In the forthcoming criminal trial of former FTX CEO Sam Bankman-Fried, potential jurors may face a unique set of questions aimed at gauging their suitability for the case.
Both Bankman-Fried’s defense team and U.S. prosecutors have submitted lists of proposed questions in court filings on September 11, as the trial, scheduled for October 3, approaches.
Bankman-Fried’s legal team is keen to identify prospective jurors with ties to the cryptocurrency world.
They intend to inquire whether potential jurors have invested in cryptocurrencies and, if so, whether their experience involved financial losses or a negative perception of the crypto industry.
Another query seeks to determine whether a juror would attribute the failure of a crypto firm to its owners, delving into their reasoning behind such beliefs.
Additionally, Bankman-Fried wishes to explore prospective jurors’ views on “effective altruism,” a philosophical movement he has been associated with.
They will also inquire about attitudes toward large donations to political candidates and lobbyists and seek any personal or professional experiences with individuals using ADHD medication.
As part of standard procedure, Bankman-Fried’s legal team plans to ask prospective jurors whether they are familiar with him, have formed an opinion on his guilt or innocence, or have expressed opinions about Bankman-Fried, FTX, or Alameda Research.
READ MORE: Federal Reserve Vice Chairman Highlights CBDC Research and Stablecoin Oversight in Fintech Speech
On the other side, U.S. prosecutors have their own set of questions.
They are interested in prospective jurors’ familiarity with FTX and its affiliates, as well as whether they or anyone they know has invested or worked in the cryptocurrency space.
The prosecutors also intend to ask about opinions on the government’s role in regulating the crypto industry and whether jurors have ever suffered financial losses due to fraudulent conduct.
Meanwhile, on September 12, U.S. District Court Judge Lewis Kaplan denied Bankman-Fried’s request for temporary release before the trial, dismissing the argument that a poor prison internet connection warranted his release.
Bankman-Fried has pleaded not guilty to seven fraud-related charges relating to FTX’s collapse in November.
Furthermore, he faces a separate criminal trial on additional charges scheduled for March next year.
In preparation for this high-profile trial, both sides are striving to select a jury that can fairly assess the case’s intricacies while considering potential biases and experiences that may influence their perspectives on crypto, altruism, and related matters.
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Road Town, British Virgin Islands, September 13th, 2023, Chainwire
Premia Blue, the first-of-its-kind DeFi options exchange, is now live on Arbitrum.
Designed for traders and liquidity providers across all experience levels, Premia Blue offers unparalleled capital efficiency, user functionality, and composability in the DeFi space. Traders are now open to fully customizable European-style crypto options with market-driven pricing and dual trading modes—AMM and Orderbook. The only options platform in DeFi where products are composable no matter the preferred trading method.
Premia Blue opens the world to traders and liquidity providers of any knowledge, skill, or experience level thanks to its unique features, smooth UX, and easy onboarding. Liquidity providers can open pools on any ERC-20 token permissionlessly, while fully customizing their risk profile. Premia Blue’s unique Smart Range Orders and Concentrated Liquidity, allow liquidity providers to maximize their capital, while one-click Strategy Vaults offer potential passive yields.
Whether one is a trader, market-maker, or liquidity provider, Premia Blue’s robust feature set, including the upcoming margin, spreads, and lending products, empowers them to optimize their strategies and earn potential yield seamlessly.
As part of Premia Blue’s special promotion, for a limited period, users can receive 50% of protocol commissions back on referrals during the initial month.
The Hybrid nature of Premia Blue is the best of both worlds. To compete with the big boys we knew we needed to match costs at the granular level, while offering novel primitives and transparency that the big boys cannot match. Centralized Fees, Decentralized Attitudes. – DK, Vibe Broker at Premia
Setting a New Standard in Options Protocols
Previous iterations of DeFi options protocols (including Premia V2) have followed a vault-style design.
In protocols such as these, users can provide liquidity or buy options. However, LPs have to assume risk across all strikes and expiration dates, while traders have to combat low or fragmented liquidity and inefficient pricing models.
In contrast, Premia Blue is the first crypto options exchange to merge an order book, algorithmic strategies, and an AMM, composable and fully onchain. The onchain order book is available at no cost to users published on Arbitrum Nova, so users can ensure their orders are not being censored, or front ran.
While keeping the best of the pool-to-peer protocol design with Strategy Vaults, Blue also introduces multiple new sources for liquidity: an RFQ-network, Concentrated Liquidity Pools, and the ability to expand passive management strategies via Vaults.
These sources are combined in a deCentral limit-order book fashion. As a bonus, pricing converges to become fully market-driven, and traders receive competing price quotes from multiple inventory sources.
Introducing Premia Blue’s Exclusive Referral Initiative
Premia Blue invites users to embark on their DeFi journey and benefit from an exclusive offer: 50% of protocol commissions returned on referrals for the initial month. Catering to everyone from individual advocates to platform developers, this initiative is meticulously crafted to ensure rewarding experiences. Users are encouraged to register on their profile page or explore the detailed offers to discover more.
About Premia Blue
Premia Blue, previously known as Premia Finance, represents more than just a DeFi options platform. It embodies a shift towards a democratized financial landscape. Anchored in the principles of Public Redux of Economic Market and Investment Access, the platform’s mission is to provide universal access to investment opportunities and foster economic empowerment.
Premia Blue’s platform offers a comprehensive suite of services through the Premia Blue dApp and educational resources via Premia Academy. Whether one is a trader, a liquidity provider, or new to the space.
Initially launching exclusively on Arbitrum, Premia Blue has ambitious plans for omni-chain functionality. Users are welcome to be a part of Premia Blue’s journey in reshaping the financial horizon.
For more information visit:
Website | Premia Blue | v2 dApp | Docs | Twitter | Discord | Blog | YouTube | GitHub |
Please note that Premia does not provide investment advice, and nothing herein should be construed as such. Anyone considering trading or holding derivatives or crypto assets should be aware that the risk of loss can be very high, and it is upon each individual to seek advice from an appropriate professional advisor.
Contact
Marketing
Kseniia Baziian
Premia
[email protected]
Astana-based financial technologies firm Collect & Exchange has rolled out an advanced digital asset exchange platform to facilitate cryptocurrency and fiat exchange, as well as cryptocurrency payments. According to a press release from August 23, 2023, the new platform supports over 1500 trading pairs, providing a broad trading ecosystem for both cryptocurrencies and traditional currencies.
Cryptocurrency exchanges have come under fire for regularly struggling with issues such as lack of transparency, inefficient exchanges, and outright fraud. Collect & Exchange’s entry comes as a breath of fresh air, promising rapid onboarding for clients in various industries, from advertising and IT to e-commerce and gaming. Asaf Hanukaev, co-founder of Collect & Exchange, heralds the launch as a “paradigm shift” in how diverse sectors engage with digital assets.
Setting new standards
The Collect & Exchange platform, regulated by Astana Financial Services Authority (AFSA), offers a streamlined onboarding experience thanks to its adoption of modern KYC and AML procedures. Notably, the new platform claims that its approach ensures that both businesses and individual clients can be fully operational in a matter of days – this is in stark contrast to the current industry standard, as corporate clients are often waiting weeks to open new accounts with cryptocurrency exchanges.
Further elevating the user experience, Collect & Exchange reportedly features an intuitive and customizable dashboard. Funding options are also versatile, allowing for easy deposits, withdrawals, and internal transfers across major digital assets like Bitcoin, Ethereum, Tron, and Binance Smart Chain. Moreover, seamless fiat funding and withdrawal are enabled through traditional bank transfers, supporting top fiat currencies such as the US Dollar, Euro, Swiss Francs, Chinese Yuan, Emirati Dirham, and British Pound.
“We’ve constructed Collect & Exchange to serve a broad array of sectors, not just those who are tech-savvy or steeped in finance,” said Yaron Noah, another co-founder of the venture.
Perhaps its most unique feature, the platform aims to go above and beyond in customer service, offering each user a dedicated support agent. This is rather unusual in the cryptocurrency trading space, with major platforms facing backlash for untrained or even indifferent support agents.
George Arakelov, CEO of Collect & Exchange, explains, “In the dynamic realm of digital asset trading, a personal touch can be a game-changer. Our devoted support agents stand ready to resolve any issues immediately, underscoring our dedication to an unparalleled customer experience and transparency.”
The bottom line
Collect & Exchange’s launch might be the harbinger of an industry-wide transformation, particularly in terms of customer service and accessibility. With a rapid setup and multiple currency options, the platform has the potential to be a universal solution for digital asset management and payments, aligning with the larger trends of decentralization and blockchain adoption in various industries.
By offering dedicated customer support agents, the company is also setting a new standard in customer service within the digital asset trading landscape—a timely update given the complexities and fast pace associated with such trading. As the digital asset ecosystem continues to evolve, Collect & Exchange’s comprehensive, user-friendly platform could very well set the tone for the industry’s future, and also serve as a case study for other sectors wrestling with similar issues.
United States Commodity Futures Trading Commission (CFTC) Commissioner Christy Goldsmith Romero has called for a modernization of protection measures using advanced technology to safeguard American investors.
Speaking at the annual meeting of the North American Securities Administrators Association in San Diego, Romero emphasized the need for government regulators to keep up with technological advancements to protect vulnerable investors.
Romero stressed the importance of regulators having a strong understanding of emerging technologies and their implications for the financial and legal sectors as they make policy decisions regarding next-generation financial technology.
In a significant move, Romero appointed technology experts in fintech, responsible artificial intelligence (AI), cryptocurrency, blockchain, and cybersecurity to the CFTC’s Technology Advisory Committee (TAC).
These experts are tasked with identifying ways to incorporate Know Your Customer (KYC) and Anti-Money Laundering (AML) processes into decentralized finance and cryptocurrency investment channels.
Furthermore, the TAC will play a crucial role in promoting responsible AI development within the financial industry, focusing on governance for decision-making that impacts investors and markets.
Romero highlighted a shift in federal crypto investigations from trade activities to monitoring social media platforms such as X (formerly Twitter), Reddit, and Facebook.
She recommended the use of tools like blockchain analysis, link analysis, and data analytics to aid these investigations.
Romero emphasized that statements made on social media platforms can serve as strong evidence of intent, and regulators can use these platforms to issue warnings about scams to protect investors.
READ MORE: Vitalik Buterin’s X Account Breached: Over $691K Lost to Malicious NFT Link
To combat financial fraud effectively, Romero proposed the establishment of a National Financial Fraud Registry.
This centralized database would maintain records of all crimes and fines related to financial fraud, allowing investors to conduct background checks on companies and ongoing investigations or fines related to fraud.
Romero initially proposed the registry in December 2019 to enhance investor protection.
Romero believes that this one-stop-shop platform can deter financial fraud and improve overall investor safety.
In conclusion, she emphasized that federal and state officials must work together to enhance investor protection and safety.
In April, Romero urged crypto companies to verify the digital identity of users to mitigate risks associated with anonymity.
She encouraged both exchanges and decentralized finance (DeFi) platforms to adopt digital identity verification while still providing financial privacy for customers.
This approach aligns with her commitment to enhancing investor safeguards in the rapidly evolving cryptocurrency and blockchain space.
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Bitcoin experienced a notable recovery from its recent three-month lows on September 12, sparking skepticism among traders regarding the cryptocurrency’s price behavior.
Market data from Cointelegraph Markets Pro and TradingView reflected a rapid return to levels seen immediately after the weekly close of BTC/USD.
The preceding day had witnessed a sudden decline in Bitcoin’s value upon Wall Street’s opening, briefly pushing it below the $25,000 mark.
This performance marked its most significant decline since mid-June.
However, Bitcoin embarked on a subsequent comeback, surging by $1,000. Nevertheless, as of the time of writing, it was encountering resistance at the $26,000 level.
In anticipation of future price movements, on-chain monitoring resource Material Indicators had already issued a warning about an imminent “support test.” This was due to a decrease in bid liquidity in the order book’s lower levels.
Further analysis, both from Material Indicators and others, pointed out that previous occurrences of “rug pulls” in support levels had paradoxically led to positive outcomes in the Bitcoin market.
Large-volume traders were effectively clearing liquidity from the immediate vicinity of the spot price.
Co-founder Keith Alan even predicted that $24,750 would hold as support during a potential downturn, a prediction that remained accurate at the time of writing.
In a separate development, the DeFi Education Fund (DEF), an advocacy group for decentralized finance (DeFi), submitted a petition to the United States Patent and Trademark Office (USPTO) on September 7.
READ MORE: Coinbase CEO Foresees Crypto’s Major Role in 2024 Elections, Urges Clearer Regulations
This petition aimed to prompt a review of a patent owned by True Return Systems, a company accused by DEF of being a “patent troll.” Such entities seek to profit from patent-related lawsuits.
The patent, granted in 2018, claimed ownership of a process for “linking off-chain data to a blockchain.” DEF’s legal chief, Amanda Tuminelli, revealed that True Return had attempted to sell the patent as a nonfungible token (NFT) before subsequently filing lawsuits against DeFi protocols MakerDAO and Compound Finance in October.
Tuminelli asserted that True Return’s intention was to name defendants who couldn’t respond to the complaint, obtaining a default judgment.
The company would then seek to enforce the court’s ruling against token holders and repeat the process with other protocols that lacked the resources or means to challenge them in court.
DEF argued that the technology described in the patent was not innovative at the time of its granting and cited existing tech such as the InterPlanetary File System (IPFS) and decentralized storage platforms like Sia, Storj, and Swarm.
True Return Systems acknowledged a request for comment from Cointelegraph but had not provided an immediate response.
DEF’s petition to the USPTO aimed to protect the use and development of open-source software, prevent potential legal actions by True Return against crypto projects, and aid in the legal defense of MakerDAO and Compound.
True Return has a three-month window to optionally respond to the petition, after which the USPTO must decide whether to review the patent within six months and, ultimately, whether to cancel it within 12 months.
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The United States Securities and Exchange Commission (SEC) has submitted a filing, urging the court to grant its motion to appeal a ruling from the Ripple Labs lawsuit that deemed the XRP token to not be a security when sold to retail investors.
The agency argues that “knotty legal problems” surrounding the court’s application of the law, specifically the Howey test, warrant a review.
In a filing dated September 8, the SEC calls for the U.S. District Court for the Southern District of New York to grant its motion for interlocutory appeal and “stay further proceedings until the resolution of that appeal,” citing the “knotty legal problems” raised by the court’s summary judgment order.
Judge Analisa Torres ruled in July that XRP is generally not a security under SEC guidelines, particularly when distributed via programmatic sales, such as being sold to retail investors through exchanges.
In its latest filing, the SEC argues that the rulings on programmatic sales and other distributions present significant “legal questions” justifying approval of the agency’s interlocutory appeal.
The SEC suggests that the legal ambiguity arises from whether certain crypto assets fall under the classification of investment contracts via the Howey test, citing differing opinions within the district and other courts considering similar issues.
READ MORE: Singapore’s MAS Maintains Strict Stance on Crypto Participation in Regulatory Sandbox
The SEC states that while interlocutory appeal should be the exception, this case is exceptional due to its industry-wide significance and special consequence, inviting interlocutory appeal.
These sentiments contradict previous statements from the SEC and its Chair, Gary Gensler, who has previously opposed the need for new crypto regulation, asserting that the SEC’s existing guidelines adequately cover the crypto market, including the notion that most crypto assets on the market are securities.
In a September 8 tweet, Ripple’s chief legal officer Stuart Alderoty calls the SEC’s filing “hypocritical” in light of Gensler’s prior statements about clear rules.
Coinbase’s chief legal officer, Paul Grewal, also questions how crypto firms can have “fair notice” if unresolved legal questions persist in court.
The SEC originally moved to appeal and stay Judge Torres’s decision in August, arguing substantial differences of opinion.
On September 1, Ripple Labs responded with a memorandum of law opposing the SEC’s appeal, contending that the agency lacks substantial grounds for the requested appeal.
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The Federal Reserve Bank vice chairman delivered a speech at the Philad elphia Fed’s fintech event on September 8, focusing on the central bank’s role in financial innovation, which primarily encompasses research and supervision, with a notable mention of the FedNow Service.
Michael Barr, the vice chair for supervision at the Federal Reserve, emphasized their commitment to central bank digital currency (CBDC) research, framing it as fundamental research that could potentially support a CBDC payments infrastructure or enhance the existing payments system.
Barr specifically highlighted the importance of system architecture for recording transactions and ownership in ledgers and explored tokenization models, in line with a FEDS Notes publication that underlined the compatibility of tokenized platforms with central bank money functioning as a settlement asset.
In an unusual punctuation choice for Federal Reserve communications, Barr underscored the significance of the Fed’s novel activities supervision program, introduced the previous month.
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This program entails a dedicated team of supervisors providing feedback to federally supervised banks, enabling them to obtain “written supervisory non-objection” for novel activities involving stablecoins and related endeavors, aligning with Office of the Comptroller of the Currency (OCC) policies outlined in interpretative letters 1174 and 1179.
Barr stressed the importance of strong federal oversight of stablecoins, in line with the OCC’s guidance, asserting that dollar-pegged stablecoins rely on the trust of the central bank and indicating support for ongoing legislative efforts.
He voiced concerns, stating, “If non-federally regulated stablecoins were to become a widespread means of payment and store of value, they could pose significant risks to financial stability, monetary policy, and the U.S. payments system.”
Barr also highlighted the Federal Reserve’s role in facilitating 24-hour instant payments through the FedNow Service, which was introduced in July. While current usage volumes of the service remain modest, he emphasized that it falls on depository institutions to make this service widely accessible, encompassing large banks, regional banks, community banks, and credit unions.
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Coinbase CEO, Brian Armstrong, has made bold predictions regarding the pivotal role of cryptocurrency in the upcoming United States elections in 2024.
In a recent interview with Yahoo Finance, Armstrong emphasized that many officials in Washington, D.C. do not yet grasp the substantial influence wielded by the crypto community’s voting bloc.
Armstrong firmly asserted, “I don’t think everybody in DC actually fully realizes how powerful the crypto voting community block is.
And I think 2024 is an election where the voters of America are really going to hold candidates’ feet to the fire and say, what is your position on crypto?”
Highlighting the growing crypto adoption in the U.S., Armstrong pointed out that approximately 56 million Americans have already engaged with cryptocurrencies, a number five times larger than electric vehicle users.
These crypto enthusiasts represent a formidable voting demographic that is expected to demand answers from candidates about their stance on cryptocurrency-related policies.
Presidential hopefuls have already begun addressing the cryptocurrency issue in their campaigns.
For instance, Florida’s Governor Ron DeSantis has pledged to prohibit central bank digital currencies (CBDCs) if he secures the presidency, citing privacy concerns as a primary reason.
READ MORE: Ripple’s Chief Legal Officer Lambasts SEC’s ‘Contradictory Shift’ in Latest Submission
Similarly, Robert F. Kennedy Jr. has expressed reservations about exploring the concept of a digital dollar. Despite these reservations, both candidates have adopted crypto-friendly campaign strategies.
In terms of the current political landscape, crypto asset manager Grayscale recently reported that Joe Biden and Donald Trump, who are leading in their respective parties’ 2024 presidential polls, have expressed a favorable attitude towards exploring CBDCs.
Coinbase, a prominent cryptocurrency exchange, has actively lobbied in Washington, D.C. for a clear regulatory framework within the crypto space.
Congressional discussions on bipartisan bills aimed at establishing comprehensive rules for crypto firms and users are currently underway.
However, Armstrong also suggested an alternative route, hinting at the possibility of a new chair at the Securities and Exchange Commission (SEC) in 2024.
This reference alludes to a potential replacement for Gary Gensler, who had filed a lawsuit against Coinbase in June, alleging violations of securities laws related to several tokens traded on the platform.
The crypto industry awaits the outcome of these regulatory discussions and the potential impact of the 2024 elections on cryptocurrency policy in the United States.
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The Terra Classic community is currently engaged in a series of crucial votes on various proposals, all amidst concerns about a noticeable surge in spam activity following a decline in Luna Classic (LUNC) prices.
In response to this pressing issue, a novel proposal, known as Proposal 11780 or the “Initiative to Address Spam Proposals by Raising Minimum Deposit to 5M LUNC,” has emerged as a potential solution.
This initiative aims to bolster the existing minimum deposit requirement from 1 million LUNC to 5 million LUNC, effectively creating a more formidable barrier to deter scam proposals from advancing beyond the initial deposit phase.
The primary goal here is to counteract the influx of spam and irrelevant proposals that have inundated the Terra Classic community’s voting system.
Validator consensus within the community is that the existing 1 million LUNC threshold is no longer adequate in discouraging these detrimental proposals.
Hexxagon, a developer team responsible for the community-owned Station wallet, has been closely monitoring the situation and has observed a substantial uptick in spam proposals, which has prompted the need for this proposed adjustment.
As of the latest update, Proposal 11780 has garnered support from 34% of the community votes in favor, while 64% have cast their votes against it, and a small fraction of 2% has opted for “No with veto.”
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Notably, nine validators, including prominent entities such as Hexxagon, Lunanauts, and Coinpayu, have endorsed the proposal, signaling their belief in its potential effectiveness.
In parallel to these developments, Terra Classic developers are actively preparing for the upcoming v2.2.1 core upgrade, scheduled for September 12 at 9:57 am UTC.
Simultaneously, the TerraUSD Classic (USTC) quant team is taking proactive steps by initiating contact with centralized exchanges in an effort to reestablish the peg of USTC.
Furthermore, both LUNC and Terra have recently experienced a significant surge in trading volumes, driven by a series of pivotal community-approved proposals.
LUNA, under the leadership of Terraform Labs, has witnessed a remarkable growth rate of over 5% in the past week, while LUNC is also exhibiting upward momentum in anticipation of the impending core upgrade, spearheaded by its developer team.
These developments underscore the dynamic nature of the Terra Classic ecosystem as it strives to address its evolving challenges and embrace opportunities for growth and improvement.
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