The Federal Reserve Bank of New York’s Innovation Center, or NYIC, announced that it would be launching a 12-week proof-of-concept pilot for a central bank digital currency, or CBDC. In a Nov. 15 announcement, the New York Fed said the program would explore the feasibility of an “interoperable network of central bank wholesale digital money and commercial bank digital money operating on a shared multi-entity distributed ledger” on a regulated liability network. Banking giants including BNY Mellon, Citi, HSBC, Mastercard, PNC Bank, TD Bank, Truist, U.S. Bank and Wells Fargo will be participating in the pilot by issuing tokens and …

The FTX liquidation crisis turned bankruptcy saga continues as a recent filing reveals additional information on Sam Bankman Fried’s leadership and the exchange's final days. On Nov. 14, a new document was filed in a United States’ federal court in Delaware, where FTX US is based. It revealed that the exchange may have, “more than 1 million creditors in these Chapter 11 Cases." This comes after Bankman-Fried's voluntary Chapter 11 bankruptcy filing on Nov.11, which initially set forth 100,000 creditors. These speculated 1 million creditors are said to belong to more than 100 different companies. The document also highlights Bankman-Fried’s …

Charities accepting crypto donations are setting themselves up for an entirely new demographic of funders — who just so happen to be one of the most giving, according to charity organizations. Alex Wilson, the co-founder of The Giving Block, a crypto donation platform providing back-end support to charities, told Cointelegraph that the crypto community is still a market many charity organizations have nointeracted with. The top charity organizations in the world by funds received including United Way Worldwide, Feeding America, and UNICEF. All three of them accept cryptocurrencies as a means of donation. The Giving Block co-founder said the crypto …

United States President Joe Biden announced he would be nominating Federal Deposit Insurance Corporation, or FDIC, acting chair Martin Gruenberg to assume the position as part of a five-year term. In a Nov. 14 announcement, President Biden said he intended to nominate Gruenberg, who has previously served as acting FDIC chair from 2005 to 2006, 2011 to 2012, and from February 2022 to the present. Gruenberg assumed the temporary position following the resignation of former chair Jelena McWilliams. According to FDIC regulations, a chairperson of the FDIC’s board of directors may serve for a term of five years following a …

Within a week, crypto exchange FTX has gone from proposing an acquisition by Binance to sort out its liquidity issues to filing for bankruptcy under Chapter 11 in the District of Delaware. In a Nov. 11 tweet, FTX said roughly 130 companies in FTX Group including FTX Trading, FTX US — under West Realm Shire Services — and Alameda Research had started proceedings to file for bankruptcy in the United States. FTX CEO Sam Bankman-Fried has also resigned his position, and will be succeeded by John Ray. Press Release pic.twitter.com/rgxq3QSBqm — FTX (@FTX_Official) November 11, 2022 "The immediate relief of …

The White House said the Biden administration was monitoring the situation with the recent crypto market crash but deferred to independent regulators for any potential enforcement actions. In a Nov. 10 press briefing, White House Press Secretary Karine Jean-Pierre said United States President Joe Biden was aware of the ongoing situation with the crypto market, hinting at FTX's liquidity crisis. According to the press secretary, the administration and financial agencies will “closely monitor” developments. “The administration [...] has consistently maintained that without proper oversight, cryptocurrencies risk harming everyday Americans,” said Jean-Pierre. “The most recent news further underscores these concerns and …

United States-based exchange FTX US has left its position at the crypto advocacy group Crypto Council for Innovation, or CCI. In a statement to Cointelegraph on Nov. 10, CCI CEO Sheila Warren said the council had accepted FTX US’ resignation as an associate member of the group. The firm’s departure came amid crypto exchange FTX reporting liquidity issues, leading to volatility across the market and concerns from global regulators and lawmakers. “We remain committed to working towards building regulation that protects users and safeguards innovation, in order to bring about real change,” said Warren. “The news this week has been …

Tom Emmer, the recently re-elected Republican lawmaker representing Minnesota’s 6th district in the United States House of Representatives, has alleged Securities and Exchange Commission chair Gary Gensler had been helping FTX CEO Sam Bankman-Fried to gain a “regulatory monopoly” through the crypto firm. In a Nov. 10 tweet, Emmer criticized Gensler for “run[ning] to the media” amid FTX’s liquidity issues causing ripples throughout the crypto market. According to the Republican lawmaker, his team was looking into the SEC chair’s alleged collaboration with Bankman-Fried and FTX, but only cited reports presented to his office as evidence without providing details. Interesting. @GaryGensler …

Maxine Waters, chair of the United States House of Representatives’ Financial Services Committee, pushed for additional federal oversight of crypto trading platforms and consumer protection amid FTX facing liquidity issues. In a Nov. 10 statement, Waters cited FTX’s difficulties as the latest example of incidents “involving the collapse of cryptocurrency companies” and how such events could potentially impact consumers in the United States. The committee chair pushed for legislation establishing a framework for crypto assets, highlighting her efforts with Financial Services Committee ranking member Patrick McHenry in a bill aimed at regulating stablecoins. “Although FTX’s U.S.-facing company is reportedly operational, …

Results from many election races for seats in the United States Senate and House of Representatives are still coming in, but a number of candidates who have expressed staunch views on digital asset regulation won on Nov. 8. Some of crypto’s most outspoken supporters at the local and federal level, including Wyoming Senator Cynthia Lummis and Miami Mayor Francis Suarez, had no elections in November 2022, but others defended challenges to congressional seats with both narrow and wide margin victories. Pro-crypto House incumbents including Minnesota Representative Tom Emmer and North Carolina Minnesota Representative Patrick McHenry won re-election, as did crypto …

The feud between the CEOs of crypto exchanges FTX and Binance — Sam Bankman-Fried (SBF) and Changpeng “CZ” Zhao — not only crashed cryptocurrency prices but also reminded regulators to step in and avoid similar fallouts in the future. Ever since CZ publicly announced Binance’s intent to liquidate its FTX Token (FTT) holdings, investors anticipating a price dump began selling off their FTT holdings as a means to minimize their losses. What followed was a steep 86% drop in FTT’s market value, down from the $22 range to $3 in a matter of hours. However, the eventful day concluded with …

The United States Treasury Department's Office of Foreign Asset Control, or OFAC, has amended the sanctions on cryptocurrency mixer Tornado Cash in addition to including two individuals involved in “transportation and procurement activities” for the Democratic People’s Republic of Korea in its list of Specially Designated Nationals. In a Nov. 8 announcement, the Department of the Treasury said it had “delisted and simultaneously redesignated” Tornado Cash in addition to taking into account activities conducted by North Korean nationals Ri Sok and Yan Zhiyong in its basis for sanctions. The government department reiterated its claims that the crypto mixer was involved …