545:CBDC Alert (Canada)::Bittrex Goes Under::SBF Files to Dismiss

Overnighters,

Episode 545:
CBDC Alert (Canada)
Bittrex Goes Under
SBF Files to Dismiss
and More

Collect this Cover at: https://awrd.gg/4646

The TL;DL -

Bittrex, a major cryptocurrency exchange, filed for Chapter 11 bankruptcy on May 8, 2023. The filing comes after the SEC charged Bittrex with operating an unregistered securities exchange and violating Bank Secrecy Act regulations. Bittrex has also been struggling financially, cutting 83 employees in February and winding down its U.S. operations in April.

Coinbase's legal chief has requested the SEC to revise its proposed RIA custody rule, which Coinbase says unfairly targets crypto. Coinbase argues that the rule fails to safeguard other asset classes, such as cryptocurrencies, and makes improper assumptions about custodial practices based on securities.

The Belgian financial regulator, FSMA, has refused to register Bit4You, a crypto exchange. The FSMA also informed the public prosecutor of irregularities noted regarding the former management of Bit4You. Bit4You suspended activities in April, citing the collapse of its service provider CoinLoan. However, the FSMA's revelations suggest that there may be more to the story.

The Bank of Canada is exploring the possibility of a digital Canadian dollar. The consultation, which runs until June 19, asks Canadians what they would like to see in a digital dollar. The bank says it is not starting work on a CBDC yet, but it wants to hear from Canadians to help it make design choices.

32% of family offices currently hold investments in digital assets, such as cryptocurrencies, NFTs, and DeFi. Most investors (19%) cited a belief in the power of blockchain technology as their motivation for investing in digital assets. However, the interest in potential investments in crypto has crashed this year, with just 12% of investors indicating it, down from 45% in 2021.

Bankrupt Bitcoin mining firm Core Scientific is objecting to a $4.7 million claim put forward by crypto lender Celsius Network. Core argues that Celsius owes it approximately $11 million, including fees and interest. The dispute is the latest in a long-running battle between the two firms over contractual obligations.

FTX founder Sam Bankman-Fried files pretrial motions to dismiss most charges. Bankman-Fried is facing over a dozen charges, including wire fraud, securities fraud, and bribery. His attorneys argue that the Bahamas, where Bankman-Fried resided at the time of his arrest, could not consent to the charges brought after his extradition without additional information that has not been provided.

(5/9/2023)-Welcome back to the Crypto Overnighter. My name is Nikodemus, I’ll be your host as we take a nightly look at the crypto, NFT, and metaverse space and the industry surrounding it. And keep in mind, nothing in this show should ever be considered financial advice.

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