The state of New York became the first one in the United States to impose a moratorium on proof-of-work (PoW) mining, albeit only for two years. Last week, New York governor Kathy Hochul signed the moratorium into a bill, prohibiting any new mining operations that aren’t based on 100% renewable energy. The renewal of licenses would also be frozen. In eight months, the anti-mining bill made its way from the first passing through the state Assembly to the governor’s pen. The statewide development seems unlucky for New York City mayor Eric Adams, who is focused on making the city a …

New York City mayor Eric Adams is still focused on making New York a crypto hub, but he believes that goal can be combined with statewide efforts to curb environmental costs related to crypto mining, according to reports on Nov 25. The comments follow the new law signed by New York governor Kathy Hochul, banning proof-of-work (PoW) mining activities for two years in the state. The mayor, known as a crypto proponent, said in June he would ask the governor to veto the bill. The city will work with legislators to find a balance between the crypto industry development and …

The turmoil surrounding crypto exchange FTX and Sam Bankman-Fried (SBF) reaffirmed regulators’ belief about the need for stricter oversight across the crypto ecosystem. Seeking investor protection against a similar fallout, New York Attorney General (NYAG) Letitia James recommended prohibiting crypto investments in defined contribution plans and individual retirement accounts (IRAs). In a letter addressed to the members of the U.S. Congress, James requested legislation that would bar U.S. citizens from purchasing cryptocurrencies and digital assets using their funds in IRAs and defined contribution plans such as 401(k) and 457 plans. However, a survey from October 2022 showed that nearly 50% …

New York governor Kathy Hochul signed the proof-of-work (PoW) mining moratorium into law on Nov. 22, making it the first state in America to ban any PoW crypto mining activity for two years. The PoW mining moratorium will not only prohibit new mining operations but also refuse the renewal of licenses to those who are already operating in the state. Any new PoW mining operation in the state could only operate if it uses 100% renewable energy. The PoW mining bill was first passed by the state assembly in April earlier this year and later got the nod of the …

Collapsed crypto exchange FTX and 130 affiliates filed for bankruptcy in Delaware on Nov 11. Chaos followed as a number of FTX creditors, investors and industry experts began to question what would happen next. Laura Shin, crypto journalist, author and host of the Unchained Podcast, sent a tweet on Nov. 15 questioning whether the alleged inter-loan agreement between FTX and Alameda — the company’s venture capital arm — will affect creditors’ and customers’ ability to get back funds. Could one big venture success out of FTX Ventures be a viable path to recovery for FTX creditors & customers? @wassielawyer and …

The superintendent of the New York Department of Financial Services (DFS) joined a nationwide regulatory discussion in the aftermath of the FTX collapse with a fresh take. Adrienne Harris believes that any federal crypto legislation to come should not override state regulatory regimes. During her speech under the headline “Digital asset regulation: The state perspective”, Harris proposed that lawmakers in Washington take a closer look at the New York state regulatory regime: “We would like for there to be a framework nationally that looks like what New York has, because I think it is proving itself to be a very …

Prosecutors with the United States attorney’s office in the Manhattan district of New York have reportedly begun investigating the fall of crypto exchange FTX. According to a Nov. 14 report from Reuters, a source with knowledge of the investigations said authorities in New York were looking into the collapse of the major crypto exchange following FTX declaring bankruptcy on Nov. 11. The report followed news the state of California’s Department of Financial Protection and Innovation announced it would be investigating the “apparent failure” of FTX. The ongoing saga with FTX may be shifting to the regulatory and legal implications of …

The Federal Reserve Bank of New York’s New York Innovation Center (NYIC) and the Monetary Authority of Singapore (MAS) will launch a joint experiment with wholesale central bank digital currencies (wCBDCs). Regulators are keen to test the wCBDCs potential for cross-border wholesale payments. On Nov. 11, the MAS announced the launch of Project Cedar Phase II x Ubin+. In its framework, NYIC and MAS will leverage wCBDCs as a settlement asset in cross-border cross-currency transactions. The aim is to assess the possible ability of wCBDC to reduce settlement risk. Leong Sing Chiong, Deputy Managing Director at MAS, highlighted the concept …

The bear market has not deterred one of the biggest Bitcoin (BTC) bulls. The balances of the New York Digital Investment Group, or NYDIG, hit record highs in Q3 of this year. Plus, a United States Securities and Exchange (SEC) filing could reveal the group’s intent to add more Bitcoin to its balance sheet. According to a press release, NYDIG's Bitcoin balances are “up almost 100% year-over-year, and revenue is up 130% through Q2, with another increase when the firm closes its books on Q3.” The company HODLs more Bitcoin than ever despite Bitcoin continuing to tread lower and lower …

The Department of Justice (DOJ) has submitted an objection to Celsius’ motion to reopen withdrawals for select customers and sell its stablecoin holdings. The DOJ is asserting that the state of Celsius’ financials are lacking transparency, and that key decisions like this should not be considered until the independent examiner report has been filed. The move by the DOJ adds to the objections filed last week by the Texas State Securities Board, the Texas Department of Banking, and the Vermont Department of Financial Regulation. All three are opposed to Celsius selling its stablecoin holdings, asserting there’s a risk the firm …

A Celsius Network co-founder has moved in court to declare the entirety of his equity stake in the embattled crypto company as “worthless." In a Sept. 5 document to the United States Bankruptcy Court, law firm Kirkland & Ellis LLP filed a declaration on behalf of Celsius Co-Founder Daniel Leon, confirming his status as a substantial shareholder, and declaring that his 32,600 common shares are now considered worthless. #CelsiusNetwork #CelsiusBankruptcy Here’s a new one — a declaration of “wothlessness” was just filed by Daniel Leon , one of the cofounders. The Declaration was filed by K&E. https://t.co/OHldovdhBZ — David Adler …

The fallout from the leaked Kyle Roche videos has continued after two law firms submitted a document to the court asking that his law firm Roche Freedman be removed as interim co-lead from the Tether and Bitfinex Crypto Asset Litigation. Roche Freedman are acting for plaintiffs in the class-action lawsuit initiated in 2019 alleging Tether and Bitfinex manipulated the crypto market by issuing unbacked USDT. Kirby McInerney LLP (Kirby) and Radice Law Firm, P.C. (Radice), who are also representing three plaintiffs in the case, submitted the request that Roche Freeman be removed to the court on Sept.5. In the document, …