The Federal Reserve Board has ordered FTX-linked Farmington State Bank to wind down its operations after the tiny bank secretly engaged in digital assets-related activities, according to a Thursday enforcement action. Farmington, which operates under its Moonstone Bank name, “improperly” pivoted to a pro-digital assets business plan in 2022 without notifying, and obtaining approval from, … Read more
Crypto miners are establishing a new voice in U.S. policy, starting up the Digital Energy Council to lobby for friendly policy as regulators and Congress are wrestling with the next steps in crypto regulation. The member group will be advocating for policies “that promote responsible and sustainable energy development, grid resilience, maintain United States competitiveness, … Read more
Republicans on the U.S. congressional committee that oversees the Securities and Exchange Commission (SEC) are demanding agency Chair Gary Gensler explain how Prometheum Inc. won its unique approval as a broker-dealer for crypto. The 23 House Financial Services Committee lawmakers who signed the letter, led by Chair Patrick McHenry (R-N.C.), questioned how the previously unknown … Read more
The U.S. Federal Deposit Insurance Corp. added crypto as one of five broad categories this year in its annual risk report, a snapshot of the dangers the banking regulator considers a top priority at the moment. The 2023 Risk Review, which mostly looked back at crypto’s turbulent 2022, says the agency is prepared to engage … Read more
Former U.S. president Donald Trump holds up to $500,000 in an Ethereum wallet, a recently released filing with the U.S. Office of Government Ethics revealed. Trump, who is running for the oval office again in 2024, has been a long standing crypto skeptic. However, he released a collection of non-fungible token (NFT) cards last year … Read more
The U.S. Securities and Exchange Commission extended its review of the Ark 21Shares bitcoin exchange-traded fund application, as it continues to look at applications from traditional finance heavyweights such as BlackRock (BLK) and Fidelity Investments. The SEC published an order calling for public input on the Ark 21Shares Bitcoin ETF application, a standard move that … Read more
A judge revoked FTX founder Sam Bankman-Fried’s bond Friday, sending him to jail ahead of his trial in October. Bankman-Fried faces seven different charges tied to the collapse of FTX, including wire, commodities and securities fraud. NEW YORK — FTX founder Sam Bankman-Fried was sent to jail ahead of his October trial on multiple financial … Read more
U.S. Senator Cynthia Lummis (R-Wy.), a number of crypto lobbying organizations and a group of professors called on a federal court to dismiss a Securities and Exchange Commission (SEC) lawsuit against crypto exchange Coinbase Friday. Filing amicus – or friend of the court – briefs, the organizations and lawmaker alleged the SEC was trying to … Read more