypto bill. He went to many Senate audiences. 

Also Joe Biden signed the DCCPA. We're waiting for its own law transformation.

Bahamas safety regulator stops FTX 

Bahamas, the Security Commission decided that FTX’s capital can’t be move without Supreme Court’s ok. 

The Security Commission of Bahamas knew that “public statements suggesting that clients’ assets were mishandled, mismanaged and/or transferred to Alameda Research”. 

Sam Bankman-Fried created Alameda business. It turned out that Alameda detained FTX exchanges’ native token and FTX token. Moreover, rumors blamed FTX because of using users’ funds for anonymous operations.

Genesis Trading 

Genesis Trading is the biggest trading desk for professional investors in cryptocurrency markets.

It connects institutional investors to digital asset markets.

Genesis reveals:

“As part of our goal in providing transparency around this week’s market events, the Genesis derivatives business currently has ~$175M in locked funds in our FTX trading account. This does not impact our market-making activities.”

Torn-Based tokens 

Torn-based tokens like JUST are increased more than 1000% on FTX.

BitTorrent, JUST and SunToken are operating on trading at premiums fluctuating from 525% to 1,196% equate to the market place.

Tether CTO

Paolo Ardoino, CTO of Tether, affirmed that “Tether does not have any plans to invest or lend money to FTX/Alameda. Full stop.”

Tether is one of the companies that Sam Bankman-Fried selected like “help-companies” for funds.

Ardoino - in a tweet - wrote that his business Tether hasn’t link with Alameda or FTX.

SOURCE: CoinTelegraph 


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