Stripe Debuts Fiat-to-Crypto Payment Offering for Web3 Businesses (CoinDesk)
"Payments firm Stripe has debuted a project to facilitate fiat-to-crypto payments for companies in dozens of countries around the world, the company said Thursday. The offering, a customizable widget that can be embedded directly into a decentralized exchange (DEX), non-fungible token (NFT) platform, wallet or decentralized app (dapp), is designed to allow customers to instantly purchase cryptocurrencies in Web3 apps. Eleven of the company's initial 16 projects are built on Solana. Stripe said it offers customizable on-ramping services and handles know-your-customer (KYC), payments, fraud and compliance issues."
Apple Disables Version of Coinbase Wallet Over NFT Gas Fees (The Block)
"Apple blocked the latest version of Coinbase Wallet until a feature that allows users to send NFTs over iOS is disabled, according to the exchange. “Apple’s claim is that the gas fees required to send NFTs need to be paid through their In-App Purchase system, so that they can collect 30% of the gas fee,” Coinbase said in a tweet thread."
CFTC Chair Proposes Pause to Overhaul Digital Commodities Consumer Protection Bill (CoinDesk)
"CFTC Chair Rostin Behnam, testifying before the Senate Agriculture Committee at the first of several congressional hearings expected on FTX, said his agency couldn't have prevented the collapse because FTX wasn't an entity regulated by his agency."
BlackRock CEO Says ‘Next Generation for Markets’ Is Tokenization (Decrypt)
"BlackRock CEO Larry Fink said that "the next generation for markets, the next generation for securities, will be tokenization of securities." In the world of blockchain, tokenization refers to a process where a digital representation of an asset is created on a blockchain, authenticating its transaction and ownership history."
NYDFS Proposes Regulation Allowing It to Charge Crypto Companies in New York for Supervision Costs (CoinDesk)
"The New York Department of Financial Services (NYDFS) published a proposed regulation on Thursday that lays out how the state agency would assess New York-regulated crypto companies for costs associated with their supervision. The proposed regulation comes eight months after the New York State Senate first authorized NYDFS to charge the crypto companies it oversees, bringing its oversight mandate for crypto in line with how the regulator oversees more traditional banks and financial services firms."
Telegram CEO Durov Plans to Build Crypto Wallets, Decentralized Exchange (CoinDesk)
"Messaging app Telegram has sold $50 million in usernames in less than a month through its blockchain-based auction platform, Fragment, CEO Pavel Durov said Wednesday. The figure speaks to the success of Telegram’s second go-around at bootstrapping its own crypto infrastructure. Fragment is built atop the Telegram Open Network, a blockchain Durov abandoned under regulatory pressure in 2020 and later returned to after its community kept it alive."
Kraken Cuts 30% Of Staff to ‘Weather Crypto Winter' (The Block)
"Kraken's the latest crypto firm to announce mass layoffs. "We’re reducing our global workforce by approximately 1,100 people, or 30 percent, in order to adapt to current market conditions," co-founder and CEO Jesse Powell said in a blog post. Powell previously announced he would be stepping step down in September."
Uniswap’s Own NFT Marketplace Aggregator Live Months After Genie Acquisition (The Block)
"Uniswap Labs, the main developer behind decentralized exchange protocol Uniswap, is starting a new NFT marketplace, which it hopes will break the barrier between cryptocurrency exchanges and such NFT markets. “Historically, everyone views tokens and NFTs as two very separate experiences. But at the end of the day, they're both digital assets and the goal is to unlock universal ownership in exchange for creators and for communities. NFTs and tokens are just two different ways to unlock value in our digital worlds,” said Scott Gray, head of NFT product at Uniswap Labs."
The Ethereum Foundation Commences Shutdown of Ropsten Testnet (CoinDesk)
FTSE Russell Launches First Multi-Asset Digital Asset Index Series (CoinDesk)
"FTSE Russell, the company behind the London Stock Exchange's benchmark FTSE 100 equity index, has rolled out a set of measures for the digital asset market. The FTSE Global Digital Asset Index Series comprises eight gauges ranging from large and mid-cap assets down to micro cap. The indexes, developed with Digital Asset Research, will monitor data from hundreds of exchanges to "define the investable universe," FTSE Russell said Tuesday. The firm unveiled a plan to roll out a crypto index in December, when it announced the development of one covering 43 digital assets."
BlockFi Has $355M in Crypto Frozen on FTX, Attorney Confirms (CoinDesk)
"Crypto lender BlockFi has about $355 million in cryptocurrencies currently frozen on crypto exchange FTX, attorney Joshua Sussberg told a U.S. bankruptcy court on Tuesday. The $355 million is on top of another $671 million in loan to FTX sister company Alameda Research. Alameda has defaulted on the loan as well."
Prosecutors Seeking Arrest Warrant for Terraform Labs' Daniel Shin: Yonhap (CoinDesk)
"South Korean newswire service Yonhap is reporting that prosecutors are seeking an arrest warrant for Daniel Shin, co-founder of Terraform Labs. Yonhap says prosecutors are charging Shin with taking illegal profits as he sold $105 million of the LUNA currency at a market high without informing investors. He's also being charged with violating the Electronic Financial Transaction Act for using customer data from Chai, a separate firm he managed, to promote LUNA."
FTX Received Some Customer Deposits Via Bank Accounts Held by Alameda (Bloomberg)
"As everything was collapsing around him, Sam Bankman-Fried talked casually about the way FTX had accessed regulated banks otherwise out of reach to the crypto exchange: Through his trading firm, Alameda Research. The arrangement arose because banks were reluctant to do business with crypto companies including FTX, according to people familiar with the matter. To work around the problem, some FTX customers were instructed to send wire transfers via Alameda, which was allowed to have accounts at Silvergate Capital Corp., a cryptocurrency and fintech bank, the people said."
FTX’s Ledgerx to Free Up $175 Million for Use in Bankruptcy Proceedings (Bloomberg)
"LedgerX -- one of the few corners of Sam Bankman-Fried’s crumbled crypto empire that remain solvent -- is preparing to make available $175 million for use in FTX’s bankruptcy proceedings, according to people with knowledge of the matter. The money, which could be transferred as soon as Wednesday, comes from a $250 million fund that LedgerX had set aside for a bid to get regulatory approval to clear crypto derivatives trades without intermediaries."
Crypto Lender Blockfi Files for Bankruptcy, Cites FTX Exposure (Reuters)
"Cryptocurrency lender BlockFi has filed for Chapter 11 bankruptcy protection, it said on Monday, the latest industry casualty after the firm was hurt by exposure to the spectacular collapse of the FTX exchange earlier this month. The filing in a New Jersey court comes as crypto prices have plummeted. The price of bitcoin , the most popular digital currency by far, is down more than 70% from a 2021 peak."
Kraken Settles Iran Sanctions Violations With U.S. Treasury (The Block)
"Crypto exchange Kraken agreed to settle with the Treasury Department's Office of Foreign Assets Control over the firm’s apparent violations of sanctions against Iran. Kraken, which voluntarily disclosed the violations, has agreed to pay $362,000 and will invest another $100,000 in compliance controls, according to OFAC."
House Lawmakers Set First FTX Hearing for Dec. 13 (The Block)
"House lawmakers will begin their investigation into the collapse of crypto exchange FTX, and its broader impact on the digital asset industry, at a hearing scheduled next month. The House Financial Services Committee will hold its first FTX-focused hearing on Dec. 13. The hearing, titled “Investigating the Collapse of FTX, Part I,” is likely to be part of a series."
Silvergate Capital Reports Less Than $20 Million in BlockFi Deposit Exposure (The Block)
"Crypto bank Silvergate Capital said that less than $20 million of its total deposits from crypto customers come from lender BlockFi, adding that it has "minimal" exposure to the company now in bankruptcy proceedings. BlockFi filed for Chapter 11 bankruptcy protection early Monday, disclosing that it has more than 100,000 creditors and assets and liabilities of between $1 billion and $10 billion. BlockFi announced it was suspending withdrawals on Nov. 10 — a day before crypto exchange FTX filed for Chapter 11 bankruptcy — and last week said it would put client loans into forbearance."
MakerDAO Community Rejects CoinShares Proposal to Invest Up to $500M in Bonds (CoinDesk)
"The MakerDAO community rejected a proposal to use up to $500 million of the stablecoin USDC to invest in bonds with crypto investment firm CoinShares. CoinShares had proposed to manage between 100 million and 500 million USDC and actively invest the money in a portfolio of corporate debt securities and government-backed bonds, aiming to return a yield matching the Secured Overnight Financing Rate (SOFR). SOFR currently stands at 3.8%."
Binance Releases Proof-Of-Reserves System, Starting With Bitcoin (The Block)
"Binance has released its proof-of-reserves system, starting with bitcoin, in order to show that the exchange is healthy and solvent. This comes just weeks after rival exchange FTX collapsed, after seemingly swapping user funds for other, more illiquid tokens — eventually leading to a liquidity crisis. Binance's goal is to show that it holds its users' assets in the same tokens that they have deposited."
Crypto Lender Genesis Is Subject of Probe by Regulators (Barrons)
"State securities regulators are investigating Genesis Global Capital as part of a wide-ranging inquiry into the interconnectedness of crypto firms, Genesis’s connection to retail investors, and whether it or other industry participants might have violated securities laws."
The Bahamas' Attorney General Defends Country's Regulatory Regime Amid FTX 'Debacle' (CoinDesk)
"The Bahamas "is a nation of laws," the country's attorney general said, defending the nation's actions in the wake of crypto exchange FTX's collapse. During a 23 minute pre-taped speech, Ryan Pinder, who is also a senator and the minister for legal affairs, summarized FTX's collapse and alluded to the Bahamas' government's actions, while also seeking to reassure investors and tourists that the country was a safe place to visit and operate a business."
Justin Sun Says Huobi and Poloniex Could Merge in Future: Exclusive (The Block)
"Crypto exchanges Huobi and Poloniex could merge in the future, Justin Sun, founder of Tron and member of Huobi's global advisory board, told The Block. Earlier today, China-based crypto reporter Colin Wu tweeted that Poloniex will merge with Huobi, citing sources familiar with the matter. But Sun said the two companies are independent and "haven't had any plan to merge yet." However, when asked if a deal could happen in future, he said it "could be" possible."
Wrapped Bitcoin DAO Removes FTX, Nine Others in Move to New Multisig (The Block)
"WBTC DAO, the community that administers the Wrapped Bitcoin (WBTC) project, is moving to a new smart contract multisig, replacing signers that are no longer active. The new set of signers will be responsible for signing transactions and making changes to the wrapped token’s contract if necessary."