The U.S. Commodity Futures Trading Commission (CFTC) has filed a civil enforcement action against Stephen Ehrlich, the co-founder and CEO of Voyager Digital, a cryptocurrency brokerage platform, for allegedly engaging in deceptive and fraudulent practices in connection with the offer and sale of futures contracts on digital assets.
The CFTC alleges that Ehrlich and his former company, Lightspeed Trading, misrepresented the fees, commissions, and execution prices of the futures contracts, and failed to register as a futures commission merchant or a designated contract market. The CFTC is seeking restitution, disgorgement, civil monetary penalties, and injunctive relief against Ehrlich and Lightspeed.
Alameda, once a prosperous city with a vibrant economy and a diverse population, fell into a fiscal crisis due to ill-advised decisions. The city invested in risky ventures, borrowed heavily from creditors, and raised taxes on residents, which triggered lawsuits, audits, and investigations. The city council was divided and dysfunctional, unable to agree on a viable recovery plan. The citizens of Alameda grew frustrated and angry, protesting against the city’s policies and demanding accountability from their leaders. Ultimately, the city declared bankruptcy, leading to a massive exodus of businesses, workers, and residents – a legacy of ruin and regret.
The fate of the crypto legislation in the U.S. is hanging in the balance, as a power struggle over the Speaker of the House position has caused a deadlock and prevented any major legislation from moving forward. Nancy Pelosi is facing a challenge from a faction of her own party that wants to replace her with a younger and more progressive candidate.
The U.S. Department of Justice (DOJ) has filed a criminal complaint against a former executive of a cryptocurrency trading platform for his involvement in a fraudulent scheme that manipulated the prices of future contracts based on digital assets. The defendant allegedly used his access to the platform’s trading system to selectively execute profitable trades for himself, while rejecting or delaying unprofitable ones, resulting in more than $8 million in illicit gains for himself and causing significant losses for other customers of the platform.
Coinbase has expressed its ‘serious concerns’ about the proposed tax rules by the IRS that would require reporting of certain transactions involving digital assets. Coinbase suggested alternative solutions that would achieve the IRS’s objectives without imposing undue costs and risks on crypto users and businesses.
As China advances its development of a central bank digital currency (CBDC), it should also ensure that it prevents any potential abuse of the new technology, according to a former governor of the People’s Bank of China (PBOC). Zhou Xiaochuan urged the authorities to establish a clear legal framework and regulatory oversight for the CBDC, as well as to educate the public about its proper use and potential implications.
CoinList, a platform for token sales and crypto investments, has announced the launch of a CoinList Staking Fund, which will allow U.S. accredited investors to stake multiple cryptocurrencies and earn rewards. The fund will offer investors diversification, liquidity, tax efficiency, and compliance with U.S. securities laws and regulations.
A new tattoo machine can ink your arm with an NFT, allowing artists to collect royalties. The machine uses a special ink that contains nanoparticles that can be scanned by a smartphone app to generate an NFT from the tattoo design and upload it to the blockchain. The creators of the new tattoo machine say that their invention has benefits for both tattoo artists and customers. However, it also raises questions about the ethical and legal implications of NFT tattoos.
