Tech sector lobbies Washington against cryptocurrency
A group of tech experts and academics have written to U.S. lawmakers to criticise cryptocurrency.
It’s the first major attempt to counter lobbying by the crypto industry.
Cryptocurrency is still a sensitive issue in the U.S.
The people involved with this latest push against crypto include Harvard lecturer Bruce Schneier, former Microsoft engineer Miguel de Icaza and principal engineer at Google Cloud, Kelsey Hightower.
In all, 26 people were involved in lobbying against crypto.
The letter is addressed to Senate Majority Leader Charles Schumer (D-N.Y.) and Minority Leader Mitch McConnell (R-Ky.).
Other lawmakers were targeted, especially those who have been supportive of the crypto industry, including leading Sens. Patrick Toomey (R-Pa.) and Ron Wyden (D-Ore.).
Crypto companies spent around $9 million on lobbying in 2021, more than triple the spending of the previous year.
Cryptocurrency exchange Coinbase was the biggest spender accounting for $1.5 million of this figure.
Sam Bankman-Fried accused of conspiring to bribe Chinese officials
The charge is added to his list of indictments since the collapse of FTX
The founder of now bankrupt crypto exchange FTX was accused by Manhattan federal prosecutors on Tuesday of conspiring to bribe Chinese government officials with $40 million worth of payments.
The new charge adds pressure on the 31-year-old former billionaire, who now faces a 13-count indictment over the November collapse of FTX.
Prosecutors had previously accused Bankman-Fried of stealing billions of dollars in customer funds to plug losses at his Alameda Research hedge fund, and orchestrating an illegal campaign donation scheme to buy influence in Washington.
He has pleaded not guilty to eight of the 12 prior counts he faces.
The latest indictment accuses Bankman-Fried of ordering a $40 million cryptocurrency payment to a private wallet from Alameda’s main trading account, to persuade Chinese authorities to unfreeze Alameda accounts with more than $1 billion of cryptocurrency.
A spokesman for Bankman-Fried declined to comment. China’s foreign ministry could not immediately be reached for comment after business hours in Beijing. The Chinese embassy in Washington, D.C. did not immediately respond to a request for comment.
Bankman-Fried – who has been confined to his parents’ Palo Alto, California, home ahead of his October trial – is expected to be arraigned Thursday on the latest charge.
The judge on Tuesday also approved modifications to Bankman-Fried’s $250 million bail package, which include the use of a cell phone without internet connection and a laptop with limited functions.
Celebrities busted over illegal crypto scheme
Agreements have been settled without admitting guilt
Eight celebrities have been busted over allegations they’ve been participating in an illegal crypto scheme.
The stars, including Lindsay Lohan, Logan Paul and Soulja Boy, were all charged following an investigation by the U.S. Securities and Exchange Commission.
Lohan and Paul have reportedly settled the matter without admitting guilt.
But, regardless, it’s just another bad look for the already embattled crypto industry.
Crypto fugitive Do Kwon arrested in Montenegro
He was carrying falsified documents at an airport
One of the world’s most wanted crypto fugitives has been arrested in Montenegro.
It’s a long way from home for South Korean entrepreneur Do Kwon, who’s accused of orchestrating a multi-billion-dollar fraud scheme.
Kwon was connected to the TerraUSD stablecoin, which saw $40 billion erased from its holders.
He was reportedly arrested at an airport after carrying falsified documents.
It follows a red notice being issued by South Korea last September.
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