Mithril(MITH)

SafeMoon has filed for Chapter 7 bankruptcy as a whirlwind of accusations of fraud and mismanagement surrounding the once-thriving protocol. SafeMoon founders Kyle Nagy, Thomas Smith, and Braden Karony have been accused of wilfully misleading investors and face a $200 million SEC lawsuit for securities fraud.

Jasmine Smith, chief executive of Web3-based wellness app Rejuve.AI, told Cointelegraph that decentralized and AI-powered platforms for health research do not aim to replace doctors and clinicians but rather help them in their work.

Most of the charges facing SBF this week won’t ever be relevant to most crypto companies. But charges the government cannot pursue today could be, say Andrew C. Adams and Kane Smith, at Steptoe & Johnson LLP.

Crypto continues to have pervasive fraud and other illegality, Commissioner Christy Goldsmith Romero said.

In a major development, the Coinbase cryptocurrency exchange (COIN) has received regulatory approval to list crypto futures in the United States. The approval comes nearly two years after the exchange had originally applied for approval to offer crypto futures in the markets. A Long Wait Ends Coinbase announced on Wednesday that it had secured approval from the National Futures Association (NFA) to operate as a Futures Commission Merchant (FCM). FCMs are similar to market makers, buying and selling futures contracts. With approvals in place, Coinbase has stated its intention to offer eligible US-based customers regulated derivatives products through Coinbase Financial Markets. These will be subject to the oversight of the National Futures Association and the Commodity Futures Trading Commission. The crypto exchange stated in a post on X, “The National Futures Association, a CFTC designated SRO, has approved Coinbase Financial Markets. as a registered Futures Commission Merchant. Coinbase can now offer futures contracts in BTC and ETH to eligible customers in the US.” The approval makes Coinbase the first crypto platform in the United States to offer traders regulated and leveraged crypto futures along with traditional spot trading. According to the announcement, Coinbase had applied for registration as a Futures Commission Merchant with the NFA in 2021. “In September of 2021, we filed an application with the NFA to register an FCM. Our team has worked with regulators since then to ensure we will comply with all the necessary regulations and that our FCM’s business model meets the CFTC’s customer protection requirements.” According to Coinbase, the approval will allow US customers to access regulated crypto derivatives and allow greater access to the larger crypto economy. “We are pleased to announce that approval has been secured, which will allow eligible US customers to access regulated derivatives products through Coinbase Financial Markets and alongside our spot market for a seamless experience subject to the oversight of the CFTC and the NFA. Approval for US customers to access regulated crypto derivatives will allow more people to access the crypto economy in the United States in a safe way that helps keep the US at the center of digital innovation.” Futures Contracts In Bitcoin And Ether The company also put up a post on X, stating that it could now offer users cryptocurrency futures contracts in Bitcoin And ETH. Coinbase stated in a message, “We believe this is a watershed moment to be able to bring regulated crypto products to US customers. This is a critical milestone that reaffirms our commitment to operate a regulated and compliant business and be the most trusted and secure crypto-native platform for our customers.” Other Approvals The cryptocurrency unit of Cboe Global Markets, Cboe Digital, had already received approval from the CFTC to offer margined Bitcoin and Ether futures back in June. At the time, Christy Goldsmith Romero, the Commissioner of the CFTC, had stated, “I have been vocal about the benefits of bringing appropriate crypto activities into the regulated space in order to protect customers, but in a way that supports oversight, accountability, transparency, and risk management.” COIN shares have also registered a significant jump, opening 4% higher at $82.49. Currently, COIN is trading at around $79. Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

In a major development, the Coinbase cryptocurrency exchange (COIN) has received regulatory approval to list crypto futures in the United States. The approval comes nearly two years after the exchange had originally applied for approval to offer crypto futures in the markets. A Long Wait Ends Coinbase announced on Wednesday that it had secured approval from the National Futures Association (NFA) to operate as a Futures Commission Merchant (FCM). FCMs are similar to market makers, buying and selling futures contracts. With approvals in place, Coinbase has stated its intention to offer eligible US-based customers regulated derivatives products through Coinbase Financial Markets. These will be subject to the oversight of the National Futures Association and the Commodity Futures Trading Commission. The crypto exchange stated in a post on X, “The National Futures Association, a CFTC designated SRO, has approved Coinbase Financial Markets. as a registered Futures Commission Merchant. Coinbase can now offer futures contracts in BTC and ETH to eligible customers in the US.” The approval makes Coinbase the first crypto platform in the United States to offer traders regulated and leveraged crypto futures along with traditional spot trading. According to the announcement, Coinbase had applied for registration as a Futures Commission Merchant with the NFA in 2021. “In September of 2021, we filed an application with the NFA to register an FCM. Our team has worked with regulators since then to ensure we will comply with all the necessary regulations and that our FCM’s business model meets the CFTC’s customer protection requirements.” According to Coinbase, the approval will allow US customers to access regulated crypto derivatives and allow greater access to the larger crypto economy. “We are pleased to announce that approval has been secured, which will allow eligible US customers to access regulated derivatives products through Coinbase Financial Markets and alongside our spot market for a seamless experience subject to the oversight of the CFTC and the NFA. Approval for US customers to access regulated crypto derivatives will allow more people to access the crypto economy in the United States in a safe way that helps keep the US at the center of digital innovation.” Futures Contracts In Bitcoin And Ether The company also put up a post on X, stating that it could now offer users cryptocurrency futures contracts in Bitcoin And ETH. Coinbase stated in a message, “We believe this is a watershed moment to be able to bring regulated crypto products to US customers. This is a critical milestone that reaffirms our commitment to operate a regulated and compliant business and be the most trusted and secure crypto-native platform for our customers.” Other Approvals The cryptocurrency unit of Cboe Global Markets, Cboe Digital, had already received approval from the CFTC to offer margined Bitcoin and Ether futures back in June. At the time, Christy Goldsmith Romero, the Commissioner of the CFTC, had stated, “I have been vocal about the benefits of bringing appropriate crypto activities into the regulated space in order to protect customers, but in a way that supports oversight, accountability, transparency, and risk management.” COIN shares have also registered a significant jump, opening 4% higher at $82.49. Currently, COIN is trading at around $79. Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

Cardano is on the verge of a major breakthrough with the upcoming launch of Mithril, an innovative solution designed to revolutionize the network's efficiency and security.

Blockchain Association CEO Kristin Smith said that while the SEC's approach to regulation is expected due to its anti-crypto stance, it’s still "unacceptable."

The Commodity Futures Trading Commission has approved an amended order of registration, allowing Cboe Clear Digital to clear additional products as a derivatives clearing organization. Green Signal For Cboe The announcement means that traders on Cboe Global Markets’ digital-asset exchange would be able to enter into margined Ether and Bitcoin contracts. The amended order will allow Cboe Clear Digital to offer clearing services for digital asset futures on a margined basis for futures commission merchants. “The Commodity Futures Trading Commission today approved an amended order of registration for Cboe Clear Digital, LLC (Cboe Clear) to clear additional products, subject to the terms and conditions specified in the order, as a derivatives clearing organization (DCO) under the Commodity Exchange Act.” This will be in addition to the fully collateralized futures and fully collateralized swaps that were previously approved. “The amended order permits Cboe Clear to provide clearing services for digital asset futures on a margined basis for futures commission merchants, in addition to the fully collateralized futures and fully collateralized swaps previously authorized.” Previously, Cboe only offered fully collateralized trading of cryptocurrency futures, which required clients to furnish the entire amount of a particular contract before trading. With margined trading, traders can put up less capital when opening a position. Furthermore, the physical settlement of digital assets will enable traditional financial firms to access Bitcoin and Ether futures without handing over custody to intermediaries. Cboe Digital president John Palmer added, “That’s where the concept of us also having a spot market has advantages. We didn’t want to have to force participants to custody or touch the physical asset.” Prudent Risk-Mitigation Measures Cboe Clear’s parent company, Cboe Digital Exchange, is registered with the Commodities Futures Trading Commission as a designated contract market. This gives Cboe the authority to expand its clearing of futures contracts for crypto assets while ensuring that it does so within the traditional US futures intermediated market structure. Christy Goldsmith Romero, the Commodity Futures Trading Commission president, in a separate statement, added, “The Order is accompanied by prudent risk-mitigation measures implemented by Cboe. I have been vocal about the benefits of bringing appropriate crypto activities into the regulated space in order to protect customers, but in a way that supports oversight, accountability, transparency, and risk management.” Romero added that Cboe’s application was in stark contrast with another from the now-collapsed cryptocurrency exchange FTX for a “bespoke disintermediated direct-to-customer market structure.” “Too often in recent years, crypto firms have sought to take a business model or market structure that exists in an unregulated environment and port it over to the regulated environment. “Cboe has not done that, instead operating within the parameters of the traditional futures market structure and regulatory framework. It has constructively engaged with the staff and my office to address concerns related to risk and implement risk-mitigating measures.” Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

In a statement, the trade group’s CEO Kristin Smith, said that regulatory actions should only target bad actors.

Christy Goldsmith Romero pointed to the collapse of FTX, Terra and Celsius in having the CFTC reconsider the way it handled risk management.

The U.S. Commodity Futures Trading Commission (CFTC) has proposed an overhaul of its rules for risk management, and Commission Christy Goldsmith Romero said the changes should insist firms prepare themselves for crypto volatility and the risks from holding customers’ digital assets.

Microsoft President Brad Smith is the latest tech industry heavyweight to call for better risk management and regulation for artificial intelligence.

The war won't last forever, but probably will continue for the next 18-20 months, Kristin Smith said.

Crypto scammers are taking advantage of the latest technological developments in artificial intelligence (AI) to fool investors. California regulators said on Thursday that scammers used AI to generate fake CEOs to deceive potential investors. The California Department of Financial Protection and Innovation (DFPI) also announced its latest crackdown to protect residents from crypto scams, sending cease and desist letters to five firms claiming to make a profit from the current AI hype, according to reports by Decrypt. The DFPI targeted Maxpread Technologies, Harvest Keeper, Coinbot, QuantFund, and Visque Capital which it accused of making false promises relating to profitability and offering unqualified securities. The agency purports the companies made exaggerated claims about increasing their returns using AI for crypto trading and multi-level marketing schemes to attract unsuspecting victims. The DFPI said on Twitter: Scammers like to deceive investors by using phony CEOs, sham algorithms, & Ponzi schemes. Today, we've issued desist and refrain orders to five entities/individuals who violated CA securities laws. For more information: https://t.co/gj13z2OE4G#investing #hyip #Cryptonews pic.twitter.com/MXHPYwVIny — CA Department of Financial Protection & Innovation (@CaliforniaDFPI) April 19, 2023 Maxpread Technologies Allegedly Used AI to Generate a Fake CEO Both Maxpread Technologies and Harvest Keeper have been accused of misrepresenting their CEOs. Maxpread allegedly created a computer-generated avatar named “Gary” to represent their CEO, and Harvest Keeper allegedly used an actor to represent their CEO. The DFPI suggests Maxpread Technologies promoted its “profitability” using a promotional YouTube video featuring an avatar built on Synthesia.io, which was programmed to read a screenplay. Synthesia.io’s AI technology utilizes deep learning algorithms to create life-like animations and speech, enabling users to generate high-quality content. A YouTube video was published on April 8 featuring CEO “Michael Vanes.” The DFPI, however, indicates that such a person does not exist, and Maxpread’s previous chief marketing officer and corporate brand manager, Jan Gregory, is the company’s actual CEO. Forbes reports Elizabeth Smith, a representative from DFPI, explained in an email that the agency had traced the avatar to Synthesio.io, where it had been named “Gary.” Harvest Keeper Employed an Actor to Perform as CEO Harvest Keeper took a slightly different approach. The agency alleges that it employed a human actor to perform the role of the company’s CEO. The company also claimed to use AI to boost its trading profitability, but instead, it appears to rely on humans. Neither organization has responded to the accusations. Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

The case for Tornado Cash is getting support from prominent crypto policy and advocacy groups. According to case filings brought against the U.S. Treasury Department, the Blockchain Association and DeFi Education Fund have filed an amicus curiae brief in support of the plaintiff's motion for a partial summary judgement. Tornado Cash was sanctioned by the U.S. Treasury Department on the contention that it helped North Korean hacking collective Lazarus Group funnel roughly $7 billion worth of funds from various exploits. The Lazarus Group is infamous in the crypto industry for stealing from prominent DeFi protocols. The sanction on Tornado Cash resulted to the arrest of Alexy Pertsev, its creator. On August Pertsev was arrested in the Netherlands on charges of money laundering, sparking public outcry. In response to the widespread exploits, the sanction was imposed by the Treasury Department's Office of Foreign Assets Control (OFAC) on Tornado Cash last year, effectively placing addresses allegedly connected with the mixer on its Specially Designated Nationals and Blocked Persons List. Such a designation makes it illegal for U.S. persons to interact with those addresses, under threat of significant fines and imprisonment. Plaintiffs on the Tornado Cash case (Van Loon et al) argue that OFAC violated the Administrative Procedures Act (APA) by sanctioning an entity not liable to its sanction, infringing on users' right to free speech and depriving them of property (cryptocurrency held in the mixer) without due process. The motion for partial summary judgment on the counts of APA violation and free speech were filed on April 5. In their brief, the Blockchain Association and DeFi Education Fund contend that Tornado Cash is software, not a person or property, and serves an essential function in preserving user privacy. "Ordinarily, OFAC would not consider sanctioning neutral tools used by some people for illicit activities, it would sanction the people committing those activities. The same perspective should apply to OFAC's action against Tornado Cash," states Kristin Smith, CEO of Blockchain Association. The brief also elaborated on previous legal arguments presented for the Tornado Cash case, saying that the OFAC's sanctions are "not in accordance with law for yet another reason: the sanctions are arbitrary and capricious." The amicus brief reiterated their position in the following statement: "Such tools allow users to reclaim privacy that would be available as a matter of course in other contexts while retaining the benefits that come with using blockchain technology." The two organizations throwing support behind Tornado Cash are not alone, though, as crypto think tank Coin Center also filed a lawsuit against the Treasury in October, calling the sanctions "unprecedented and unlawful." Coinbase' Chief Legal Officer Paul Grewal also came out in support of Tornado Cash, arguing that sanctions should "target bad actors, not technology." Coinbase released funding for the lawsuit. According to court documents, a pretrial conference for the parties and their respective counsels is scheduled for April 23rd. Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

After the recent collapse of three crypto-friendly banks, many firms are left hunting for new banking partnerships. Brett Philbin, Rachel Millard and Rosie Gillam of Edelman Smithfield offer advice.