The United Kingdom’s Chancellor of the Exchequer Jeremy Hunt laid out a number of reforms aiming to “drive growth and competitiveness” to the country’s financial services sector including efforts that support the crypto space. In an announcement, the U.K. government highlighted that it will create a smarter regulatory framework for the country that it describes as “agile, less costly and more responsive to emerging trends.” Topics mentioned in the announcement include consulting on proposals for the establishment of a central bank digital currency (CBDC), extending a crypto tax break for investment managers, bringing stablecoins into the regulatory perimeter and creating …

United States-based cryptocurrency exchange Coinbase has asked its customers to convert their Tether-issued USDT (USDT) stablecoin to USD Coin (USDC), a USD-pegged stablecoin issued by Circle and co-founded by Coinbase in 2018. The cryptocurrency exchange suggested that USDC is a much more secure alternative in the wake of the FTX collapse saga and has also exempted any fee on the conversion of USDT to USDC on its platform. The firm said: “We believe that USD Coin (USDC) is a trusted and reputable stablecoin, so we’re making it more frictionless to switch: starting today, we’re waiving fees for global retail customers …

The Japanese subsidiary of the now-defunct cryptocurrency exchange FTX has received approval from local regulators to continue sorting out issues with withdrawals until next year. The Kanto Local Finance Bureau, a local financial regulator, running under the Ministry of Finance of Japan, has issued a statement regarding FTX Japan operations, Reuters reported. The Japanese authority has postponed FTX’s business suspension deadline until March 9, 2023, extending the original time limit by three months. In mid-November, Japan’s Financial Services Agency (FSA) initially requested FTX Japan to suspend business orders by Dec. 9. According to the announcement, the Kanto Local Finance Bureau …

The number of lawsuits against former FTX CEO Sam Bankman-Fried has been racking up since the fall of his crypto empire, with the former “white knight” of crypto finding himself a defendant in seven class action lawsuits filed since FTX’s bankruptcy. These lawsuits are separate from the numerous probes and investigations examining FTX and Sam Bankman-Fried, such as a reported market manipulation probe by federal prosecutors and the Federal Election Commission’s likely investigation into Bankman-Frieds dark money donations to the Republican Party. Below is a summary of the class-action lawsuits brought against Sam Bankman-Fried since Nov. 11. Dec. 7: Podalsky …

A United States banking industry regulator warned banks of the “emerging risks” of cryptocurrencies saying the sector should take a “cautious approach” and seek permission in some cases when engaging with crypto or crypto firms. Citing “dislocations” in the crypto market over 2022 the Office of the Comptroller of the Currency (OCC) highlighted what it said were “several key risks” of crypto in its Dec. 8 Semiannual Risk Perspective for Fall 2022 report. Its three main concerns are that “stablecoins may be unstable,” the crypto industry lacks mature risk management practices and has a high risk of contagion due to …

Crypto’s public enemy number one, Sam Bankman-Fried has missed a crucial deadline to confirm his appearance at an upcoming Senate Committee hearing. The former FTX CEO missed a Thursday 5pm ET on Dec. 8, deadline for responding to a Senate Banking Committee request that he testify at the Committee meeting on Dec. 14. This has set up the possibility of a congressional subpoena. On Dec. 8, the Chairman of the Senate Committee on Banking, Housing, and Urban Affairs, Sherrod Brown, and ranking member of the Committee Senator Pat Toomey released a statement on the request. “FTX’s collapse has caused real …

A watchdog group has demanded an investigation into Sam Bankman-Fried's political donations, claiming the former FTX CEO “admitted” to donating tens of millions to Republicans under the table in violation of federal law. The Citizens for Responsibility and Ethics in Washington (CREW) filed the complaint with the Federal Election Commission (FEC) on Dec. 8, citing comments made by Bankman-Fried in a Nov. 16 interview with cryptocurrency vlogger Tiffany Fong which was released via Youtube on Nov. 29. CREW suggested in their complaint that wealthy donors often take advantage of the Citizen United ruling and evade federal disclosure laws by using …

The United States Securities and Exchange Commission (SEC) has issued new guidance that could see publicly traded companies disclose their exposure to crypto assets. In a statement released on Dec. 8 by SEC’s Division of Corporation Finance, it said the recent upheaval in the crypto asset market has “caused widespread disruption in those markets” and noted that companies may have disclosure obligations under federal securities laws to disclose whether these events could have an impact on their business. The SEC has also included an example letter that would be addressed to companies asking for additional disclosures about the company’s exposure …

Three United States lawmakers have introduced legislation that would direct the Environmental Protection Agency, or EPA, to report on the energy usage and environmental impact of crypto miners. In a Dec. 8 announcement, California Representative Jared Huffman and Massachusetts Senate Ed Markey said they were “sounding the alarm” the energy use from crypto mining in the United States, claiming that Bitcoin (BTC) miners accounted for roughly 1.4% of the country’s electricity consumption. Together with Senator Jeff Merkley, the lawmakers introduced the Crypto-Asset Environmental Transparency Act, aimed at instructing the EPA to report on mining activity consuming more than 5 megawatts. …

Two members of the United States Senate have called on the heads of federal financial regulators to address “ties between the banking industry and cryptocurrency firms” in the wake of FTX’s collapse. In letters dated Dec. 7 to Federal Reserve chair Jerome Powell, acting Comptroller of the Currency Michael Hsu, and Federal Deposit Insurance Corporation acting chair Martin Gruenberg, Senators Elizabeth Warren and Tina Smith — both on the Senate Banking Committee — acknowledged that the crypto industry was not so “deeply integrated” with traditional financial institutions to severely impact markets after FTX’s bankruptcy filing. However, the two lawmakers pointed …

While it’s undeniable that companies were significantly affected by the FTX debacle, retail investors like Jaime Zulueta – who recently just got married – also bore the burden of trusting a trading platform that ended up collapsing to oblivion. Speaking to Cointelegraph, Zulueta told the story of how he and his wife dealt with the challenge of losing some of their investments right after their wedding. According to the crypto investor, he first found out about the exchange because it was popular in Taiwan, his partner’s home country. “Prior to using the platform I also read the numerous media articles …

A court in South Korea has supported the decision of local exchanges to delist Wemade’s Wemix (WEMIX) tokens, dismissing Wemade’s request to cancel the delisting. The Seoul Central District Court ruled on Dec. 7 to justify the decision of the Digital Asset eXchange Alliance (DAXA) to delist WEMIX from major South Korean exchanges, The Korea Herald reported on Thursday. The DAXA, a crypto exchange group representing South Korea’s largest firms like Upbit, Bithumb, Coinone, Korbit and Gopax, said that Wemade has failed to properly disclose the number of tokens outstanding. The court has reportedly supported the position of the DAXA, …