The Commodity Futures Trading Commission (CFTC) has filed a civil enforcement action against Stephen Ehrlich, the co-founder and CEO of Voyager Digital, a cryptocurrency brokerage platform. The CFTC alleges that Ehrlich and his former company, Lightspeed Trading, engaged in fraudulent and deceptive practices in connection with the offer and sale of futures contracts on digital assets.
According to the complaint, Ehrlich and Lightspeed misrepresented the fees, commissions, and execution prices of the futures contracts, and failed to register as a futures commission merchant or a designated contract market. The CFTC seeks restitution, disgorgement, civil monetary penalties, and injunctive relief against Ehrlich and Lightspeed.
The story of Alameda’s downfall is a cautionary tale of financial mismanagement, political turmoil and public discontent. Alameda, once a prosperous city with a vibrant economy and a diverse population, became mired in debt after a series of ill-advised decisions, such as investing in risky ventures, borrowing heavily from creditors and raising taxes on residents.
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The city’s fiscal crisis worsened as it faced lawsuits, audits and investigations from various agencies and stakeholders. The city council was divided and dysfunctional, unable to agree on a viable recovery plan. The citizens of Alameda grew frustrated and angry, protesting against the city’s policies and demanding accountability from their leaders. The situation reached a breaking point when the city declared bankruptcy, triggering a massive exodus of businesses, workers and residents. Alameda’s spiraling debt led to its dramatic implosion, leaving behind a legacy of ruin and regret.
The fate of the crypto legislation in the U.S. is hanging in the balance as a power struggle over the Speaker of the House position unfolds. The bill, which aims to provide clarity and regulation for the crypto industry, has been stalled by the uncertainty and division among the lawmakers. Some members of the House are pushing for a vote on the bill as soon as possible, while others are demanding a change in leadership before proceeding.
Nancy Pelosi is facing a challenge from a faction of her own party that wants to replace her with a younger and more progressive candidate. The drama has created a deadlock that prevents any major legislation from moving forward, including the crypto bill that many investors and entrepreneurs are eagerly awaiting.
The U.S. Department of Justice (DOJ) has announced that it has filed a criminal complaint against a former executive of a cryptocurrency trading platform for his alleged involvement in a fraudulent scheme that manipulated the prices of future contracts based on digital assets.
According to the DOJ, the defendant used his access to the platform’s trading system to selectively execute profitable trades for himself, while rejecting or delaying unprofitable ones, in a practice known as “cherry-picking”. The DOJ claims that the defendant’s scheme resulted in more than $8 million in illicit gains for himself and caused significant losses for other customers of the platform.
Coinbase, one of the largest cryptocurrency exchanges in the world, has expressed its ‘serious concerns’ about the proposed tax rules by the IRS that would require reporting of certain transactions involving digital assets. In a letter to the IRS, Coinbase argued that the rules are unclear, burdensome and potentially harmful to the innovation and growth of the crypto industry.
Coinbase also suggested some alternatives that would achieve the IRS’s objectives without imposing undue costs and risks on crypto users and businesses.
As China advances its development of a central bank digital currency (CBDC), it should also ensure that it prevents any potential abuse of the new technology, according to a former governor of the People’s Bank of China (PBOC). Zhou Xiaochuan, who led the PBOC from 2002 to 2018, said that while a CBDC could bring many benefits to the economy and society, such as improving financial inclusion and reducing transaction costs, it could also pose risks to privacy, security and social stability.
He urged the authorities to establish a clear legal framework and regulatory oversight for the CBDC, as well as to educate the public about its proper use and potential implications.
CoinList launches multi-chain Staking Fund for U.S. Accredited Investors
CoinList, a platform for token sales and crypto investments, has announced the launch of a new fund that will allow U.S. accredited investors to stake multiple cryptocurrencies and earn rewards. The fund, called CoinList Staking Fund, is the first of its kind in the U.S. and aims to provide investors with exposure to the fast-growing staking market.
Staking is a process where users lock up their crypto assets in a network to support its security and operations, and in return, they receive a share of the network’s inflationary rewards. Staking is an alternative to mining, which requires expensive hardware and electricity. Staking also enables users to participate in the governance of the network and influence its future direction.
CoinList Staking Fund will initially support four networks: Solana, Terra, Flow and Celo. These are some of the most promising and innovative blockchain projects in the industry, with strong teams, communities and use cases. CoinList Staking Fund will leverage the expertise and infrastructure of CoinList’s partners, such as Bison Trails, Figment and Chorus One, to provide secure and reliable staking services.
According to CoinList, the fund will offer investors several benefits, such as:
Diversification: Investors can access multiple staking networks with one investment, reducing the risk and complexity of managing individual tokens. Liquidity: Investors can redeem their shares in the fund at any time, without having to wait for the unlocking periods of each network. Tax efficiency: Investors can defer their capital gains taxes until they sell their shares in the fund, rather than paying taxes on each staking reward. Compliance: Investors can comply with the U.S. securities laws and regulations, as the fund is registered with the SEC and operates under an exemption from registration.
CoinList Staking Fund is open for subscription until November 15, 2021. The minimum investment amount is $25,000 and the annual management fee is 2%. Investors can learn more about the fund and apply on CoinList’s website.
New tattoo machine can ink your arm with an NFT, allowing artists to collect royalties.
Imagine getting a tattoo that is not only a unique piece of art, but also a digital asset that can be traded, sold, or collected. That’s the idea behind a new tattoo machine that can ink your arm with an NFT, or non-fungible token.
NFTs are digital tokens that represent ownership of a unique item, such as an artwork, a song, or a video. They are stored on a blockchain, a secure and transparent network of computers that records transactions and verifies their authenticity. NFTs can be bought and sold on online marketplaces, and their value can fluctuate depending on demand and rarity.
A new tattoo machine, developed by a team of engineers and artists, can create NFTs from the designs that it inks on the skin. The machine uses a special ink that contains nanoparticles that can be scanned by a smartphone app. The app then generates an NFT from the tattoo design and uploads it to the blockchain. The NFT is linked to the physical tattoo and can only be transferred if the owner agrees.
The creators of the new tattoo machine say that their invention has several benefits for both tattoo artists and customers. For artists, it allows them to collect royalties from their work, as they can receive a percentage of the sales of the NFTs that they create. For customers, it gives them a way to own a digital version of their tattoo, which they can display on social media, sell, or trade with other collectors.
The new tattoo machine is still in prototype stage, but the team hopes to launch it commercially soon. They say that they have already received interest from several tattoo studios and artists who want to try it out. They also plan to create a platform where customers can browse and buy NFT tattoos from different artists around the world.
The new tattoo machine is an example of how technology can transform the art of tattooing and create new possibilities for expression and ownership. It also raises questions about the ethical and legal implications of NFT tattoos, such as who owns the rights to the designs, how to protect the privacy of the customers, and how to ensure the safety and quality of the ink. These are issues that will need to be addressed as the new tattoo machine becomes more widely available.