669:FTX's $3.4B Liquidation and Armstrong's DeFi Challenge

Episode 669:

FTX's $3.4B Liquidation—A U.S. court grants FTX permission to liquidate $3.4 billion in digital assets, managed by Galaxy Digital. The ruling sets a precedent for how bankrupt crypto exchanges can handle assets. This marks a shift in crypto's legal status and raises questions about exchange vulnerabilities.

Armstrong vs CFTC—Coinbase CEO Brian Armstrong confronts the CFTC over its crackdown on DeFi platforms. Armstrong argues traditional financial laws are not applicable to DeFi and advocates for legal resistance. The dispute exemplifies the tension between regulators and crypto pioneers.

Huobi's Risky Rebrand—Crypto exchange Huobi rebrands to HTX amid a challenging market and heightened regulatory scrutiny. The rebranding, echoing the beleaguered FTX, has been met with skepticism and backlash. It poses questions about Huobi's strategy and the future of crypto exchanges.

SEC Fines Stoner Cats—The SEC charges Stoner Cats for an unregistered NFT offering and imposes a $1 million fine. The case serves as a regulatory milestone for the NFT industry, spotlighting the importance of complying with securities laws. It raises questions about the SEC's inconsistent enforcement strategies.

MAS Bans 3AC—Singapore's MAS imposes a 9-year ban on 3AC founders Zhu Su and Kyle Davies for securities law violations. The move sends a stern message to the crypto industry about regulatory compliance and the need for robust risk management frameworks.

EU Passes DAC8—The European Parliament approves DAC8, a tax rule affecting crypto transactions, with an overwhelming majority. Scheduled for 2026, the rule aims to curb tax evasion but raises concerns about stifling crypto's core ethos of decentralization and privacy.

Crypto Overnighter Podcast (9/14/2023): Welcome back to the Crypto Overnighter with your host, Nikodemus. We provide nightly updates on cryptocurrency, NFTs, the metaverse, and the surrounding industry. Remember, this show does not offer financial advice.

Email: nick@cryptoovernighter.com
Salem Friends of Felines: https://sfof.org/
Twitter: https://twitter.com/CryptoCorvus1