Bankruptcy Case Details for FTX, Binance's Crypto Industry Fund and US CBDC Pilot: Hodler's Digest, November 13-19
Available every Saturday, Hodler's Digest will help you follow every major news story that happened this week. The best (and worst) quotes, adoption and regulatory highlights, major coins, predictions and more - a week on Cointelegraph in one link.
Top stories this weekDocumentation from FTX's bankruptcy proceedings revealed that the company was mismanaged on several levels. The FTX group would have been made up of several companies classified into four silos. A $1 billion personal loan was reportedly made to former FTX CEO Sam Bankman-Fried from one of these silos. The documentation also revealed many other holes and quirks related to FTX's function. Several regulators would be involved, including the Bahamas Securities Commission. The Financial Industry Regulatory Authority, a US self-regulatory organization, conducted a broader survey of companies involved in crypto in general, assessing their communications with the retail public.
Binance CEO Changpeng Zhao has unveiled his work on a new fund to help the struggling crypto sector – a sector that has been negatively affected by the fall of FTX. Zhao's new fund seeks to help by assisting "strong" companies in the crypto industry that are struggling with liquidity, the CEO said in a Nov. 14 tweet. These companies should contact Binance Labs, as well as players looking to add capital to the fund. However, the fund will not be used to help FTX, as Zhao clarified.
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Over the next three months, the Federal Reserve Bank of New York's Innovation Center will test a central bank digital currency (CBDC) simulation system with the cooperation of several banking giants. Citigroup, PNC Bank, BNY Mellon, Wells Fargo and others will transact simulated token money through a distributed ledger, settled against simulated central bank reserves.
The recent fall of FTX has impacted the overall crypto space in several ways: from increased regulatory scrutiny to companies with assets blocked with FTX. More than 10 companies have reported feeling the negative effects of the FTX ordeal, often with millions of dollars at risk. Companies include Galaxy Digital, Sequoia Capital, BlockFi, Crypto.com, and Pantera Capital, among others. At this point, the impacts on affected businesses do not appear to be devastating for the most part, although specifics vary.
The wait continues for a decision on ARK's Bitcoin exchange-traded fund (ETF) 21Shares by the United States Securities and Exchange Commission (SEC). The regulator has pushed back its decision deadline to January 27, 2023 on a rule change that would allow the consumer Bitcoin product to be listed. The commission has already delayed its decision twice on this particular product. Many Bitcoin ETFs have faced denials from the SEC in the past.
Available every Saturday, Hodler's Digest will help you follow every major news story that happened this week. The best (and worst) quotes, adoption and regulatory highlights, major coins, predictions and more - a week on Cointelegraph in one link.
Top stories this weekDocumentation from FTX's bankruptcy proceedings revealed that the company was mismanaged on several levels. The FTX group would have been made up of several companies classified into four silos. A $1 billion personal loan was reportedly made to former FTX CEO Sam Bankman-Fried from one of these silos. The documentation also revealed many other holes and quirks related to FTX's function. Several regulators would be involved, including the Bahamas Securities Commission. The Financial Industry Regulatory Authority, a US self-regulatory organization, conducted a broader survey of companies involved in crypto in general, assessing their communications with the retail public.
Binance CEO Changpeng Zhao has unveiled his work on a new fund to help the struggling crypto sector – a sector that has been negatively affected by the fall of FTX. Zhao's new fund seeks to help by assisting "strong" companies in the crypto industry that are struggling with liquidity, the CEO said in a Nov. 14 tweet. These companies should contact Binance Labs, as well as players looking to add capital to the fund. However, the fund will not be used to help FTX, as Zhao clarified.
Read also
FeaturesHow to prepare for the end of the bull run, Part 1: Timing
FeaturesStorming the 'last bastion': Anguish and anger as NFTs claim high culture status
Over the next three months, the Federal Reserve Bank of New York's Innovation Center will test a central bank digital currency (CBDC) simulation system with the cooperation of several banking giants. Citigroup, PNC Bank, BNY Mellon, Wells Fargo and others will transact simulated token money through a distributed ledger, settled against simulated central bank reserves.
The recent fall of FTX has impacted the overall crypto space in several ways: from increased regulatory scrutiny to companies with assets blocked with FTX. More than 10 companies have reported feeling the negative effects of the FTX ordeal, often with millions of dollars at risk. Companies include Galaxy Digital, Sequoia Capital, BlockFi, Crypto.com, and Pantera Capital, among others. At this point, the impacts on affected businesses do not appear to be devastating for the most part, although specifics vary.
The wait continues for a decision on ARK's Bitcoin exchange-traded fund (ETF) 21Shares by the United States Securities and Exchange Commission (SEC). The regulator has pushed back its decision deadline to January 27, 2023 on a rule change that would allow the consumer Bitcoin product to be listed. The commission has already delayed its decision twice on this particular product. Many Bitcoin ETFs have faced denials from the SEC in the past.
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