BITCOIN

Bank of England Deputy Governor Sir Jon Cunliffe has revealed that the British central bank is planning to step up its efforts to regulate cryptocurrency trading with new laws. “We should think about regulation before it becomes integrated with the financial system and before we could have a potential systemic problem,” he stressed. Sir Jon Cunliffe on Crypto Regulation Sir Jon Cunliffe, Bank of England (BOE)’s deputy governor for financial stability, talked about cryptocurrency in an interview with Sky News Thursday. He explained that the British central bank plans to step up its effort with new laws to regulate crypto trading following the collapse of crypto exchange FTX. “Trading of crypto assets was not big enough to destabilize the financial system, but it was starting to develop links,” Cunliffe said, elaborating: We had banks and investment funds and others who wanted to invest in it and I think we should think about regulation before it becomes integrated with the financi

Tesla CEO and Twitter chief Elon Musk says the Federal Reserve’s recent rate hikes “might go down in history as most damaging ever.” The billionaire has urged the Fed to cut interest rates immediately, emphasizing that the U.S. central bank is “massively amplifying the probability of a severe recession.” Elon Musk on Fed Rate Hikes Tesla, Spacex, and Twitter boss Elon Musk warned Thursday about the damaging impact of the Federal Reserve rapidly raising interest rates. His warning was in reply to a tweet by former investment manager Genevieve Roch-Decter stating that “the Fed has never raised rates faster” than this year. Musk wrote: At the risk of being repetitive, these Fed rate increases might go down in history as most damaging ever. Roch-Decter also included a chart with her tweet showing that the Fed has hiked interest rates further and faster this year than at any other time in modern history. Many people agreed with Musk. “I agree, Elon. The mortgage industry is takin

The chairman of the U.S. Securities and Exchange Commission (SEC), Gary Gensler, has revealed that the regulator will use all available tools to bring crypto platforms into compliance with its rules. In addition, the SEC chief said: “Proof of reserves is neither a full accounting of the assets and liability of a company, nor does it satisfy segregation of customer funds under the securities laws.” SEC Chair Gensler on Crypto Regulation SEC Chairman Gary Gensler stressed the importance of bringing crypto platforms into compliance after the securities regulator filed charges against former Alameda Research CEO Caroline Ellison and former FTX executive Gary Wang for their role to defraud equity investors. The SEC boss tweeted Wednesday: Until crypto platforms comply with time-tested securities laws, risks to investors will persist. It remains a priority of the SEC to use all of our available tools to bring the industry into compliance. In an interview with Bloomberg Thursday, Gens

On Dec. 23, 2022, Matthew Russell Lee from the Inner City Press published the recently unsealed guilty plea transcript of Caroline Ellison, Alameda Research’s former CEO. In her statements, Ellison describes that she was the co-CEO and CEO of Alameda, and under those roles, she reported directly to the former FTX CEO Sam Bankman-Fried (SBF). The ex-Alameda CEO’s testimony details that she was fully aware from 2019 to 2022, that Alameda Research had access to a special borrowing facility that allowed the company to maintain an unlimited line of credit with zero collateral. The ‘borrowing facility,’ according to Ellison, was FTX’s customer funds. Caroline Ellison Details FTX’s Misconduct With Alameda and the Co-Mingling of Customer Funds Started From the Very Beginning Following the unsealing of Caroline Ellison’s plea deal, Inner City Press reporter Matthew Russell Lee published a tweet storm that featured screenshots of Ellison’s unsealed guilty plea transcript. Russell Lee said