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Community responds to US democrats backing SEC’s crypto authority

A community member expressed their decision to part ways with the party, arguing that the Democrats are playing god with the "future of American innovation."

BlockFi used customer money to buy $30M insurance, creditors claim

BlockFi said last Friday that it might not generate value for creditors by selling its cryptocurrency lending platform.

EU Council approves MiCA for clear crypto regulation

European Union Council finance ministers vote to adopt the continent’s Markets in Crypto-Assets legislation following unanimous approval of new legal frameworks.

Crypto bank runs in 2022 catalyzed by institutional withdrawals: Research

Research suggests the lack of insurance for depositors on crypto platforms induced fear among retail and institutional clients, leading to heavy withdrawals and a liquidity crunch.

Signature Bank failed to understand risks associated with crypto: FDIC chair

A related report by the FDIC chief risk officer cited poor management as “the root cause of Signature Bank’s failure.”

SEC rebukes need for imminent crypto rulemaking, seeks denial of Coinbase petition

Coinbase’s chief legal officer Paul Grewal expressed his concerns over the SEC's response, asserting that they will happily continue overseeing the sector via regulation as enforcement.

SEC chair Gensler claps back at Coinbase, says crypto rules already exist

Speaking at the Financial Markets Conference, the SEC chair asserted that the rules for crypto are already in place and that the crypto sector has been largely non-compliant.

US Secret Service holds crypto, praises blockchain tech in Reddit AMA

In a crypto-themed AMA session on Reddit on May 15, the U.S. Secret Service answered a wide range of questions and revealed their little-known NFT collection.

Minneapolis Fed president Kashkari weighs in on CBDC: ‘Handwaving word salad’

When asked about CBDCs during a conference on transportation, Kashkari had a response on the tip of his tongue, and it wasn’t encouraging for CBDC fans.

Japan leads world in losses from North Korean crypto hacking with 30% of total: Report

An Elliptic report commissioned by Nikkei says Asian countries account for over 60% of losses to North Korean hacker and ransomware users; lax security played a role.

G7 pushes accelerating global implementation of ‘travel rule’ for crypto assets

Group of 7 members met in Japan, where they discussed CBDCs and crypto regulation, with an eye towards quickly implementing the “travel rule” for crypto assets.

SEC under fire for its custody rule: Law Decoded, May 8–15

Last week was harsh for the United States Securities Exchange Commission, with industry figures and officials publicly criticizing the regulator.

Make 500% from ChatGPT stock tips? Bard leans left, $100M AI memecoin: AI Eye

How to create a $100M memecoin with ChatGPT, $50K portfolio handed over to AI targeting 500% return, and will writers have a job in future?

US strips Ethereum dev Virgil Griffith of export privileges for 10 years

The export privilege bar comes as a consequence of Griffith’s conviction and further impacts his involvement in international trade and transactions.

South Korean lawmaker leaves political party amid crypto investment controversy

A lawmaker allegedly sold over $4 million in cryptocurrency prior to the country's enforcement of the "Travel Rule" by the Financial Action Task Force.

Bitcoin a top 3 asset in the event of US debt default: Survey

Bitcoin would be a more popular safe haven than the U.S. dollar, the Japanese yen or the Swiss franc, according to a new survey.

US Justice Department on the hunt for DeFi hackers and thieves: Report

The US Justice Department’s top crypto cop said that it was a “pretty significant issue” given the rise of North Korean “state-sponsored hackers.”

SEC revises $22M punishment against LBRY, seeks $111K instead

The SEC originally wanted LBRY to pay millions of dollars in penalties, but now concedes the defunct firm can’t pay up that amount.

'Significant risk' of US Treasury running 'out of funds' soon: Report

The United States Congressional Budget Office (CBO) has predicted that the U.S government's annual deficits will “nearly double over the next decade.”

BTC miner Rhodium faces lawsuit over an alleged $26M in unpaid fees: Report

Crypto mining firm Riot Platforms seeks to terminate “certain hosting agreements” with Rhodium and requests exemption from any owed power credits to the counterparty.

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