Former FTX Executive Pleads Guilty to Criminal Charges, IMF and FSB Publish Policy Recommendations, Race for First US Ethereum ETF Commences
Summary:
Former FTX executive set to plead guilty to criminal charges. IMF and FSB release joint policy recommendations on crypto assets. Race for first Ethereum ETF in the US officially begins with new filings by CBOE.
Former FTX executive Ryan Salame intends to plead guilty to multiple criminal charges in connection with his involvement in the failed cryptocurrency exchange. The specific charges have not been disclosed yet, but earlier reports suggested that Salame was being investigated for campaign finance law violations. This guilty plea follows a similar trend of former FTX executives turning against CEO Sam Bankman-Fried, as the exchange collapsed in November 2022 amid allegations of fraudulent activities. Bankman-Fried recently pleaded not guilty to charges of fraud and money laundering.
The International Monetary Fund (IMF) and the Financial Stability Board (FSB) have released a joint paper containing policy recommendations on crypto assets. This initiative was at the request of the Indian G20 presidency, aiming to consolidate collective recommendations and provide guidance to jurisdictions addressing the risks associated with crypto asset activities. The policy paper focuses on recommendations for regulating stablecoins and decentralized finance (DeFi), emphasizing the potential volatility of stablecoins and the similarities between DeFi and traditional financial platforms. However, it does not establish new policies or expectations for relevant authorities.
The race for the first spot Ethereum exchange-traded fund (ETF) in the United States has officially commenced with the Chicago Board Options Exchange (CBOE) submitting new 19b-4 filings. These filings, which include requests for the ARK 21Shares Ethereum ETF and VanEck Ethereum ETF to be listed on CBOE's BZX Exchange, initiate the SEC's decision-making process. Bloomberg ETF analyst James Seyffart suggests that the deadline for a decision by the SEC could be around May 23, 2024.
Published At
9/7/2023 5:11:28 PM
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