From Gensler trying to look hip to SBF claiming his fraud was in accordance with corporate standards, here is a 3-minute breakdown of things that happened in crypto today.
Co-author: Davier M
CoinMarketCap is here with your daily briefing on the latest stories and trends. Yesterday, the crypto community saw SEC Chief Gensler send a warning to crypto firms with a forced holiday joke, while Tether revealed its massive cash reserves.
Here is a TLDR of the top stories:
- Gary Gensler asks crypto firms to stop “tricking” investors on Halloween
- Tether’s Q3 report shows record level of cash reserves
- US CFTC paid whistleblowers $16M this year, mostly in crypto cases
- Allies to gain access to US ransomware data under new policy
- SBF's trial nears closing arguments as judge denies acquittal request
- Circle will phase out consumer accounts, business and institutional accounts still available
Let’s dive in!
SEC Chief Tries To Be Hip With Forced Halloween Reference
SEC Chairman Gary Gensler just couldn't resist an attempt at being cool by wishing Bitcoin's whitepaper a happy anniversary with forced holiday references. Gensler followed up his greeting with a joke wondering if mysterious creator Satoshi would dress up as himself for Halloween.
After his lame stab at humor, Gensler put on his stern dad voice to warn crypto firms to comply with securities laws or face the consequences.
Gensler is clearly trying hard to come across as "with it" and in on the crypto joke with his holiday tweet.
Why this sudden attempt to crack embarrassing crypto jokes? Read the full story!
Tether's Coffers Are Overflowing
Turns out Tether hasn't just been idly twiddling its thumbs during the crypto winter - it has been busy stockpiling cash.
Tether just revealed its coffers are bursting with $72 billion in cold hard cash, a record-high percentage of its reserves. But with its stablecoin dominance slipping below 70% as competitors advance, how long can Tether cling to its crown before another stablecoin steals the glory? What does its market dominance look like? And how safe are USDT holders? Read the full story!
US Crafts Battle Plan
The US government, with 40 other countries, is suiting up for war against ransomware attackers who keep encrypting systems and extorting millions in crypto. Authorities plan to share data on criminals' crypto wallets with allies, so they can chase the stolen funds before they disappear into thin air!
But with attackers constantly slipping through their grasp, can authorities devise a strong plan to lift this billion-dollar curse before another major attack? Some details on the full plan!
$16M Bounty for Whistleblowers
The commodity regulator CFTC paid over $16 million to whistleblowers this year, mostly for snitching about potential “crypto criminals.” Two whistleblowers scored about $15 million alone.
But are they snitching on attackers or just crypto investors with large holdings? Read the full story!
And that brings us to our Word of the Day!
It’s the Commodity Futures Trading Commission (CFTC)!
The Commodity Futures Trading Commission (CFTC) is an independent federal regulatory agency. It is responsible for regulating the U.S. derivatives market, which includes futures, swaps and certain kinds of options, by promoting its integrity and resilience.
It prohibits fraudulent activity in these markets.
The CFTC was founded in 1974 with the enactment of the Commodity Futures Trading Commissions Act. During this time, most futures trading took place in the agricultural sector of the country. Since then, the Commission has had to diversify and modernize accordingly. Its jurisdiction includes foreign currencies, national and international government securities, cryptocurrencies and stock indices.
But has this agency ever prevented any crypto crime? Read more!
Now back to our daily stories!
SBF Hopes To Escape Jail Time
The final act is nearing for FTX’s CEO Sam Bankman-Fried as the judge denied his request to flee trial. Prosecutors have woven a web of evidence showing SBF siphoned billions in client funds. But SBF claims it was all for the greater good.
In another trial, SBF is set to face five additional counts including a $150 million bribe to a Chinese govt official. Read the full story!
Circle Bars Normies From Minting
Circle is canceling the stablecoin printing press for individual customers, reserving the minting power for institutional VIPs only.
Perhaps Circle thinks normies can't be trusted with such powers.
What's the real reason behind Circle cold shouldering retail? A crumbling market share? Cost cutting? Or just crypto elitism at its finest?
The plot thickens for USDC. Here is the full story with more details!
There you have it - the top crypto updates for today! Check back tomorrow as we analyze the latest news and trends.
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