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The lawyer representing crypto entrepreneur Sam Bankman-Fried (SBF) in the ongoing FTX case will soon present a revised bail package to Judge Lewis Kaplan of the Southern District of New York. The move comes after Kaplan expressed displeasure about SBF’s use of encrypted-messaging apps and virtual private network (VPN) services
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The proposed Biden budget plan would close the current harvesting loophole on crypto tax losses, reducing wash sales trading. According to reports, US President Joe Biden’s new budget plan could close tax loss harvesting on crypto transactions. A White House official confirmed that the budget, set to be revealed today, will include a tax
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The founders of the troubled cryptocurrency lender Hodlnaut are trying to save the business despite creditors insisting on its liquidation.On Feb. 28, Hodlnaut’s interim judicial managers released the sixth affidavit of Hodlnaut co-founder Simon Lee reportedly stating the company’s founders proposed selling the business as a better option for creditors
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The United Kingdom’s bank regulator, the Prudential Regulatory Authority (PRA), will propose rules for issuing and holding digital assets, Bank of England (BOE) executive director of the Prudential Policy Directorate Vicky Saporta said in a speech at the bank Feb. 27. The rules will be developed with consideration for Basel
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New standards for PRA-regulated firms will be coherent with rules for other sectors, according to a footnote accompanying the text of the speech. The Basel Committee on Banking Supervision, the banking industry's global regulator, published a standard on how banks should treat crypto exposure in December. Source
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Software engineers and members of the development lab Ripplex want to create a cross-chain bridge for the XRPL network to bolster cross-chain transfers between different blockchain networks. According to a recent Github draft, the proposal outlines how the cross-chain bridge could function and suggests ways to prevent transaction replay. Ripplex Dev
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Issues with Bankman-Fried’s bail conditions became public on Jan. 27, when prosecutors submitted a letter to the court urging Kaplan to amend Bankman-Fried’s bail conditions to prohibit him from attempting to contact any former or current employees of Alameda Research or FTX, as well as using Signal or other ephemeral
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The proposed Spark Protocol will leverage Maker’s DAI stablecoin and its crypto assets for liquidity, and would be based on the Aave v3 smart contract system. Source
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The Treasury also gave crypto companies a time limited exemption to approve their own crypto promotions until more regulation comes. Original Source
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Hong Kong's virtual asset service provider regime will be focused on investor protection, the importance of which was hammered home by the collapse of FTX in November last year, according to Leung. The now bankrupt crypto exchange was once headquartered in Hong Kong. Source
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