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☆ Sam Bankman-Fried’s fraud trial is about to start. Here’s what you need to know
▼ + stars: | 2023-10-02 | by ( Allison Morrow | ) edition.cnn.com time to read: +5 min

This week, he will stand trial in what federal prosecutors have called one of the biggest frauds in US history. The 31-year-old Bankman-Fried, known as SBF, has pleaded not guilty to seven counts of fraud and conspiracy in connection with the collapse of FTX, his crypto-trading platform. Here are the key things to know about the case, and what we might see over the next several weeks at the trial. SBF faces seven counts, including wire fraud and securities fraud. FTX founder Sam Bankman-Fried was a crypto celebrity until November last year, when his business empire collapsed.

Persons: Sam Bankman, Fried, SBF, FTX, Tom Brady, Larry David, Amr Alfiky, Bankman, Caroline Ellison, Ellison, “, ”, Howard Fischer, Moses Singer, Fischer, Lewis Kaplan, he’s Organizations: New, New York CNN, Prosecutors, Alameda Research, Super, Reuters, Investors, Bankman, Coindesk, Alameda, New York Times, Securities and Exchange, Enron, Metropolitan Detention Locations: New York, Bahamas, FTX, Miami, Alameda, United States, Manhattan, Brooklyn

Evan Luthra, an app developer, entrepreneur and angel investor, told CNBC he lost $2 million dollars in the collapse of FTX. Jake Thacker, an FTX customer in Portland, Oregon, told CNBC he lost hundreds of thousands of dollars shortly after losing his job in the tech industry. "I was like, oh my goodness, there's all these big name people utilizing FTX," Kannegundla said. Bhagamshi Kannegundla, an FTX customer, told CNBC he sold his bankruptcy claim to reinvest in crypto. Years later, if the FTX bankruptcy process recovers more than the 11 cents on the dollar for his claim, the buyer pockets the difference.

Persons: FTX's, hasn't, Evan Luthra, Luthra, FTX, Bitcoin, everybody's, Sam Bankman, He's, Fatih Aktas, Jake Thacker, Thacker, I'm, CNBC Thacker, Bhagamshi Kannegundla, Larry David, Kannegundla, Bhagamshi, Sunil Kavuri, Kavuri, Brett Harrison, Harrison, he's, Anthony Scaramucci, didn't Organizations: CNBC, Manhattan Federal, Anadolu Agency, Getty, Sequoia, Nurphoto, FTX's, FTX, Financial Technologies, Skybridge Locations: Miami, Manhattan, New York, United States, Portland , Oregon, FTX's, Bahamas, U.S, cryptocurrencies

Law Firms Michael R. Becker FollowNEW YORK, Oct 2 (Reuters) - Sam Bankman-Fried will likely defend himself at his fraud trial, due to begin on Tuesday, by arguing he did not think the use by his FTX cryptocurrency exchange of customer funds was improper and by challenging the credibility of those who say otherwise. He has long acknowledged failing to manage risk at FTX, but denied prosecutors' claims he stole billions of dollars in FTX customer deposits to plug Alameda's losses. In September court papers, Bankman-Fried's lawyers said he had a "good faith belief" that the manner in which FTX and Alameda handled customer funds was permissible. Sam Bankman-Fried, the founder of bankrupt cryptocurrency exchange FTX, arrives at court as lawyers push to persuade the judge overseeing his fraud case not to jail him ahead of trial, at a courthouse in New York, U.S., August 11, 2023. Prosecutors are seeking to play jurors a recording of an Alameda meeting in which Ellison told colleagues that Bankman-Fried approved the use of customer funds.

Persons: Michael R, Becker, Sam Bankman, Fried, FTX, Alameda, Jordan Estes, Estes, Kramer Levin, Eduardo Munoz, District Judge Lewis Kaplan, Caroline Ellison, Gary Wang, Nishad Singh, Tim Howard, Freshfields, Ellison, Wang, Kaplan, Luc Cohen, Amy Stevens, Daniel Wallis Organizations: Alameda Research, New York Times, REUTERS, U.S, Attorney's, District, Alameda, Prosecutors, Thomson Locations: Brooklyn, Bankman, FTX, Alameda, New York, U.S, Manhattan

A view of the Monetary Authority of Singapore's headquarters in Singapore June 28, 2017. REUTERS/Darren Whiteside/File Photo Acquire Licensing RightsCompanies Coinbase Global Inc FollowOct 2 (Reuters) - The Singapore arm of cryptocurrency exchange Coinbase (COIN.O) said on Monday it had obtained a Major Payment Institution (MPI) licence from the city-state's central bank. The licence, granted by the Monetary Authority of Singapore (MAS), will allow the largest U.S. crypto exchange to offer digital payment token services to individuals and institutions in Singapore. Coinbase, the world's largest listed crypto exchange, was granted initial approval in October last year. Singapore has emerged as a crypto hub in Asia in recent years, having attracted digital asset firms from countries including China and India.

Persons: Darren Whiteside, Coinbase, Rae Wee, Jamie Freed Organizations: Monetary Authority, REUTERS, Payment, Monetary Authority of Singapore, MAS, Coinbase, Thomson Locations: Singapore, Asia, China, India

☆ Fugitive founder of crypto hedge fund that lost $10 billion arrested in Singapore while attempting to flee
▼ + stars: | 2023-09-29 | by ( Mackenzie Sigalos | ) www.cnbc.com time to read: +2 min

Authorities have arrested crypto fugitive Su Zhu, co-founder of bankrupt digital asset hedge fund Three Arrows Capital, who was apparently attempting to flee Singapore. Zhu and co-founder Kyle Davies have both been sentenced to four months in prison, according to Teneo, the financial advisory firm handling 3AC's liquidation. The Singapore Courts ruled against Zhu for deliberately failing to comply with court orders compelling him to cooperate with Teneo's investigation into creditors' claims and the implosion of the multibillion-dollar fund. At its peak in 2022, 3AC managed about $10 billion in assets, making it one of the most prominent crypto hedge funds in the world. The firm added that it may seek further court orders against him.

Persons: Su Zhu, Zhu, Kyle Davies, Davies, 3AC, Teneo, maximising Organizations: Arrows Capital, Airport, Police, Monetary Authority of Locations: Singapore, Monetary Authority of Singapore

☆ Bankman-Fried trial poses biggest test to date for crypto's top cop
▼ + stars: | 2023-09-29 | by ( Luc Cohen | Thomson Reuters | Reports On The New York Federal Courts. Previously Worked As A Correspondent In Venezuela | ) www.reuters.com time to read: +6 min

Bankman-Fried's will be the first of Williams' blockbuster white collar cases to go to trial. The cases Williams, 43, has brought so far show he has been a "steward" of the SDNY's longstanding priorities, said Kan Nawaday, who overlapped with Williams at the office. Prosecutors had described the cases as the first insider trading cases brought involving digital assets. Williams' charges against Bankman-Fried came just one month after FTX's collapse, which former prosecutors say is very fast for a complex white collar case. WILLIAMS HAS STRUGGLED WITH SELF-DOUBTBankman-Fried's trial comes after some setbacks and amid ongoing challenges for Williams' office.

Persons: Damian Williams, Mike Segar, Sam Bankman, Williams, Charlie Javice, Bill Hwang, Joe Lewis, Javice, Hwang, Lewis, Kan Nawaday, He's, Venable, Prosecutors, Alex Mashinsky, WILLIAMS, SDNY's, John Paul Stevens, General Merrick Garland, Garland, Joe Biden, Bob Menendez, Menendez, Fried, Joshua Naftalis, Pallas, Brian Benjamin, haters, Luc Cohen, Noeleen Walder, Daniel Wallis Organizations: Attorney, Southern, of, REUTERS, U.S, Yale Law School, Archegos Capital Management, Supreme, Allianz's U.S, Allianz, Bankman, New, Columbia Law School, Thomson Locations: Manhattan, New York City , New York, U.S, of New York, English, Jersey, Bahamas, Caribbean, New York, Bronx, Georgia

Crypto companies have been expanding in Washington to combat growing regulatory scrutiny, especially from the SEC which says the industry has been flouting its rules. "Everybody wants to make sure that what they're doing isn't going to be erased by the government," said Kara Calvert, head of U.S. policy at Coinbase, referring to the crypto industry. A House vote before year-end is possible, but the outlook is dimmer in the Senate, where industry-friendly crypto bills have failed to gain traction. And Senate Banking Committee Chair Sherrod Brown of Ohio has shown little interest in making it a priority to advance the House bills. "The last thing we need is for the crypto industry to write their own rulebook — too many Ohioans have been burned by fraud and scams," said Brown in a statement to Reuters.

Persons: Dado Ruvic, Katherine Dowling, Coinbase, OpenSecrets, Brian Armstrong, Kara Calvert, Mark Hays, Sherrod Brown of, Brown, Ian Katz, Hannah Lang, Michelle Price, Richard Chang Organizations: REUTERS, Coinbase, Financial, National Defense, U.S . Securities, Exchange Commission, SEC, Binance, Reuters, OpenSea, Financial Reform, Senate, Capital Alpha Partners, Thomson Locations: Washington, NFTs, Sherrod Brown of Ohio, Ohio

☆ Who is Sam Bankman-Fried, the onetime crypto mogul set to testify in his own defense?
▼ + stars: | 2023-09-27 | by ( Luc Cohen | Thomson Reuters | Reports On The New York Federal Courts. Previously Worked As A Correspondent In Venezuela | ) www.reuters.com time to read: +6 min

NEW YORK, Oct 26 (Reuters) - A few years after graduating from college, Sam Bankman-Fried grew worried he was not taking enough risks. Two years after launching a hedge fund, Alameda Research, Bankman-Fried founded FTX, an exchange that let users buy and sell digital assets such as bitcoin. Based in the Bahamas, Bankman-Fried became known for his mop of unkempt curly hair and for wearing rumpled shorts, even when entertaining dignitaries like Bill Clinton. They contend the theft came to a head in 2022, when crypto prices swooned and he used FTX funds to plug losses at Alameda. Defense lawyers have argued that their cooperation agreements with prosecutors encourage them to implicate Bankman-Fried in the hopes of receiving lenient sentences.

Persons: Sam Bankman, Fried, Bill Clinton, Tom Brady, Larry David, FTX, Caroline Ellison, Alameda's, Forbes, Bankman, Jane Street, Gary Wang, Ellison, Nishad Singh, Wang, Singh, District Judge Lewis Kaplan, FTX's, influencer, Luc Cohen, Noeleen Walder, Daniel Wallis Organizations: Stanford Law School, Alameda Research, Forbes, Democratic, NFL, Alameda, Massachusetts Institute of Technology, Bankman, Prison, MIT, Jane, U.S, District, New York Times, Times, Thomson Locations: Bahamas, Manhattan, Alameda, United States, Asia, New York

☆ The crypto industry is not dead yet. BlackRock is about to revive it, says Bernstein
▼ + stars: | 2023-09-26 | by ( Tanaya Macheel | ) www.cnbc.com time to read: +1 min

If you think crypto is dead, think again, says Bernstein's digital assets analyst. However, Bernstein says the crypto industry is alive and well — even if the price isn't reflecting that. Circuit sided with crypto investment giant Grayscale against the SEC, which had denied the company's application to convert its Grayscale Bitcoin Trust (GBTC) into an exchange-traded fund. BlackRock , Fidelity , Franklin Templeton and Invesco are among the largest names attempting to launch bitcoin ETFs. There are applications for eight bitcoin ETFs, three ether ETFs and 15 ether futures ETFs.

Persons: Bernstein, Crypto, Gautam Chhugani, Joe, Franklin Templeton, Chhugani, — CNBC's Michael Bloom Organizations: Blackrock, U.S . Securities, Exchange, U.S, Appeals, SEC, Fidelity, Visa, PayPal Locations: BlackRock

☆ Sam Bankman-Fried's trial to test dueling explanations for FTX’s collapse
▼ + stars: | 2023-09-26 | by ( Luc Cohen | Thomson Reuters | Reports On The New York Federal Courts. Previously Worked As A Correspondent In Venezuela | ) www.reuters.com time to read: +6 min

He plastered FTX's logo on a basketball arena in Miami and on MLB baseball umpires' uniforms. Prosecutors say Bankman-Fried directed Wang to change FTX's computer code to allow Alameda to borrow unlimited sums of money, a privilege other exchange users lacked. Bankman-Fried's defense lawyers have indicated in court papers that they plan to challenge the credibility of all three witnesses. "The question is, when did Bankman-Fried know that there wouldn't be enough money?" Reporting by Luc Cohen in New York; Editing by Amy Stevens and Daniel WallisOur Standards: The Thomson Reuters Trust Principles.

Persons: Sam Bankman, Eduardo Munoz, Fried, Jane Street, FTX, Damian Williams, Forbes, Bankman, It's, Mark Kasten, Buchanan Ingersoll, Rooney, Caroline Ellison, Gary Wang, Nishad Singh, Wang, Singh, Ellison, District Judge Lewis Kaplan, Paul Tuchmann, Wiggin, Dana, Luc Cohen, Amy Stevens, Daniel Wallis Organizations: REUTERS, U.S, Wall, Alameda Research, MLB, Prosecutors, Attorney, Bankman, Alameda, District, New York Times, Thomson Locations: New York, U.S, Manhattan, Miami, Alameda, Bahamas

☆ Former FTX U.S. president Brett Harrison explains new venture focused on investment tools
▼ + stars: | 2023-09-26 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailFormer FTX U.S. president Brett Harrison explains new venture focused on investment toolsCNBC Crypto World features the latest news and daily trading updates from the digital currency markets and provides viewers with a look at what's ahead with high-profile interviews, explainers, and unique stories from the ever-changing crypto industry. On today's show, Brett Harrison, former FTX U.S. president and CEO of Architect, explains the new company's focus on investment tools for digital assets and traditional markets.

Persons: Brett Harrison, explainers Organizations: Former FTX U.S, CNBC

☆ MicroStrategy buys $147.3 million in bitcoin, bringing total held to $4.68 billion: CNBC Crypto World
▼ + stars: | 2023-09-25 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailMicroStrategy buys $147.3 million in bitcoin, bringing total held to $4.68 billion: CNBC Crypto WorldCNBC Crypto World features the latest news and daily trading updates from the digital currency markets and provides viewers with a look at what's ahead with high-profile interviews, explainers, and unique stories from the ever-changing crypto industry. On today's show, Brett Harrison, former FTX U.S. president and CEO of Architect, explains the new company's focus on investment tools for digital assets and traditional markets.

Persons: explainers, Brett Harrison Organizations: CNBC Crypto, CNBC Locations: bitcoin

A man holds a laptop computer as cyber code is projected on him in this illustration picture taken on May 13, 2017. REUTERS/Kacper Pempel/Illustration/File Photo Acquire Licensing RightsLONDON, Sept 25 (Reuters) - Hackers stole around $200 million from crypto firm Mixin early on Saturday, the company said on social media platform X on Monday. It has one million users, according to its website. Mixin will announce a solution for "how to deal with the lost assets," it said. Last year hackers stole crypto worth as much as $3.8 billion, making it the worst year on record, according to blockchain researchers Chainalysis.

Persons: Kacper, Mixin, Elizabeth Howcroft, Louise Heavens Organizations: REUTERS, Thomson Locations: Hong Kong

☆ Citadel Securities is locked in a legal battle with 2 ex-staff who left to start a crypto firm and say they're victims of 'corporate bullying'
▼ + stars: | 2023-09-24 | by ( Chris Johnston | ) www.businessinsider.com time to read: +6 min

The venture has faced legal challenges by Citadel Securities, whose European arm filed a case in London in June 2022. Portofino said in its initial response that Citadel's legal action was "unmeritorious, anticompetitive and a classic example of corporate bullying." AdvertisementAdvertisementIn January 2022 Griffin sold a $1.2 billion stake in Citadel Securities to venture capital firms Sequoia and Paradigm. "Further, their attempt to improperly poach Vincent Prieur, a New York-based employee described as the 'aggregator of all things crypto' at Citadel Securities, is undisputed. Prieur, who later joined Portofino, had also been the subject of legal action by Citadel Securities that was settled out of court, Bloomberg reported.

Persons: Alex Casimo, Leonard Lancia, Ken Griffin, Griffin, Peter Thiel, Slack, Zalando, Portofino, Casimo, it's, Peng Zhao, Matt Huang, Lancia, poach Vincent Prieur, Prieur Organizations: Citadel Securities, Portofino Technologies, Citadel, New, Service, Ventures, Global Founders Capital, Global Founders, Lancia, London Court, Portofino, Court, Southern, of, Sequoia, Paradigm, Financial Times, Bloomberg Locations: New York, Wall, Silicon, Miami, Swiss, London, Europe, of New York, Portofino

☆ China's AI 'war of a hundred models' heads for a shakeout
▼ + stars: | 2023-09-21 | by ( Josh Ye | ) www.reuters.com time to read: +5 min

Additionally, companies have also announced dozens of "industry-specific LLMs" that link to their core model. However, investors and analysts say that most were yet to find viable business models, were too similar to each other and were now grappling with surging costs. Several other big name entrepreneurs and tech executives are behind new Chinese AI startups, such as Google China's former chief Kai-Fu Lee and Yan Juejie, a former vice-president of SenseTime (0020.HK). Others said that China's largest tech companies Alibaba, Tencent and Baidu ultimately had the biggest headstart and deep pockets to succeed, given their large user bases and wide range of services. For instance, they could easily offer generative AI services as an additional plug-in to their cloud users.

Persons: Baidu's, Robin Li, Ernie Bot, Tingshu Wang, OpenAI's, Esme Pau, Pau, Yuan Hongwei, Meta, Baichuan, Wang Xiaochuan, China's, Wang, Yuan, Kai, Fu Lee, Yan Juejie, SenseTime, Tony Tung, Tung, Josh Ye, Brenda Goh, Sam Holmes Organizations: Baidu, REUTERS, HK, Huawei, Nvidia, China, Macquarie Group, Y, Baichuan Intelligence, Inc, Sogou, Google, Partners, Thomson Locations: Beijing, China, HONG KONG, Alibaba, United States, Washington, Shenzhen

☆ Solidus Labs' Chen Arad breaks down crypto security firm's new report on wash trades
▼ + stars: | 2023-09-21 | by ( Talia Kaplan | Kaan Oguz | ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailSolidus Labs' Chen Arad breaks down crypto security firm's new report on wash tradesChen Arad, co-founder and chief external affairs officer of Solidus Labs, discusses the findings of the digital asset security startup's latest crypto market manipulation report on wash trading activity.

Persons: Chen Arad Organizations: Solidus Labs

☆ 'You made it through winter': Anthony Scaramucci shares 3 reasons why he's still bullish on bitcoin
▼ + stars: | 2023-09-21 | by ( Phil Rosen | ) www.businessinsider.com time to read: +2 min

Anthony Scaramucci believes the next decade will be "remarkably bullish" for bitcoin. He compared bitcoin to gold, and said Wall Street will eventually usher in mainstream adoption. Get the inside scoop on today’s biggest stories in business, from Wall Street to Silicon Valley — delivered daily. "If you got your bitcoin, I wouldn't sell your bitcoin, you made it through winter," Scaramucci said in a fireside chat titled, "Why I'm still bullish." "When Wall Street has something in their arsenal, they sell it to their clients...The market [for bitcoin] is going to widen."

Persons: Anthony Scaramucci, bitcoin, Scaramucci, headwinds Organizations: Service, White House, Exchange Commission, SkyBridge Locations: New York, Wall, Silicon

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailBitcoin sinks below $27,000 after Fed signals keeping rates higher for longer: CNBC Crypto WorldCNBC Crypto World features the latest news and daily trading updates from the digital currency markets and provides viewers with a look at what's ahead with high-profile interviews, explainers, and unique stories from the ever-changing crypto industry. On today's show, Chen Arad, co-founder and chief external affairs officer of Solidus Labs, breaks down the findings of the digital asset security startup's latest crypto market manipulation report on wash trading activity.

Persons: explainers, Chen Arad Organizations: CNBC Crypto, CNBC, Solidus Labs

REUTERS/Dado Ruvic/Illustration/File Photo Acquire Licensing RightsWASHINGTON, Sept 19 (Reuters) - A former Deutsche Bank (DBKGn.DE) investment banker, who was charged in April with misappropriating funds from investors he wooed with promises of big returns from cryptocurrency trading, pleaded guilty on Tuesday, the U.S. Justice Department said. Rashawn Russell faces up to 30 years in prison when sentenced, the Justice Department said in a statement. As part of his plea agreement, Russell will be required to pay restitution in the amount of more than $1.5 million. Russell was an investment banker from July 2018 through November 2021 at a financial institution that was not identified in his indictment. His LinkedIn profile stated that he became a Deutsche Bank investment banking analyst in July 2018 and was promoted to associate in July 2020.

Persons: Dado Ruvic, Rashawn Russell, Russell, Breon, Deutsche, Kanishka Singh, Lincoln Organizations: REUTERS, Rights, Deutsche Bank, U.S . Justice Department, Justice Department, United, Prosecutors, U.S, Thomson Locations: Washington

☆ FTX sues Sam Bankman-Fried’s parents
▼ + stars: | 2023-09-19 | by ( Allison Morrow | ) edition.cnn.com time to read: +4 min

New York CNN —Bankrupt crypto exchange FTX is suing founder Sam Bankman-Fried’s parents, accusing them of siphoning millions of dollars in company funds to enrich themselves and their “pet causes.”The lawsuit aims to recover funds that the company claims were “fraudulently transferred and misappropriated” by Bankman-Fried’s parents. FTX collapsed into bankruptcy in November last year as questions about its finances rattled crypto markets and prompted a sudden, massive drawdown of customer funds. Despite Bankman-Fried’s assertions that his parents weren’t involved in “any of the relevant parts” of FTX, the lawsuit claims that his parents played a role from the beginning. She described herself as her son’s “partner in crime of the noncriminal sort,” the lawsuit claims. In April, FTX told the bankruptcy court it had recovered $7.3 billion in assets.

Persons: Sam Bankman, “, Joe Bankman, Barbara Fried, Fried, Joe, Barbara, FTX, weren’t, Bankman, …, ” Fried, Fried’s, John J, Ray III, ”, Ray Organizations: New, New York CNN, Stanford, Southern, of, Bankman, FTX Group, Super Bowl, Alameda Research Locations: New York, of New York, Bahamas, FTX

☆ FTX sues Sam Bankman-Fried's parents, aims to claw back some of the $26 million in gifts and property
▼ + stars: | 2023-09-19 | by ( Mackenzie Sigalos | ) www.cnbc.com time to read: +5 min

Barbara Fried, mother of Sam Bankman-Fried, the founder of bankrupt cryptocurrency exchange FTX, leaves the courthouse, after a U.S judge revoked Bankman-Fried's bail, New York, Aug. 11, 2023. Bankrupt crypto exchange FTX is looking to claw back luxury property and "millions of dollars in fraudulently transferred and misappropriated funds" from the parents of Sam Bankman-Fried, the exchange's disgraced ex-CEO and founder. The filing characterizes the correspondence as Bankman lobbying his son to "massively increase his own salary." Bankman-Fried himself independently faces multiple wire and securities fraud charges related to the alleged multibillion-dollar FTX fraud. Bankman and Fried "either knew — or ignored bright red flags revealing — that their son, Bankman-Fried, and other FTX Insiders were orchestrating a vast fraudulent scheme," the lawsuit said.

Persons: Barbara Fried, Sam Bankman, Allan Joseph Bankman, Fried, Sam's, Bankman, Gee, Sam, Barbara, Damian Williams, Joe, Ray Organizations: Bankruptcy, District of, FTX, Administration, Stanford University, Group, Stanford Law School, The U.S . Department of Justice, Bankman, CNBC Locations: New York, U.S, District of Delaware, Bahamas, Alameda, The, Manhattan, Bankman

☆ Citi debuts deposit and trade services on blockchains for institutional clients
▼ + stars: | 2023-09-18 | by ( Tanaya Macheel | ) www.cnbc.com time to read: +3 min

Citi is upgrading some of its services for institutional clients using blockchain technology. The banking giant introduced Citi Token Services on Monday, which will tokenize clients' deposits so they can be sent anywhere in the world instantly. The bank is also now using smart contracts to automate the trade process. Citi tested the smart contract capability with shipping and logistics giant Maersk, a client of the bank. While crypto remains in regulatory limbo and prices have been almost stagnant this year, renewed excitement about tokenizing real-world assets using blockchain technology has emerged as one of the hottest topics of the year.

Persons: Ryan Rugg, Rugg, Bernstein, Hamilton Lane, Franklin Templeton, JPMorgan Chase Organizations: Citi, Citi Token Services, Citi's Treasury, Trade Solutions, Investment, KKR, Securitize, JPMorgan Locations: U.S, Singapore

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailNew York state regulator proposes tougher guidelines for crypto listings: CNBC Crypto WorldCNBC Crypto World features the latest news and daily trading updates from the digital currency markets and provides viewers with a look at what's ahead with high-profile interviews, explainers, and unique stories from the ever-changing crypto industry. On today's show, Ryan Rugg, Citi's global head of digital assets for treasury and trade solutions, discusses the bank's new token service, which is part of a wider push to offer crypto to institutional clients.

Persons: explainers, Ryan Rugg Organizations: CNBC Crypto, CNBC Locations: York

☆ Citi debuts new token service in push to bring blockchains to institutions
▼ + stars: | 2023-09-18 | by ( Tanaya Macheel | Kaan Oguz | ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailCiti debuts new token service in push to bring blockchains to institutionsRyan Rugg, Citi's global head of digital assets for treasury and trade solutions, discusses the bank's new token service, which is part of a wider push to offer crypto to institutional clients.

Persons: Ryan Rugg Organizations: Citi

☆ It’s been one year since the Ethereum merge. Here’s how the network is doing on its goals.
▼ + stars: | 2023-09-17 | by ( Tanaya Macheel | ) www.cnbc.com time to read: +6 min

Despite ether's recent price action, the network has been thriving since the "merge" – and could just be getting started. Still, market participants are seeing and feeling the success of the Ethereum merge. Here's how Ethereum is doing on some of its post-merge goals: Yields Ether's staking reward reference rate was 5.854% per annum on Sept. 15, 2022, according to Ethereum data provider Beaconchain. The percentage of ether supply being staked has risen from 11.99% on Sept. 15, 2022, to 20.46% on Aug. 30 of this year. Burning fees and decreasing supply Ethereum has a mechanism programmed in to regulate the network's notoriously high transaction fees, called gas fees, by "burning" them.

Persons: Ethereum, it's, Ethereum haven't, Matthew Sigel, Andrew Ballinger, hadn't, Maria Shen, Shen, It's Organizations: Metrics, First, ETH, Electric Locations: Bitcoin, FTX, First Republic, Shanghai, ETH, Solana, Cardano

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