The legislative proposal protects consumers and businesses from a federally controlled CBDC by:
Expressly prohibiting the use of a federally adopted Central Bank Digital Currency as money within Florida’s Uniform Commercial Code (UCC).
Instituting protections against a central global currency by prohibiting any CBDC issued by a foreign reserve or foreign sanctioned central bank.
Calling on likeminded states to join Florida in adopting similar prohibitions within their respective Commercial Codes to fight back against this concept nationwide.
Once all these major crypto advocates are in jail or on the run, we can feel safe from those risky alternative currencies competing with the dollar while not having inflation risk…
Behind a pay wall, but you can see from the headline that the lawyers have generated over 6 million pages of documents. $16 per page. Cheap for twice the price.
U.S. SEC SUES CRYPTO EXCHANGE COINBASE IN NEW YORK FEDERAL COURT- FILING
SEC SAYS COINBASE HAS NEVER REGISTERED AS A BROKER, NATIONAL SECURITIES EXCHANGE OR CLEARING AGENCY, EVADING THE DISCLOSURE SCHEME FOR SECURITIES MARKETS
BITCOIN EXTENDS DROP AFTER COINBASE IS SUED BY SEC
COINBASE EXTENDS PREMARKET DROP TO 12%; MICROSTRATEGY FALLS 3%
SEC SAYS COINBASE HAS OPERATED AS AN UNREGISTERED BROKER SINCE AT LEAST 2019
Many altcoins under pressure as various exchanges respond to US legal threats and drop trading coverage. ETH staking also under fire in the COIN lawsuit.
Prime Trust previously ran a number of businesses, but one of its main functions was to hold dollars on behalf of crypto firms, parking the funds in its own bank accounts. Custodians such as Prime Trust are meant to be among the safer parts of the financial system, not engaging in risky activities. It is unclear what caused the reported shortfall of customer funds.
Prime Trust confirmed that it stopped all cash and crypto deposits and withdrawals, leaving crypto companies that keep customer assets with the custodian with an uncertain future.
For weeks, the financial condition of Prime Trust has been the subject of speculation in crypto circles. The company has sought to raise tens of millions of dollars in emergency funding, sparking acute anxiety among crypto companies that store digital assets with the company. Some clients abandoned Prime Trust, such as bitcoin-investing platform Swan Bitcoin.
Earlier this month, rival custodian BitGo said it reached a preliminary agreement to buy Prime Trust, appeasing concerns of an immediate collapse. However, days after news of the deal, signs of trouble emerged. Last week, the Texas State Securities Board accused crypto lender Abra of securities fraud, alleging it has been insolvent or nearly insolvent for months. Prime Trust serves as the custodian for Abra’s trading and yield-generating accounts.
Cohen also informed the judge that Bankman-Fried takes two medications, Adderall and Emsam. The lawyer said the first helps Bankman-Fried focus and has not been provided to him in jail, and that he has a “limited supply” of the latter.
I probably gave the wrong impression in my comment. I have a little doubt that the whole family siphoned millions from FTX. They are corrupt as hell and naturally major Democrat donors.
Here’s an article of SBF’s political donations in 2022 from CBS news, no conservatives they
Public records of Bankman-Fried’s money show it primarily went to support Democratic committees and candidates.
Edit: and his parents
The lawsuit also delves into the involvement of Joe Bankman and Barbara Fried in FTX ‘s operations. Joe Bankman , a tax professor, was an FTX employee and played a significant role in the company’s philanthropic activities. Barbara Fried , on the other hand, managed a political donor network financed by her son.
With the ongoing trial, a lot more shenanigans will be revealed
Months before the collapse of FTX, some of its U.S.-based employees discovered the so-called backdoor that Alameda Research allegedly used to withdraw billions of dollars of customer funds from the cryptocurrency exchange, people familiar with the matter said.
The employees who made the discovery reported it to the boss of their division, who discussed it with one of FTX founder Sam Bankman-Fried’s lieutenants, some of the people said.
But the problem never got fixed. In the summer of 2022, the leader of the team that raised concerns about Alameda’s special privileges was fired.
