Brazil's Chamber of Deputies passed a law for using crypto as a means of payment for goods and services. The new law will also outline rules for crypto exchanges and custody services. More: - The new law enables crypto as a means of payment for goods and services but does not give it the status of legal tender.
- Brazil's major banks and brokers also offer exposure to crypto through custody or token offerings.
- To prevent an FTX situation, the law requires service providers to separate the company's funds from their clients.
- There is no tax provision for miners, and regulators call for a "closer monitoring" of the crypto space.
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Sen. Ron Wyden (D-Ore.) requested top crypto exchanges in the U.S. to explain how they handle customer information and manage risk in the event of bankruptcy. BlockFi is the latest to file for bankruptcy, leading to scrutiny in Washington for the lack of crypto regulations. More: - Wyden leads the tax-focused Senate Finance Committee and requested information from U.S.-based Binance, Coinbase, Kraken, KuCoin, Bitfinex, and Gemini.
- Wyden asked the companies to reveal balance sheets, the handling of customer assets, and policies in the event of bankruptcy.
- Washington faces scrutiny for neglecting the crypto industry for years and accepting donations from crypto magnates, including Sam Bankman-Fried.
- Wyden aims to advance crypto regulations with "consumer protection," stating that he has been working for months on a new crypto bill.
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The Genesis cryptocurrency brokerage says it is trying to find ways to avoid bankruptcy. Sources close to the matter say the company is working with restructuring lawyers to prevent insolvency. More: - Genesis Trading suspended customer withdrawals earlier this month due to close ties with FTX.
- The company's derivatives business has approximately $175M in locked funds.
- Genesis has hired Proskauer Rose and Kirkland & Ellis and investment bank Moelis & Company for consulting.
- The company is in discussion with potential investors and borrowers.
- "Our goal is to resolve the current situation in the lending business without the need for any bankruptcy filing," says a Genesis spokesperson.
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Binance is looking to enter the Japanese market and acquired a 100% stake in Sakura Exchange BitCoin (SEBC). The Japan-based crypto exchange is fully licensed by Japanese regulators. More: - Japanese authorities shut down Binance's operations there in 2018, claiming that the company was operating without a license.
- Binance CEO Changpeng Zhao confirmed that Binance would re-enter the Japanese market in full compliance with regulations.
- Binance released a statement saying the acquisition marks the first license in East Asia, and it hopes to expand into other regions.
- Similarly, Binance also managed to re-enter the Malaysian and Singaporean markets after acquiring a stake in a regulated entity in the region.
- Binance also entered the U.K. market by partnering with Paysafe.
- Japan's crypto regulations are widely respected, and many G20 nations consult Japan for global crypto standards.
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LedgerX, the solvent subsidiary of FTX, is transferring $175M for its bankruptcy proceedings. This request for the funds is being handled by the Commodity Futures Trading Commission (CFTC). More: - FTX acquired LedgerX in September 2021; reports show that it had around $303.4M on its books, making it the most cash-rich segment of Sam Bankman-Fried's companies.
- FTX owes $3.1B to 50 creditors, and this list is likely to grow.
- LedgerX's $175M of transferred funds could be used to repay creditors.
- The company had set aside $250M in funds to get regulatory approval from CFTC for crypto trading derivatives but withdrew the application.
- CFTC Chairman Rostin Behnam is scheduled to testify in front of the U.S. Senate about the collapse of FTX's empire.
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Bitcoin topped the $17,000 mark for the first time in two weeks. However, the European Central Bank says the popular cryptocurrency is on the "road to irrelevance." ECB Directors argued that Bitcoin is not a good investment or a proper means of payment; it does not generate cash flow and requires high fees and massive computing power. More: - Bitcoin climbed back to $17,000, but analysts warn that this is a short-lived gain.
- Investors are losing confidence in the crypto industry due to the fallout of FTX.
- In addition, the EU central bank wrote a blog post titled "Bitcoin's last stand," claiming that the recent gains are artificially induced.
- ECB Director General Ulrich Bindseil and Analyst Jürgen Schaff argue that Bitcoin does not fit the mold of an investment or a payment system for the following reasons:
- Bitcoin has technological shortcomings, including slow and expensive transactions.
- Bitcoin does not have general cash flow like real estate and dividends or gold.
- It also requires massive computing power to verify and approve new transactions, causing environmental concerns.
- Others, including Vijay Ayyar, VP of corporate development crypto exchange Luno, said Bitcoin's rally is "just a bearish retest."
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- Kraken, a crypto exchange, laid off 1,000 employees, roughly 30% of its workforce.
- Janet Yellen emphasized the importance of crypto regulations.
- Coinbase has delisted tokens from its platform due to slow demand.
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 |  | Gia Mattu is based in Calgary, Alberta. She is an entrepreneur with experience in climate technology, drones, AI, machine learning, and blockchain technology. When she's not working, she loves to hike the Canadian Rockies, try new cuisine, and travel. | | | | Editor | Aaron Crutchfield is based in the high desert of California. Over the last two decades, he has spent time writing and editing at various local newspapers and defense contractors in California. When he's not working, he can often be found looking at the latest memes with his kids or working on his 1962 and 1972 Fords. | |
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