Author: CryptoReporter

The Chamber of Deputies, the lower house of Paraguay’s bicameral legislature, failed to move forward on a bill aimed at promoting crypto mining through the use of surplus electricity following a veto from President Mario Abdo Benítez.In a Dec. 5 session, members of Paraguay’s legislature discussed the pros and cons of incentivizing crypto miners to operate in the country with a cap on the electricity rates, but ultimately voted against amendments that would have effectively reversed a presidential veto. Lawmakers suggested a lack of regulation around crypto-related activities had led to events like the downfall of FTX, and highlighted the…

Read More

E-commerce and interactive platform builder LGND.io has announced a multi-year partnership with blockchain network developer Polygon and global entertainment company Warner Music Group to create a Web3 music platform called LGND Music. LGND Music, scheduled to launch in January 2023, is designed to be a music and collectibles platform that supports “digital collectibles from any blockchain in a proprietary player,” thereby making it possible for users to play their digital collectibles on the go.The partnership will allow select Warner Music Group artists to launch digital collectibles on both the app and desktop platforms. Creators will also be able to interact with…

Read More

XRP/USD Price Chart – Source: TradingviewGiven the slowdown in the cryptocurrency market, XRP price prediction remains bearish as it has broken through a trendline support level at $0.3900. This is despite Ripple being named a Top 10 most valuable startup in the US. This news comes as Ripple’s attorney, John E. Deaton, warned the community that further regulation is on its way and it won’t look pretty.The attorney warned on Twitter that the US Securities and Exchange Commission (SEC), under Gary Gensler’s leadership, will be harsh on crypto companies. Deaton added that the SEC’s decision to increase its staff by 50% was…

Read More

The international monitoring body Financial Stability Board, or FSB, called for a global framework aimed at regulating and supervising crypto in the wake of FTX’s collapse, also saying it would assess vulnerabilities associated with decentralized finance.In a Dec. 6 meeting in Basel, the FSB said it planned to “enhance its crypto-assets monitoring framework” to include “DeFi-specific vulnerability indicators” as well as address the potential impact of having DeFi becoming more closely connected to traditional financial markets. According to the monitoring body, the financial stability risks from the crypto market were “limited” following FTX’s liquidity crisis and bankruptcy, but “growing linkages…

Read More

Source: AdobeStock / Patrick DaxenbichlerMajor crypto lender Nexo will be leaving the United States over the next few months, as the company was unable to reach an agreement with the country’s regulators.In a blog post published on Monday, Nexo stated that it would be “phasing out its products and services in the United States in a gradual and orderly fashion over the coming months.”The reason behind this move includes “inconsistent and changing positions among state and federal regulators,” which Nexo said it had tried to accommodate by adapting and modifying its business.Nonetheless, they ended up having to leave, saying:”Our decision…

Read More

In an interview with Yahoo Finance on Dec. 6, Shark Tank’s Kevin O’Leary called for calm in the wake of FTX’s collapse. The exchange’s former CEO, Sam Bankman-Fried, should be understood as innocent unless evidence comes to light that shows he has committed fraud, O’Leary stated. Sam Bankman-Fried is also known as “SBF.”O’Leary called for an audit of FTX to reveal where the exchange’s money went so that investors can get their funds back.The narrative on the @FTX_Official situation is quickly changing from “throw everyone in jail” to “where is my money?” Time for a forensic audit and some facts!…

Read More

Source: AdobeStock / Pcess609Get your daily, bite-sized digest of cryptoasset and blockchain-related news – investigating the stories flying under the radar of today’s crypto news.__________Banking newsDigital asset financial services group HashKey Digital Asset Group and crypto bank SEBA Bank AG today announced a new strategic partnership, formalised through a Memorandum of Understanding (MOU), which will see HashKey become SEBA Bank’s preferred digital asset trading and market development partner in Hong Kong, while SEBA Bank will be the banking partner of choice for HashKey in Switzerland.Exchange newsKuCoin announced that it engaged the international audit, tax, and advisory firm Mazars to provide…

Read More

Three members of the United States Senate have reportedly penned a letter to Silvergate Bank requesting information about any relationship with FTX and business entities under former CEO Sam Bankman-Fried.According to a Dec. 6 report from NBC News, Senators Elizabeth Warren, John Kennedy, and Roger Marshall sent a letter to Silvergate CEO Alan Lane. The lawmakers reportedly asked the bank to provide details on its relationship with FTX entities in response to “new and disturbing allegations” about its business practices.“Your bank’s involvement in the transfer of FTX customer funds to Alameda reveals what appears to be an egregious failure of…

Read More

On December 6, Bitcoin, the leading cryptocurrency, gave up most of its gains, having lost nearly 2% to trade at the $16,980 level. Most of the selling trends in the crypto market could be associated with a stronger US dollar. Interest rate speculation increased on Monday after a US services index indicated the economy was holding steady.Following news that the Institute for Supply Management’s gauge of services increased unexpectedly in November, the Bloomberg Dollar Spot Index rose by as much as 0.8%, snapping a four-day losing streak.Ethereum, the second-most valuable cryptocurrency, has lost ground and slipped under $1,300 psychological trading levels. Major…

Read More

Source: PixabayA 25 year-old Florida man has been sentenced to 18 months in jail for stealing more than $20m worth of crypto as part of a SIM swapping scheme.According to a press release from the US Department of Justice, the man participated in a scheme that linked a victim’s SIM card to another number. The technique, known as “SIM swapping,” then allowed the hackers to obtain unauthorized access to a crypto wallet owned by the victim that was linked to a phone number controlled by the scheme participants.The victim’s crypto wallet in this case contained over $20m worth of cryptocurrency.After…

Read More