#crypto

FTX, the prominent cryptocurrency exchange, was recently embroiled in controversy when court documents revealed a plan devised by Gabriel, the younger brother of FTX's CEO, SBF. According to the documents, Gabriel aimed to utilize FTX clients' funds to purchase the entire country of Nauru. The idea was to transform Nauru into a post-apocalyptic sanctuary, complete with a highly secretive laboratory for conducting human genetics experiments and other projects. Who needs a private island when you can have a whole sovereign nation, right? The court documents further detailed instances of transactions involving the founder's family, including those that have been previously disclosed. While the idea of buying a nation for such purposes seems like something out of a sci-fi movie, it underscores the madness that was going on inside the FTX.

Valkyrie's spot Bitcoin ETF application has officially entered the review stage at the U.S. Securities and Exchange Commission (SEC). It comes right after BlackRock's recent submission. Here's an interesting detail: this ETF has been given the ticker symbol BRRR, a sound crypto enthusiasts often equate with the whir of a money printing machine! The SEC has a window of up to 45 days (which can be extended to 90 days in special cases) to review Valkyrie's application.

The U.S. Senate is considering a new bill aimed at imposing strict anti-money laundering (AML) rules on decentralized finance (DeFi) protocols. The Crypto-Asset National Security Enhancement Act of 2023 targets entities controlling DeFi protocols or providing their applications. It requires customer vetting, AML programs, and reports of suspicious activities. In absence of a controlling entity, anyone investing over $25 million in a protocol's development would be responsible.