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The implosion of FTX shook the crypto industry to its core in recent weeks as token prices continue to fall. CEO Brian Armstrong gave an interview to the Stratechery newsletter, and these are the best quotes. CEO Brian Armstrong spoke with the Stratechery newsletter on Thursday, addressing the future of crypto as well as the implosion of FTX and its impact going forward. On the prevalent fraud in crypto"I do think we have to admit as an industry that crypto has attracted more fraudsters than we'd like. On the future of crypto"There are enough great people working in crypto that I think this industry is going to do really well.
House Financial Services Committee Chairwoman Maxine Waters told Democrats she doesn't plan to subpoena former FTX CEO Sam Bankman-Fried to testify at Tuesday's hearing about the crypto exchange's rapid demise, according to people with direct knowledge of the conversation. Those at the meeting say Waters said she wants committee staff try to convince Bankman-Fried to voluntarily testify, those with knowledge of the meeting said. As of late Wednesday, Bankman-Fried has yet to agree to voluntarily testify to the House committee, two of the people explained. Waters invited Bankman-Fried to voluntarily testify before the panel and could always change her mind and subpoena him before Tuesday. John Jay Ray III, the new FTX CEO, is scheduled to testify at next week's House hearing.
Sam Bankman-Fried says he'll testify when he's finished "learning and reviewing what happened." Bankman-Fried addressed his tweet to Rep. Maxine Waters and the US House Committee on Financial Services. Waters had previously invited Bankman-Fried to participate in a hearing on December 13. In a tweet addressed to US Rep. Maxine Waters and the House Committee on Financial Services, the disgraced crypto boss said on Sunday: "Once I have finished learning and reviewing what happened, I would feel like it was my duty to appear before the committee and explain. Representatives for FTX did not immediately respond to Insider's request for comment made outside of normal working hours.
Dec 5 (Reuters) - The chair of the U.S. House of Representatives Financial Services Committee demanded on Monday that Sam Bankman-Fried, founder and former CEO of the now-bankrupt crypto exchange FTX, testify before Congress on Dec. 13. On Sunday, Bankman-Fried tweeted that he would testify before the committee after he finished "learning and reviewing" the events that led to the spectacular collapse of his cryptocurrency exchange. In the tweet Bankman-Fried said he was unsure if that would happen before Dec. 13. loadingBankman-Fried rejected any suggestion of fraud in a series of interviews last week after his company's collapse stunned investors and left creditors facing losses totaling billions of dollars. FTX filed for bankruptcy in November after a week in which a possible merger with rival crypto exchange Binance failed.
Bankman-Fried says he will testify before U.S. House committee
  + stars: | 2022-12-05 | by ( ) www.reuters.com   time to read: +1 min
Dec 4 (Reuters) - FTX founder Sam Bankman-Fried tweeted on Sunday that he would testify before the House Financial Services Committee after he finished "learning and reviewing" the events that led to the spectacular collapse of his cryptocurrency exchange. The U.S. House Financial Services Committee plans to hold a hearing in December to investigate the collapse of FTX and expects to hear from the companies and individuals involved, including founder and CEO Bankman-Fried. Committee Chair Maxine Waters last week invited Bankman-Fried to participate in the panel's hearing on Dec. 13.loading"Once I have finished learning and reviewing what happened, I would feel like it was my duty to appear before the committee and explain," the founder and former FTX CEO wrote in a reply to Waters. Bankman-Fried added that he was unsure if that would happen before Dec. 13.loadingHe rejected suggestions of fraud in a range of interviews last week after his company's collapse stunned investors and left creditors facing losses totaling billions of dollars. Reporting by Akriti Sharma in Bengaluru; Editing by Stephen CoatesOur Standards: The Thomson Reuters Trust Principles.
Bankman-Fried could face a host of potential charges – civil and criminal – as well as private lawsuits from millions of FTX creditors, legal experts told CNBC. There are three different, possibly simultaneous legal threats that Bankman-Fried faces in the United States alone, Levin told CNBC. He told CNBC, "prosecutors would have to prove beyond a reasonable doubt that Bankman-Fried or his associates committed criminal fraud." (Carter was not an FTX investor, and told CNBC that his fund passed on early FTX rounds.) "People should not jump to the conclusion that something is not happening just because it has not been publicly disclosed," Levin told CNBC.
“Let’s say no to Norma Torres because she has caused so much harm to El Salvador,” one of the many tweets read. The State Department considers this an attempt to influence the elections. You can say someone is interfering with the election, you can call it election interference. El Salvador President Nayib Bukele and his party Nuevas Ideas, or New Ideas, and its allies won the biggest congressional majority in the country’s history. Bukele and Torres met once in 2019 when she was with a congressional delegation visiting El Salvador.
Stablecoins fall few cents short of respectability
  + stars: | 2022-11-23 | by ( John Foley | ) www.reuters.com   time to read: +8 min
That will reignite the debate over how to regulate digital assets – especially when it comes to stablecoins, the most money-like part of the cryptoverse. Stablecoins are digital assets designed to have a steady value, usually by being pegged to a real-world currency like the U.S. dollar. For each dollar of stablecoin a user holds, there’s supposed to be a dollar, or something like a dollar, sitting in a metaphorical vault. And in the case of some so-called algorithmic stablecoins, what backs the stablecoin might be another digital token with no fundamental value. The total sum of major U.S. dollar stablecoins outstanding is just under $145 billion, according to CoinGecko.
FTX, the crypto exchange once worth $32 billion, filed for Chapter 11 bankruptcy on Nov 11. FTX, the crypto exchange reportedly worth $32 billion in February, filed for Chapter 11 bankruptcy on Nov. 11. A regulatory crackdown and the bull case for DeFiInsider asked five venture investors about their biggest takeaways from the fallout. "First, the crypto market is being de-leveraged, which paves the way for the next upturn. Risks of FTX's downfall could have been mitigated with a "hands on approach" by venture investors.
Bahamas-based crypto exchange FTX filed for bankruptcy in the U.S. on Nov. 11, 2022, seeking court protection as it looks for a way to return money to users. "I think the collapse of FTX will end up being good for traditional finance companies like Fidelity who are entering the crypto space, because they come with a certain level of trust," Lum said. Earlier this month, Fidelity Investments announced plans to launch a commission-free crypto product, allowing investors to buy and sell bitcoin and ether. The FTX collapse has also renewed interest in cold storage, or taking digital currency offline, making it less susceptible to hacks. The [FTX] collapse should be a lesson that any individual company — be it a crypto exchange or more traditional business — can go bankrupt in times of distress.
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailRep. Maxine Waters on the congressional investigation into FTX collapseU.S. Representative Maxine Waters, chair of the House Financial Services Committee, joins 'Closing Bell' to discuss the need for regulation on crypto currency, the criminal investigation into claims of fraud against FTX's Sam Bankman-Fried and the likelihood representatives will return congressional contributions made by Bankman-Fried.
House Committee to Hold Hearing on FTX Collapse
  + stars: | 2022-11-16 | by ( Paul Kiernan | ) www.wsj.com   time to read: 1 min
The ranking members of the House Financial Services Committee, Rep. Patrick McHenry (R., N.C.) and Rep. Maxine Waters (D., Calif.). The ranking members of the House Financial Services Committee, Rep. Maxine Waters (D., Calif.), and Rep. Patrick McHenry (R., N.C.), said Wednesday they would hold a hearing in December to investigate the collapse of cryptocurrency exchange FTX. The committee said it expects to hear from FTX founder Sam Bankman-Fried , as well as his trading firm, Alameda Research LLC, and rival platform Binance.
WASHINGTON, Nov 16 (Reuters) - The U.S. House Financial Services Committee said Wednesday it plans to hold a hearing in December to investigate the collapse of cryptocurrency exchange FTX. The committee said it expects to hear from the companies and individuals involved, including FTX founder Sam Bankman-Fried, Alameda Research, Binance, FTX and related entities, among others. House Financial Services committee top Republican Patrick McHenry said "we must get to the bottom of this for FTX’s customers and the American people. It’s essential that we hold bad actors accountable so responsible players can harness technology to build a more inclusive financial system." Last week, U.S. Senate Agriculture Committee chair Debbie Stabenow said Congress needs to pass legislation after the FTX collapse.
CEO of FTX Sam Bankman-Fried testifies during a hearing before the House Financial Services Committee at Rayburn House Office Building on Capitol Hill December 8, 2021 in Washington, DC. House lawmakers are calling FTX founder Sam Bankman-Fried and other executives to Capitol Hill to testify about the crypto exchange's collapse at a hearing in December. House Financial Services Committee Chairwoman Maxine Waters, D-Calif., and the ranking Republican Rep. Patrick McHenry, of North Carolina, are holding a rare bipartisan hearing on the matter. They plan to haul up executives from FTX, Alameda Research, Binance and others to testify as well. FTX founder Bankman-Fried admitted last week that he "f---ed up."
Rep. Patrick McHenry, a Republican of North Carolina and ranking member of the House Financial Services Committee, speaks during a hearing in Washington, D.C. Ecosystem in limbo," Rep. Patrick McHenry, the top Republican of the House Financial Services Committee said at a hearing examining the safety of the U.S. financial system Wednesday. McHenry, who is the likely incoming chair of the committee if Republicans seize control of the House as expected, announced a bipartisan hearing on the FTX collapse along with current committee Chairwoman Maxine Waters, D-Calif., earlier Wednesday morning. Cryptocurrency lender BlockFi Inc. is reportedly weighing bankruptcy, telling investors it has "significant exposure" to the FTX failure. "And it's time for the regulators to update the rulebook to strengthen protections for consumers and investors as well as safeguards for our financial system and the risk of digital access ecosystem."
In a stunning downfall, crypto platform FTX filed for Chapter 11 bankruptcy protection on Nov. 11. Crypto sentiment from Wall Street giants has come a long way over the past few years. After FTX's disaster, a crackdown on digital assets is imminent. Prominent government officials quickly spoke out against the crypto platform last week. Gensler says that the agency's aggressive stance on digital assets is an effort to protect investors and may encourage further crypto adoption.
Sam Bankman-Fried, founder and chief executive officer of FTX Cryptocurrency Derivatives Exchange, during a Senate Agriculture, Nutrition and Forestry Committee hearing in Washington, D.C., on Wednesday, Feb. 9, 2022. As FTX teeters on the brink of collapse, former CEO Sam Bankman-Fried has fallen out of favor as the industry "darling" in Washington and drawn scrutiny from regulators and lawmakers in both parties. Bankman-Fried stepped down as CEO of the cryptocurrency exchange he founded, and FTX filed for Chapter 11 bankruptcy protection, the company announced Friday. A spokesman for FTX and Sam Bankman-fried didn't return a request for comment. White House Press Secretary Karine Jean-Pierre told reporters Thursday the near collapse of FTX proves more regulation is needed.
Crypto companies are eager to back industry-friendly political candidates. The election comes at a time of turmoil for the crypto industry. FTX's CEO Sam Bankman-Fried has far outspent all others in the crypto industry. WHAT IS THE CRYPTO INDUSTRY LOOKING TO GET IN RETURN? Crypto companies such as Circle want lawmakers to create a framework for stablecoins to help mature the industry and codify consumer protections.
A woman holds a sign at a rally outside the White House asking the Biden administration to stop supporting Haiti's Prime Minister Ariel Henry, in Washington, U.S. October 9, 2022 in this picture obtained by Reuters. Gordon Whitman/via REUTERSOct 9 (Reuters) - Activists on Sunday rallied at the White House to call on the Biden administration to end support for the government of Haitian Prime Minister Ariel Henry, as the Caribbean nation faces a humanitarian crisis due to gangs blocking the distribution of fuel. A broadcast of the rally showed several hundred people gathered outside the White House, holding signs bearing Haiti's flag or with messages including "Let Haitians decide their own future." The Biden administration has not signaled that it plans to change its stance with respect to Henry. U.S. Representative Val Demings last week introduced the Haiti Criminal Collusion Transparency Act of 2022, which calls for a new federal investigation into those who support Haitian gangs.
Most members of the Congressional Black Caucus are twice as old as the median Black person living in the US. The Congressional Black Caucus, a powerful voice for Black Americans, is significantly older than those it speaks for. Clay had replaced his father, William Lacy Clay Sr., a civil-rights icon and founding Congressional Black Caucus member who had represented the area since 1969. Tom Williams/CQ-Roll Call, Inc via Getty ImagesThe Congressional Black Caucus is reckoning with a leftward shift it's struggled to embrace. A spokesperson for the Congressional Black Caucus did not respond to Insider's request for comment.
But signs of a thaw, spurred on by global currency chaos, are beginning to appear. The gains gave crypto bulls hope that bitcoin was becoming a safe haven asset, or one that acts as a hedge when stocks are falling. Then, around midday, the dollar grew in strength and bitcoin came crashing down again, wiping out all of its recent gains. But all assets are suffering, bitcoin isn’t in this alone.”The silver lining: But even as bitcoin prices fall, investors see signs of a bottom. The central bank is also considering the launch of a Central Bank Digital Currency, which is essentially a digital version of the dollar.
David Malpass, president of the World Bank Group, arrives for a meeting with Japan's Prime Minister Fumio Kishida (not in picture) at Kishida's official residence in Tokyo, Japan September 13, 2022. The president of the United States, the largest World Bank shareholder, traditionally nominates World Bank presidents, subject to confirmation by the bank's board. Asked for comment on Malpass' Tuesday remarks, a spokesperson for Canadian Finance Minister Chrystia Freeland said that the World Bank plays a crucial role in driving climate change action. "(The) World Bank leadership must fully stand behind this global initiative," the spokesperson, Adrienne Vaupshas, said. U.S. lawmaker Maxine Waters, head of the House of Representatives' financial services committee, said Malpass' comments call into question the World Bank's commitment to addressing climate change.
The line-up includes the CEOs of the four largest U.S. banks: JPMorgan's Jamie Dimon, Bank of America's Brian Moynihan, Citi's Jane Fraser and Wells Fargo's Charles Scharf. They will be joined by USBancorp (USB.N) CEO Andy Cecere, PNC Financial (PNC.N) CEO William Demchak, and Truist Financial CEO William Rogers, who run the country's largest regional lenders. That's a message the banks' executives, lobbyists, and trade groups have conveyed during a marathon of private meetings with key lawmakers over the past few weeks, the sources said. But bank executives are also wary of growing criticism from Republicans, traditionally allies who have pushed back against heavy regulation, over what they see as Wall Street's increasingly liberal leanings on environment and social issues. While executives faced some critical questions from Republicans on such issues last year, the pressure will be greater this time, said analysts.
More youthful representation would better serve the country, young members of Congress say. But members of Congress, political scientists, and strategists generally don't blame age for these downfalls — leaders both young and old are prone to controversy. Rep. Alexandria Ocasio-Cortez made history in 2019 as the youngest woman ever elected to Congress, at 29. "I was always accustomed to being the youngest," Schatz told Insider at the Capitol. The nation needs "more principled members of Congress," Republican Rep. Lauren Boebert of Colorado, 35, told Insider, adding: "It doesn't matter their age."
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