On Friday, FTX’s co-founder, Gary Wang, delivered a riveting testimony to federal prosecutors, alleging that CEO Sam Bankman-Fried covertly diverted billions from customer accounts to fuel trades for his hedge fund, Alameda Research. Wang detailed how Bankman-Fried allegedly instructed him to devise a specialized trading tool, enabling Alameda to overdraw its account, tapping into FTX […]
The U.S. House Financial Services Committee has passed the CBDC Anti-Surveillance State Act, the first anti-central bank digital currency legislative effort introduced in the United States. Congressman Tom Emmer detailed that the bill halts the efforts of the Biden administration “from issuing a financial surveillance tool that will undermine the American way of life.” CBDC […]
According to more than 250 documents sent to the media, the disgraced co-founder of FTX, Sam Bankman-Fried, said he feels like “one of the most hated people in the world.” The former CEO of the now-defunct crypto exchange further noted in his statements that “there will probably never be anything I can do to make […]
On July 27, 2023, The U.S. House Financial Services Committee advanced a stablecoin-focused bill for the first time. The Clarity for Payment Stablecoins Act of 2023 would establish a federal regulatory framework for stablecoins with the U.S. Federal Reserve playing a pivotal role. The bill would grant the Federal Reserve the power to write requirements […]
Fitch Ratings has downgraded the United States’ debt rating. Biden officials call the downgrade decision “bizarre and baseless.” Both the White House and U.S. Treasury Secretary Janet Yellen strongly disagreed with the downgrade decision. Yellen claimed that the change by Fitch Ratings “is arbitrary and based on outdated data.” Fitch Downgrades US Rating Fitch Ratings, […]