SSB Requires Sam Bankman-Fried to Attend Bankruptcy Hearing
2022.12.06 04:27
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SSB Requires Sam Bankman-Fried to Attend Bankruptcy Hearing
Budrigannews.com – Last week, crypto received some significant positive news, but FTX’s development remains the main story. While the removal of the bombed trade’s pioneer Sam Bankman-Seared appeared to be really consistent from the start of the adventure, last week, the 30-year-old got the main authority call: The former CEO was invited to the Feb. 2 hearing on the alleged sale of unregistered securities by the Texas State Securities Board (SSB). During the hearing, SSB director of enforcement Joe Rotunda hopes to obtain a Cease and Desist order from the judge.
However, despite the invitation from Congress, the man does not rush back to the United States. Bankman-Fried has indicated that he will not testify in front of the United States Congress until he has “completely learned and reviewed what happened.”
In the meantime, the FTX crush continues to have an international impact. For failing to safeguard retail investors, Prime Minister Lee Hsien Loong and Deputy Prime Minister Lawrence Wong will be grilled in Singapore. MPs from the opposition have suggested that a bipartisan committee investigate Temasek’s investment strategies because Temasek, a state-backed investor based in Singapore, was one of 69 investors who participated in the $420 million funding round for the FTX crypto exchange in October 2021.
Christine Lagarde, president of the European Central Bank, spoke about the FTX failure in Europe and said that the second set of crypto regulations needed to be passed after Markets in Crypto-Assets (MiCa) became law. During the special hearing that is scheduled for December 13, her colleagues on the United States House Financial Services Committee will also pay closer attention to the FTX case. Additionally, a meeting on the subject of “How did it happen?” was already held by the Commodity Futures Trading Commission (CFTC). questions, its Chairman Rostin Behnam demanded, as was to be expected, more authority for the Commission.
The good news is that cryptocurrency will soon be legal in Brazil as a means of payment. A set of rules has been approved by Brazil’s federal legislative body, the Chamber of Deputies, to make cryptocurrency use as a payment method legal in the country. The document will still include digital currencies and air mileage programs in the definition of payment methods that are under the supervision of the country’s central bank, even though it will not make Bitcoin (BTC) a legal tender like it is in El Salvador.
The law allows for the licensing of crypto exchange platforms, as well as third-party custody and management of crypto, in addition to making crypto a payment method. To avoid a repeat of the FTX collapse, the law will also mandate that exchanges clearly distinguish between user funds and company funds.
In 2023, Italy plans to tighten regulations on digital currencies by expanding its tax laws to include cryptocurrency trading. The country will impose a 26% capital gains tax on crypto profits. Plans to levy a 26% tax on cryptocurrency trading profits exceeding 2,000 euros (or $2,062) are included in its budget for 2023. Because they were regarded as “foreign currency,” digital currencies have historically benefited from lower tax rates. Taxpayers will have the option to declare the value of their digital asset holdings as of January 1 and pay a 14% tax if the proposed bill is enacted into law. Italians will be encouraged to declare their digital assets on their tax returns as a result of this.
Arrest warrants for Do Kwon’s former associates are set aside by a South Korean judge, according to reports. An arrest warrant was issued against Terra co-founder Shin Hyun-seong, three Terra investors, and four developers. According to Judge Hong Jin-Pyo, there was little chance that Shin or the Terra associates would destroy evidence in the case against the crypto company. According to the local press, Do Kwon, who is also being sued in South Korea for his part in the company’s demise, is still unlikely to return to the country.
