Regulation

Welcome to Finance Redefined, your weekly dose of essential decentralized finance (DeFi) insights — a newsletter crafted to bring you significant developments over the last week. The prolonged crypto winter aided by the collapse of FTX has kept investors from backing a new protocol that merges DeFi and the foreign exchange market. A new Cosmos

The crypto market is often referred to as the Wild West of the finance world. However, the events that have unfolded within this space recently would put to shame even the hardiest of cowboys from the day of yore.  As a quick refresher, on Nov. 8, FTX, the second-largest cryptocurrency exchange in the world till

As Uzbekistan prepares to adopt a new cryptocurrency framework in 2023, the Uzbek regulators have started issuing regulatory approvals to local crypto service providers. The National Agency for Perspective Projects (NAPP), Uzbekistan’s major cryptocurrency market watchdog, has issued the nation’s first crypto licenses, according to an official announcement released on Nov. 17. The licenses officially

The International Monetary Fund (IMF) is calling for increased regulation of Africa’s crypto markets, one of the fastest-growing markets in the world, the global institution blog reported on Nov. 22.  Among the reasons why countries in the region should embrace regulation, the monetary fund cited the collapse of FTX and its ripple effect in cryptocurrencies

Although Bitcoin (BTC) mining remains a controversial topic, it’s becoming more common to hear how Bitcoin mining can help balance grid demand. This is being demonstrated in the state of Texas, as Bitcoin miners are able to participate in demand response programs, which incentivize miners to turn off their operations during peak demand.  A spokesperson

The CEO of fintech firm Block Earner has lashed out over the “lack of clarity” in Australia’s financial licensing regime after his company was sued by the country’s financial services regulator for providing unlicensed crypto-based investment products. The Australian Securities and Investment Commission (ASIC) announced on Nov. 23 local time that it started civil legal

Two Democratic members of the United States Senate have called on the Justice Department to investigate the collapse of FTX and potentially prosecute individuals involved in wrongdoing. In a Nov. 23 letter to U.S. Attorney General Merrick Garland and Assistant Attorney General Kenneth Polite, Senators Elizabeth Warren and Sheldon Whitehouse requested the Justice Department launch

The downfall of former crypto exchange FTX has had the entire industry in disarray since the situation began to unravel days before it declared bankruptcy on Nov. 11. A new op-ed from United States Senator Elizabeth Warren revealed a negative stance toward the industry with regard to the fallout. Warren wrote that the crypto industry

Bitcoin (BTC) miner Core Scientific has warned of  “substantial doubt” they will be able to continue operations over the next 12 months given financial uncertainty. In its quarterly report filed with the United States Securities and Exchange Commission (SEC) on Nov. 22, the firm indicated it had accrued a net loss of $434.8 million over

In an official blog post, Bitpanda announced that it has secured a crypto custody licence from the German financial authority, BaFin. Having obtained this licence, the Austrian-based crypto exchange can now legally market its services to residents of Germany. Bitpanda also claimed to be the first retail crypto exchange based out of Europe to have

Detained Tornado Cash developer Alexsey Pertsev will spend another three months in custody in the Netherlands, according to a court hearing held on Nov. 22. Cointelegraph attended a preliminary court hearing at the Palace of Justice in ’s-Hertogenbosch, which outlined the basis of the case against Pertsev after 103 days in custody. The prosecution outlined

United States senators Elizabeth Warren, Tina Smith, and Richard Durbin have renewed their calls for Fidelity Investments to reconsider offering a Bitcoin (BTC)-linked 401(k) retirement product.  In a letter addressed to Fidelity Investments CEO Abigail Johnson on Nov. 21, the three senators said the recent fall of FTX is more reason than any for the

Bank of England Deputy Governor Jon Cunliffe shared thoughts on cryptocurrency regulation and decentralized finance (DeFi) in a talk on Nov. 21. He intended to speak about stablecoins and central bank digital currency (CBDC), Cunliffe said at a conference in Coventry, but the collapse of FTX as he wrote his draft speech led him to

The first official decentralized autonomous organization (DAO) in the United States is taking on the Securities and Exchange Commission (SEC) over its 2021 token registrations.  American CryptoFed DAO has told Cointelegraph it will represent itself without an attorney over SEC allegations that it omitted and misstated information in a securities registration last year. The DAO

The independent examiner in crypto lender Celsius’ bankruptcy case has alleged that the company failed to set up “sufficient” accounting and operational controls in its handling of customer funds.  In an interim report released on Nov. 19, examiner Shoba Pillay made a number of stark observations in her court-appointed investigation into the bankrupt cryptocurrency lending

On Nov. 11, while the rest of the country was celebrating Veteran’s Day, Sam Bankman-Fried announced that FTX — one of the world’s largest cryptocurrency exchanges by volume — had filed for bankruptcy. Lawmakers and pundits quickly latched onto the rapid disintegration of FTX to call for more regulation of the crypto industry. “The most