\n

SEC is continuing investigations into the possibility of any other security laws being violated by the two entities and has appealed to the public to provide any relevant evidence through its whistleblower program.<\/p>\n\n\n\n

See Related:<\/em><\/strong> Japanese Cryptocurrency Regulation Eases; Stablecoins To Be Listed Without Screening<\/a><\/p>\n","post_title":"US Regulator Charges Gemini and Genesis For Violating Securities Law In Crypto Lending","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"us-regulator-charges-gemini-and-genesis-for-violating-securities-law-in-crypto-lending","to_ping":"","pinged":"","post_modified":"2023-01-14 16:18:52","post_modified_gmt":"2023-01-14 05:18:52","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9360","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

Most Read

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Follow The Distributed

ADVERTISEMENT
\n

Later, Genesis suspended<\/a> the withdrawal of the funds, saying it lacked enough assets to meet the requests. In the submission, SEC alleges that the Gemini Earn program constitutes a sale of a security and ought to have been registered under its purview. The failure denies investors crucial information on the program leading to losses.<\/p>\n\n\n\n

SEC is continuing investigations into the possibility of any other security laws being violated by the two entities and has appealed to the public to provide any relevant evidence through its whistleblower program.<\/p>\n\n\n\n

See Related:<\/em><\/strong> Japanese Cryptocurrency Regulation Eases; Stablecoins To Be Listed Without Screening<\/a><\/p>\n","post_title":"US Regulator Charges Gemini and Genesis For Violating Securities Law In Crypto Lending","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"us-regulator-charges-gemini-and-genesis-for-violating-securities-law-in-crypto-lending","to_ping":"","pinged":"","post_modified":"2023-01-14 16:18:52","post_modified_gmt":"2023-01-14 05:18:52","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9360","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

Most Read

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Follow The Distributed

ADVERTISEMENT
\n

In Dec. 2020, Gemini collaborated with Genesis - also part of the Digital Currency Group - to offer the exchange\u2019s customers a way to loan out their crypto holdings and earn interest. In the arrangement, Gemini was the agent and deducted interest of as high as 4.29% from the amount paid to Gemini\u2019s investors \u2013 where determined how and when to invest the pooled funds.<\/p>\n\n\n\n

Later, Genesis suspended<\/a> the withdrawal of the funds, saying it lacked enough assets to meet the requests. In the submission, SEC alleges that the Gemini Earn program constitutes a sale of a security and ought to have been registered under its purview. The failure denies investors crucial information on the program leading to losses.<\/p>\n\n\n\n

SEC is continuing investigations into the possibility of any other security laws being violated by the two entities and has appealed to the public to provide any relevant evidence through its whistleblower program.<\/p>\n\n\n\n

See Related:<\/em><\/strong> Japanese Cryptocurrency Regulation Eases; Stablecoins To Be Listed Without Screening<\/a><\/p>\n","post_title":"US Regulator Charges Gemini and Genesis For Violating Securities Law In Crypto Lending","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"us-regulator-charges-gemini-and-genesis-for-violating-securities-law-in-crypto-lending","to_ping":"","pinged":"","post_modified":"2023-01-14 16:18:52","post_modified_gmt":"2023-01-14 05:18:52","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9360","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

Most Read

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Follow The Distributed

ADVERTISEMENT
\n

Gemini Drew As High As 4% Interest In The Earn Program<\/h2>\n\n\n\n

In Dec. 2020, Gemini collaborated with Genesis - also part of the Digital Currency Group - to offer the exchange\u2019s customers a way to loan out their crypto holdings and earn interest. In the arrangement, Gemini was the agent and deducted interest of as high as 4.29% from the amount paid to Gemini\u2019s investors \u2013 where determined how and when to invest the pooled funds.<\/p>\n\n\n\n

Later, Genesis suspended<\/a> the withdrawal of the funds, saying it lacked enough assets to meet the requests. In the submission, SEC alleges that the Gemini Earn program constitutes a sale of a security and ought to have been registered under its purview. The failure denies investors crucial information on the program leading to losses.<\/p>\n\n\n\n

SEC is continuing investigations into the possibility of any other security laws being violated by the two entities and has appealed to the public to provide any relevant evidence through its whistleblower program.<\/p>\n\n\n\n

See Related:<\/em><\/strong> Japanese Cryptocurrency Regulation Eases; Stablecoins To Be Listed Without Screening<\/a><\/p>\n","post_title":"US Regulator Charges Gemini and Genesis For Violating Securities Law In Crypto Lending","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"us-regulator-charges-gemini-and-genesis-for-violating-securities-law-in-crypto-lending","to_ping":"","pinged":"","post_modified":"2023-01-14 16:18:52","post_modified_gmt":"2023-01-14 05:18:52","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9360","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

Most Read

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Follow The Distributed

ADVERTISEMENT
\n

See Related:<\/strong><\/em> Algorithmic Stablecoins Face Ban As US Congress Pushes Stablecoin Regulation Bill<\/a><\/p>\n\n\n\n

Gemini Drew As High As 4% Interest In The Earn Program<\/h2>\n\n\n\n

In Dec. 2020, Gemini collaborated with Genesis - also part of the Digital Currency Group - to offer the exchange\u2019s customers a way to loan out their crypto holdings and earn interest. In the arrangement, Gemini was the agent and deducted interest of as high as 4.29% from the amount paid to Gemini\u2019s investors \u2013 where determined how and when to invest the pooled funds.<\/p>\n\n\n\n

Later, Genesis suspended<\/a> the withdrawal of the funds, saying it lacked enough assets to meet the requests. In the submission, SEC alleges that the Gemini Earn program constitutes a sale of a security and ought to have been registered under its purview. The failure denies investors crucial information on the program leading to losses.<\/p>\n\n\n\n

SEC is continuing investigations into the possibility of any other security laws being violated by the two entities and has appealed to the public to provide any relevant evidence through its whistleblower program.<\/p>\n\n\n\n

See Related:<\/em><\/strong> Japanese Cryptocurrency Regulation Eases; Stablecoins To Be Listed Without Screening<\/a><\/p>\n","post_title":"US Regulator Charges Gemini and Genesis For Violating Securities Law In Crypto Lending","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"us-regulator-charges-gemini-and-genesis-for-violating-securities-law-in-crypto-lending","to_ping":"","pinged":"","post_modified":"2023-01-14 16:18:52","post_modified_gmt":"2023-01-14 05:18:52","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9360","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

Most Read

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Follow The Distributed

ADVERTISEMENT
\n

\u2018\u2018We allege that Genesis and Gemini offered unregistered securities to the public, bypassing disclosure requirements designed to protect investors,\u2019\u2019 <\/em>chairperson Gary Gensler said. \u2018\u2018(the) charges build on previous actions to make clear to the marketplace and the investing public that crypto lending platforms and other intermediaries need to comply with our time-tested securities laws,<\/em>\u2019\u2019 he added.<\/p>\n\n\n\n

See Related:<\/strong><\/em> Algorithmic Stablecoins Face Ban As US Congress Pushes Stablecoin Regulation Bill<\/a><\/p>\n\n\n\n

Gemini Drew As High As 4% Interest In The Earn Program<\/h2>\n\n\n\n

In Dec. 2020, Gemini collaborated with Genesis - also part of the Digital Currency Group - to offer the exchange\u2019s customers a way to loan out their crypto holdings and earn interest. In the arrangement, Gemini was the agent and deducted interest of as high as 4.29% from the amount paid to Gemini\u2019s investors \u2013 where determined how and when to invest the pooled funds.<\/p>\n\n\n\n

Later, Genesis suspended<\/a> the withdrawal of the funds, saying it lacked enough assets to meet the requests. In the submission, SEC alleges that the Gemini Earn program constitutes a sale of a security and ought to have been registered under its purview. The failure denies investors crucial information on the program leading to losses.<\/p>\n\n\n\n

SEC is continuing investigations into the possibility of any other security laws being violated by the two entities and has appealed to the public to provide any relevant evidence through its whistleblower program.<\/p>\n\n\n\n

See Related:<\/em><\/strong> Japanese Cryptocurrency Regulation Eases; Stablecoins To Be Listed Without Screening<\/a><\/p>\n","post_title":"US Regulator Charges Gemini and Genesis For Violating Securities Law In Crypto Lending","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"us-regulator-charges-gemini-and-genesis-for-violating-securities-law-in-crypto-lending","to_ping":"","pinged":"","post_modified":"2023-01-14 16:18:52","post_modified_gmt":"2023-01-14 05:18:52","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9360","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

Most Read

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Follow The Distributed

ADVERTISEMENT
\n

Announcing in a press release dated January 12, the agency has filed a complaint with the US District of New York, accusing the two companies of breaching Section 5 (a) and 5(c) of the Securities Act of 1933 - seeking for permanent injunctive relief, disgorgement of ill-gotten gains plus prejudgment interest, and civil penalties.<\/p>\n\n\n\n

\u2018\u2018We allege that Genesis and Gemini offered unregistered securities to the public, bypassing disclosure requirements designed to protect investors,\u2019\u2019 <\/em>chairperson Gary Gensler said. \u2018\u2018(the) charges build on previous actions to make clear to the marketplace and the investing public that crypto lending platforms and other intermediaries need to comply with our time-tested securities laws,<\/em>\u2019\u2019 he added.<\/p>\n\n\n\n

See Related:<\/strong><\/em> Algorithmic Stablecoins Face Ban As US Congress Pushes Stablecoin Regulation Bill<\/a><\/p>\n\n\n\n

Gemini Drew As High As 4% Interest In The Earn Program<\/h2>\n\n\n\n

In Dec. 2020, Gemini collaborated with Genesis - also part of the Digital Currency Group - to offer the exchange\u2019s customers a way to loan out their crypto holdings and earn interest. In the arrangement, Gemini was the agent and deducted interest of as high as 4.29% from the amount paid to Gemini\u2019s investors \u2013 where determined how and when to invest the pooled funds.<\/p>\n\n\n\n

Later, Genesis suspended<\/a> the withdrawal of the funds, saying it lacked enough assets to meet the requests. In the submission, SEC alleges that the Gemini Earn program constitutes a sale of a security and ought to have been registered under its purview. The failure denies investors crucial information on the program leading to losses.<\/p>\n\n\n\n

SEC is continuing investigations into the possibility of any other security laws being violated by the two entities and has appealed to the public to provide any relevant evidence through its whistleblower program.<\/p>\n\n\n\n

See Related:<\/em><\/strong> Japanese Cryptocurrency Regulation Eases; Stablecoins To Be Listed Without Screening<\/a><\/p>\n","post_title":"US Regulator Charges Gemini and Genesis For Violating Securities Law In Crypto Lending","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"us-regulator-charges-gemini-and-genesis-for-violating-securities-law-in-crypto-lending","to_ping":"","pinged":"","post_modified":"2023-01-14 16:18:52","post_modified_gmt":"2023-01-14 05:18:52","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9360","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

Most Read

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Follow The Distributed

ADVERTISEMENT
\n

The US Securities and Exchange Commission (SEC) charges<\/a> cryptocurrency exchange Gemini and Genesis Global for offering unregistered securities through the Gemini Earn Crypto asset-lending program, which was terminated in November with $900 million from 340,000 investors.\u00a0\u00a0<\/p>\n\n\n\n

Announcing in a press release dated January 12, the agency has filed a complaint with the US District of New York, accusing the two companies of breaching Section 5 (a) and 5(c) of the Securities Act of 1933 - seeking for permanent injunctive relief, disgorgement of ill-gotten gains plus prejudgment interest, and civil penalties.<\/p>\n\n\n\n

\u2018\u2018We allege that Genesis and Gemini offered unregistered securities to the public, bypassing disclosure requirements designed to protect investors,\u2019\u2019 <\/em>chairperson Gary Gensler said. \u2018\u2018(the) charges build on previous actions to make clear to the marketplace and the investing public that crypto lending platforms and other intermediaries need to comply with our time-tested securities laws,<\/em>\u2019\u2019 he added.<\/p>\n\n\n\n

See Related:<\/strong><\/em> Algorithmic Stablecoins Face Ban As US Congress Pushes Stablecoin Regulation Bill<\/a><\/p>\n\n\n\n

Gemini Drew As High As 4% Interest In The Earn Program<\/h2>\n\n\n\n

In Dec. 2020, Gemini collaborated with Genesis - also part of the Digital Currency Group - to offer the exchange\u2019s customers a way to loan out their crypto holdings and earn interest. In the arrangement, Gemini was the agent and deducted interest of as high as 4.29% from the amount paid to Gemini\u2019s investors \u2013 where determined how and when to invest the pooled funds.<\/p>\n\n\n\n

Later, Genesis suspended<\/a> the withdrawal of the funds, saying it lacked enough assets to meet the requests. In the submission, SEC alleges that the Gemini Earn program constitutes a sale of a security and ought to have been registered under its purview. The failure denies investors crucial information on the program leading to losses.<\/p>\n\n\n\n

SEC is continuing investigations into the possibility of any other security laws being violated by the two entities and has appealed to the public to provide any relevant evidence through its whistleblower program.<\/p>\n\n\n\n

See Related:<\/em><\/strong> Japanese Cryptocurrency Regulation Eases; Stablecoins To Be Listed Without Screening<\/a><\/p>\n","post_title":"US Regulator Charges Gemini and Genesis For Violating Securities Law In Crypto Lending","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"us-regulator-charges-gemini-and-genesis-for-violating-securities-law-in-crypto-lending","to_ping":"","pinged":"","post_modified":"2023-01-14 16:18:52","post_modified_gmt":"2023-01-14 05:18:52","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9360","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

Most Read

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Follow The Distributed

ADVERTISEMENT
\n

FTX filed for bankruptcy<\/a> in November last year, collapsing with an estimated $10 billion worth of investors' funds. Its founder Sam Bankman-Fried was later arrested<\/a> and extradited to the US to face criminal charges relating to money laundering and financial fraud.<\/p>\n","post_title":"NBA\u2019s Miami Heat Ends $135M Deal With FTX Following Court Orders, Welcome Miami-Dade Arena","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"nbas-miami-heat-ends-135m-deal-with-ftx-following-court-orders-welcome-miami-dade-arena","to_ping":"","pinged":"","post_modified":"2023-01-15 02:59:30","post_modified_gmt":"2023-01-14 15:59:30","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9372","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":9360,"post_author":"13","post_date":"2023-01-14 16:16:36","post_date_gmt":"2023-01-14 05:16:36","post_content":"\n

The US Securities and Exchange Commission (SEC) charges<\/a> cryptocurrency exchange Gemini and Genesis Global for offering unregistered securities through the Gemini Earn Crypto asset-lending program, which was terminated in November with $900 million from 340,000 investors.\u00a0\u00a0<\/p>\n\n\n\n

Announcing in a press release dated January 12, the agency has filed a complaint with the US District of New York, accusing the two companies of breaching Section 5 (a) and 5(c) of the Securities Act of 1933 - seeking for permanent injunctive relief, disgorgement of ill-gotten gains plus prejudgment interest, and civil penalties.<\/p>\n\n\n\n

\u2018\u2018We allege that Genesis and Gemini offered unregistered securities to the public, bypassing disclosure requirements designed to protect investors,\u2019\u2019 <\/em>chairperson Gary Gensler said. \u2018\u2018(the) charges build on previous actions to make clear to the marketplace and the investing public that crypto lending platforms and other intermediaries need to comply with our time-tested securities laws,<\/em>\u2019\u2019 he added.<\/p>\n\n\n\n

See Related:<\/strong><\/em> Algorithmic Stablecoins Face Ban As US Congress Pushes Stablecoin Regulation Bill<\/a><\/p>\n\n\n\n

Gemini Drew As High As 4% Interest In The Earn Program<\/h2>\n\n\n\n

In Dec. 2020, Gemini collaborated with Genesis - also part of the Digital Currency Group - to offer the exchange\u2019s customers a way to loan out their crypto holdings and earn interest. In the arrangement, Gemini was the agent and deducted interest of as high as 4.29% from the amount paid to Gemini\u2019s investors \u2013 where determined how and when to invest the pooled funds.<\/p>\n\n\n\n

Later, Genesis suspended<\/a> the withdrawal of the funds, saying it lacked enough assets to meet the requests. In the submission, SEC alleges that the Gemini Earn program constitutes a sale of a security and ought to have been registered under its purview. The failure denies investors crucial information on the program leading to losses.<\/p>\n\n\n\n

SEC is continuing investigations into the possibility of any other security laws being violated by the two entities and has appealed to the public to provide any relevant evidence through its whistleblower program.<\/p>\n\n\n\n

See Related:<\/em><\/strong> Japanese Cryptocurrency Regulation Eases; Stablecoins To Be Listed Without Screening<\/a><\/p>\n","post_title":"US Regulator Charges Gemini and Genesis For Violating Securities Law In Crypto Lending","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"us-regulator-charges-gemini-and-genesis-for-violating-securities-law-in-crypto-lending","to_ping":"","pinged":"","post_modified":"2023-01-14 16:18:52","post_modified_gmt":"2023-01-14 05:18:52","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9360","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

Most Read

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Follow The Distributed

ADVERTISEMENT
\n

FTX and Miami \u2013 Dade Country \u2013 which owns the arena \u2013 agreed, effective June 2021, to extend the naming rights to the exchange for 19 years, where FTX would pay $2 million annually. The last payment was supposed to be $5.5 million on January 1 before the business went under. <\/p>\n\n\n\n

FTX filed for bankruptcy<\/a> in November last year, collapsing with an estimated $10 billion worth of investors' funds. Its founder Sam Bankman-Fried was later arrested<\/a> and extradited to the US to face criminal charges relating to money laundering and financial fraud.<\/p>\n","post_title":"NBA\u2019s Miami Heat Ends $135M Deal With FTX Following Court Orders, Welcome Miami-Dade Arena","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"nbas-miami-heat-ends-135m-deal-with-ftx-following-court-orders-welcome-miami-dade-arena","to_ping":"","pinged":"","post_modified":"2023-01-15 02:59:30","post_modified_gmt":"2023-01-14 15:59:30","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9372","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":9360,"post_author":"13","post_date":"2023-01-14 16:16:36","post_date_gmt":"2023-01-14 05:16:36","post_content":"\n

The US Securities and Exchange Commission (SEC) charges<\/a> cryptocurrency exchange Gemini and Genesis Global for offering unregistered securities through the Gemini Earn Crypto asset-lending program, which was terminated in November with $900 million from 340,000 investors.\u00a0\u00a0<\/p>\n\n\n\n

Announcing in a press release dated January 12, the agency has filed a complaint with the US District of New York, accusing the two companies of breaching Section 5 (a) and 5(c) of the Securities Act of 1933 - seeking for permanent injunctive relief, disgorgement of ill-gotten gains plus prejudgment interest, and civil penalties.<\/p>\n\n\n\n

\u2018\u2018We allege that Genesis and Gemini offered unregistered securities to the public, bypassing disclosure requirements designed to protect investors,\u2019\u2019 <\/em>chairperson Gary Gensler said. \u2018\u2018(the) charges build on previous actions to make clear to the marketplace and the investing public that crypto lending platforms and other intermediaries need to comply with our time-tested securities laws,<\/em>\u2019\u2019 he added.<\/p>\n\n\n\n

See Related:<\/strong><\/em> Algorithmic Stablecoins Face Ban As US Congress Pushes Stablecoin Regulation Bill<\/a><\/p>\n\n\n\n

Gemini Drew As High As 4% Interest In The Earn Program<\/h2>\n\n\n\n

In Dec. 2020, Gemini collaborated with Genesis - also part of the Digital Currency Group - to offer the exchange\u2019s customers a way to loan out their crypto holdings and earn interest. In the arrangement, Gemini was the agent and deducted interest of as high as 4.29% from the amount paid to Gemini\u2019s investors \u2013 where determined how and when to invest the pooled funds.<\/p>\n\n\n\n

Later, Genesis suspended<\/a> the withdrawal of the funds, saying it lacked enough assets to meet the requests. In the submission, SEC alleges that the Gemini Earn program constitutes a sale of a security and ought to have been registered under its purview. The failure denies investors crucial information on the program leading to losses.<\/p>\n\n\n\n

SEC is continuing investigations into the possibility of any other security laws being violated by the two entities and has appealed to the public to provide any relevant evidence through its whistleblower program.<\/p>\n\n\n\n

See Related:<\/em><\/strong> Japanese Cryptocurrency Regulation Eases; Stablecoins To Be Listed Without Screening<\/a><\/p>\n","post_title":"US Regulator Charges Gemini and Genesis For Violating Securities Law In Crypto Lending","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"us-regulator-charges-gemini-and-genesis-for-violating-securities-law-in-crypto-lending","to_ping":"","pinged":"","post_modified":"2023-01-14 16:18:52","post_modified_gmt":"2023-01-14 05:18:52","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9360","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

Most Read

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Follow The Distributed

ADVERTISEMENT
\n

See Related:<\/em><\/strong> CryptoCom Arena: Reported $700m Deal Sealed For Clippers Arena<\/a><\/p>\n\n\n\n

FTX and Miami \u2013 Dade Country \u2013 which owns the arena \u2013 agreed, effective June 2021, to extend the naming rights to the exchange for 19 years, where FTX would pay $2 million annually. The last payment was supposed to be $5.5 million on January 1 before the business went under. <\/p>\n\n\n\n

FTX filed for bankruptcy<\/a> in November last year, collapsing with an estimated $10 billion worth of investors' funds. Its founder Sam Bankman-Fried was later arrested<\/a> and extradited to the US to face criminal charges relating to money laundering and financial fraud.<\/p>\n","post_title":"NBA\u2019s Miami Heat Ends $135M Deal With FTX Following Court Orders, Welcome Miami-Dade Arena","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"nbas-miami-heat-ends-135m-deal-with-ftx-following-court-orders-welcome-miami-dade-arena","to_ping":"","pinged":"","post_modified":"2023-01-15 02:59:30","post_modified_gmt":"2023-01-14 15:59:30","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9372","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":9360,"post_author":"13","post_date":"2023-01-14 16:16:36","post_date_gmt":"2023-01-14 05:16:36","post_content":"\n

The US Securities and Exchange Commission (SEC) charges<\/a> cryptocurrency exchange Gemini and Genesis Global for offering unregistered securities through the Gemini Earn Crypto asset-lending program, which was terminated in November with $900 million from 340,000 investors.\u00a0\u00a0<\/p>\n\n\n\n

Announcing in a press release dated January 12, the agency has filed a complaint with the US District of New York, accusing the two companies of breaching Section 5 (a) and 5(c) of the Securities Act of 1933 - seeking for permanent injunctive relief, disgorgement of ill-gotten gains plus prejudgment interest, and civil penalties.<\/p>\n\n\n\n

\u2018\u2018We allege that Genesis and Gemini offered unregistered securities to the public, bypassing disclosure requirements designed to protect investors,\u2019\u2019 <\/em>chairperson Gary Gensler said. \u2018\u2018(the) charges build on previous actions to make clear to the marketplace and the investing public that crypto lending platforms and other intermediaries need to comply with our time-tested securities laws,<\/em>\u2019\u2019 he added.<\/p>\n\n\n\n

See Related:<\/strong><\/em> Algorithmic Stablecoins Face Ban As US Congress Pushes Stablecoin Regulation Bill<\/a><\/p>\n\n\n\n

Gemini Drew As High As 4% Interest In The Earn Program<\/h2>\n\n\n\n

In Dec. 2020, Gemini collaborated with Genesis - also part of the Digital Currency Group - to offer the exchange\u2019s customers a way to loan out their crypto holdings and earn interest. In the arrangement, Gemini was the agent and deducted interest of as high as 4.29% from the amount paid to Gemini\u2019s investors \u2013 where determined how and when to invest the pooled funds.<\/p>\n\n\n\n

Later, Genesis suspended<\/a> the withdrawal of the funds, saying it lacked enough assets to meet the requests. In the submission, SEC alleges that the Gemini Earn program constitutes a sale of a security and ought to have been registered under its purview. The failure denies investors crucial information on the program leading to losses.<\/p>\n\n\n\n

SEC is continuing investigations into the possibility of any other security laws being violated by the two entities and has appealed to the public to provide any relevant evidence through its whistleblower program.<\/p>\n\n\n\n

See Related:<\/em><\/strong> Japanese Cryptocurrency Regulation Eases; Stablecoins To Be Listed Without Screening<\/a><\/p>\n","post_title":"US Regulator Charges Gemini and Genesis For Violating Securities Law In Crypto Lending","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"us-regulator-charges-gemini-and-genesis-for-violating-securities-law-in-crypto-lending","to_ping":"","pinged":"","post_modified":"2023-01-14 16:18:52","post_modified_gmt":"2023-01-14 05:18:52","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9360","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

Most Read

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Follow The Distributed

ADVERTISEMENT
\n

\u2018\u2018Effective immediately, Miami-Dade County and the Miami Heat have agreed that, until such time as there is a new naming rights partner, to refer to the arena as Miami-Dade Arena. The removal of the facility\u2019s existing signage and the changeover of branding elements will be ongoing in the coming weeks.<\/em>\u2019\u2019<\/p>\n\n\n\n

See Related:<\/em><\/strong> CryptoCom Arena: Reported $700m Deal Sealed For Clippers Arena<\/a><\/p>\n\n\n\n

FTX and Miami \u2013 Dade Country \u2013 which owns the arena \u2013 agreed, effective June 2021, to extend the naming rights to the exchange for 19 years, where FTX would pay $2 million annually. The last payment was supposed to be $5.5 million on January 1 before the business went under. <\/p>\n\n\n\n

FTX filed for bankruptcy<\/a> in November last year, collapsing with an estimated $10 billion worth of investors' funds. Its founder Sam Bankman-Fried was later arrested<\/a> and extradited to the US to face criminal charges relating to money laundering and financial fraud.<\/p>\n","post_title":"NBA\u2019s Miami Heat Ends $135M Deal With FTX Following Court Orders, Welcome Miami-Dade Arena","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"nbas-miami-heat-ends-135m-deal-with-ftx-following-court-orders-welcome-miami-dade-arena","to_ping":"","pinged":"","post_modified":"2023-01-15 02:59:30","post_modified_gmt":"2023-01-14 15:59:30","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9372","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":9360,"post_author":"13","post_date":"2023-01-14 16:16:36","post_date_gmt":"2023-01-14 05:16:36","post_content":"\n

The US Securities and Exchange Commission (SEC) charges<\/a> cryptocurrency exchange Gemini and Genesis Global for offering unregistered securities through the Gemini Earn Crypto asset-lending program, which was terminated in November with $900 million from 340,000 investors.\u00a0\u00a0<\/p>\n\n\n\n

Announcing in a press release dated January 12, the agency has filed a complaint with the US District of New York, accusing the two companies of breaching Section 5 (a) and 5(c) of the Securities Act of 1933 - seeking for permanent injunctive relief, disgorgement of ill-gotten gains plus prejudgment interest, and civil penalties.<\/p>\n\n\n\n

\u2018\u2018We allege that Genesis and Gemini offered unregistered securities to the public, bypassing disclosure requirements designed to protect investors,\u2019\u2019 <\/em>chairperson Gary Gensler said. \u2018\u2018(the) charges build on previous actions to make clear to the marketplace and the investing public that crypto lending platforms and other intermediaries need to comply with our time-tested securities laws,<\/em>\u2019\u2019 he added.<\/p>\n\n\n\n

See Related:<\/strong><\/em> Algorithmic Stablecoins Face Ban As US Congress Pushes Stablecoin Regulation Bill<\/a><\/p>\n\n\n\n

Gemini Drew As High As 4% Interest In The Earn Program<\/h2>\n\n\n\n

In Dec. 2020, Gemini collaborated with Genesis - also part of the Digital Currency Group - to offer the exchange\u2019s customers a way to loan out their crypto holdings and earn interest. In the arrangement, Gemini was the agent and deducted interest of as high as 4.29% from the amount paid to Gemini\u2019s investors \u2013 where determined how and when to invest the pooled funds.<\/p>\n\n\n\n

Later, Genesis suspended<\/a> the withdrawal of the funds, saying it lacked enough assets to meet the requests. In the submission, SEC alleges that the Gemini Earn program constitutes a sale of a security and ought to have been registered under its purview. The failure denies investors crucial information on the program leading to losses.<\/p>\n\n\n\n

SEC is continuing investigations into the possibility of any other security laws being violated by the two entities and has appealed to the public to provide any relevant evidence through its whistleblower program.<\/p>\n\n\n\n

See Related:<\/em><\/strong> Japanese Cryptocurrency Regulation Eases; Stablecoins To Be Listed Without Screening<\/a><\/p>\n","post_title":"US Regulator Charges Gemini and Genesis For Violating Securities Law In Crypto Lending","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"us-regulator-charges-gemini-and-genesis-for-violating-securities-law-in-crypto-lending","to_ping":"","pinged":"","post_modified":"2023-01-14 16:18:52","post_modified_gmt":"2023-01-14 05:18:52","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9360","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

Most Read

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Follow The Distributed

ADVERTISEMENT
\n

Miami Heat posted<\/a> on Twitter on January 14 that the new name for the former FTX Arena would change to Miami \u2013 Dade Arena until a new partner comes on board.<\/p>\n\n\n\n

\u2018\u2018Effective immediately, Miami-Dade County and the Miami Heat have agreed that, until such time as there is a new naming rights partner, to refer to the arena as Miami-Dade Arena. The removal of the facility\u2019s existing signage and the changeover of branding elements will be ongoing in the coming weeks.<\/em>\u2019\u2019<\/p>\n\n\n\n

See Related:<\/em><\/strong> CryptoCom Arena: Reported $700m Deal Sealed For Clippers Arena<\/a><\/p>\n\n\n\n

FTX and Miami \u2013 Dade Country \u2013 which owns the arena \u2013 agreed, effective June 2021, to extend the naming rights to the exchange for 19 years, where FTX would pay $2 million annually. The last payment was supposed to be $5.5 million on January 1 before the business went under. <\/p>\n\n\n\n

FTX filed for bankruptcy<\/a> in November last year, collapsing with an estimated $10 billion worth of investors' funds. Its founder Sam Bankman-Fried was later arrested<\/a> and extradited to the US to face criminal charges relating to money laundering and financial fraud.<\/p>\n","post_title":"NBA\u2019s Miami Heat Ends $135M Deal With FTX Following Court Orders, Welcome Miami-Dade Arena","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"nbas-miami-heat-ends-135m-deal-with-ftx-following-court-orders-welcome-miami-dade-arena","to_ping":"","pinged":"","post_modified":"2023-01-15 02:59:30","post_modified_gmt":"2023-01-14 15:59:30","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9372","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":9360,"post_author":"13","post_date":"2023-01-14 16:16:36","post_date_gmt":"2023-01-14 05:16:36","post_content":"\n

The US Securities and Exchange Commission (SEC) charges<\/a> cryptocurrency exchange Gemini and Genesis Global for offering unregistered securities through the Gemini Earn Crypto asset-lending program, which was terminated in November with $900 million from 340,000 investors.\u00a0\u00a0<\/p>\n\n\n\n

Announcing in a press release dated January 12, the agency has filed a complaint with the US District of New York, accusing the two companies of breaching Section 5 (a) and 5(c) of the Securities Act of 1933 - seeking for permanent injunctive relief, disgorgement of ill-gotten gains plus prejudgment interest, and civil penalties.<\/p>\n\n\n\n

\u2018\u2018We allege that Genesis and Gemini offered unregistered securities to the public, bypassing disclosure requirements designed to protect investors,\u2019\u2019 <\/em>chairperson Gary Gensler said. \u2018\u2018(the) charges build on previous actions to make clear to the marketplace and the investing public that crypto lending platforms and other intermediaries need to comply with our time-tested securities laws,<\/em>\u2019\u2019 he added.<\/p>\n\n\n\n

See Related:<\/strong><\/em> Algorithmic Stablecoins Face Ban As US Congress Pushes Stablecoin Regulation Bill<\/a><\/p>\n\n\n\n

Gemini Drew As High As 4% Interest In The Earn Program<\/h2>\n\n\n\n

In Dec. 2020, Gemini collaborated with Genesis - also part of the Digital Currency Group - to offer the exchange\u2019s customers a way to loan out their crypto holdings and earn interest. In the arrangement, Gemini was the agent and deducted interest of as high as 4.29% from the amount paid to Gemini\u2019s investors \u2013 where determined how and when to invest the pooled funds.<\/p>\n\n\n\n

Later, Genesis suspended<\/a> the withdrawal of the funds, saying it lacked enough assets to meet the requests. In the submission, SEC alleges that the Gemini Earn program constitutes a sale of a security and ought to have been registered under its purview. The failure denies investors crucial information on the program leading to losses.<\/p>\n\n\n\n

SEC is continuing investigations into the possibility of any other security laws being violated by the two entities and has appealed to the public to provide any relevant evidence through its whistleblower program.<\/p>\n\n\n\n

See Related:<\/em><\/strong> Japanese Cryptocurrency Regulation Eases; Stablecoins To Be Listed Without Screening<\/a><\/p>\n","post_title":"US Regulator Charges Gemini and Genesis For Violating Securities Law In Crypto Lending","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"us-regulator-charges-gemini-and-genesis-for-violating-securities-law-in-crypto-lending","to_ping":"","pinged":"","post_modified":"2023-01-14 16:18:52","post_modified_gmt":"2023-01-14 05:18:52","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9360","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

Most Read

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Follow The Distributed

ADVERTISEMENT
\n

Enter Miami-Dade Arena<\/h2>\n\n\n\n

Miami Heat posted<\/a> on Twitter on January 14 that the new name for the former FTX Arena would change to Miami \u2013 Dade Arena until a new partner comes on board.<\/p>\n\n\n\n

\u2018\u2018Effective immediately, Miami-Dade County and the Miami Heat have agreed that, until such time as there is a new naming rights partner, to refer to the arena as Miami-Dade Arena. The removal of the facility\u2019s existing signage and the changeover of branding elements will be ongoing in the coming weeks.<\/em>\u2019\u2019<\/p>\n\n\n\n

See Related:<\/em><\/strong> CryptoCom Arena: Reported $700m Deal Sealed For Clippers Arena<\/a><\/p>\n\n\n\n

FTX and Miami \u2013 Dade Country \u2013 which owns the arena \u2013 agreed, effective June 2021, to extend the naming rights to the exchange for 19 years, where FTX would pay $2 million annually. The last payment was supposed to be $5.5 million on January 1 before the business went under. <\/p>\n\n\n\n

FTX filed for bankruptcy<\/a> in November last year, collapsing with an estimated $10 billion worth of investors' funds. Its founder Sam Bankman-Fried was later arrested<\/a> and extradited to the US to face criminal charges relating to money laundering and financial fraud.<\/p>\n","post_title":"NBA\u2019s Miami Heat Ends $135M Deal With FTX Following Court Orders, Welcome Miami-Dade Arena","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"nbas-miami-heat-ends-135m-deal-with-ftx-following-court-orders-welcome-miami-dade-arena","to_ping":"","pinged":"","post_modified":"2023-01-15 02:59:30","post_modified_gmt":"2023-01-14 15:59:30","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9372","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":9360,"post_author":"13","post_date":"2023-01-14 16:16:36","post_date_gmt":"2023-01-14 05:16:36","post_content":"\n

The US Securities and Exchange Commission (SEC) charges<\/a> cryptocurrency exchange Gemini and Genesis Global for offering unregistered securities through the Gemini Earn Crypto asset-lending program, which was terminated in November with $900 million from 340,000 investors.\u00a0\u00a0<\/p>\n\n\n\n

Announcing in a press release dated January 12, the agency has filed a complaint with the US District of New York, accusing the two companies of breaching Section 5 (a) and 5(c) of the Securities Act of 1933 - seeking for permanent injunctive relief, disgorgement of ill-gotten gains plus prejudgment interest, and civil penalties.<\/p>\n\n\n\n

\u2018\u2018We allege that Genesis and Gemini offered unregistered securities to the public, bypassing disclosure requirements designed to protect investors,\u2019\u2019 <\/em>chairperson Gary Gensler said. \u2018\u2018(the) charges build on previous actions to make clear to the marketplace and the investing public that crypto lending platforms and other intermediaries need to comply with our time-tested securities laws,<\/em>\u2019\u2019 he added.<\/p>\n\n\n\n

See Related:<\/strong><\/em> Algorithmic Stablecoins Face Ban As US Congress Pushes Stablecoin Regulation Bill<\/a><\/p>\n\n\n\n

Gemini Drew As High As 4% Interest In The Earn Program<\/h2>\n\n\n\n

In Dec. 2020, Gemini collaborated with Genesis - also part of the Digital Currency Group - to offer the exchange\u2019s customers a way to loan out their crypto holdings and earn interest. In the arrangement, Gemini was the agent and deducted interest of as high as 4.29% from the amount paid to Gemini\u2019s investors \u2013 where determined how and when to invest the pooled funds.<\/p>\n\n\n\n

Later, Genesis suspended<\/a> the withdrawal of the funds, saying it lacked enough assets to meet the requests. In the submission, SEC alleges that the Gemini Earn program constitutes a sale of a security and ought to have been registered under its purview. The failure denies investors crucial information on the program leading to losses.<\/p>\n\n\n\n

SEC is continuing investigations into the possibility of any other security laws being violated by the two entities and has appealed to the public to provide any relevant evidence through its whistleblower program.<\/p>\n\n\n\n

See Related:<\/em><\/strong> Japanese Cryptocurrency Regulation Eases; Stablecoins To Be Listed Without Screening<\/a><\/p>\n","post_title":"US Regulator Charges Gemini and Genesis For Violating Securities Law In Crypto Lending","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"us-regulator-charges-gemini-and-genesis-for-violating-securities-law-in-crypto-lending","to_ping":"","pinged":"","post_modified":"2023-01-14 16:18:52","post_modified_gmt":"2023-01-14 05:18:52","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9360","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

Most Read

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Follow The Distributed

ADVERTISEMENT
\n

Judge John Dorsey wrote on January 11 that the naming rights shall be effected \u2018\u2018immediately upon the entry of (the) order.<\/em>\u2019\u2019 That means the FTX branding would have to be removed from, among other places, the entrance of the sporting venue, on the polo shirts worn by the officials, and on the electronic cards for accessing the venue, which according to experts, would be a big undertaking.<\/p>\n\n\n\n

Enter Miami-Dade Arena<\/h2>\n\n\n\n

Miami Heat posted<\/a> on Twitter on January 14 that the new name for the former FTX Arena would change to Miami \u2013 Dade Arena until a new partner comes on board.<\/p>\n\n\n\n

\u2018\u2018Effective immediately, Miami-Dade County and the Miami Heat have agreed that, until such time as there is a new naming rights partner, to refer to the arena as Miami-Dade Arena. The removal of the facility\u2019s existing signage and the changeover of branding elements will be ongoing in the coming weeks.<\/em>\u2019\u2019<\/p>\n\n\n\n

See Related:<\/em><\/strong> CryptoCom Arena: Reported $700m Deal Sealed For Clippers Arena<\/a><\/p>\n\n\n\n

FTX and Miami \u2013 Dade Country \u2013 which owns the arena \u2013 agreed, effective June 2021, to extend the naming rights to the exchange for 19 years, where FTX would pay $2 million annually. The last payment was supposed to be $5.5 million on January 1 before the business went under. <\/p>\n\n\n\n

FTX filed for bankruptcy<\/a> in November last year, collapsing with an estimated $10 billion worth of investors' funds. Its founder Sam Bankman-Fried was later arrested<\/a> and extradited to the US to face criminal charges relating to money laundering and financial fraud.<\/p>\n","post_title":"NBA\u2019s Miami Heat Ends $135M Deal With FTX Following Court Orders, Welcome Miami-Dade Arena","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"nbas-miami-heat-ends-135m-deal-with-ftx-following-court-orders-welcome-miami-dade-arena","to_ping":"","pinged":"","post_modified":"2023-01-15 02:59:30","post_modified_gmt":"2023-01-14 15:59:30","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9372","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":9360,"post_author":"13","post_date":"2023-01-14 16:16:36","post_date_gmt":"2023-01-14 05:16:36","post_content":"\n

The US Securities and Exchange Commission (SEC) charges<\/a> cryptocurrency exchange Gemini and Genesis Global for offering unregistered securities through the Gemini Earn Crypto asset-lending program, which was terminated in November with $900 million from 340,000 investors.\u00a0\u00a0<\/p>\n\n\n\n

Announcing in a press release dated January 12, the agency has filed a complaint with the US District of New York, accusing the two companies of breaching Section 5 (a) and 5(c) of the Securities Act of 1933 - seeking for permanent injunctive relief, disgorgement of ill-gotten gains plus prejudgment interest, and civil penalties.<\/p>\n\n\n\n

\u2018\u2018We allege that Genesis and Gemini offered unregistered securities to the public, bypassing disclosure requirements designed to protect investors,\u2019\u2019 <\/em>chairperson Gary Gensler said. \u2018\u2018(the) charges build on previous actions to make clear to the marketplace and the investing public that crypto lending platforms and other intermediaries need to comply with our time-tested securities laws,<\/em>\u2019\u2019 he added.<\/p>\n\n\n\n

See Related:<\/strong><\/em> Algorithmic Stablecoins Face Ban As US Congress Pushes Stablecoin Regulation Bill<\/a><\/p>\n\n\n\n

Gemini Drew As High As 4% Interest In The Earn Program<\/h2>\n\n\n\n

In Dec. 2020, Gemini collaborated with Genesis - also part of the Digital Currency Group - to offer the exchange\u2019s customers a way to loan out their crypto holdings and earn interest. In the arrangement, Gemini was the agent and deducted interest of as high as 4.29% from the amount paid to Gemini\u2019s investors \u2013 where determined how and when to invest the pooled funds.<\/p>\n\n\n\n

Later, Genesis suspended<\/a> the withdrawal of the funds, saying it lacked enough assets to meet the requests. In the submission, SEC alleges that the Gemini Earn program constitutes a sale of a security and ought to have been registered under its purview. The failure denies investors crucial information on the program leading to losses.<\/p>\n\n\n\n

SEC is continuing investigations into the possibility of any other security laws being violated by the two entities and has appealed to the public to provide any relevant evidence through its whistleblower program.<\/p>\n\n\n\n

See Related:<\/em><\/strong> Japanese Cryptocurrency Regulation Eases; Stablecoins To Be Listed Without Screening<\/a><\/p>\n","post_title":"US Regulator Charges Gemini and Genesis For Violating Securities Law In Crypto Lending","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"us-regulator-charges-gemini-and-genesis-for-violating-securities-law-in-crypto-lending","to_ping":"","pinged":"","post_modified":"2023-01-14 16:18:52","post_modified_gmt":"2023-01-14 05:18:52","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9360","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

Most Read

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Follow The Distributed

ADVERTISEMENT
\n

See Related:<\/strong><\/em> From Bad To Good To Worse: The Binance And FTX Saga<\/a><\/p>\n\n\n\n

Judge John Dorsey wrote on January 11 that the naming rights shall be effected \u2018\u2018immediately upon the entry of (the) order.<\/em>\u2019\u2019 That means the FTX branding would have to be removed from, among other places, the entrance of the sporting venue, on the polo shirts worn by the officials, and on the electronic cards for accessing the venue, which according to experts, would be a big undertaking.<\/p>\n\n\n\n

Enter Miami-Dade Arena<\/h2>\n\n\n\n

Miami Heat posted<\/a> on Twitter on January 14 that the new name for the former FTX Arena would change to Miami \u2013 Dade Arena until a new partner comes on board.<\/p>\n\n\n\n

\u2018\u2018Effective immediately, Miami-Dade County and the Miami Heat have agreed that, until such time as there is a new naming rights partner, to refer to the arena as Miami-Dade Arena. The removal of the facility\u2019s existing signage and the changeover of branding elements will be ongoing in the coming weeks.<\/em>\u2019\u2019<\/p>\n\n\n\n

See Related:<\/em><\/strong> CryptoCom Arena: Reported $700m Deal Sealed For Clippers Arena<\/a><\/p>\n\n\n\n

FTX and Miami \u2013 Dade Country \u2013 which owns the arena \u2013 agreed, effective June 2021, to extend the naming rights to the exchange for 19 years, where FTX would pay $2 million annually. The last payment was supposed to be $5.5 million on January 1 before the business went under. <\/p>\n\n\n\n

FTX filed for bankruptcy<\/a> in November last year, collapsing with an estimated $10 billion worth of investors' funds. Its founder Sam Bankman-Fried was later arrested<\/a> and extradited to the US to face criminal charges relating to money laundering and financial fraud.<\/p>\n","post_title":"NBA\u2019s Miami Heat Ends $135M Deal With FTX Following Court Orders, Welcome Miami-Dade Arena","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"nbas-miami-heat-ends-135m-deal-with-ftx-following-court-orders-welcome-miami-dade-arena","to_ping":"","pinged":"","post_modified":"2023-01-15 02:59:30","post_modified_gmt":"2023-01-14 15:59:30","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9372","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":9360,"post_author":"13","post_date":"2023-01-14 16:16:36","post_date_gmt":"2023-01-14 05:16:36","post_content":"\n

The US Securities and Exchange Commission (SEC) charges<\/a> cryptocurrency exchange Gemini and Genesis Global for offering unregistered securities through the Gemini Earn Crypto asset-lending program, which was terminated in November with $900 million from 340,000 investors.\u00a0\u00a0<\/p>\n\n\n\n

Announcing in a press release dated January 12, the agency has filed a complaint with the US District of New York, accusing the two companies of breaching Section 5 (a) and 5(c) of the Securities Act of 1933 - seeking for permanent injunctive relief, disgorgement of ill-gotten gains plus prejudgment interest, and civil penalties.<\/p>\n\n\n\n

\u2018\u2018We allege that Genesis and Gemini offered unregistered securities to the public, bypassing disclosure requirements designed to protect investors,\u2019\u2019 <\/em>chairperson Gary Gensler said. \u2018\u2018(the) charges build on previous actions to make clear to the marketplace and the investing public that crypto lending platforms and other intermediaries need to comply with our time-tested securities laws,<\/em>\u2019\u2019 he added.<\/p>\n\n\n\n

See Related:<\/strong><\/em> Algorithmic Stablecoins Face Ban As US Congress Pushes Stablecoin Regulation Bill<\/a><\/p>\n\n\n\n

Gemini Drew As High As 4% Interest In The Earn Program<\/h2>\n\n\n\n

In Dec. 2020, Gemini collaborated with Genesis - also part of the Digital Currency Group - to offer the exchange\u2019s customers a way to loan out their crypto holdings and earn interest. In the arrangement, Gemini was the agent and deducted interest of as high as 4.29% from the amount paid to Gemini\u2019s investors \u2013 where determined how and when to invest the pooled funds.<\/p>\n\n\n\n

Later, Genesis suspended<\/a> the withdrawal of the funds, saying it lacked enough assets to meet the requests. In the submission, SEC alleges that the Gemini Earn program constitutes a sale of a security and ought to have been registered under its purview. The failure denies investors crucial information on the program leading to losses.<\/p>\n\n\n\n

SEC is continuing investigations into the possibility of any other security laws being violated by the two entities and has appealed to the public to provide any relevant evidence through its whistleblower program.<\/p>\n\n\n\n

See Related:<\/em><\/strong> Japanese Cryptocurrency Regulation Eases; Stablecoins To Be Listed Without Screening<\/a><\/p>\n","post_title":"US Regulator Charges Gemini and Genesis For Violating Securities Law In Crypto Lending","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"us-regulator-charges-gemini-and-genesis-for-violating-securities-law-in-crypto-lending","to_ping":"","pinged":"","post_modified":"2023-01-14 16:18:52","post_modified_gmt":"2023-01-14 05:18:52","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9360","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

Most Read

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Follow The Distributed

ADVERTISEMENT
\n

A US federal court has agreed to a request by Miami-Dade County and FTX to end a naming rights deal worth $135 million for the exchange at the sporting venue of the NBA basketball team - Miami Heat. According to the ruling<\/a>, FTX Arena would no longer be referred to as such, and all the branding containing the logos of the bankrupt exchange would be removed.<\/p>\n\n\n\n

See Related:<\/strong><\/em> From Bad To Good To Worse: The Binance And FTX Saga<\/a><\/p>\n\n\n\n

Judge John Dorsey wrote on January 11 that the naming rights shall be effected \u2018\u2018immediately upon the entry of (the) order.<\/em>\u2019\u2019 That means the FTX branding would have to be removed from, among other places, the entrance of the sporting venue, on the polo shirts worn by the officials, and on the electronic cards for accessing the venue, which according to experts, would be a big undertaking.<\/p>\n\n\n\n

Enter Miami-Dade Arena<\/h2>\n\n\n\n

Miami Heat posted<\/a> on Twitter on January 14 that the new name for the former FTX Arena would change to Miami \u2013 Dade Arena until a new partner comes on board.<\/p>\n\n\n\n

\u2018\u2018Effective immediately, Miami-Dade County and the Miami Heat have agreed that, until such time as there is a new naming rights partner, to refer to the arena as Miami-Dade Arena. The removal of the facility\u2019s existing signage and the changeover of branding elements will be ongoing in the coming weeks.<\/em>\u2019\u2019<\/p>\n\n\n\n

See Related:<\/em><\/strong> CryptoCom Arena: Reported $700m Deal Sealed For Clippers Arena<\/a><\/p>\n\n\n\n

FTX and Miami \u2013 Dade Country \u2013 which owns the arena \u2013 agreed, effective June 2021, to extend the naming rights to the exchange for 19 years, where FTX would pay $2 million annually. The last payment was supposed to be $5.5 million on January 1 before the business went under. <\/p>\n\n\n\n

FTX filed for bankruptcy<\/a> in November last year, collapsing with an estimated $10 billion worth of investors' funds. Its founder Sam Bankman-Fried was later arrested<\/a> and extradited to the US to face criminal charges relating to money laundering and financial fraud.<\/p>\n","post_title":"NBA\u2019s Miami Heat Ends $135M Deal With FTX Following Court Orders, Welcome Miami-Dade Arena","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"nbas-miami-heat-ends-135m-deal-with-ftx-following-court-orders-welcome-miami-dade-arena","to_ping":"","pinged":"","post_modified":"2023-01-15 02:59:30","post_modified_gmt":"2023-01-14 15:59:30","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9372","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":9360,"post_author":"13","post_date":"2023-01-14 16:16:36","post_date_gmt":"2023-01-14 05:16:36","post_content":"\n

The US Securities and Exchange Commission (SEC) charges<\/a> cryptocurrency exchange Gemini and Genesis Global for offering unregistered securities through the Gemini Earn Crypto asset-lending program, which was terminated in November with $900 million from 340,000 investors.\u00a0\u00a0<\/p>\n\n\n\n

Announcing in a press release dated January 12, the agency has filed a complaint with the US District of New York, accusing the two companies of breaching Section 5 (a) and 5(c) of the Securities Act of 1933 - seeking for permanent injunctive relief, disgorgement of ill-gotten gains plus prejudgment interest, and civil penalties.<\/p>\n\n\n\n

\u2018\u2018We allege that Genesis and Gemini offered unregistered securities to the public, bypassing disclosure requirements designed to protect investors,\u2019\u2019 <\/em>chairperson Gary Gensler said. \u2018\u2018(the) charges build on previous actions to make clear to the marketplace and the investing public that crypto lending platforms and other intermediaries need to comply with our time-tested securities laws,<\/em>\u2019\u2019 he added.<\/p>\n\n\n\n

See Related:<\/strong><\/em> Algorithmic Stablecoins Face Ban As US Congress Pushes Stablecoin Regulation Bill<\/a><\/p>\n\n\n\n

Gemini Drew As High As 4% Interest In The Earn Program<\/h2>\n\n\n\n

In Dec. 2020, Gemini collaborated with Genesis - also part of the Digital Currency Group - to offer the exchange\u2019s customers a way to loan out their crypto holdings and earn interest. In the arrangement, Gemini was the agent and deducted interest of as high as 4.29% from the amount paid to Gemini\u2019s investors \u2013 where determined how and when to invest the pooled funds.<\/p>\n\n\n\n

Later, Genesis suspended<\/a> the withdrawal of the funds, saying it lacked enough assets to meet the requests. In the submission, SEC alleges that the Gemini Earn program constitutes a sale of a security and ought to have been registered under its purview. The failure denies investors crucial information on the program leading to losses.<\/p>\n\n\n\n

SEC is continuing investigations into the possibility of any other security laws being violated by the two entities and has appealed to the public to provide any relevant evidence through its whistleblower program.<\/p>\n\n\n\n

See Related:<\/em><\/strong> Japanese Cryptocurrency Regulation Eases; Stablecoins To Be Listed Without Screening<\/a><\/p>\n","post_title":"US Regulator Charges Gemini and Genesis For Violating Securities Law In Crypto Lending","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"us-regulator-charges-gemini-and-genesis-for-violating-securities-law-in-crypto-lending","to_ping":"","pinged":"","post_modified":"2023-01-14 16:18:52","post_modified_gmt":"2023-01-14 05:18:52","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9360","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

Most Read

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Follow The Distributed

ADVERTISEMENT
\n

Says Hook: the curriculum \"is meant to expose future lawyers on the potential issues they may see and the myriad of approaches and regulations that exist as it pertains to crypto and the different issues that crypto companies may face across the globe.<\/em>\"<\/p>\n","post_title":"Texas A&M University Adds BTC Course to Its Curriculum; And To A Build Bitcoin Library","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"texas-university-to-a-add-a-bitcoin-course","to_ping":"","pinged":"","post_modified":"2023-04-10 17:41:14","post_modified_gmt":"2023-04-10 07:41:14","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9404","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":9372,"post_author":"13","post_date":"2023-01-14 17:45:33","post_date_gmt":"2023-01-14 06:45:33","post_content":"\n

A US federal court has agreed to a request by Miami-Dade County and FTX to end a naming rights deal worth $135 million for the exchange at the sporting venue of the NBA basketball team - Miami Heat. According to the ruling<\/a>, FTX Arena would no longer be referred to as such, and all the branding containing the logos of the bankrupt exchange would be removed.<\/p>\n\n\n\n

See Related:<\/strong><\/em> From Bad To Good To Worse: The Binance And FTX Saga<\/a><\/p>\n\n\n\n

Judge John Dorsey wrote on January 11 that the naming rights shall be effected \u2018\u2018immediately upon the entry of (the) order.<\/em>\u2019\u2019 That means the FTX branding would have to be removed from, among other places, the entrance of the sporting venue, on the polo shirts worn by the officials, and on the electronic cards for accessing the venue, which according to experts, would be a big undertaking.<\/p>\n\n\n\n

Enter Miami-Dade Arena<\/h2>\n\n\n\n

Miami Heat posted<\/a> on Twitter on January 14 that the new name for the former FTX Arena would change to Miami \u2013 Dade Arena until a new partner comes on board.<\/p>\n\n\n\n

\u2018\u2018Effective immediately, Miami-Dade County and the Miami Heat have agreed that, until such time as there is a new naming rights partner, to refer to the arena as Miami-Dade Arena. The removal of the facility\u2019s existing signage and the changeover of branding elements will be ongoing in the coming weeks.<\/em>\u2019\u2019<\/p>\n\n\n\n

See Related:<\/em><\/strong> CryptoCom Arena: Reported $700m Deal Sealed For Clippers Arena<\/a><\/p>\n\n\n\n

FTX and Miami \u2013 Dade Country \u2013 which owns the arena \u2013 agreed, effective June 2021, to extend the naming rights to the exchange for 19 years, where FTX would pay $2 million annually. The last payment was supposed to be $5.5 million on January 1 before the business went under. <\/p>\n\n\n\n

FTX filed for bankruptcy<\/a> in November last year, collapsing with an estimated $10 billion worth of investors' funds. Its founder Sam Bankman-Fried was later arrested<\/a> and extradited to the US to face criminal charges relating to money laundering and financial fraud.<\/p>\n","post_title":"NBA\u2019s Miami Heat Ends $135M Deal With FTX Following Court Orders, Welcome Miami-Dade Arena","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"nbas-miami-heat-ends-135m-deal-with-ftx-following-court-orders-welcome-miami-dade-arena","to_ping":"","pinged":"","post_modified":"2023-01-15 02:59:30","post_modified_gmt":"2023-01-14 15:59:30","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9372","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":9360,"post_author":"13","post_date":"2023-01-14 16:16:36","post_date_gmt":"2023-01-14 05:16:36","post_content":"\n

The US Securities and Exchange Commission (SEC) charges<\/a> cryptocurrency exchange Gemini and Genesis Global for offering unregistered securities through the Gemini Earn Crypto asset-lending program, which was terminated in November with $900 million from 340,000 investors.\u00a0\u00a0<\/p>\n\n\n\n

Announcing in a press release dated January 12, the agency has filed a complaint with the US District of New York, accusing the two companies of breaching Section 5 (a) and 5(c) of the Securities Act of 1933 - seeking for permanent injunctive relief, disgorgement of ill-gotten gains plus prejudgment interest, and civil penalties.<\/p>\n\n\n\n

\u2018\u2018We allege that Genesis and Gemini offered unregistered securities to the public, bypassing disclosure requirements designed to protect investors,\u2019\u2019 <\/em>chairperson Gary Gensler said. \u2018\u2018(the) charges build on previous actions to make clear to the marketplace and the investing public that crypto lending platforms and other intermediaries need to comply with our time-tested securities laws,<\/em>\u2019\u2019 he added.<\/p>\n\n\n\n

See Related:<\/strong><\/em> Algorithmic Stablecoins Face Ban As US Congress Pushes Stablecoin Regulation Bill<\/a><\/p>\n\n\n\n

Gemini Drew As High As 4% Interest In The Earn Program<\/h2>\n\n\n\n

In Dec. 2020, Gemini collaborated with Genesis - also part of the Digital Currency Group - to offer the exchange\u2019s customers a way to loan out their crypto holdings and earn interest. In the arrangement, Gemini was the agent and deducted interest of as high as 4.29% from the amount paid to Gemini\u2019s investors \u2013 where determined how and when to invest the pooled funds.<\/p>\n\n\n\n

Later, Genesis suspended<\/a> the withdrawal of the funds, saying it lacked enough assets to meet the requests. In the submission, SEC alleges that the Gemini Earn program constitutes a sale of a security and ought to have been registered under its purview. The failure denies investors crucial information on the program leading to losses.<\/p>\n\n\n\n

SEC is continuing investigations into the possibility of any other security laws being violated by the two entities and has appealed to the public to provide any relevant evidence through its whistleblower program.<\/p>\n\n\n\n

See Related:<\/em><\/strong> Japanese Cryptocurrency Regulation Eases; Stablecoins To Be Listed Without Screening<\/a><\/p>\n","post_title":"US Regulator Charges Gemini and Genesis For Violating Securities Law In Crypto Lending","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"us-regulator-charges-gemini-and-genesis-for-violating-securities-law-in-crypto-lending","to_ping":"","pinged":"","post_modified":"2023-01-14 16:18:52","post_modified_gmt":"2023-01-14 05:18:52","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9360","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

Most Read

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Follow The Distributed

ADVERTISEMENT
\n

Texas A&M University is one of many institutions of higher learning to bring crypto courses. Others include \u2013 Harvard University, Oxford, Massachusetts Institute of Technology, and the University of California Berkeley. Boston University Law School is reportedly offering a course on crypto regulations, according to a report shared with Cointelegraph by the institution's adjunct professor, Thomas Hook.<\/p>\n\n\n\n

Says Hook: the curriculum \"is meant to expose future lawyers on the potential issues they may see and the myriad of approaches and regulations that exist as it pertains to crypto and the different issues that crypto companies may face across the globe.<\/em>\"<\/p>\n","post_title":"Texas A&M University Adds BTC Course to Its Curriculum; And To A Build Bitcoin Library","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"texas-university-to-a-add-a-bitcoin-course","to_ping":"","pinged":"","post_modified":"2023-04-10 17:41:14","post_modified_gmt":"2023-04-10 07:41:14","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9404","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":9372,"post_author":"13","post_date":"2023-01-14 17:45:33","post_date_gmt":"2023-01-14 06:45:33","post_content":"\n

A US federal court has agreed to a request by Miami-Dade County and FTX to end a naming rights deal worth $135 million for the exchange at the sporting venue of the NBA basketball team - Miami Heat. According to the ruling<\/a>, FTX Arena would no longer be referred to as such, and all the branding containing the logos of the bankrupt exchange would be removed.<\/p>\n\n\n\n

See Related:<\/strong><\/em> From Bad To Good To Worse: The Binance And FTX Saga<\/a><\/p>\n\n\n\n

Judge John Dorsey wrote on January 11 that the naming rights shall be effected \u2018\u2018immediately upon the entry of (the) order.<\/em>\u2019\u2019 That means the FTX branding would have to be removed from, among other places, the entrance of the sporting venue, on the polo shirts worn by the officials, and on the electronic cards for accessing the venue, which according to experts, would be a big undertaking.<\/p>\n\n\n\n

Enter Miami-Dade Arena<\/h2>\n\n\n\n

Miami Heat posted<\/a> on Twitter on January 14 that the new name for the former FTX Arena would change to Miami \u2013 Dade Arena until a new partner comes on board.<\/p>\n\n\n\n

\u2018\u2018Effective immediately, Miami-Dade County and the Miami Heat have agreed that, until such time as there is a new naming rights partner, to refer to the arena as Miami-Dade Arena. The removal of the facility\u2019s existing signage and the changeover of branding elements will be ongoing in the coming weeks.<\/em>\u2019\u2019<\/p>\n\n\n\n

See Related:<\/em><\/strong> CryptoCom Arena: Reported $700m Deal Sealed For Clippers Arena<\/a><\/p>\n\n\n\n

FTX and Miami \u2013 Dade Country \u2013 which owns the arena \u2013 agreed, effective June 2021, to extend the naming rights to the exchange for 19 years, where FTX would pay $2 million annually. The last payment was supposed to be $5.5 million on January 1 before the business went under. <\/p>\n\n\n\n

FTX filed for bankruptcy<\/a> in November last year, collapsing with an estimated $10 billion worth of investors' funds. Its founder Sam Bankman-Fried was later arrested<\/a> and extradited to the US to face criminal charges relating to money laundering and financial fraud.<\/p>\n","post_title":"NBA\u2019s Miami Heat Ends $135M Deal With FTX Following Court Orders, Welcome Miami-Dade Arena","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"nbas-miami-heat-ends-135m-deal-with-ftx-following-court-orders-welcome-miami-dade-arena","to_ping":"","pinged":"","post_modified":"2023-01-15 02:59:30","post_modified_gmt":"2023-01-14 15:59:30","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9372","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":9360,"post_author":"13","post_date":"2023-01-14 16:16:36","post_date_gmt":"2023-01-14 05:16:36","post_content":"\n

The US Securities and Exchange Commission (SEC) charges<\/a> cryptocurrency exchange Gemini and Genesis Global for offering unregistered securities through the Gemini Earn Crypto asset-lending program, which was terminated in November with $900 million from 340,000 investors.\u00a0\u00a0<\/p>\n\n\n\n

Announcing in a press release dated January 12, the agency has filed a complaint with the US District of New York, accusing the two companies of breaching Section 5 (a) and 5(c) of the Securities Act of 1933 - seeking for permanent injunctive relief, disgorgement of ill-gotten gains plus prejudgment interest, and civil penalties.<\/p>\n\n\n\n

\u2018\u2018We allege that Genesis and Gemini offered unregistered securities to the public, bypassing disclosure requirements designed to protect investors,\u2019\u2019 <\/em>chairperson Gary Gensler said. \u2018\u2018(the) charges build on previous actions to make clear to the marketplace and the investing public that crypto lending platforms and other intermediaries need to comply with our time-tested securities laws,<\/em>\u2019\u2019 he added.<\/p>\n\n\n\n

See Related:<\/strong><\/em> Algorithmic Stablecoins Face Ban As US Congress Pushes Stablecoin Regulation Bill<\/a><\/p>\n\n\n\n

Gemini Drew As High As 4% Interest In The Earn Program<\/h2>\n\n\n\n

In Dec. 2020, Gemini collaborated with Genesis - also part of the Digital Currency Group - to offer the exchange\u2019s customers a way to loan out their crypto holdings and earn interest. In the arrangement, Gemini was the agent and deducted interest of as high as 4.29% from the amount paid to Gemini\u2019s investors \u2013 where determined how and when to invest the pooled funds.<\/p>\n\n\n\n

Later, Genesis suspended<\/a> the withdrawal of the funds, saying it lacked enough assets to meet the requests. In the submission, SEC alleges that the Gemini Earn program constitutes a sale of a security and ought to have been registered under its purview. The failure denies investors crucial information on the program leading to losses.<\/p>\n\n\n\n

SEC is continuing investigations into the possibility of any other security laws being violated by the two entities and has appealed to the public to provide any relevant evidence through its whistleblower program.<\/p>\n\n\n\n

See Related:<\/em><\/strong> Japanese Cryptocurrency Regulation Eases; Stablecoins To Be Listed Without Screening<\/a><\/p>\n","post_title":"US Regulator Charges Gemini and Genesis For Violating Securities Law In Crypto Lending","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"us-regulator-charges-gemini-and-genesis-for-violating-securities-law-in-crypto-lending","to_ping":"","pinged":"","post_modified":"2023-01-14 16:18:52","post_modified_gmt":"2023-01-14 05:18:52","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9360","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

Most Read

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Follow The Distributed

ADVERTISEMENT
\n

The perception of cryptocurrencies as high-risk assets, often seen as gambling, could be holding back the integration of the asset class into the school curriculum, which according to experts, is the only way to accelerate adoption. Crypto analyst Josh Cowell believes that crypto education could enhance financial literacy among students.<\/p>\n\n\n\n

Texas A&M University is one of many institutions of higher learning to bring crypto courses. Others include \u2013 Harvard University, Oxford, Massachusetts Institute of Technology, and the University of California Berkeley. Boston University Law School is reportedly offering a course on crypto regulations, according to a report shared with Cointelegraph by the institution's adjunct professor, Thomas Hook.<\/p>\n\n\n\n

Says Hook: the curriculum \"is meant to expose future lawyers on the potential issues they may see and the myriad of approaches and regulations that exist as it pertains to crypto and the different issues that crypto companies may face across the globe.<\/em>\"<\/p>\n","post_title":"Texas A&M University Adds BTC Course to Its Curriculum; And To A Build Bitcoin Library","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"texas-university-to-a-add-a-bitcoin-course","to_ping":"","pinged":"","post_modified":"2023-04-10 17:41:14","post_modified_gmt":"2023-04-10 07:41:14","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9404","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":9372,"post_author":"13","post_date":"2023-01-14 17:45:33","post_date_gmt":"2023-01-14 06:45:33","post_content":"\n

A US federal court has agreed to a request by Miami-Dade County and FTX to end a naming rights deal worth $135 million for the exchange at the sporting venue of the NBA basketball team - Miami Heat. According to the ruling<\/a>, FTX Arena would no longer be referred to as such, and all the branding containing the logos of the bankrupt exchange would be removed.<\/p>\n\n\n\n

See Related:<\/strong><\/em> From Bad To Good To Worse: The Binance And FTX Saga<\/a><\/p>\n\n\n\n

Judge John Dorsey wrote on January 11 that the naming rights shall be effected \u2018\u2018immediately upon the entry of (the) order.<\/em>\u2019\u2019 That means the FTX branding would have to be removed from, among other places, the entrance of the sporting venue, on the polo shirts worn by the officials, and on the electronic cards for accessing the venue, which according to experts, would be a big undertaking.<\/p>\n\n\n\n

Enter Miami-Dade Arena<\/h2>\n\n\n\n

Miami Heat posted<\/a> on Twitter on January 14 that the new name for the former FTX Arena would change to Miami \u2013 Dade Arena until a new partner comes on board.<\/p>\n\n\n\n

\u2018\u2018Effective immediately, Miami-Dade County and the Miami Heat have agreed that, until such time as there is a new naming rights partner, to refer to the arena as Miami-Dade Arena. The removal of the facility\u2019s existing signage and the changeover of branding elements will be ongoing in the coming weeks.<\/em>\u2019\u2019<\/p>\n\n\n\n

See Related:<\/em><\/strong> CryptoCom Arena: Reported $700m Deal Sealed For Clippers Arena<\/a><\/p>\n\n\n\n

FTX and Miami \u2013 Dade Country \u2013 which owns the arena \u2013 agreed, effective June 2021, to extend the naming rights to the exchange for 19 years, where FTX would pay $2 million annually. The last payment was supposed to be $5.5 million on January 1 before the business went under. <\/p>\n\n\n\n

FTX filed for bankruptcy<\/a> in November last year, collapsing with an estimated $10 billion worth of investors' funds. Its founder Sam Bankman-Fried was later arrested<\/a> and extradited to the US to face criminal charges relating to money laundering and financial fraud.<\/p>\n","post_title":"NBA\u2019s Miami Heat Ends $135M Deal With FTX Following Court Orders, Welcome Miami-Dade Arena","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"nbas-miami-heat-ends-135m-deal-with-ftx-following-court-orders-welcome-miami-dade-arena","to_ping":"","pinged":"","post_modified":"2023-01-15 02:59:30","post_modified_gmt":"2023-01-14 15:59:30","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9372","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":9360,"post_author":"13","post_date":"2023-01-14 16:16:36","post_date_gmt":"2023-01-14 05:16:36","post_content":"\n

The US Securities and Exchange Commission (SEC) charges<\/a> cryptocurrency exchange Gemini and Genesis Global for offering unregistered securities through the Gemini Earn Crypto asset-lending program, which was terminated in November with $900 million from 340,000 investors.\u00a0\u00a0<\/p>\n\n\n\n

Announcing in a press release dated January 12, the agency has filed a complaint with the US District of New York, accusing the two companies of breaching Section 5 (a) and 5(c) of the Securities Act of 1933 - seeking for permanent injunctive relief, disgorgement of ill-gotten gains plus prejudgment interest, and civil penalties.<\/p>\n\n\n\n

\u2018\u2018We allege that Genesis and Gemini offered unregistered securities to the public, bypassing disclosure requirements designed to protect investors,\u2019\u2019 <\/em>chairperson Gary Gensler said. \u2018\u2018(the) charges build on previous actions to make clear to the marketplace and the investing public that crypto lending platforms and other intermediaries need to comply with our time-tested securities laws,<\/em>\u2019\u2019 he added.<\/p>\n\n\n\n

See Related:<\/strong><\/em> Algorithmic Stablecoins Face Ban As US Congress Pushes Stablecoin Regulation Bill<\/a><\/p>\n\n\n\n

Gemini Drew As High As 4% Interest In The Earn Program<\/h2>\n\n\n\n

In Dec. 2020, Gemini collaborated with Genesis - also part of the Digital Currency Group - to offer the exchange\u2019s customers a way to loan out their crypto holdings and earn interest. In the arrangement, Gemini was the agent and deducted interest of as high as 4.29% from the amount paid to Gemini\u2019s investors \u2013 where determined how and when to invest the pooled funds.<\/p>\n\n\n\n

Later, Genesis suspended<\/a> the withdrawal of the funds, saying it lacked enough assets to meet the requests. In the submission, SEC alleges that the Gemini Earn program constitutes a sale of a security and ought to have been registered under its purview. The failure denies investors crucial information on the program leading to losses.<\/p>\n\n\n\n

SEC is continuing investigations into the possibility of any other security laws being violated by the two entities and has appealed to the public to provide any relevant evidence through its whistleblower program.<\/p>\n\n\n\n

See Related:<\/em><\/strong> Japanese Cryptocurrency Regulation Eases; Stablecoins To Be Listed Without Screening<\/a><\/p>\n","post_title":"US Regulator Charges Gemini and Genesis For Violating Securities Law In Crypto Lending","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"us-regulator-charges-gemini-and-genesis-for-violating-securities-law-in-crypto-lending","to_ping":"","pinged":"","post_modified":"2023-01-14 16:18:52","post_modified_gmt":"2023-01-14 05:18:52","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9360","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

Most Read

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Follow The Distributed

ADVERTISEMENT
\n

Crypto Curriculum Is Expected To Be The Key To Crypto Adoption<\/h2>\n\n\n\n

The perception of cryptocurrencies as high-risk assets, often seen as gambling, could be holding back the integration of the asset class into the school curriculum, which according to experts, is the only way to accelerate adoption. Crypto analyst Josh Cowell believes that crypto education could enhance financial literacy among students.<\/p>\n\n\n\n

Texas A&M University is one of many institutions of higher learning to bring crypto courses. Others include \u2013 Harvard University, Oxford, Massachusetts Institute of Technology, and the University of California Berkeley. Boston University Law School is reportedly offering a course on crypto regulations, according to a report shared with Cointelegraph by the institution's adjunct professor, Thomas Hook.<\/p>\n\n\n\n

Says Hook: the curriculum \"is meant to expose future lawyers on the potential issues they may see and the myriad of approaches and regulations that exist as it pertains to crypto and the different issues that crypto companies may face across the globe.<\/em>\"<\/p>\n","post_title":"Texas A&M University Adds BTC Course to Its Curriculum; And To A Build Bitcoin Library","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"texas-university-to-a-add-a-bitcoin-course","to_ping":"","pinged":"","post_modified":"2023-04-10 17:41:14","post_modified_gmt":"2023-04-10 07:41:14","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9404","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":9372,"post_author":"13","post_date":"2023-01-14 17:45:33","post_date_gmt":"2023-01-14 06:45:33","post_content":"\n

A US federal court has agreed to a request by Miami-Dade County and FTX to end a naming rights deal worth $135 million for the exchange at the sporting venue of the NBA basketball team - Miami Heat. According to the ruling<\/a>, FTX Arena would no longer be referred to as such, and all the branding containing the logos of the bankrupt exchange would be removed.<\/p>\n\n\n\n

See Related:<\/strong><\/em> From Bad To Good To Worse: The Binance And FTX Saga<\/a><\/p>\n\n\n\n

Judge John Dorsey wrote on January 11 that the naming rights shall be effected \u2018\u2018immediately upon the entry of (the) order.<\/em>\u2019\u2019 That means the FTX branding would have to be removed from, among other places, the entrance of the sporting venue, on the polo shirts worn by the officials, and on the electronic cards for accessing the venue, which according to experts, would be a big undertaking.<\/p>\n\n\n\n

Enter Miami-Dade Arena<\/h2>\n\n\n\n

Miami Heat posted<\/a> on Twitter on January 14 that the new name for the former FTX Arena would change to Miami \u2013 Dade Arena until a new partner comes on board.<\/p>\n\n\n\n

\u2018\u2018Effective immediately, Miami-Dade County and the Miami Heat have agreed that, until such time as there is a new naming rights partner, to refer to the arena as Miami-Dade Arena. The removal of the facility\u2019s existing signage and the changeover of branding elements will be ongoing in the coming weeks.<\/em>\u2019\u2019<\/p>\n\n\n\n

See Related:<\/em><\/strong> CryptoCom Arena: Reported $700m Deal Sealed For Clippers Arena<\/a><\/p>\n\n\n\n

FTX and Miami \u2013 Dade Country \u2013 which owns the arena \u2013 agreed, effective June 2021, to extend the naming rights to the exchange for 19 years, where FTX would pay $2 million annually. The last payment was supposed to be $5.5 million on January 1 before the business went under. <\/p>\n\n\n\n

FTX filed for bankruptcy<\/a> in November last year, collapsing with an estimated $10 billion worth of investors' funds. Its founder Sam Bankman-Fried was later arrested<\/a> and extradited to the US to face criminal charges relating to money laundering and financial fraud.<\/p>\n","post_title":"NBA\u2019s Miami Heat Ends $135M Deal With FTX Following Court Orders, Welcome Miami-Dade Arena","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"nbas-miami-heat-ends-135m-deal-with-ftx-following-court-orders-welcome-miami-dade-arena","to_ping":"","pinged":"","post_modified":"2023-01-15 02:59:30","post_modified_gmt":"2023-01-14 15:59:30","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9372","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":9360,"post_author":"13","post_date":"2023-01-14 16:16:36","post_date_gmt":"2023-01-14 05:16:36","post_content":"\n

The US Securities and Exchange Commission (SEC) charges<\/a> cryptocurrency exchange Gemini and Genesis Global for offering unregistered securities through the Gemini Earn Crypto asset-lending program, which was terminated in November with $900 million from 340,000 investors.\u00a0\u00a0<\/p>\n\n\n\n

Announcing in a press release dated January 12, the agency has filed a complaint with the US District of New York, accusing the two companies of breaching Section 5 (a) and 5(c) of the Securities Act of 1933 - seeking for permanent injunctive relief, disgorgement of ill-gotten gains plus prejudgment interest, and civil penalties.<\/p>\n\n\n\n

\u2018\u2018We allege that Genesis and Gemini offered unregistered securities to the public, bypassing disclosure requirements designed to protect investors,\u2019\u2019 <\/em>chairperson Gary Gensler said. \u2018\u2018(the) charges build on previous actions to make clear to the marketplace and the investing public that crypto lending platforms and other intermediaries need to comply with our time-tested securities laws,<\/em>\u2019\u2019 he added.<\/p>\n\n\n\n

See Related:<\/strong><\/em> Algorithmic Stablecoins Face Ban As US Congress Pushes Stablecoin Regulation Bill<\/a><\/p>\n\n\n\n

Gemini Drew As High As 4% Interest In The Earn Program<\/h2>\n\n\n\n

In Dec. 2020, Gemini collaborated with Genesis - also part of the Digital Currency Group - to offer the exchange\u2019s customers a way to loan out their crypto holdings and earn interest. In the arrangement, Gemini was the agent and deducted interest of as high as 4.29% from the amount paid to Gemini\u2019s investors \u2013 where determined how and when to invest the pooled funds.<\/p>\n\n\n\n

Later, Genesis suspended<\/a> the withdrawal of the funds, saying it lacked enough assets to meet the requests. In the submission, SEC alleges that the Gemini Earn program constitutes a sale of a security and ought to have been registered under its purview. The failure denies investors crucial information on the program leading to losses.<\/p>\n\n\n\n

SEC is continuing investigations into the possibility of any other security laws being violated by the two entities and has appealed to the public to provide any relevant evidence through its whistleblower program.<\/p>\n\n\n\n

See Related:<\/em><\/strong> Japanese Cryptocurrency Regulation Eases; Stablecoins To Be Listed Without Screening<\/a><\/p>\n","post_title":"US Regulator Charges Gemini and Genesis For Violating Securities Law In Crypto Lending","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"us-regulator-charges-gemini-and-genesis-for-violating-securities-law-in-crypto-lending","to_ping":"","pinged":"","post_modified":"2023-01-14 16:18:52","post_modified_gmt":"2023-01-14 05:18:52","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9360","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

Most Read

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Follow The Distributed

ADVERTISEMENT
\n

He added that afterward, a Programming Bitcoin course would follow, where students would be taught how to build a bitcoin library. Ray noted in his announcement that getting the approval from the university to have the course has been a lengthy process, possibly underscoring public institutions' lack of confidence in the sector following recent market volatilities.<\/p>\n\n\n\n

Crypto Curriculum Is Expected To Be The Key To Crypto Adoption<\/h2>\n\n\n\n

The perception of cryptocurrencies as high-risk assets, often seen as gambling, could be holding back the integration of the asset class into the school curriculum, which according to experts, is the only way to accelerate adoption. Crypto analyst Josh Cowell believes that crypto education could enhance financial literacy among students.<\/p>\n\n\n\n

Texas A&M University is one of many institutions of higher learning to bring crypto courses. Others include \u2013 Harvard University, Oxford, Massachusetts Institute of Technology, and the University of California Berkeley. Boston University Law School is reportedly offering a course on crypto regulations, according to a report shared with Cointelegraph by the institution's adjunct professor, Thomas Hook.<\/p>\n\n\n\n

Says Hook: the curriculum \"is meant to expose future lawyers on the potential issues they may see and the myriad of approaches and regulations that exist as it pertains to crypto and the different issues that crypto companies may face across the globe.<\/em>\"<\/p>\n","post_title":"Texas A&M University Adds BTC Course to Its Curriculum; And To A Build Bitcoin Library","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"texas-university-to-a-add-a-bitcoin-course","to_ping":"","pinged":"","post_modified":"2023-04-10 17:41:14","post_modified_gmt":"2023-04-10 07:41:14","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9404","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":9372,"post_author":"13","post_date":"2023-01-14 17:45:33","post_date_gmt":"2023-01-14 06:45:33","post_content":"\n

A US federal court has agreed to a request by Miami-Dade County and FTX to end a naming rights deal worth $135 million for the exchange at the sporting venue of the NBA basketball team - Miami Heat. According to the ruling<\/a>, FTX Arena would no longer be referred to as such, and all the branding containing the logos of the bankrupt exchange would be removed.<\/p>\n\n\n\n

See Related:<\/strong><\/em> From Bad To Good To Worse: The Binance And FTX Saga<\/a><\/p>\n\n\n\n

Judge John Dorsey wrote on January 11 that the naming rights shall be effected \u2018\u2018immediately upon the entry of (the) order.<\/em>\u2019\u2019 That means the FTX branding would have to be removed from, among other places, the entrance of the sporting venue, on the polo shirts worn by the officials, and on the electronic cards for accessing the venue, which according to experts, would be a big undertaking.<\/p>\n\n\n\n

Enter Miami-Dade Arena<\/h2>\n\n\n\n

Miami Heat posted<\/a> on Twitter on January 14 that the new name for the former FTX Arena would change to Miami \u2013 Dade Arena until a new partner comes on board.<\/p>\n\n\n\n

\u2018\u2018Effective immediately, Miami-Dade County and the Miami Heat have agreed that, until such time as there is a new naming rights partner, to refer to the arena as Miami-Dade Arena. The removal of the facility\u2019s existing signage and the changeover of branding elements will be ongoing in the coming weeks.<\/em>\u2019\u2019<\/p>\n\n\n\n

See Related:<\/em><\/strong> CryptoCom Arena: Reported $700m Deal Sealed For Clippers Arena<\/a><\/p>\n\n\n\n

FTX and Miami \u2013 Dade Country \u2013 which owns the arena \u2013 agreed, effective June 2021, to extend the naming rights to the exchange for 19 years, where FTX would pay $2 million annually. The last payment was supposed to be $5.5 million on January 1 before the business went under. <\/p>\n\n\n\n

FTX filed for bankruptcy<\/a> in November last year, collapsing with an estimated $10 billion worth of investors' funds. Its founder Sam Bankman-Fried was later arrested<\/a> and extradited to the US to face criminal charges relating to money laundering and financial fraud.<\/p>\n","post_title":"NBA\u2019s Miami Heat Ends $135M Deal With FTX Following Court Orders, Welcome Miami-Dade Arena","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"nbas-miami-heat-ends-135m-deal-with-ftx-following-court-orders-welcome-miami-dade-arena","to_ping":"","pinged":"","post_modified":"2023-01-15 02:59:30","post_modified_gmt":"2023-01-14 15:59:30","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9372","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":9360,"post_author":"13","post_date":"2023-01-14 16:16:36","post_date_gmt":"2023-01-14 05:16:36","post_content":"\n

The US Securities and Exchange Commission (SEC) charges<\/a> cryptocurrency exchange Gemini and Genesis Global for offering unregistered securities through the Gemini Earn Crypto asset-lending program, which was terminated in November with $900 million from 340,000 investors.\u00a0\u00a0<\/p>\n\n\n\n

Announcing in a press release dated January 12, the agency has filed a complaint with the US District of New York, accusing the two companies of breaching Section 5 (a) and 5(c) of the Securities Act of 1933 - seeking for permanent injunctive relief, disgorgement of ill-gotten gains plus prejudgment interest, and civil penalties.<\/p>\n\n\n\n

\u2018\u2018We allege that Genesis and Gemini offered unregistered securities to the public, bypassing disclosure requirements designed to protect investors,\u2019\u2019 <\/em>chairperson Gary Gensler said. \u2018\u2018(the) charges build on previous actions to make clear to the marketplace and the investing public that crypto lending platforms and other intermediaries need to comply with our time-tested securities laws,<\/em>\u2019\u2019 he added.<\/p>\n\n\n\n

See Related:<\/strong><\/em> Algorithmic Stablecoins Face Ban As US Congress Pushes Stablecoin Regulation Bill<\/a><\/p>\n\n\n\n

Gemini Drew As High As 4% Interest In The Earn Program<\/h2>\n\n\n\n

In Dec. 2020, Gemini collaborated with Genesis - also part of the Digital Currency Group - to offer the exchange\u2019s customers a way to loan out their crypto holdings and earn interest. In the arrangement, Gemini was the agent and deducted interest of as high as 4.29% from the amount paid to Gemini\u2019s investors \u2013 where determined how and when to invest the pooled funds.<\/p>\n\n\n\n

Later, Genesis suspended<\/a> the withdrawal of the funds, saying it lacked enough assets to meet the requests. In the submission, SEC alleges that the Gemini Earn program constitutes a sale of a security and ought to have been registered under its purview. The failure denies investors crucial information on the program leading to losses.<\/p>\n\n\n\n

SEC is continuing investigations into the possibility of any other security laws being violated by the two entities and has appealed to the public to provide any relevant evidence through its whistleblower program.<\/p>\n\n\n\n

See Related:<\/em><\/strong> Japanese Cryptocurrency Regulation Eases; Stablecoins To Be Listed Without Screening<\/a><\/p>\n","post_title":"US Regulator Charges Gemini and Genesis For Violating Securities Law In Crypto Lending","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"us-regulator-charges-gemini-and-genesis-for-violating-securities-law-in-crypto-lending","to_ping":"","pinged":"","post_modified":"2023-01-14 16:18:52","post_modified_gmt":"2023-01-14 05:18:52","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9360","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

Most Read

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Follow The Distributed

ADVERTISEMENT
\n

Associate Professor Korok Ray from Mays Business School at Texas A&M announced<\/a> on January 13 that he would teach a course on Bitcoin protocol to engineering and business students this spring in the Texas-based university.<\/p>\n\n\n\n

He added that afterward, a Programming Bitcoin course would follow, where students would be taught how to build a bitcoin library. Ray noted in his announcement that getting the approval from the university to have the course has been a lengthy process, possibly underscoring public institutions' lack of confidence in the sector following recent market volatilities.<\/p>\n\n\n\n

Crypto Curriculum Is Expected To Be The Key To Crypto Adoption<\/h2>\n\n\n\n

The perception of cryptocurrencies as high-risk assets, often seen as gambling, could be holding back the integration of the asset class into the school curriculum, which according to experts, is the only way to accelerate adoption. Crypto analyst Josh Cowell believes that crypto education could enhance financial literacy among students.<\/p>\n\n\n\n

Texas A&M University is one of many institutions of higher learning to bring crypto courses. Others include \u2013 Harvard University, Oxford, Massachusetts Institute of Technology, and the University of California Berkeley. Boston University Law School is reportedly offering a course on crypto regulations, according to a report shared with Cointelegraph by the institution's adjunct professor, Thomas Hook.<\/p>\n\n\n\n

Says Hook: the curriculum \"is meant to expose future lawyers on the potential issues they may see and the myriad of approaches and regulations that exist as it pertains to crypto and the different issues that crypto companies may face across the globe.<\/em>\"<\/p>\n","post_title":"Texas A&M University Adds BTC Course to Its Curriculum; And To A Build Bitcoin Library","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"texas-university-to-a-add-a-bitcoin-course","to_ping":"","pinged":"","post_modified":"2023-04-10 17:41:14","post_modified_gmt":"2023-04-10 07:41:14","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9404","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":9372,"post_author":"13","post_date":"2023-01-14 17:45:33","post_date_gmt":"2023-01-14 06:45:33","post_content":"\n

A US federal court has agreed to a request by Miami-Dade County and FTX to end a naming rights deal worth $135 million for the exchange at the sporting venue of the NBA basketball team - Miami Heat. According to the ruling<\/a>, FTX Arena would no longer be referred to as such, and all the branding containing the logos of the bankrupt exchange would be removed.<\/p>\n\n\n\n

See Related:<\/strong><\/em> From Bad To Good To Worse: The Binance And FTX Saga<\/a><\/p>\n\n\n\n

Judge John Dorsey wrote on January 11 that the naming rights shall be effected \u2018\u2018immediately upon the entry of (the) order.<\/em>\u2019\u2019 That means the FTX branding would have to be removed from, among other places, the entrance of the sporting venue, on the polo shirts worn by the officials, and on the electronic cards for accessing the venue, which according to experts, would be a big undertaking.<\/p>\n\n\n\n

Enter Miami-Dade Arena<\/h2>\n\n\n\n

Miami Heat posted<\/a> on Twitter on January 14 that the new name for the former FTX Arena would change to Miami \u2013 Dade Arena until a new partner comes on board.<\/p>\n\n\n\n

\u2018\u2018Effective immediately, Miami-Dade County and the Miami Heat have agreed that, until such time as there is a new naming rights partner, to refer to the arena as Miami-Dade Arena. The removal of the facility\u2019s existing signage and the changeover of branding elements will be ongoing in the coming weeks.<\/em>\u2019\u2019<\/p>\n\n\n\n

See Related:<\/em><\/strong> CryptoCom Arena: Reported $700m Deal Sealed For Clippers Arena<\/a><\/p>\n\n\n\n

FTX and Miami \u2013 Dade Country \u2013 which owns the arena \u2013 agreed, effective June 2021, to extend the naming rights to the exchange for 19 years, where FTX would pay $2 million annually. The last payment was supposed to be $5.5 million on January 1 before the business went under. <\/p>\n\n\n\n

FTX filed for bankruptcy<\/a> in November last year, collapsing with an estimated $10 billion worth of investors' funds. Its founder Sam Bankman-Fried was later arrested<\/a> and extradited to the US to face criminal charges relating to money laundering and financial fraud.<\/p>\n","post_title":"NBA\u2019s Miami Heat Ends $135M Deal With FTX Following Court Orders, Welcome Miami-Dade Arena","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"nbas-miami-heat-ends-135m-deal-with-ftx-following-court-orders-welcome-miami-dade-arena","to_ping":"","pinged":"","post_modified":"2023-01-15 02:59:30","post_modified_gmt":"2023-01-14 15:59:30","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9372","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":9360,"post_author":"13","post_date":"2023-01-14 16:16:36","post_date_gmt":"2023-01-14 05:16:36","post_content":"\n

The US Securities and Exchange Commission (SEC) charges<\/a> cryptocurrency exchange Gemini and Genesis Global for offering unregistered securities through the Gemini Earn Crypto asset-lending program, which was terminated in November with $900 million from 340,000 investors.\u00a0\u00a0<\/p>\n\n\n\n

Announcing in a press release dated January 12, the agency has filed a complaint with the US District of New York, accusing the two companies of breaching Section 5 (a) and 5(c) of the Securities Act of 1933 - seeking for permanent injunctive relief, disgorgement of ill-gotten gains plus prejudgment interest, and civil penalties.<\/p>\n\n\n\n

\u2018\u2018We allege that Genesis and Gemini offered unregistered securities to the public, bypassing disclosure requirements designed to protect investors,\u2019\u2019 <\/em>chairperson Gary Gensler said. \u2018\u2018(the) charges build on previous actions to make clear to the marketplace and the investing public that crypto lending platforms and other intermediaries need to comply with our time-tested securities laws,<\/em>\u2019\u2019 he added.<\/p>\n\n\n\n

See Related:<\/strong><\/em> Algorithmic Stablecoins Face Ban As US Congress Pushes Stablecoin Regulation Bill<\/a><\/p>\n\n\n\n

Gemini Drew As High As 4% Interest In The Earn Program<\/h2>\n\n\n\n

In Dec. 2020, Gemini collaborated with Genesis - also part of the Digital Currency Group - to offer the exchange\u2019s customers a way to loan out their crypto holdings and earn interest. In the arrangement, Gemini was the agent and deducted interest of as high as 4.29% from the amount paid to Gemini\u2019s investors \u2013 where determined how and when to invest the pooled funds.<\/p>\n\n\n\n

Later, Genesis suspended<\/a> the withdrawal of the funds, saying it lacked enough assets to meet the requests. In the submission, SEC alleges that the Gemini Earn program constitutes a sale of a security and ought to have been registered under its purview. The failure denies investors crucial information on the program leading to losses.<\/p>\n\n\n\n

SEC is continuing investigations into the possibility of any other security laws being violated by the two entities and has appealed to the public to provide any relevant evidence through its whistleblower program.<\/p>\n\n\n\n

See Related:<\/em><\/strong> Japanese Cryptocurrency Regulation Eases; Stablecoins To Be Listed Without Screening<\/a><\/p>\n","post_title":"US Regulator Charges Gemini and Genesis For Violating Securities Law In Crypto Lending","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"us-regulator-charges-gemini-and-genesis-for-violating-securities-law-in-crypto-lending","to_ping":"","pinged":"","post_modified":"2023-01-14 16:18:52","post_modified_gmt":"2023-01-14 05:18:52","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9360","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

Most Read

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Follow The Distributed

ADVERTISEMENT
\n

The flagship cryptocurrency, Bitcoin, could rise in adoption following a growing interest among universities and colleges to introduce courses about the digital currency. One such institution is Texas A&M University which is planning to offer a Bitcoin course, including Programming Bitcoin, where students would \"build a Bitcoin library from scratch.<\/em>\"<\/p>\n\n\n\n

Associate Professor Korok Ray from Mays Business School at Texas A&M announced<\/a> on January 13 that he would teach a course on Bitcoin protocol to engineering and business students this spring in the Texas-based university.<\/p>\n\n\n\n

He added that afterward, a Programming Bitcoin course would follow, where students would be taught how to build a bitcoin library. Ray noted in his announcement that getting the approval from the university to have the course has been a lengthy process, possibly underscoring public institutions' lack of confidence in the sector following recent market volatilities.<\/p>\n\n\n\n

Crypto Curriculum Is Expected To Be The Key To Crypto Adoption<\/h2>\n\n\n\n

The perception of cryptocurrencies as high-risk assets, often seen as gambling, could be holding back the integration of the asset class into the school curriculum, which according to experts, is the only way to accelerate adoption. Crypto analyst Josh Cowell believes that crypto education could enhance financial literacy among students.<\/p>\n\n\n\n

Texas A&M University is one of many institutions of higher learning to bring crypto courses. Others include \u2013 Harvard University, Oxford, Massachusetts Institute of Technology, and the University of California Berkeley. Boston University Law School is reportedly offering a course on crypto regulations, according to a report shared with Cointelegraph by the institution's adjunct professor, Thomas Hook.<\/p>\n\n\n\n

Says Hook: the curriculum \"is meant to expose future lawyers on the potential issues they may see and the myriad of approaches and regulations that exist as it pertains to crypto and the different issues that crypto companies may face across the globe.<\/em>\"<\/p>\n","post_title":"Texas A&M University Adds BTC Course to Its Curriculum; And To A Build Bitcoin Library","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"texas-university-to-a-add-a-bitcoin-course","to_ping":"","pinged":"","post_modified":"2023-04-10 17:41:14","post_modified_gmt":"2023-04-10 07:41:14","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9404","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":9372,"post_author":"13","post_date":"2023-01-14 17:45:33","post_date_gmt":"2023-01-14 06:45:33","post_content":"\n

A US federal court has agreed to a request by Miami-Dade County and FTX to end a naming rights deal worth $135 million for the exchange at the sporting venue of the NBA basketball team - Miami Heat. According to the ruling<\/a>, FTX Arena would no longer be referred to as such, and all the branding containing the logos of the bankrupt exchange would be removed.<\/p>\n\n\n\n

See Related:<\/strong><\/em> From Bad To Good To Worse: The Binance And FTX Saga<\/a><\/p>\n\n\n\n

Judge John Dorsey wrote on January 11 that the naming rights shall be effected \u2018\u2018immediately upon the entry of (the) order.<\/em>\u2019\u2019 That means the FTX branding would have to be removed from, among other places, the entrance of the sporting venue, on the polo shirts worn by the officials, and on the electronic cards for accessing the venue, which according to experts, would be a big undertaking.<\/p>\n\n\n\n

Enter Miami-Dade Arena<\/h2>\n\n\n\n

Miami Heat posted<\/a> on Twitter on January 14 that the new name for the former FTX Arena would change to Miami \u2013 Dade Arena until a new partner comes on board.<\/p>\n\n\n\n

\u2018\u2018Effective immediately, Miami-Dade County and the Miami Heat have agreed that, until such time as there is a new naming rights partner, to refer to the arena as Miami-Dade Arena. The removal of the facility\u2019s existing signage and the changeover of branding elements will be ongoing in the coming weeks.<\/em>\u2019\u2019<\/p>\n\n\n\n

See Related:<\/em><\/strong> CryptoCom Arena: Reported $700m Deal Sealed For Clippers Arena<\/a><\/p>\n\n\n\n

FTX and Miami \u2013 Dade Country \u2013 which owns the arena \u2013 agreed, effective June 2021, to extend the naming rights to the exchange for 19 years, where FTX would pay $2 million annually. The last payment was supposed to be $5.5 million on January 1 before the business went under. <\/p>\n\n\n\n

FTX filed for bankruptcy<\/a> in November last year, collapsing with an estimated $10 billion worth of investors' funds. Its founder Sam Bankman-Fried was later arrested<\/a> and extradited to the US to face criminal charges relating to money laundering and financial fraud.<\/p>\n","post_title":"NBA\u2019s Miami Heat Ends $135M Deal With FTX Following Court Orders, Welcome Miami-Dade Arena","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"nbas-miami-heat-ends-135m-deal-with-ftx-following-court-orders-welcome-miami-dade-arena","to_ping":"","pinged":"","post_modified":"2023-01-15 02:59:30","post_modified_gmt":"2023-01-14 15:59:30","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9372","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":9360,"post_author":"13","post_date":"2023-01-14 16:16:36","post_date_gmt":"2023-01-14 05:16:36","post_content":"\n

The US Securities and Exchange Commission (SEC) charges<\/a> cryptocurrency exchange Gemini and Genesis Global for offering unregistered securities through the Gemini Earn Crypto asset-lending program, which was terminated in November with $900 million from 340,000 investors.\u00a0\u00a0<\/p>\n\n\n\n

Announcing in a press release dated January 12, the agency has filed a complaint with the US District of New York, accusing the two companies of breaching Section 5 (a) and 5(c) of the Securities Act of 1933 - seeking for permanent injunctive relief, disgorgement of ill-gotten gains plus prejudgment interest, and civil penalties.<\/p>\n\n\n\n

\u2018\u2018We allege that Genesis and Gemini offered unregistered securities to the public, bypassing disclosure requirements designed to protect investors,\u2019\u2019 <\/em>chairperson Gary Gensler said. \u2018\u2018(the) charges build on previous actions to make clear to the marketplace and the investing public that crypto lending platforms and other intermediaries need to comply with our time-tested securities laws,<\/em>\u2019\u2019 he added.<\/p>\n\n\n\n

See Related:<\/strong><\/em> Algorithmic Stablecoins Face Ban As US Congress Pushes Stablecoin Regulation Bill<\/a><\/p>\n\n\n\n

Gemini Drew As High As 4% Interest In The Earn Program<\/h2>\n\n\n\n

In Dec. 2020, Gemini collaborated with Genesis - also part of the Digital Currency Group - to offer the exchange\u2019s customers a way to loan out their crypto holdings and earn interest. In the arrangement, Gemini was the agent and deducted interest of as high as 4.29% from the amount paid to Gemini\u2019s investors \u2013 where determined how and when to invest the pooled funds.<\/p>\n\n\n\n

Later, Genesis suspended<\/a> the withdrawal of the funds, saying it lacked enough assets to meet the requests. In the submission, SEC alleges that the Gemini Earn program constitutes a sale of a security and ought to have been registered under its purview. The failure denies investors crucial information on the program leading to losses.<\/p>\n\n\n\n

SEC is continuing investigations into the possibility of any other security laws being violated by the two entities and has appealed to the public to provide any relevant evidence through its whistleblower program.<\/p>\n\n\n\n

See Related:<\/em><\/strong> Japanese Cryptocurrency Regulation Eases; Stablecoins To Be Listed Without Screening<\/a><\/p>\n","post_title":"US Regulator Charges Gemini and Genesis For Violating Securities Law In Crypto Lending","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"us-regulator-charges-gemini-and-genesis-for-violating-securities-law-in-crypto-lending","to_ping":"","pinged":"","post_modified":"2023-01-14 16:18:52","post_modified_gmt":"2023-01-14 05:18:52","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9360","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

Most Read

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Follow The Distributed

ADVERTISEMENT
\n

Amidst the hard fork, Polygon's native token MATIC is changing hands for $1.01, representing a price increase of 17% in the past week, per data provided by CoinMarketCap. The crypto market has extended the new year's uptrend, with the global cap at $996 billion.<\/p>\n","post_title":"Polygon Undergoes a Hard Fork Amid Decentralization Concerns","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"polygon-undergoes-a-hard-fork-amid-decentralization-concerns","to_ping":"","pinged":"","post_modified":"2023-04-10 17:40:42","post_modified_gmt":"2023-04-10 07:40:42","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9446","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":9404,"post_author":"13","post_date":"2023-01-17 15:23:08","post_date_gmt":"2023-01-17 04:23:08","post_content":"\n

The flagship cryptocurrency, Bitcoin, could rise in adoption following a growing interest among universities and colleges to introduce courses about the digital currency. One such institution is Texas A&M University which is planning to offer a Bitcoin course, including Programming Bitcoin, where students would \"build a Bitcoin library from scratch.<\/em>\"<\/p>\n\n\n\n

Associate Professor Korok Ray from Mays Business School at Texas A&M announced<\/a> on January 13 that he would teach a course on Bitcoin protocol to engineering and business students this spring in the Texas-based university.<\/p>\n\n\n\n

He added that afterward, a Programming Bitcoin course would follow, where students would be taught how to build a bitcoin library. Ray noted in his announcement that getting the approval from the university to have the course has been a lengthy process, possibly underscoring public institutions' lack of confidence in the sector following recent market volatilities.<\/p>\n\n\n\n

Crypto Curriculum Is Expected To Be The Key To Crypto Adoption<\/h2>\n\n\n\n

The perception of cryptocurrencies as high-risk assets, often seen as gambling, could be holding back the integration of the asset class into the school curriculum, which according to experts, is the only way to accelerate adoption. Crypto analyst Josh Cowell believes that crypto education could enhance financial literacy among students.<\/p>\n\n\n\n

Texas A&M University is one of many institutions of higher learning to bring crypto courses. Others include \u2013 Harvard University, Oxford, Massachusetts Institute of Technology, and the University of California Berkeley. Boston University Law School is reportedly offering a course on crypto regulations, according to a report shared with Cointelegraph by the institution's adjunct professor, Thomas Hook.<\/p>\n\n\n\n

Says Hook: the curriculum \"is meant to expose future lawyers on the potential issues they may see and the myriad of approaches and regulations that exist as it pertains to crypto and the different issues that crypto companies may face across the globe.<\/em>\"<\/p>\n","post_title":"Texas A&M University Adds BTC Course to Its Curriculum; And To A Build Bitcoin Library","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"texas-university-to-a-add-a-bitcoin-course","to_ping":"","pinged":"","post_modified":"2023-04-10 17:41:14","post_modified_gmt":"2023-04-10 07:41:14","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9404","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":9372,"post_author":"13","post_date":"2023-01-14 17:45:33","post_date_gmt":"2023-01-14 06:45:33","post_content":"\n

A US federal court has agreed to a request by Miami-Dade County and FTX to end a naming rights deal worth $135 million for the exchange at the sporting venue of the NBA basketball team - Miami Heat. According to the ruling<\/a>, FTX Arena would no longer be referred to as such, and all the branding containing the logos of the bankrupt exchange would be removed.<\/p>\n\n\n\n

See Related:<\/strong><\/em> From Bad To Good To Worse: The Binance And FTX Saga<\/a><\/p>\n\n\n\n

Judge John Dorsey wrote on January 11 that the naming rights shall be effected \u2018\u2018immediately upon the entry of (the) order.<\/em>\u2019\u2019 That means the FTX branding would have to be removed from, among other places, the entrance of the sporting venue, on the polo shirts worn by the officials, and on the electronic cards for accessing the venue, which according to experts, would be a big undertaking.<\/p>\n\n\n\n

Enter Miami-Dade Arena<\/h2>\n\n\n\n

Miami Heat posted<\/a> on Twitter on January 14 that the new name for the former FTX Arena would change to Miami \u2013 Dade Arena until a new partner comes on board.<\/p>\n\n\n\n

\u2018\u2018Effective immediately, Miami-Dade County and the Miami Heat have agreed that, until such time as there is a new naming rights partner, to refer to the arena as Miami-Dade Arena. The removal of the facility\u2019s existing signage and the changeover of branding elements will be ongoing in the coming weeks.<\/em>\u2019\u2019<\/p>\n\n\n\n

See Related:<\/em><\/strong> CryptoCom Arena: Reported $700m Deal Sealed For Clippers Arena<\/a><\/p>\n\n\n\n

FTX and Miami \u2013 Dade Country \u2013 which owns the arena \u2013 agreed, effective June 2021, to extend the naming rights to the exchange for 19 years, where FTX would pay $2 million annually. The last payment was supposed to be $5.5 million on January 1 before the business went under. <\/p>\n\n\n\n

FTX filed for bankruptcy<\/a> in November last year, collapsing with an estimated $10 billion worth of investors' funds. Its founder Sam Bankman-Fried was later arrested<\/a> and extradited to the US to face criminal charges relating to money laundering and financial fraud.<\/p>\n","post_title":"NBA\u2019s Miami Heat Ends $135M Deal With FTX Following Court Orders, Welcome Miami-Dade Arena","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"nbas-miami-heat-ends-135m-deal-with-ftx-following-court-orders-welcome-miami-dade-arena","to_ping":"","pinged":"","post_modified":"2023-01-15 02:59:30","post_modified_gmt":"2023-01-14 15:59:30","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9372","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":9360,"post_author":"13","post_date":"2023-01-14 16:16:36","post_date_gmt":"2023-01-14 05:16:36","post_content":"\n

The US Securities and Exchange Commission (SEC) charges<\/a> cryptocurrency exchange Gemini and Genesis Global for offering unregistered securities through the Gemini Earn Crypto asset-lending program, which was terminated in November with $900 million from 340,000 investors.\u00a0\u00a0<\/p>\n\n\n\n

Announcing in a press release dated January 12, the agency has filed a complaint with the US District of New York, accusing the two companies of breaching Section 5 (a) and 5(c) of the Securities Act of 1933 - seeking for permanent injunctive relief, disgorgement of ill-gotten gains plus prejudgment interest, and civil penalties.<\/p>\n\n\n\n

\u2018\u2018We allege that Genesis and Gemini offered unregistered securities to the public, bypassing disclosure requirements designed to protect investors,\u2019\u2019 <\/em>chairperson Gary Gensler said. \u2018\u2018(the) charges build on previous actions to make clear to the marketplace and the investing public that crypto lending platforms and other intermediaries need to comply with our time-tested securities laws,<\/em>\u2019\u2019 he added.<\/p>\n\n\n\n

See Related:<\/strong><\/em> Algorithmic Stablecoins Face Ban As US Congress Pushes Stablecoin Regulation Bill<\/a><\/p>\n\n\n\n

Gemini Drew As High As 4% Interest In The Earn Program<\/h2>\n\n\n\n

In Dec. 2020, Gemini collaborated with Genesis - also part of the Digital Currency Group - to offer the exchange\u2019s customers a way to loan out their crypto holdings and earn interest. In the arrangement, Gemini was the agent and deducted interest of as high as 4.29% from the amount paid to Gemini\u2019s investors \u2013 where determined how and when to invest the pooled funds.<\/p>\n\n\n\n

Later, Genesis suspended<\/a> the withdrawal of the funds, saying it lacked enough assets to meet the requests. In the submission, SEC alleges that the Gemini Earn program constitutes a sale of a security and ought to have been registered under its purview. The failure denies investors crucial information on the program leading to losses.<\/p>\n\n\n\n

SEC is continuing investigations into the possibility of any other security laws being violated by the two entities and has appealed to the public to provide any relevant evidence through its whistleblower program.<\/p>\n\n\n\n

See Related:<\/em><\/strong> Japanese Cryptocurrency Regulation Eases; Stablecoins To Be Listed Without Screening<\/a><\/p>\n","post_title":"US Regulator Charges Gemini and Genesis For Violating Securities Law In Crypto Lending","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"us-regulator-charges-gemini-and-genesis-for-violating-securities-law-in-crypto-lending","to_ping":"","pinged":"","post_modified":"2023-01-14 16:18:52","post_modified_gmt":"2023-01-14 05:18:52","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9360","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

Most Read

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Follow The Distributed

ADVERTISEMENT
\n

Secondly, the fork addresses the chain reorganization issues by cutting the 'Sprint length' from 64 to 16 blocks. It means one validator will generate blocks for a much shorter period, approximately 32 seconds from the current 128 seconds. On the Polygon blockchain, reorgs affect the transaction finality based on the number of confirmed valid blocks.<\/p>\n\n\n\n

Amidst the hard fork, Polygon's native token MATIC is changing hands for $1.01, representing a price increase of 17% in the past week, per data provided by CoinMarketCap. The crypto market has extended the new year's uptrend, with the global cap at $996 billion.<\/p>\n","post_title":"Polygon Undergoes a Hard Fork Amid Decentralization Concerns","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"polygon-undergoes-a-hard-fork-amid-decentralization-concerns","to_ping":"","pinged":"","post_modified":"2023-04-10 17:40:42","post_modified_gmt":"2023-04-10 07:40:42","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9446","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":9404,"post_author":"13","post_date":"2023-01-17 15:23:08","post_date_gmt":"2023-01-17 04:23:08","post_content":"\n

The flagship cryptocurrency, Bitcoin, could rise in adoption following a growing interest among universities and colleges to introduce courses about the digital currency. One such institution is Texas A&M University which is planning to offer a Bitcoin course, including Programming Bitcoin, where students would \"build a Bitcoin library from scratch.<\/em>\"<\/p>\n\n\n\n

Associate Professor Korok Ray from Mays Business School at Texas A&M announced<\/a> on January 13 that he would teach a course on Bitcoin protocol to engineering and business students this spring in the Texas-based university.<\/p>\n\n\n\n

He added that afterward, a Programming Bitcoin course would follow, where students would be taught how to build a bitcoin library. Ray noted in his announcement that getting the approval from the university to have the course has been a lengthy process, possibly underscoring public institutions' lack of confidence in the sector following recent market volatilities.<\/p>\n\n\n\n

Crypto Curriculum Is Expected To Be The Key To Crypto Adoption<\/h2>\n\n\n\n

The perception of cryptocurrencies as high-risk assets, often seen as gambling, could be holding back the integration of the asset class into the school curriculum, which according to experts, is the only way to accelerate adoption. Crypto analyst Josh Cowell believes that crypto education could enhance financial literacy among students.<\/p>\n\n\n\n

Texas A&M University is one of many institutions of higher learning to bring crypto courses. Others include \u2013 Harvard University, Oxford, Massachusetts Institute of Technology, and the University of California Berkeley. Boston University Law School is reportedly offering a course on crypto regulations, according to a report shared with Cointelegraph by the institution's adjunct professor, Thomas Hook.<\/p>\n\n\n\n

Says Hook: the curriculum \"is meant to expose future lawyers on the potential issues they may see and the myriad of approaches and regulations that exist as it pertains to crypto and the different issues that crypto companies may face across the globe.<\/em>\"<\/p>\n","post_title":"Texas A&M University Adds BTC Course to Its Curriculum; And To A Build Bitcoin Library","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"texas-university-to-a-add-a-bitcoin-course","to_ping":"","pinged":"","post_modified":"2023-04-10 17:41:14","post_modified_gmt":"2023-04-10 07:41:14","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9404","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":9372,"post_author":"13","post_date":"2023-01-14 17:45:33","post_date_gmt":"2023-01-14 06:45:33","post_content":"\n

A US federal court has agreed to a request by Miami-Dade County and FTX to end a naming rights deal worth $135 million for the exchange at the sporting venue of the NBA basketball team - Miami Heat. According to the ruling<\/a>, FTX Arena would no longer be referred to as such, and all the branding containing the logos of the bankrupt exchange would be removed.<\/p>\n\n\n\n

See Related:<\/strong><\/em> From Bad To Good To Worse: The Binance And FTX Saga<\/a><\/p>\n\n\n\n

Judge John Dorsey wrote on January 11 that the naming rights shall be effected \u2018\u2018immediately upon the entry of (the) order.<\/em>\u2019\u2019 That means the FTX branding would have to be removed from, among other places, the entrance of the sporting venue, on the polo shirts worn by the officials, and on the electronic cards for accessing the venue, which according to experts, would be a big undertaking.<\/p>\n\n\n\n

Enter Miami-Dade Arena<\/h2>\n\n\n\n

Miami Heat posted<\/a> on Twitter on January 14 that the new name for the former FTX Arena would change to Miami \u2013 Dade Arena until a new partner comes on board.<\/p>\n\n\n\n

\u2018\u2018Effective immediately, Miami-Dade County and the Miami Heat have agreed that, until such time as there is a new naming rights partner, to refer to the arena as Miami-Dade Arena. The removal of the facility\u2019s existing signage and the changeover of branding elements will be ongoing in the coming weeks.<\/em>\u2019\u2019<\/p>\n\n\n\n

See Related:<\/em><\/strong> CryptoCom Arena: Reported $700m Deal Sealed For Clippers Arena<\/a><\/p>\n\n\n\n

FTX and Miami \u2013 Dade Country \u2013 which owns the arena \u2013 agreed, effective June 2021, to extend the naming rights to the exchange for 19 years, where FTX would pay $2 million annually. The last payment was supposed to be $5.5 million on January 1 before the business went under. <\/p>\n\n\n\n

FTX filed for bankruptcy<\/a> in November last year, collapsing with an estimated $10 billion worth of investors' funds. Its founder Sam Bankman-Fried was later arrested<\/a> and extradited to the US to face criminal charges relating to money laundering and financial fraud.<\/p>\n","post_title":"NBA\u2019s Miami Heat Ends $135M Deal With FTX Following Court Orders, Welcome Miami-Dade Arena","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"nbas-miami-heat-ends-135m-deal-with-ftx-following-court-orders-welcome-miami-dade-arena","to_ping":"","pinged":"","post_modified":"2023-01-15 02:59:30","post_modified_gmt":"2023-01-14 15:59:30","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9372","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":9360,"post_author":"13","post_date":"2023-01-14 16:16:36","post_date_gmt":"2023-01-14 05:16:36","post_content":"\n

The US Securities and Exchange Commission (SEC) charges<\/a> cryptocurrency exchange Gemini and Genesis Global for offering unregistered securities through the Gemini Earn Crypto asset-lending program, which was terminated in November with $900 million from 340,000 investors.\u00a0\u00a0<\/p>\n\n\n\n

Announcing in a press release dated January 12, the agency has filed a complaint with the US District of New York, accusing the two companies of breaching Section 5 (a) and 5(c) of the Securities Act of 1933 - seeking for permanent injunctive relief, disgorgement of ill-gotten gains plus prejudgment interest, and civil penalties.<\/p>\n\n\n\n

\u2018\u2018We allege that Genesis and Gemini offered unregistered securities to the public, bypassing disclosure requirements designed to protect investors,\u2019\u2019 <\/em>chairperson Gary Gensler said. \u2018\u2018(the) charges build on previous actions to make clear to the marketplace and the investing public that crypto lending platforms and other intermediaries need to comply with our time-tested securities laws,<\/em>\u2019\u2019 he added.<\/p>\n\n\n\n

See Related:<\/strong><\/em> Algorithmic Stablecoins Face Ban As US Congress Pushes Stablecoin Regulation Bill<\/a><\/p>\n\n\n\n

Gemini Drew As High As 4% Interest In The Earn Program<\/h2>\n\n\n\n

In Dec. 2020, Gemini collaborated with Genesis - also part of the Digital Currency Group - to offer the exchange\u2019s customers a way to loan out their crypto holdings and earn interest. In the arrangement, Gemini was the agent and deducted interest of as high as 4.29% from the amount paid to Gemini\u2019s investors \u2013 where determined how and when to invest the pooled funds.<\/p>\n\n\n\n

Later, Genesis suspended<\/a> the withdrawal of the funds, saying it lacked enough assets to meet the requests. In the submission, SEC alleges that the Gemini Earn program constitutes a sale of a security and ought to have been registered under its purview. The failure denies investors crucial information on the program leading to losses.<\/p>\n\n\n\n

SEC is continuing investigations into the possibility of any other security laws being violated by the two entities and has appealed to the public to provide any relevant evidence through its whistleblower program.<\/p>\n\n\n\n

See Related:<\/em><\/strong> Japanese Cryptocurrency Regulation Eases; Stablecoins To Be Listed Without Screening<\/a><\/p>\n","post_title":"US Regulator Charges Gemini and Genesis For Violating Securities Law In Crypto Lending","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"us-regulator-charges-gemini-and-genesis-for-violating-securities-law-in-crypto-lending","to_ping":"","pinged":"","post_modified":"2023-01-14 16:18:52","post_modified_gmt":"2023-01-14 05:18:52","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9360","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

Most Read

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Follow The Distributed

ADVERTISEMENT
\n

Polygon's VO.3.1 Hardfork reduces the severity of gas spikes during peak hours by changing the BaseFeeChangeDenominator to 16 from the current 8 and \u2013 streamlining the increase or decrease of the transaction fees. The base fee is the minimum amount required for a transaction to be added to a block.<\/p>\n\n\n\n

Secondly, the fork addresses the chain reorganization issues by cutting the 'Sprint length' from 64 to 16 blocks. It means one validator will generate blocks for a much shorter period, approximately 32 seconds from the current 128 seconds. On the Polygon blockchain, reorgs affect the transaction finality based on the number of confirmed valid blocks.<\/p>\n\n\n\n

Amidst the hard fork, Polygon's native token MATIC is changing hands for $1.01, representing a price increase of 17% in the past week, per data provided by CoinMarketCap. The crypto market has extended the new year's uptrend, with the global cap at $996 billion.<\/p>\n","post_title":"Polygon Undergoes a Hard Fork Amid Decentralization Concerns","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"polygon-undergoes-a-hard-fork-amid-decentralization-concerns","to_ping":"","pinged":"","post_modified":"2023-04-10 17:40:42","post_modified_gmt":"2023-04-10 07:40:42","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9446","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":9404,"post_author":"13","post_date":"2023-01-17 15:23:08","post_date_gmt":"2023-01-17 04:23:08","post_content":"\n

The flagship cryptocurrency, Bitcoin, could rise in adoption following a growing interest among universities and colleges to introduce courses about the digital currency. One such institution is Texas A&M University which is planning to offer a Bitcoin course, including Programming Bitcoin, where students would \"build a Bitcoin library from scratch.<\/em>\"<\/p>\n\n\n\n

Associate Professor Korok Ray from Mays Business School at Texas A&M announced<\/a> on January 13 that he would teach a course on Bitcoin protocol to engineering and business students this spring in the Texas-based university.<\/p>\n\n\n\n

He added that afterward, a Programming Bitcoin course would follow, where students would be taught how to build a bitcoin library. Ray noted in his announcement that getting the approval from the university to have the course has been a lengthy process, possibly underscoring public institutions' lack of confidence in the sector following recent market volatilities.<\/p>\n\n\n\n

Crypto Curriculum Is Expected To Be The Key To Crypto Adoption<\/h2>\n\n\n\n

The perception of cryptocurrencies as high-risk assets, often seen as gambling, could be holding back the integration of the asset class into the school curriculum, which according to experts, is the only way to accelerate adoption. Crypto analyst Josh Cowell believes that crypto education could enhance financial literacy among students.<\/p>\n\n\n\n

Texas A&M University is one of many institutions of higher learning to bring crypto courses. Others include \u2013 Harvard University, Oxford, Massachusetts Institute of Technology, and the University of California Berkeley. Boston University Law School is reportedly offering a course on crypto regulations, according to a report shared with Cointelegraph by the institution's adjunct professor, Thomas Hook.<\/p>\n\n\n\n

Says Hook: the curriculum \"is meant to expose future lawyers on the potential issues they may see and the myriad of approaches and regulations that exist as it pertains to crypto and the different issues that crypto companies may face across the globe.<\/em>\"<\/p>\n","post_title":"Texas A&M University Adds BTC Course to Its Curriculum; And To A Build Bitcoin Library","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"texas-university-to-a-add-a-bitcoin-course","to_ping":"","pinged":"","post_modified":"2023-04-10 17:41:14","post_modified_gmt":"2023-04-10 07:41:14","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9404","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":9372,"post_author":"13","post_date":"2023-01-14 17:45:33","post_date_gmt":"2023-01-14 06:45:33","post_content":"\n

A US federal court has agreed to a request by Miami-Dade County and FTX to end a naming rights deal worth $135 million for the exchange at the sporting venue of the NBA basketball team - Miami Heat. According to the ruling<\/a>, FTX Arena would no longer be referred to as such, and all the branding containing the logos of the bankrupt exchange would be removed.<\/p>\n\n\n\n

See Related:<\/strong><\/em> From Bad To Good To Worse: The Binance And FTX Saga<\/a><\/p>\n\n\n\n

Judge John Dorsey wrote on January 11 that the naming rights shall be effected \u2018\u2018immediately upon the entry of (the) order.<\/em>\u2019\u2019 That means the FTX branding would have to be removed from, among other places, the entrance of the sporting venue, on the polo shirts worn by the officials, and on the electronic cards for accessing the venue, which according to experts, would be a big undertaking.<\/p>\n\n\n\n

Enter Miami-Dade Arena<\/h2>\n\n\n\n

Miami Heat posted<\/a> on Twitter on January 14 that the new name for the former FTX Arena would change to Miami \u2013 Dade Arena until a new partner comes on board.<\/p>\n\n\n\n

\u2018\u2018Effective immediately, Miami-Dade County and the Miami Heat have agreed that, until such time as there is a new naming rights partner, to refer to the arena as Miami-Dade Arena. The removal of the facility\u2019s existing signage and the changeover of branding elements will be ongoing in the coming weeks.<\/em>\u2019\u2019<\/p>\n\n\n\n

See Related:<\/em><\/strong> CryptoCom Arena: Reported $700m Deal Sealed For Clippers Arena<\/a><\/p>\n\n\n\n

FTX and Miami \u2013 Dade Country \u2013 which owns the arena \u2013 agreed, effective June 2021, to extend the naming rights to the exchange for 19 years, where FTX would pay $2 million annually. The last payment was supposed to be $5.5 million on January 1 before the business went under. <\/p>\n\n\n\n

FTX filed for bankruptcy<\/a> in November last year, collapsing with an estimated $10 billion worth of investors' funds. Its founder Sam Bankman-Fried was later arrested<\/a> and extradited to the US to face criminal charges relating to money laundering and financial fraud.<\/p>\n","post_title":"NBA\u2019s Miami Heat Ends $135M Deal With FTX Following Court Orders, Welcome Miami-Dade Arena","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"nbas-miami-heat-ends-135m-deal-with-ftx-following-court-orders-welcome-miami-dade-arena","to_ping":"","pinged":"","post_modified":"2023-01-15 02:59:30","post_modified_gmt":"2023-01-14 15:59:30","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9372","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":9360,"post_author":"13","post_date":"2023-01-14 16:16:36","post_date_gmt":"2023-01-14 05:16:36","post_content":"\n

The US Securities and Exchange Commission (SEC) charges<\/a> cryptocurrency exchange Gemini and Genesis Global for offering unregistered securities through the Gemini Earn Crypto asset-lending program, which was terminated in November with $900 million from 340,000 investors.\u00a0\u00a0<\/p>\n\n\n\n

Announcing in a press release dated January 12, the agency has filed a complaint with the US District of New York, accusing the two companies of breaching Section 5 (a) and 5(c) of the Securities Act of 1933 - seeking for permanent injunctive relief, disgorgement of ill-gotten gains plus prejudgment interest, and civil penalties.<\/p>\n\n\n\n

\u2018\u2018We allege that Genesis and Gemini offered unregistered securities to the public, bypassing disclosure requirements designed to protect investors,\u2019\u2019 <\/em>chairperson Gary Gensler said. \u2018\u2018(the) charges build on previous actions to make clear to the marketplace and the investing public that crypto lending platforms and other intermediaries need to comply with our time-tested securities laws,<\/em>\u2019\u2019 he added.<\/p>\n\n\n\n

See Related:<\/strong><\/em> Algorithmic Stablecoins Face Ban As US Congress Pushes Stablecoin Regulation Bill<\/a><\/p>\n\n\n\n

Gemini Drew As High As 4% Interest In The Earn Program<\/h2>\n\n\n\n

In Dec. 2020, Gemini collaborated with Genesis - also part of the Digital Currency Group - to offer the exchange\u2019s customers a way to loan out their crypto holdings and earn interest. In the arrangement, Gemini was the agent and deducted interest of as high as 4.29% from the amount paid to Gemini\u2019s investors \u2013 where determined how and when to invest the pooled funds.<\/p>\n\n\n\n

Later, Genesis suspended<\/a> the withdrawal of the funds, saying it lacked enough assets to meet the requests. In the submission, SEC alleges that the Gemini Earn program constitutes a sale of a security and ought to have been registered under its purview. The failure denies investors crucial information on the program leading to losses.<\/p>\n\n\n\n

SEC is continuing investigations into the possibility of any other security laws being violated by the two entities and has appealed to the public to provide any relevant evidence through its whistleblower program.<\/p>\n\n\n\n

See Related:<\/em><\/strong> Japanese Cryptocurrency Regulation Eases; Stablecoins To Be Listed Without Screening<\/a><\/p>\n","post_title":"US Regulator Charges Gemini and Genesis For Violating Securities Law In Crypto Lending","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"us-regulator-charges-gemini-and-genesis-for-violating-securities-law-in-crypto-lending","to_ping":"","pinged":"","post_modified":"2023-01-14 16:18:52","post_modified_gmt":"2023-01-14 05:18:52","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9360","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

Most Read

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Follow The Distributed

ADVERTISEMENT
\n

Improved Transaction Finality and Stabilized Gas Fees<\/h2>\n\n\n\n

Polygon's VO.3.1 Hardfork reduces the severity of gas spikes during peak hours by changing the BaseFeeChangeDenominator to 16 from the current 8 and \u2013 streamlining the increase or decrease of the transaction fees. The base fee is the minimum amount required for a transaction to be added to a block.<\/p>\n\n\n\n

Secondly, the fork addresses the chain reorganization issues by cutting the 'Sprint length' from 64 to 16 blocks. It means one validator will generate blocks for a much shorter period, approximately 32 seconds from the current 128 seconds. On the Polygon blockchain, reorgs affect the transaction finality based on the number of confirmed valid blocks.<\/p>\n\n\n\n

Amidst the hard fork, Polygon's native token MATIC is changing hands for $1.01, representing a price increase of 17% in the past week, per data provided by CoinMarketCap. The crypto market has extended the new year's uptrend, with the global cap at $996 billion.<\/p>\n","post_title":"Polygon Undergoes a Hard Fork Amid Decentralization Concerns","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"polygon-undergoes-a-hard-fork-amid-decentralization-concerns","to_ping":"","pinged":"","post_modified":"2023-04-10 17:40:42","post_modified_gmt":"2023-04-10 07:40:42","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9446","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":9404,"post_author":"13","post_date":"2023-01-17 15:23:08","post_date_gmt":"2023-01-17 04:23:08","post_content":"\n

The flagship cryptocurrency, Bitcoin, could rise in adoption following a growing interest among universities and colleges to introduce courses about the digital currency. One such institution is Texas A&M University which is planning to offer a Bitcoin course, including Programming Bitcoin, where students would \"build a Bitcoin library from scratch.<\/em>\"<\/p>\n\n\n\n

Associate Professor Korok Ray from Mays Business School at Texas A&M announced<\/a> on January 13 that he would teach a course on Bitcoin protocol to engineering and business students this spring in the Texas-based university.<\/p>\n\n\n\n

He added that afterward, a Programming Bitcoin course would follow, where students would be taught how to build a bitcoin library. Ray noted in his announcement that getting the approval from the university to have the course has been a lengthy process, possibly underscoring public institutions' lack of confidence in the sector following recent market volatilities.<\/p>\n\n\n\n

Crypto Curriculum Is Expected To Be The Key To Crypto Adoption<\/h2>\n\n\n\n

The perception of cryptocurrencies as high-risk assets, often seen as gambling, could be holding back the integration of the asset class into the school curriculum, which according to experts, is the only way to accelerate adoption. Crypto analyst Josh Cowell believes that crypto education could enhance financial literacy among students.<\/p>\n\n\n\n

Texas A&M University is one of many institutions of higher learning to bring crypto courses. Others include \u2013 Harvard University, Oxford, Massachusetts Institute of Technology, and the University of California Berkeley. Boston University Law School is reportedly offering a course on crypto regulations, according to a report shared with Cointelegraph by the institution's adjunct professor, Thomas Hook.<\/p>\n\n\n\n

Says Hook: the curriculum \"is meant to expose future lawyers on the potential issues they may see and the myriad of approaches and regulations that exist as it pertains to crypto and the different issues that crypto companies may face across the globe.<\/em>\"<\/p>\n","post_title":"Texas A&M University Adds BTC Course to Its Curriculum; And To A Build Bitcoin Library","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"texas-university-to-a-add-a-bitcoin-course","to_ping":"","pinged":"","post_modified":"2023-04-10 17:41:14","post_modified_gmt":"2023-04-10 07:41:14","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9404","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":9372,"post_author":"13","post_date":"2023-01-14 17:45:33","post_date_gmt":"2023-01-14 06:45:33","post_content":"\n

A US federal court has agreed to a request by Miami-Dade County and FTX to end a naming rights deal worth $135 million for the exchange at the sporting venue of the NBA basketball team - Miami Heat. According to the ruling<\/a>, FTX Arena would no longer be referred to as such, and all the branding containing the logos of the bankrupt exchange would be removed.<\/p>\n\n\n\n

See Related:<\/strong><\/em> From Bad To Good To Worse: The Binance And FTX Saga<\/a><\/p>\n\n\n\n

Judge John Dorsey wrote on January 11 that the naming rights shall be effected \u2018\u2018immediately upon the entry of (the) order.<\/em>\u2019\u2019 That means the FTX branding would have to be removed from, among other places, the entrance of the sporting venue, on the polo shirts worn by the officials, and on the electronic cards for accessing the venue, which according to experts, would be a big undertaking.<\/p>\n\n\n\n

Enter Miami-Dade Arena<\/h2>\n\n\n\n

Miami Heat posted<\/a> on Twitter on January 14 that the new name for the former FTX Arena would change to Miami \u2013 Dade Arena until a new partner comes on board.<\/p>\n\n\n\n

\u2018\u2018Effective immediately, Miami-Dade County and the Miami Heat have agreed that, until such time as there is a new naming rights partner, to refer to the arena as Miami-Dade Arena. The removal of the facility\u2019s existing signage and the changeover of branding elements will be ongoing in the coming weeks.<\/em>\u2019\u2019<\/p>\n\n\n\n

See Related:<\/em><\/strong> CryptoCom Arena: Reported $700m Deal Sealed For Clippers Arena<\/a><\/p>\n\n\n\n

FTX and Miami \u2013 Dade Country \u2013 which owns the arena \u2013 agreed, effective June 2021, to extend the naming rights to the exchange for 19 years, where FTX would pay $2 million annually. The last payment was supposed to be $5.5 million on January 1 before the business went under. <\/p>\n\n\n\n

FTX filed for bankruptcy<\/a> in November last year, collapsing with an estimated $10 billion worth of investors' funds. Its founder Sam Bankman-Fried was later arrested<\/a> and extradited to the US to face criminal charges relating to money laundering and financial fraud.<\/p>\n","post_title":"NBA\u2019s Miami Heat Ends $135M Deal With FTX Following Court Orders, Welcome Miami-Dade Arena","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"nbas-miami-heat-ends-135m-deal-with-ftx-following-court-orders-welcome-miami-dade-arena","to_ping":"","pinged":"","post_modified":"2023-01-15 02:59:30","post_modified_gmt":"2023-01-14 15:59:30","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9372","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":9360,"post_author":"13","post_date":"2023-01-14 16:16:36","post_date_gmt":"2023-01-14 05:16:36","post_content":"\n

The US Securities and Exchange Commission (SEC) charges<\/a> cryptocurrency exchange Gemini and Genesis Global for offering unregistered securities through the Gemini Earn Crypto asset-lending program, which was terminated in November with $900 million from 340,000 investors.\u00a0\u00a0<\/p>\n\n\n\n

Announcing in a press release dated January 12, the agency has filed a complaint with the US District of New York, accusing the two companies of breaching Section 5 (a) and 5(c) of the Securities Act of 1933 - seeking for permanent injunctive relief, disgorgement of ill-gotten gains plus prejudgment interest, and civil penalties.<\/p>\n\n\n\n

\u2018\u2018We allege that Genesis and Gemini offered unregistered securities to the public, bypassing disclosure requirements designed to protect investors,\u2019\u2019 <\/em>chairperson Gary Gensler said. \u2018\u2018(the) charges build on previous actions to make clear to the marketplace and the investing public that crypto lending platforms and other intermediaries need to comply with our time-tested securities laws,<\/em>\u2019\u2019 he added.<\/p>\n\n\n\n

See Related:<\/strong><\/em> Algorithmic Stablecoins Face Ban As US Congress Pushes Stablecoin Regulation Bill<\/a><\/p>\n\n\n\n

Gemini Drew As High As 4% Interest In The Earn Program<\/h2>\n\n\n\n

In Dec. 2020, Gemini collaborated with Genesis - also part of the Digital Currency Group - to offer the exchange\u2019s customers a way to loan out their crypto holdings and earn interest. In the arrangement, Gemini was the agent and deducted interest of as high as 4.29% from the amount paid to Gemini\u2019s investors \u2013 where determined how and when to invest the pooled funds.<\/p>\n\n\n\n

Later, Genesis suspended<\/a> the withdrawal of the funds, saying it lacked enough assets to meet the requests. In the submission, SEC alleges that the Gemini Earn program constitutes a sale of a security and ought to have been registered under its purview. The failure denies investors crucial information on the program leading to losses.<\/p>\n\n\n\n

SEC is continuing investigations into the possibility of any other security laws being violated by the two entities and has appealed to the public to provide any relevant evidence through its whistleblower program.<\/p>\n\n\n\n

See Related:<\/em><\/strong> Japanese Cryptocurrency Regulation Eases; Stablecoins To Be Listed Without Screening<\/a><\/p>\n","post_title":"US Regulator Charges Gemini and Genesis For Violating Securities Law In Crypto Lending","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"us-regulator-charges-gemini-and-genesis-for-violating-securities-law-in-crypto-lending","to_ping":"","pinged":"","post_modified":"2023-01-14 16:18:52","post_modified_gmt":"2023-01-14 05:18:52","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9360","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

Most Read

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Follow The Distributed

ADVERTISEMENT
\n

See Related: <\/em><\/strong>Warner Music Group To Launch Music NFTs In Partnership With Polygon, LGND<\/a><\/p>\n\n\n\n

Improved Transaction Finality and Stabilized Gas Fees<\/h2>\n\n\n\n

Polygon's VO.3.1 Hardfork reduces the severity of gas spikes during peak hours by changing the BaseFeeChangeDenominator to 16 from the current 8 and \u2013 streamlining the increase or decrease of the transaction fees. The base fee is the minimum amount required for a transaction to be added to a block.<\/p>\n\n\n\n

Secondly, the fork addresses the chain reorganization issues by cutting the 'Sprint length' from 64 to 16 blocks. It means one validator will generate blocks for a much shorter period, approximately 32 seconds from the current 128 seconds. On the Polygon blockchain, reorgs affect the transaction finality based on the number of confirmed valid blocks.<\/p>\n\n\n\n

Amidst the hard fork, Polygon's native token MATIC is changing hands for $1.01, representing a price increase of 17% in the past week, per data provided by CoinMarketCap. The crypto market has extended the new year's uptrend, with the global cap at $996 billion.<\/p>\n","post_title":"Polygon Undergoes a Hard Fork Amid Decentralization Concerns","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"polygon-undergoes-a-hard-fork-amid-decentralization-concerns","to_ping":"","pinged":"","post_modified":"2023-04-10 17:40:42","post_modified_gmt":"2023-04-10 07:40:42","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9446","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":9404,"post_author":"13","post_date":"2023-01-17 15:23:08","post_date_gmt":"2023-01-17 04:23:08","post_content":"\n

The flagship cryptocurrency, Bitcoin, could rise in adoption following a growing interest among universities and colleges to introduce courses about the digital currency. One such institution is Texas A&M University which is planning to offer a Bitcoin course, including Programming Bitcoin, where students would \"build a Bitcoin library from scratch.<\/em>\"<\/p>\n\n\n\n

Associate Professor Korok Ray from Mays Business School at Texas A&M announced<\/a> on January 13 that he would teach a course on Bitcoin protocol to engineering and business students this spring in the Texas-based university.<\/p>\n\n\n\n

He added that afterward, a Programming Bitcoin course would follow, where students would be taught how to build a bitcoin library. Ray noted in his announcement that getting the approval from the university to have the course has been a lengthy process, possibly underscoring public institutions' lack of confidence in the sector following recent market volatilities.<\/p>\n\n\n\n

Crypto Curriculum Is Expected To Be The Key To Crypto Adoption<\/h2>\n\n\n\n

The perception of cryptocurrencies as high-risk assets, often seen as gambling, could be holding back the integration of the asset class into the school curriculum, which according to experts, is the only way to accelerate adoption. Crypto analyst Josh Cowell believes that crypto education could enhance financial literacy among students.<\/p>\n\n\n\n

Texas A&M University is one of many institutions of higher learning to bring crypto courses. Others include \u2013 Harvard University, Oxford, Massachusetts Institute of Technology, and the University of California Berkeley. Boston University Law School is reportedly offering a course on crypto regulations, according to a report shared with Cointelegraph by the institution's adjunct professor, Thomas Hook.<\/p>\n\n\n\n

Says Hook: the curriculum \"is meant to expose future lawyers on the potential issues they may see and the myriad of approaches and regulations that exist as it pertains to crypto and the different issues that crypto companies may face across the globe.<\/em>\"<\/p>\n","post_title":"Texas A&M University Adds BTC Course to Its Curriculum; And To A Build Bitcoin Library","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"texas-university-to-a-add-a-bitcoin-course","to_ping":"","pinged":"","post_modified":"2023-04-10 17:41:14","post_modified_gmt":"2023-04-10 07:41:14","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9404","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":9372,"post_author":"13","post_date":"2023-01-14 17:45:33","post_date_gmt":"2023-01-14 06:45:33","post_content":"\n

A US federal court has agreed to a request by Miami-Dade County and FTX to end a naming rights deal worth $135 million for the exchange at the sporting venue of the NBA basketball team - Miami Heat. According to the ruling<\/a>, FTX Arena would no longer be referred to as such, and all the branding containing the logos of the bankrupt exchange would be removed.<\/p>\n\n\n\n

See Related:<\/strong><\/em> From Bad To Good To Worse: The Binance And FTX Saga<\/a><\/p>\n\n\n\n

Judge John Dorsey wrote on January 11 that the naming rights shall be effected \u2018\u2018immediately upon the entry of (the) order.<\/em>\u2019\u2019 That means the FTX branding would have to be removed from, among other places, the entrance of the sporting venue, on the polo shirts worn by the officials, and on the electronic cards for accessing the venue, which according to experts, would be a big undertaking.<\/p>\n\n\n\n

Enter Miami-Dade Arena<\/h2>\n\n\n\n

Miami Heat posted<\/a> on Twitter on January 14 that the new name for the former FTX Arena would change to Miami \u2013 Dade Arena until a new partner comes on board.<\/p>\n\n\n\n

\u2018\u2018Effective immediately, Miami-Dade County and the Miami Heat have agreed that, until such time as there is a new naming rights partner, to refer to the arena as Miami-Dade Arena. The removal of the facility\u2019s existing signage and the changeover of branding elements will be ongoing in the coming weeks.<\/em>\u2019\u2019<\/p>\n\n\n\n

See Related:<\/em><\/strong> CryptoCom Arena: Reported $700m Deal Sealed For Clippers Arena<\/a><\/p>\n\n\n\n

FTX and Miami \u2013 Dade Country \u2013 which owns the arena \u2013 agreed, effective June 2021, to extend the naming rights to the exchange for 19 years, where FTX would pay $2 million annually. The last payment was supposed to be $5.5 million on January 1 before the business went under. <\/p>\n\n\n\n

FTX filed for bankruptcy<\/a> in November last year, collapsing with an estimated $10 billion worth of investors' funds. Its founder Sam Bankman-Fried was later arrested<\/a> and extradited to the US to face criminal charges relating to money laundering and financial fraud.<\/p>\n","post_title":"NBA\u2019s Miami Heat Ends $135M Deal With FTX Following Court Orders, Welcome Miami-Dade Arena","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"nbas-miami-heat-ends-135m-deal-with-ftx-following-court-orders-welcome-miami-dade-arena","to_ping":"","pinged":"","post_modified":"2023-01-15 02:59:30","post_modified_gmt":"2023-01-14 15:59:30","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9372","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":9360,"post_author":"13","post_date":"2023-01-14 16:16:36","post_date_gmt":"2023-01-14 05:16:36","post_content":"\n

The US Securities and Exchange Commission (SEC) charges<\/a> cryptocurrency exchange Gemini and Genesis Global for offering unregistered securities through the Gemini Earn Crypto asset-lending program, which was terminated in November with $900 million from 340,000 investors.\u00a0\u00a0<\/p>\n\n\n\n

Announcing in a press release dated January 12, the agency has filed a complaint with the US District of New York, accusing the two companies of breaching Section 5 (a) and 5(c) of the Securities Act of 1933 - seeking for permanent injunctive relief, disgorgement of ill-gotten gains plus prejudgment interest, and civil penalties.<\/p>\n\n\n\n

\u2018\u2018We allege that Genesis and Gemini offered unregistered securities to the public, bypassing disclosure requirements designed to protect investors,\u2019\u2019 <\/em>chairperson Gary Gensler said. \u2018\u2018(the) charges build on previous actions to make clear to the marketplace and the investing public that crypto lending platforms and other intermediaries need to comply with our time-tested securities laws,<\/em>\u2019\u2019 he added.<\/p>\n\n\n\n

See Related:<\/strong><\/em> Algorithmic Stablecoins Face Ban As US Congress Pushes Stablecoin Regulation Bill<\/a><\/p>\n\n\n\n

Gemini Drew As High As 4% Interest In The Earn Program<\/h2>\n\n\n\n

In Dec. 2020, Gemini collaborated with Genesis - also part of the Digital Currency Group - to offer the exchange\u2019s customers a way to loan out their crypto holdings and earn interest. In the arrangement, Gemini was the agent and deducted interest of as high as 4.29% from the amount paid to Gemini\u2019s investors \u2013 where determined how and when to invest the pooled funds.<\/p>\n\n\n\n

Later, Genesis suspended<\/a> the withdrawal of the funds, saying it lacked enough assets to meet the requests. In the submission, SEC alleges that the Gemini Earn program constitutes a sale of a security and ought to have been registered under its purview. The failure denies investors crucial information on the program leading to losses.<\/p>\n\n\n\n

SEC is continuing investigations into the possibility of any other security laws being violated by the two entities and has appealed to the public to provide any relevant evidence through its whistleblower program.<\/p>\n\n\n\n

See Related:<\/em><\/strong> Japanese Cryptocurrency Regulation Eases; Stablecoins To Be Listed Without Screening<\/a><\/p>\n","post_title":"US Regulator Charges Gemini and Genesis For Violating Securities Law In Crypto Lending","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"us-regulator-charges-gemini-and-genesis-for-violating-securities-law-in-crypto-lending","to_ping":"","pinged":"","post_modified":"2023-01-14 16:18:52","post_modified_gmt":"2023-01-14 05:18:52","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9360","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

Most Read

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Follow The Distributed

ADVERTISEMENT
\n

The proposal attracted controversy, with some community members demanding more details about the hard fork. Additionally, others questioned whether the upgrade was necessary in light of other urgent matters on the network. Interestingly, sources noted that some validators claim they were not part of the forum where Polygon tallied the votes.<\/p>\n\n\n\n

See Related: <\/em><\/strong>Warner Music Group To Launch Music NFTs In Partnership With Polygon, LGND<\/a><\/p>\n\n\n\n

Improved Transaction Finality and Stabilized Gas Fees<\/h2>\n\n\n\n

Polygon's VO.3.1 Hardfork reduces the severity of gas spikes during peak hours by changing the BaseFeeChangeDenominator to 16 from the current 8 and \u2013 streamlining the increase or decrease of the transaction fees. The base fee is the minimum amount required for a transaction to be added to a block.<\/p>\n\n\n\n

Secondly, the fork addresses the chain reorganization issues by cutting the 'Sprint length' from 64 to 16 blocks. It means one validator will generate blocks for a much shorter period, approximately 32 seconds from the current 128 seconds. On the Polygon blockchain, reorgs affect the transaction finality based on the number of confirmed valid blocks.<\/p>\n\n\n\n

Amidst the hard fork, Polygon's native token MATIC is changing hands for $1.01, representing a price increase of 17% in the past week, per data provided by CoinMarketCap. The crypto market has extended the new year's uptrend, with the global cap at $996 billion.<\/p>\n","post_title":"Polygon Undergoes a Hard Fork Amid Decentralization Concerns","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"polygon-undergoes-a-hard-fork-amid-decentralization-concerns","to_ping":"","pinged":"","post_modified":"2023-04-10 17:40:42","post_modified_gmt":"2023-04-10 07:40:42","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9446","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":9404,"post_author":"13","post_date":"2023-01-17 15:23:08","post_date_gmt":"2023-01-17 04:23:08","post_content":"\n

The flagship cryptocurrency, Bitcoin, could rise in adoption following a growing interest among universities and colleges to introduce courses about the digital currency. One such institution is Texas A&M University which is planning to offer a Bitcoin course, including Programming Bitcoin, where students would \"build a Bitcoin library from scratch.<\/em>\"<\/p>\n\n\n\n

Associate Professor Korok Ray from Mays Business School at Texas A&M announced<\/a> on January 13 that he would teach a course on Bitcoin protocol to engineering and business students this spring in the Texas-based university.<\/p>\n\n\n\n

He added that afterward, a Programming Bitcoin course would follow, where students would be taught how to build a bitcoin library. Ray noted in his announcement that getting the approval from the university to have the course has been a lengthy process, possibly underscoring public institutions' lack of confidence in the sector following recent market volatilities.<\/p>\n\n\n\n

Crypto Curriculum Is Expected To Be The Key To Crypto Adoption<\/h2>\n\n\n\n

The perception of cryptocurrencies as high-risk assets, often seen as gambling, could be holding back the integration of the asset class into the school curriculum, which according to experts, is the only way to accelerate adoption. Crypto analyst Josh Cowell believes that crypto education could enhance financial literacy among students.<\/p>\n\n\n\n

Texas A&M University is one of many institutions of higher learning to bring crypto courses. Others include \u2013 Harvard University, Oxford, Massachusetts Institute of Technology, and the University of California Berkeley. Boston University Law School is reportedly offering a course on crypto regulations, according to a report shared with Cointelegraph by the institution's adjunct professor, Thomas Hook.<\/p>\n\n\n\n

Says Hook: the curriculum \"is meant to expose future lawyers on the potential issues they may see and the myriad of approaches and regulations that exist as it pertains to crypto and the different issues that crypto companies may face across the globe.<\/em>\"<\/p>\n","post_title":"Texas A&M University Adds BTC Course to Its Curriculum; And To A Build Bitcoin Library","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"texas-university-to-a-add-a-bitcoin-course","to_ping":"","pinged":"","post_modified":"2023-04-10 17:41:14","post_modified_gmt":"2023-04-10 07:41:14","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9404","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":9372,"post_author":"13","post_date":"2023-01-14 17:45:33","post_date_gmt":"2023-01-14 06:45:33","post_content":"\n

A US federal court has agreed to a request by Miami-Dade County and FTX to end a naming rights deal worth $135 million for the exchange at the sporting venue of the NBA basketball team - Miami Heat. According to the ruling<\/a>, FTX Arena would no longer be referred to as such, and all the branding containing the logos of the bankrupt exchange would be removed.<\/p>\n\n\n\n

See Related:<\/strong><\/em> From Bad To Good To Worse: The Binance And FTX Saga<\/a><\/p>\n\n\n\n

Judge John Dorsey wrote on January 11 that the naming rights shall be effected \u2018\u2018immediately upon the entry of (the) order.<\/em>\u2019\u2019 That means the FTX branding would have to be removed from, among other places, the entrance of the sporting venue, on the polo shirts worn by the officials, and on the electronic cards for accessing the venue, which according to experts, would be a big undertaking.<\/p>\n\n\n\n

Enter Miami-Dade Arena<\/h2>\n\n\n\n

Miami Heat posted<\/a> on Twitter on January 14 that the new name for the former FTX Arena would change to Miami \u2013 Dade Arena until a new partner comes on board.<\/p>\n\n\n\n

\u2018\u2018Effective immediately, Miami-Dade County and the Miami Heat have agreed that, until such time as there is a new naming rights partner, to refer to the arena as Miami-Dade Arena. The removal of the facility\u2019s existing signage and the changeover of branding elements will be ongoing in the coming weeks.<\/em>\u2019\u2019<\/p>\n\n\n\n

See Related:<\/em><\/strong> CryptoCom Arena: Reported $700m Deal Sealed For Clippers Arena<\/a><\/p>\n\n\n\n

FTX and Miami \u2013 Dade Country \u2013 which owns the arena \u2013 agreed, effective June 2021, to extend the naming rights to the exchange for 19 years, where FTX would pay $2 million annually. The last payment was supposed to be $5.5 million on January 1 before the business went under. <\/p>\n\n\n\n

FTX filed for bankruptcy<\/a> in November last year, collapsing with an estimated $10 billion worth of investors' funds. Its founder Sam Bankman-Fried was later arrested<\/a> and extradited to the US to face criminal charges relating to money laundering and financial fraud.<\/p>\n","post_title":"NBA\u2019s Miami Heat Ends $135M Deal With FTX Following Court Orders, Welcome Miami-Dade Arena","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"nbas-miami-heat-ends-135m-deal-with-ftx-following-court-orders-welcome-miami-dade-arena","to_ping":"","pinged":"","post_modified":"2023-01-15 02:59:30","post_modified_gmt":"2023-01-14 15:59:30","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9372","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":9360,"post_author":"13","post_date":"2023-01-14 16:16:36","post_date_gmt":"2023-01-14 05:16:36","post_content":"\n

The US Securities and Exchange Commission (SEC) charges<\/a> cryptocurrency exchange Gemini and Genesis Global for offering unregistered securities through the Gemini Earn Crypto asset-lending program, which was terminated in November with $900 million from 340,000 investors.\u00a0\u00a0<\/p>\n\n\n\n

Announcing in a press release dated January 12, the agency has filed a complaint with the US District of New York, accusing the two companies of breaching Section 5 (a) and 5(c) of the Securities Act of 1933 - seeking for permanent injunctive relief, disgorgement of ill-gotten gains plus prejudgment interest, and civil penalties.<\/p>\n\n\n\n

\u2018\u2018We allege that Genesis and Gemini offered unregistered securities to the public, bypassing disclosure requirements designed to protect investors,\u2019\u2019 <\/em>chairperson Gary Gensler said. \u2018\u2018(the) charges build on previous actions to make clear to the marketplace and the investing public that crypto lending platforms and other intermediaries need to comply with our time-tested securities laws,<\/em>\u2019\u2019 he added.<\/p>\n\n\n\n

See Related:<\/strong><\/em> Algorithmic Stablecoins Face Ban As US Congress Pushes Stablecoin Regulation Bill<\/a><\/p>\n\n\n\n

Gemini Drew As High As 4% Interest In The Earn Program<\/h2>\n\n\n\n

In Dec. 2020, Gemini collaborated with Genesis - also part of the Digital Currency Group - to offer the exchange\u2019s customers a way to loan out their crypto holdings and earn interest. In the arrangement, Gemini was the agent and deducted interest of as high as 4.29% from the amount paid to Gemini\u2019s investors \u2013 where determined how and when to invest the pooled funds.<\/p>\n\n\n\n

Later, Genesis suspended<\/a> the withdrawal of the funds, saying it lacked enough assets to meet the requests. In the submission, SEC alleges that the Gemini Earn program constitutes a sale of a security and ought to have been registered under its purview. The failure denies investors crucial information on the program leading to losses.<\/p>\n\n\n\n

SEC is continuing investigations into the possibility of any other security laws being violated by the two entities and has appealed to the public to provide any relevant evidence through its whistleblower program.<\/p>\n\n\n\n

See Related:<\/em><\/strong> Japanese Cryptocurrency Regulation Eases; Stablecoins To Be Listed Without Screening<\/a><\/p>\n","post_title":"US Regulator Charges Gemini and Genesis For Violating Securities Law In Crypto Lending","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"us-regulator-charges-gemini-and-genesis-for-violating-securities-law-in-crypto-lending","to_ping":"","pinged":"","post_modified":"2023-01-14 16:18:52","post_modified_gmt":"2023-01-14 05:18:52","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9360","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

Most Read

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Follow The Distributed

ADVERTISEMENT
\n

Hard forks are events in a blockchain that upgrade software, creating a new parallel blockchain. Polygon's Governance team proposed in December to have the fork in a process requiring a large majority of validators, which in this case needed 67%.<\/p>\n\n\n\n

The proposal attracted controversy, with some community members demanding more details about the hard fork. Additionally, others questioned whether the upgrade was necessary in light of other urgent matters on the network. Interestingly, sources noted that some validators claim they were not part of the forum where Polygon tallied the votes.<\/p>\n\n\n\n

See Related: <\/em><\/strong>Warner Music Group To Launch Music NFTs In Partnership With Polygon, LGND<\/a><\/p>\n\n\n\n

Improved Transaction Finality and Stabilized Gas Fees<\/h2>\n\n\n\n

Polygon's VO.3.1 Hardfork reduces the severity of gas spikes during peak hours by changing the BaseFeeChangeDenominator to 16 from the current 8 and \u2013 streamlining the increase or decrease of the transaction fees. The base fee is the minimum amount required for a transaction to be added to a block.<\/p>\n\n\n\n

Secondly, the fork addresses the chain reorganization issues by cutting the 'Sprint length' from 64 to 16 blocks. It means one validator will generate blocks for a much shorter period, approximately 32 seconds from the current 128 seconds. On the Polygon blockchain, reorgs affect the transaction finality based on the number of confirmed valid blocks.<\/p>\n\n\n\n

Amidst the hard fork, Polygon's native token MATIC is changing hands for $1.01, representing a price increase of 17% in the past week, per data provided by CoinMarketCap. The crypto market has extended the new year's uptrend, with the global cap at $996 billion.<\/p>\n","post_title":"Polygon Undergoes a Hard Fork Amid Decentralization Concerns","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"polygon-undergoes-a-hard-fork-amid-decentralization-concerns","to_ping":"","pinged":"","post_modified":"2023-04-10 17:40:42","post_modified_gmt":"2023-04-10 07:40:42","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9446","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":9404,"post_author":"13","post_date":"2023-01-17 15:23:08","post_date_gmt":"2023-01-17 04:23:08","post_content":"\n

The flagship cryptocurrency, Bitcoin, could rise in adoption following a growing interest among universities and colleges to introduce courses about the digital currency. One such institution is Texas A&M University which is planning to offer a Bitcoin course, including Programming Bitcoin, where students would \"build a Bitcoin library from scratch.<\/em>\"<\/p>\n\n\n\n

Associate Professor Korok Ray from Mays Business School at Texas A&M announced<\/a> on January 13 that he would teach a course on Bitcoin protocol to engineering and business students this spring in the Texas-based university.<\/p>\n\n\n\n

He added that afterward, a Programming Bitcoin course would follow, where students would be taught how to build a bitcoin library. Ray noted in his announcement that getting the approval from the university to have the course has been a lengthy process, possibly underscoring public institutions' lack of confidence in the sector following recent market volatilities.<\/p>\n\n\n\n

Crypto Curriculum Is Expected To Be The Key To Crypto Adoption<\/h2>\n\n\n\n

The perception of cryptocurrencies as high-risk assets, often seen as gambling, could be holding back the integration of the asset class into the school curriculum, which according to experts, is the only way to accelerate adoption. Crypto analyst Josh Cowell believes that crypto education could enhance financial literacy among students.<\/p>\n\n\n\n

Texas A&M University is one of many institutions of higher learning to bring crypto courses. Others include \u2013 Harvard University, Oxford, Massachusetts Institute of Technology, and the University of California Berkeley. Boston University Law School is reportedly offering a course on crypto regulations, according to a report shared with Cointelegraph by the institution's adjunct professor, Thomas Hook.<\/p>\n\n\n\n

Says Hook: the curriculum \"is meant to expose future lawyers on the potential issues they may see and the myriad of approaches and regulations that exist as it pertains to crypto and the different issues that crypto companies may face across the globe.<\/em>\"<\/p>\n","post_title":"Texas A&M University Adds BTC Course to Its Curriculum; And To A Build Bitcoin Library","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"texas-university-to-a-add-a-bitcoin-course","to_ping":"","pinged":"","post_modified":"2023-04-10 17:41:14","post_modified_gmt":"2023-04-10 07:41:14","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9404","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":9372,"post_author":"13","post_date":"2023-01-14 17:45:33","post_date_gmt":"2023-01-14 06:45:33","post_content":"\n

A US federal court has agreed to a request by Miami-Dade County and FTX to end a naming rights deal worth $135 million for the exchange at the sporting venue of the NBA basketball team - Miami Heat. According to the ruling<\/a>, FTX Arena would no longer be referred to as such, and all the branding containing the logos of the bankrupt exchange would be removed.<\/p>\n\n\n\n

See Related:<\/strong><\/em> From Bad To Good To Worse: The Binance And FTX Saga<\/a><\/p>\n\n\n\n

Judge John Dorsey wrote on January 11 that the naming rights shall be effected \u2018\u2018immediately upon the entry of (the) order.<\/em>\u2019\u2019 That means the FTX branding would have to be removed from, among other places, the entrance of the sporting venue, on the polo shirts worn by the officials, and on the electronic cards for accessing the venue, which according to experts, would be a big undertaking.<\/p>\n\n\n\n

Enter Miami-Dade Arena<\/h2>\n\n\n\n

Miami Heat posted<\/a> on Twitter on January 14 that the new name for the former FTX Arena would change to Miami \u2013 Dade Arena until a new partner comes on board.<\/p>\n\n\n\n

\u2018\u2018Effective immediately, Miami-Dade County and the Miami Heat have agreed that, until such time as there is a new naming rights partner, to refer to the arena as Miami-Dade Arena. The removal of the facility\u2019s existing signage and the changeover of branding elements will be ongoing in the coming weeks.<\/em>\u2019\u2019<\/p>\n\n\n\n

See Related:<\/em><\/strong> CryptoCom Arena: Reported $700m Deal Sealed For Clippers Arena<\/a><\/p>\n\n\n\n

FTX and Miami \u2013 Dade Country \u2013 which owns the arena \u2013 agreed, effective June 2021, to extend the naming rights to the exchange for 19 years, where FTX would pay $2 million annually. The last payment was supposed to be $5.5 million on January 1 before the business went under. <\/p>\n\n\n\n

FTX filed for bankruptcy<\/a> in November last year, collapsing with an estimated $10 billion worth of investors' funds. Its founder Sam Bankman-Fried was later arrested<\/a> and extradited to the US to face criminal charges relating to money laundering and financial fraud.<\/p>\n","post_title":"NBA\u2019s Miami Heat Ends $135M Deal With FTX Following Court Orders, Welcome Miami-Dade Arena","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"nbas-miami-heat-ends-135m-deal-with-ftx-following-court-orders-welcome-miami-dade-arena","to_ping":"","pinged":"","post_modified":"2023-01-15 02:59:30","post_modified_gmt":"2023-01-14 15:59:30","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9372","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":9360,"post_author":"13","post_date":"2023-01-14 16:16:36","post_date_gmt":"2023-01-14 05:16:36","post_content":"\n

The US Securities and Exchange Commission (SEC) charges<\/a> cryptocurrency exchange Gemini and Genesis Global for offering unregistered securities through the Gemini Earn Crypto asset-lending program, which was terminated in November with $900 million from 340,000 investors.\u00a0\u00a0<\/p>\n\n\n\n

Announcing in a press release dated January 12, the agency has filed a complaint with the US District of New York, accusing the two companies of breaching Section 5 (a) and 5(c) of the Securities Act of 1933 - seeking for permanent injunctive relief, disgorgement of ill-gotten gains plus prejudgment interest, and civil penalties.<\/p>\n\n\n\n

\u2018\u2018We allege that Genesis and Gemini offered unregistered securities to the public, bypassing disclosure requirements designed to protect investors,\u2019\u2019 <\/em>chairperson Gary Gensler said. \u2018\u2018(the) charges build on previous actions to make clear to the marketplace and the investing public that crypto lending platforms and other intermediaries need to comply with our time-tested securities laws,<\/em>\u2019\u2019 he added.<\/p>\n\n\n\n

See Related:<\/strong><\/em> Algorithmic Stablecoins Face Ban As US Congress Pushes Stablecoin Regulation Bill<\/a><\/p>\n\n\n\n

Gemini Drew As High As 4% Interest In The Earn Program<\/h2>\n\n\n\n

In Dec. 2020, Gemini collaborated with Genesis - also part of the Digital Currency Group - to offer the exchange\u2019s customers a way to loan out their crypto holdings and earn interest. In the arrangement, Gemini was the agent and deducted interest of as high as 4.29% from the amount paid to Gemini\u2019s investors \u2013 where determined how and when to invest the pooled funds.<\/p>\n\n\n\n

Later, Genesis suspended<\/a> the withdrawal of the funds, saying it lacked enough assets to meet the requests. In the submission, SEC alleges that the Gemini Earn program constitutes a sale of a security and ought to have been registered under its purview. The failure denies investors crucial information on the program leading to losses.<\/p>\n\n\n\n

SEC is continuing investigations into the possibility of any other security laws being violated by the two entities and has appealed to the public to provide any relevant evidence through its whistleblower program.<\/p>\n\n\n\n

See Related:<\/em><\/strong> Japanese Cryptocurrency Regulation Eases; Stablecoins To Be Listed Without Screening<\/a><\/p>\n","post_title":"US Regulator Charges Gemini and Genesis For Violating Securities Law In Crypto Lending","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"us-regulator-charges-gemini-and-genesis-for-violating-securities-law-in-crypto-lending","to_ping":"","pinged":"","post_modified":"2023-01-14 16:18:52","post_modified_gmt":"2023-01-14 05:18:52","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9360","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

Most Read

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Follow The Distributed

ADVERTISEMENT
\n

Polygon underwent<\/a> an upgrade Tuesday to improve the network's transaction speed and reduce gas fees. However, the process that preceded the upgrade raised questions about the extent of decentralization on the Ethereum scaling layer-2<\/a> blockchain. Of 15 selected validators, 13 voted in favour of the proposal to have the hard fork.\u00a0\u00a0<\/p>\n\n\n\n

Hard forks are events in a blockchain that upgrade software, creating a new parallel blockchain. Polygon's Governance team proposed in December to have the fork in a process requiring a large majority of validators, which in this case needed 67%.<\/p>\n\n\n\n

The proposal attracted controversy, with some community members demanding more details about the hard fork. Additionally, others questioned whether the upgrade was necessary in light of other urgent matters on the network. Interestingly, sources noted that some validators claim they were not part of the forum where Polygon tallied the votes.<\/p>\n\n\n\n

See Related: <\/em><\/strong>Warner Music Group To Launch Music NFTs In Partnership With Polygon, LGND<\/a><\/p>\n\n\n\n

Improved Transaction Finality and Stabilized Gas Fees<\/h2>\n\n\n\n

Polygon's VO.3.1 Hardfork reduces the severity of gas spikes during peak hours by changing the BaseFeeChangeDenominator to 16 from the current 8 and \u2013 streamlining the increase or decrease of the transaction fees. The base fee is the minimum amount required for a transaction to be added to a block.<\/p>\n\n\n\n

Secondly, the fork addresses the chain reorganization issues by cutting the 'Sprint length' from 64 to 16 blocks. It means one validator will generate blocks for a much shorter period, approximately 32 seconds from the current 128 seconds. On the Polygon blockchain, reorgs affect the transaction finality based on the number of confirmed valid blocks.<\/p>\n\n\n\n

Amidst the hard fork, Polygon's native token MATIC is changing hands for $1.01, representing a price increase of 17% in the past week, per data provided by CoinMarketCap. The crypto market has extended the new year's uptrend, with the global cap at $996 billion.<\/p>\n","post_title":"Polygon Undergoes a Hard Fork Amid Decentralization Concerns","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"polygon-undergoes-a-hard-fork-amid-decentralization-concerns","to_ping":"","pinged":"","post_modified":"2023-04-10 17:40:42","post_modified_gmt":"2023-04-10 07:40:42","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9446","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":9404,"post_author":"13","post_date":"2023-01-17 15:23:08","post_date_gmt":"2023-01-17 04:23:08","post_content":"\n

The flagship cryptocurrency, Bitcoin, could rise in adoption following a growing interest among universities and colleges to introduce courses about the digital currency. One such institution is Texas A&M University which is planning to offer a Bitcoin course, including Programming Bitcoin, where students would \"build a Bitcoin library from scratch.<\/em>\"<\/p>\n\n\n\n

Associate Professor Korok Ray from Mays Business School at Texas A&M announced<\/a> on January 13 that he would teach a course on Bitcoin protocol to engineering and business students this spring in the Texas-based university.<\/p>\n\n\n\n

He added that afterward, a Programming Bitcoin course would follow, where students would be taught how to build a bitcoin library. Ray noted in his announcement that getting the approval from the university to have the course has been a lengthy process, possibly underscoring public institutions' lack of confidence in the sector following recent market volatilities.<\/p>\n\n\n\n

Crypto Curriculum Is Expected To Be The Key To Crypto Adoption<\/h2>\n\n\n\n

The perception of cryptocurrencies as high-risk assets, often seen as gambling, could be holding back the integration of the asset class into the school curriculum, which according to experts, is the only way to accelerate adoption. Crypto analyst Josh Cowell believes that crypto education could enhance financial literacy among students.<\/p>\n\n\n\n

Texas A&M University is one of many institutions of higher learning to bring crypto courses. Others include \u2013 Harvard University, Oxford, Massachusetts Institute of Technology, and the University of California Berkeley. Boston University Law School is reportedly offering a course on crypto regulations, according to a report shared with Cointelegraph by the institution's adjunct professor, Thomas Hook.<\/p>\n\n\n\n

Says Hook: the curriculum \"is meant to expose future lawyers on the potential issues they may see and the myriad of approaches and regulations that exist as it pertains to crypto and the different issues that crypto companies may face across the globe.<\/em>\"<\/p>\n","post_title":"Texas A&M University Adds BTC Course to Its Curriculum; And To A Build Bitcoin Library","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"texas-university-to-a-add-a-bitcoin-course","to_ping":"","pinged":"","post_modified":"2023-04-10 17:41:14","post_modified_gmt":"2023-04-10 07:41:14","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9404","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":9372,"post_author":"13","post_date":"2023-01-14 17:45:33","post_date_gmt":"2023-01-14 06:45:33","post_content":"\n

A US federal court has agreed to a request by Miami-Dade County and FTX to end a naming rights deal worth $135 million for the exchange at the sporting venue of the NBA basketball team - Miami Heat. According to the ruling<\/a>, FTX Arena would no longer be referred to as such, and all the branding containing the logos of the bankrupt exchange would be removed.<\/p>\n\n\n\n

See Related:<\/strong><\/em> From Bad To Good To Worse: The Binance And FTX Saga<\/a><\/p>\n\n\n\n

Judge John Dorsey wrote on January 11 that the naming rights shall be effected \u2018\u2018immediately upon the entry of (the) order.<\/em>\u2019\u2019 That means the FTX branding would have to be removed from, among other places, the entrance of the sporting venue, on the polo shirts worn by the officials, and on the electronic cards for accessing the venue, which according to experts, would be a big undertaking.<\/p>\n\n\n\n

Enter Miami-Dade Arena<\/h2>\n\n\n\n

Miami Heat posted<\/a> on Twitter on January 14 that the new name for the former FTX Arena would change to Miami \u2013 Dade Arena until a new partner comes on board.<\/p>\n\n\n\n

\u2018\u2018Effective immediately, Miami-Dade County and the Miami Heat have agreed that, until such time as there is a new naming rights partner, to refer to the arena as Miami-Dade Arena. The removal of the facility\u2019s existing signage and the changeover of branding elements will be ongoing in the coming weeks.<\/em>\u2019\u2019<\/p>\n\n\n\n

See Related:<\/em><\/strong> CryptoCom Arena: Reported $700m Deal Sealed For Clippers Arena<\/a><\/p>\n\n\n\n

FTX and Miami \u2013 Dade Country \u2013 which owns the arena \u2013 agreed, effective June 2021, to extend the naming rights to the exchange for 19 years, where FTX would pay $2 million annually. The last payment was supposed to be $5.5 million on January 1 before the business went under. <\/p>\n\n\n\n

FTX filed for bankruptcy<\/a> in November last year, collapsing with an estimated $10 billion worth of investors' funds. Its founder Sam Bankman-Fried was later arrested<\/a> and extradited to the US to face criminal charges relating to money laundering and financial fraud.<\/p>\n","post_title":"NBA\u2019s Miami Heat Ends $135M Deal With FTX Following Court Orders, Welcome Miami-Dade Arena","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"nbas-miami-heat-ends-135m-deal-with-ftx-following-court-orders-welcome-miami-dade-arena","to_ping":"","pinged":"","post_modified":"2023-01-15 02:59:30","post_modified_gmt":"2023-01-14 15:59:30","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9372","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":9360,"post_author":"13","post_date":"2023-01-14 16:16:36","post_date_gmt":"2023-01-14 05:16:36","post_content":"\n

The US Securities and Exchange Commission (SEC) charges<\/a> cryptocurrency exchange Gemini and Genesis Global for offering unregistered securities through the Gemini Earn Crypto asset-lending program, which was terminated in November with $900 million from 340,000 investors.\u00a0\u00a0<\/p>\n\n\n\n

Announcing in a press release dated January 12, the agency has filed a complaint with the US District of New York, accusing the two companies of breaching Section 5 (a) and 5(c) of the Securities Act of 1933 - seeking for permanent injunctive relief, disgorgement of ill-gotten gains plus prejudgment interest, and civil penalties.<\/p>\n\n\n\n

\u2018\u2018We allege that Genesis and Gemini offered unregistered securities to the public, bypassing disclosure requirements designed to protect investors,\u2019\u2019 <\/em>chairperson Gary Gensler said. \u2018\u2018(the) charges build on previous actions to make clear to the marketplace and the investing public that crypto lending platforms and other intermediaries need to comply with our time-tested securities laws,<\/em>\u2019\u2019 he added.<\/p>\n\n\n\n

See Related:<\/strong><\/em> Algorithmic Stablecoins Face Ban As US Congress Pushes Stablecoin Regulation Bill<\/a><\/p>\n\n\n\n

Gemini Drew As High As 4% Interest In The Earn Program<\/h2>\n\n\n\n

In Dec. 2020, Gemini collaborated with Genesis - also part of the Digital Currency Group - to offer the exchange\u2019s customers a way to loan out their crypto holdings and earn interest. In the arrangement, Gemini was the agent and deducted interest of as high as 4.29% from the amount paid to Gemini\u2019s investors \u2013 where determined how and when to invest the pooled funds.<\/p>\n\n\n\n

Later, Genesis suspended<\/a> the withdrawal of the funds, saying it lacked enough assets to meet the requests. In the submission, SEC alleges that the Gemini Earn program constitutes a sale of a security and ought to have been registered under its purview. The failure denies investors crucial information on the program leading to losses.<\/p>\n\n\n\n

SEC is continuing investigations into the possibility of any other security laws being violated by the two entities and has appealed to the public to provide any relevant evidence through its whistleblower program.<\/p>\n\n\n\n

See Related:<\/em><\/strong> Japanese Cryptocurrency Regulation Eases; Stablecoins To Be Listed Without Screening<\/a><\/p>\n","post_title":"US Regulator Charges Gemini and Genesis For Violating Securities Law In Crypto Lending","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"us-regulator-charges-gemini-and-genesis-for-violating-securities-law-in-crypto-lending","to_ping":"","pinged":"","post_modified":"2023-01-14 16:18:52","post_modified_gmt":"2023-01-14 05:18:52","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9360","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

Most Read

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Follow The Distributed

ADVERTISEMENT
\n
\nhttps:\/\/twitter.com\/TheDistributed_\/status\/1616138722835333120\n<\/div><\/figure>\n","post_title":"SEC Charges Sam Bankman-Fried for \u2018Orchestrating Year-Long Fraud\u2019 Against Equity Investors","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"sec-charges-sam-bankman-fried-for-orchestrating-year-long-fraud-against-equity-investors","to_ping":"","pinged":"","post_modified":"2023-01-21 17:35:05","post_modified_gmt":"2023-01-21 06:35:05","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9493","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":9446,"post_author":"13","post_date":"2023-01-19 20:58:58","post_date_gmt":"2023-01-19 09:58:58","post_content":"\n

Polygon underwent<\/a> an upgrade Tuesday to improve the network's transaction speed and reduce gas fees. However, the process that preceded the upgrade raised questions about the extent of decentralization on the Ethereum scaling layer-2<\/a> blockchain. Of 15 selected validators, 13 voted in favour of the proposal to have the hard fork.\u00a0\u00a0<\/p>\n\n\n\n

Hard forks are events in a blockchain that upgrade software, creating a new parallel blockchain. Polygon's Governance team proposed in December to have the fork in a process requiring a large majority of validators, which in this case needed 67%.<\/p>\n\n\n\n

The proposal attracted controversy, with some community members demanding more details about the hard fork. Additionally, others questioned whether the upgrade was necessary in light of other urgent matters on the network. Interestingly, sources noted that some validators claim they were not part of the forum where Polygon tallied the votes.<\/p>\n\n\n\n

See Related: <\/em><\/strong>Warner Music Group To Launch Music NFTs In Partnership With Polygon, LGND<\/a><\/p>\n\n\n\n

Improved Transaction Finality and Stabilized Gas Fees<\/h2>\n\n\n\n

Polygon's VO.3.1 Hardfork reduces the severity of gas spikes during peak hours by changing the BaseFeeChangeDenominator to 16 from the current 8 and \u2013 streamlining the increase or decrease of the transaction fees. The base fee is the minimum amount required for a transaction to be added to a block.<\/p>\n\n\n\n

Secondly, the fork addresses the chain reorganization issues by cutting the 'Sprint length' from 64 to 16 blocks. It means one validator will generate blocks for a much shorter period, approximately 32 seconds from the current 128 seconds. On the Polygon blockchain, reorgs affect the transaction finality based on the number of confirmed valid blocks.<\/p>\n\n\n\n

Amidst the hard fork, Polygon's native token MATIC is changing hands for $1.01, representing a price increase of 17% in the past week, per data provided by CoinMarketCap. The crypto market has extended the new year's uptrend, with the global cap at $996 billion.<\/p>\n","post_title":"Polygon Undergoes a Hard Fork Amid Decentralization Concerns","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"polygon-undergoes-a-hard-fork-amid-decentralization-concerns","to_ping":"","pinged":"","post_modified":"2023-04-10 17:40:42","post_modified_gmt":"2023-04-10 07:40:42","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9446","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":9404,"post_author":"13","post_date":"2023-01-17 15:23:08","post_date_gmt":"2023-01-17 04:23:08","post_content":"\n

The flagship cryptocurrency, Bitcoin, could rise in adoption following a growing interest among universities and colleges to introduce courses about the digital currency. One such institution is Texas A&M University which is planning to offer a Bitcoin course, including Programming Bitcoin, where students would \"build a Bitcoin library from scratch.<\/em>\"<\/p>\n\n\n\n

Associate Professor Korok Ray from Mays Business School at Texas A&M announced<\/a> on January 13 that he would teach a course on Bitcoin protocol to engineering and business students this spring in the Texas-based university.<\/p>\n\n\n\n

He added that afterward, a Programming Bitcoin course would follow, where students would be taught how to build a bitcoin library. Ray noted in his announcement that getting the approval from the university to have the course has been a lengthy process, possibly underscoring public institutions' lack of confidence in the sector following recent market volatilities.<\/p>\n\n\n\n

Crypto Curriculum Is Expected To Be The Key To Crypto Adoption<\/h2>\n\n\n\n

The perception of cryptocurrencies as high-risk assets, often seen as gambling, could be holding back the integration of the asset class into the school curriculum, which according to experts, is the only way to accelerate adoption. Crypto analyst Josh Cowell believes that crypto education could enhance financial literacy among students.<\/p>\n\n\n\n

Texas A&M University is one of many institutions of higher learning to bring crypto courses. Others include \u2013 Harvard University, Oxford, Massachusetts Institute of Technology, and the University of California Berkeley. Boston University Law School is reportedly offering a course on crypto regulations, according to a report shared with Cointelegraph by the institution's adjunct professor, Thomas Hook.<\/p>\n\n\n\n

Says Hook: the curriculum \"is meant to expose future lawyers on the potential issues they may see and the myriad of approaches and regulations that exist as it pertains to crypto and the different issues that crypto companies may face across the globe.<\/em>\"<\/p>\n","post_title":"Texas A&M University Adds BTC Course to Its Curriculum; And To A Build Bitcoin Library","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"texas-university-to-a-add-a-bitcoin-course","to_ping":"","pinged":"","post_modified":"2023-04-10 17:41:14","post_modified_gmt":"2023-04-10 07:41:14","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9404","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":9372,"post_author":"13","post_date":"2023-01-14 17:45:33","post_date_gmt":"2023-01-14 06:45:33","post_content":"\n

A US federal court has agreed to a request by Miami-Dade County and FTX to end a naming rights deal worth $135 million for the exchange at the sporting venue of the NBA basketball team - Miami Heat. According to the ruling<\/a>, FTX Arena would no longer be referred to as such, and all the branding containing the logos of the bankrupt exchange would be removed.<\/p>\n\n\n\n

See Related:<\/strong><\/em> From Bad To Good To Worse: The Binance And FTX Saga<\/a><\/p>\n\n\n\n

Judge John Dorsey wrote on January 11 that the naming rights shall be effected \u2018\u2018immediately upon the entry of (the) order.<\/em>\u2019\u2019 That means the FTX branding would have to be removed from, among other places, the entrance of the sporting venue, on the polo shirts worn by the officials, and on the electronic cards for accessing the venue, which according to experts, would be a big undertaking.<\/p>\n\n\n\n

Enter Miami-Dade Arena<\/h2>\n\n\n\n

Miami Heat posted<\/a> on Twitter on January 14 that the new name for the former FTX Arena would change to Miami \u2013 Dade Arena until a new partner comes on board.<\/p>\n\n\n\n

\u2018\u2018Effective immediately, Miami-Dade County and the Miami Heat have agreed that, until such time as there is a new naming rights partner, to refer to the arena as Miami-Dade Arena. The removal of the facility\u2019s existing signage and the changeover of branding elements will be ongoing in the coming weeks.<\/em>\u2019\u2019<\/p>\n\n\n\n

See Related:<\/em><\/strong> CryptoCom Arena: Reported $700m Deal Sealed For Clippers Arena<\/a><\/p>\n\n\n\n

FTX and Miami \u2013 Dade Country \u2013 which owns the arena \u2013 agreed, effective June 2021, to extend the naming rights to the exchange for 19 years, where FTX would pay $2 million annually. The last payment was supposed to be $5.5 million on January 1 before the business went under. <\/p>\n\n\n\n

FTX filed for bankruptcy<\/a> in November last year, collapsing with an estimated $10 billion worth of investors' funds. Its founder Sam Bankman-Fried was later arrested<\/a> and extradited to the US to face criminal charges relating to money laundering and financial fraud.<\/p>\n","post_title":"NBA\u2019s Miami Heat Ends $135M Deal With FTX Following Court Orders, Welcome Miami-Dade Arena","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"nbas-miami-heat-ends-135m-deal-with-ftx-following-court-orders-welcome-miami-dade-arena","to_ping":"","pinged":"","post_modified":"2023-01-15 02:59:30","post_modified_gmt":"2023-01-14 15:59:30","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9372","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":9360,"post_author":"13","post_date":"2023-01-14 16:16:36","post_date_gmt":"2023-01-14 05:16:36","post_content":"\n

The US Securities and Exchange Commission (SEC) charges<\/a> cryptocurrency exchange Gemini and Genesis Global for offering unregistered securities through the Gemini Earn Crypto asset-lending program, which was terminated in November with $900 million from 340,000 investors.\u00a0\u00a0<\/p>\n\n\n\n

Announcing in a press release dated January 12, the agency has filed a complaint with the US District of New York, accusing the two companies of breaching Section 5 (a) and 5(c) of the Securities Act of 1933 - seeking for permanent injunctive relief, disgorgement of ill-gotten gains plus prejudgment interest, and civil penalties.<\/p>\n\n\n\n

\u2018\u2018We allege that Genesis and Gemini offered unregistered securities to the public, bypassing disclosure requirements designed to protect investors,\u2019\u2019 <\/em>chairperson Gary Gensler said. \u2018\u2018(the) charges build on previous actions to make clear to the marketplace and the investing public that crypto lending platforms and other intermediaries need to comply with our time-tested securities laws,<\/em>\u2019\u2019 he added.<\/p>\n\n\n\n

See Related:<\/strong><\/em> Algorithmic Stablecoins Face Ban As US Congress Pushes Stablecoin Regulation Bill<\/a><\/p>\n\n\n\n

Gemini Drew As High As 4% Interest In The Earn Program<\/h2>\n\n\n\n

In Dec. 2020, Gemini collaborated with Genesis - also part of the Digital Currency Group - to offer the exchange\u2019s customers a way to loan out their crypto holdings and earn interest. In the arrangement, Gemini was the agent and deducted interest of as high as 4.29% from the amount paid to Gemini\u2019s investors \u2013 where determined how and when to invest the pooled funds.<\/p>\n\n\n\n

Later, Genesis suspended<\/a> the withdrawal of the funds, saying it lacked enough assets to meet the requests. In the submission, SEC alleges that the Gemini Earn program constitutes a sale of a security and ought to have been registered under its purview. The failure denies investors crucial information on the program leading to losses.<\/p>\n\n\n\n

SEC is continuing investigations into the possibility of any other security laws being violated by the two entities and has appealed to the public to provide any relevant evidence through its whistleblower program.<\/p>\n\n\n\n

See Related:<\/em><\/strong> Japanese Cryptocurrency Regulation Eases; Stablecoins To Be Listed Without Screening<\/a><\/p>\n","post_title":"US Regulator Charges Gemini and Genesis For Violating Securities Law In Crypto Lending","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"us-regulator-charges-gemini-and-genesis-for-violating-securities-law-in-crypto-lending","to_ping":"","pinged":"","post_modified":"2023-01-14 16:18:52","post_modified_gmt":"2023-01-14 05:18:52","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9360","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

Most Read

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Follow The Distributed

ADVERTISEMENT
\n

See Related:<\/em><\/strong> Sam Bankman-Fried Released on a $250M Bail; Former FTX Executives Plead Guilty<\/a><\/p>\n\n\n\n

\nhttps:\/\/twitter.com\/TheDistributed_\/status\/1616138722835333120\n<\/div><\/figure>\n","post_title":"SEC Charges Sam Bankman-Fried for \u2018Orchestrating Year-Long Fraud\u2019 Against Equity Investors","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"sec-charges-sam-bankman-fried-for-orchestrating-year-long-fraud-against-equity-investors","to_ping":"","pinged":"","post_modified":"2023-01-21 17:35:05","post_modified_gmt":"2023-01-21 06:35:05","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9493","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":9446,"post_author":"13","post_date":"2023-01-19 20:58:58","post_date_gmt":"2023-01-19 09:58:58","post_content":"\n

Polygon underwent<\/a> an upgrade Tuesday to improve the network's transaction speed and reduce gas fees. However, the process that preceded the upgrade raised questions about the extent of decentralization on the Ethereum scaling layer-2<\/a> blockchain. Of 15 selected validators, 13 voted in favour of the proposal to have the hard fork.\u00a0\u00a0<\/p>\n\n\n\n

Hard forks are events in a blockchain that upgrade software, creating a new parallel blockchain. Polygon's Governance team proposed in December to have the fork in a process requiring a large majority of validators, which in this case needed 67%.<\/p>\n\n\n\n

The proposal attracted controversy, with some community members demanding more details about the hard fork. Additionally, others questioned whether the upgrade was necessary in light of other urgent matters on the network. Interestingly, sources noted that some validators claim they were not part of the forum where Polygon tallied the votes.<\/p>\n\n\n\n

See Related: <\/em><\/strong>Warner Music Group To Launch Music NFTs In Partnership With Polygon, LGND<\/a><\/p>\n\n\n\n

Improved Transaction Finality and Stabilized Gas Fees<\/h2>\n\n\n\n

Polygon's VO.3.1 Hardfork reduces the severity of gas spikes during peak hours by changing the BaseFeeChangeDenominator to 16 from the current 8 and \u2013 streamlining the increase or decrease of the transaction fees. The base fee is the minimum amount required for a transaction to be added to a block.<\/p>\n\n\n\n

Secondly, the fork addresses the chain reorganization issues by cutting the 'Sprint length' from 64 to 16 blocks. It means one validator will generate blocks for a much shorter period, approximately 32 seconds from the current 128 seconds. On the Polygon blockchain, reorgs affect the transaction finality based on the number of confirmed valid blocks.<\/p>\n\n\n\n

Amidst the hard fork, Polygon's native token MATIC is changing hands for $1.01, representing a price increase of 17% in the past week, per data provided by CoinMarketCap. The crypto market has extended the new year's uptrend, with the global cap at $996 billion.<\/p>\n","post_title":"Polygon Undergoes a Hard Fork Amid Decentralization Concerns","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"polygon-undergoes-a-hard-fork-amid-decentralization-concerns","to_ping":"","pinged":"","post_modified":"2023-04-10 17:40:42","post_modified_gmt":"2023-04-10 07:40:42","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9446","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":9404,"post_author":"13","post_date":"2023-01-17 15:23:08","post_date_gmt":"2023-01-17 04:23:08","post_content":"\n

The flagship cryptocurrency, Bitcoin, could rise in adoption following a growing interest among universities and colleges to introduce courses about the digital currency. One such institution is Texas A&M University which is planning to offer a Bitcoin course, including Programming Bitcoin, where students would \"build a Bitcoin library from scratch.<\/em>\"<\/p>\n\n\n\n

Associate Professor Korok Ray from Mays Business School at Texas A&M announced<\/a> on January 13 that he would teach a course on Bitcoin protocol to engineering and business students this spring in the Texas-based university.<\/p>\n\n\n\n

He added that afterward, a Programming Bitcoin course would follow, where students would be taught how to build a bitcoin library. Ray noted in his announcement that getting the approval from the university to have the course has been a lengthy process, possibly underscoring public institutions' lack of confidence in the sector following recent market volatilities.<\/p>\n\n\n\n

Crypto Curriculum Is Expected To Be The Key To Crypto Adoption<\/h2>\n\n\n\n

The perception of cryptocurrencies as high-risk assets, often seen as gambling, could be holding back the integration of the asset class into the school curriculum, which according to experts, is the only way to accelerate adoption. Crypto analyst Josh Cowell believes that crypto education could enhance financial literacy among students.<\/p>\n\n\n\n

Texas A&M University is one of many institutions of higher learning to bring crypto courses. Others include \u2013 Harvard University, Oxford, Massachusetts Institute of Technology, and the University of California Berkeley. Boston University Law School is reportedly offering a course on crypto regulations, according to a report shared with Cointelegraph by the institution's adjunct professor, Thomas Hook.<\/p>\n\n\n\n

Says Hook: the curriculum \"is meant to expose future lawyers on the potential issues they may see and the myriad of approaches and regulations that exist as it pertains to crypto and the different issues that crypto companies may face across the globe.<\/em>\"<\/p>\n","post_title":"Texas A&M University Adds BTC Course to Its Curriculum; And To A Build Bitcoin Library","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"texas-university-to-a-add-a-bitcoin-course","to_ping":"","pinged":"","post_modified":"2023-04-10 17:41:14","post_modified_gmt":"2023-04-10 07:41:14","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9404","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":9372,"post_author":"13","post_date":"2023-01-14 17:45:33","post_date_gmt":"2023-01-14 06:45:33","post_content":"\n

A US federal court has agreed to a request by Miami-Dade County and FTX to end a naming rights deal worth $135 million for the exchange at the sporting venue of the NBA basketball team - Miami Heat. According to the ruling<\/a>, FTX Arena would no longer be referred to as such, and all the branding containing the logos of the bankrupt exchange would be removed.<\/p>\n\n\n\n

See Related:<\/strong><\/em> From Bad To Good To Worse: The Binance And FTX Saga<\/a><\/p>\n\n\n\n

Judge John Dorsey wrote on January 11 that the naming rights shall be effected \u2018\u2018immediately upon the entry of (the) order.<\/em>\u2019\u2019 That means the FTX branding would have to be removed from, among other places, the entrance of the sporting venue, on the polo shirts worn by the officials, and on the electronic cards for accessing the venue, which according to experts, would be a big undertaking.<\/p>\n\n\n\n

Enter Miami-Dade Arena<\/h2>\n\n\n\n

Miami Heat posted<\/a> on Twitter on January 14 that the new name for the former FTX Arena would change to Miami \u2013 Dade Arena until a new partner comes on board.<\/p>\n\n\n\n

\u2018\u2018Effective immediately, Miami-Dade County and the Miami Heat have agreed that, until such time as there is a new naming rights partner, to refer to the arena as Miami-Dade Arena. The removal of the facility\u2019s existing signage and the changeover of branding elements will be ongoing in the coming weeks.<\/em>\u2019\u2019<\/p>\n\n\n\n

See Related:<\/em><\/strong> CryptoCom Arena: Reported $700m Deal Sealed For Clippers Arena<\/a><\/p>\n\n\n\n

FTX and Miami \u2013 Dade Country \u2013 which owns the arena \u2013 agreed, effective June 2021, to extend the naming rights to the exchange for 19 years, where FTX would pay $2 million annually. The last payment was supposed to be $5.5 million on January 1 before the business went under. <\/p>\n\n\n\n

FTX filed for bankruptcy<\/a> in November last year, collapsing with an estimated $10 billion worth of investors' funds. Its founder Sam Bankman-Fried was later arrested<\/a> and extradited to the US to face criminal charges relating to money laundering and financial fraud.<\/p>\n","post_title":"NBA\u2019s Miami Heat Ends $135M Deal With FTX Following Court Orders, Welcome Miami-Dade Arena","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"nbas-miami-heat-ends-135m-deal-with-ftx-following-court-orders-welcome-miami-dade-arena","to_ping":"","pinged":"","post_modified":"2023-01-15 02:59:30","post_modified_gmt":"2023-01-14 15:59:30","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9372","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":9360,"post_author":"13","post_date":"2023-01-14 16:16:36","post_date_gmt":"2023-01-14 05:16:36","post_content":"\n

The US Securities and Exchange Commission (SEC) charges<\/a> cryptocurrency exchange Gemini and Genesis Global for offering unregistered securities through the Gemini Earn Crypto asset-lending program, which was terminated in November with $900 million from 340,000 investors.\u00a0\u00a0<\/p>\n\n\n\n

Announcing in a press release dated January 12, the agency has filed a complaint with the US District of New York, accusing the two companies of breaching Section 5 (a) and 5(c) of the Securities Act of 1933 - seeking for permanent injunctive relief, disgorgement of ill-gotten gains plus prejudgment interest, and civil penalties.<\/p>\n\n\n\n

\u2018\u2018We allege that Genesis and Gemini offered unregistered securities to the public, bypassing disclosure requirements designed to protect investors,\u2019\u2019 <\/em>chairperson Gary Gensler said. \u2018\u2018(the) charges build on previous actions to make clear to the marketplace and the investing public that crypto lending platforms and other intermediaries need to comply with our time-tested securities laws,<\/em>\u2019\u2019 he added.<\/p>\n\n\n\n

See Related:<\/strong><\/em> Algorithmic Stablecoins Face Ban As US Congress Pushes Stablecoin Regulation Bill<\/a><\/p>\n\n\n\n

Gemini Drew As High As 4% Interest In The Earn Program<\/h2>\n\n\n\n

In Dec. 2020, Gemini collaborated with Genesis - also part of the Digital Currency Group - to offer the exchange\u2019s customers a way to loan out their crypto holdings and earn interest. In the arrangement, Gemini was the agent and deducted interest of as high as 4.29% from the amount paid to Gemini\u2019s investors \u2013 where determined how and when to invest the pooled funds.<\/p>\n\n\n\n

Later, Genesis suspended<\/a> the withdrawal of the funds, saying it lacked enough assets to meet the requests. In the submission, SEC alleges that the Gemini Earn program constitutes a sale of a security and ought to have been registered under its purview. The failure denies investors crucial information on the program leading to losses.<\/p>\n\n\n\n

SEC is continuing investigations into the possibility of any other security laws being violated by the two entities and has appealed to the public to provide any relevant evidence through its whistleblower program.<\/p>\n\n\n\n

See Related:<\/em><\/strong> Japanese Cryptocurrency Regulation Eases; Stablecoins To Be Listed Without Screening<\/a><\/p>\n","post_title":"US Regulator Charges Gemini and Genesis For Violating Securities Law In Crypto Lending","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"us-regulator-charges-gemini-and-genesis-for-violating-securities-law-in-crypto-lending","to_ping":"","pinged":"","post_modified":"2023-01-14 16:18:52","post_modified_gmt":"2023-01-14 05:18:52","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9360","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

Most Read

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Follow The Distributed

ADVERTISEMENT
\n

FTX investors got a ray of hope after the new CEO John Ray said there was a possibility of reviving the collapsed exchange. His statement was quickly criticized by SBF, who is currently out on a $250 million recognizance bond secured by his parent's property.<\/p>\n\n\n\n

See Related:<\/em><\/strong> Sam Bankman-Fried Released on a $250M Bail; Former FTX Executives Plead Guilty<\/a><\/p>\n\n\n\n

\nhttps:\/\/twitter.com\/TheDistributed_\/status\/1616138722835333120\n<\/div><\/figure>\n","post_title":"SEC Charges Sam Bankman-Fried for \u2018Orchestrating Year-Long Fraud\u2019 Against Equity Investors","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"sec-charges-sam-bankman-fried-for-orchestrating-year-long-fraud-against-equity-investors","to_ping":"","pinged":"","post_modified":"2023-01-21 17:35:05","post_modified_gmt":"2023-01-21 06:35:05","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9493","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":9446,"post_author":"13","post_date":"2023-01-19 20:58:58","post_date_gmt":"2023-01-19 09:58:58","post_content":"\n

Polygon underwent<\/a> an upgrade Tuesday to improve the network's transaction speed and reduce gas fees. However, the process that preceded the upgrade raised questions about the extent of decentralization on the Ethereum scaling layer-2<\/a> blockchain. Of 15 selected validators, 13 voted in favour of the proposal to have the hard fork.\u00a0\u00a0<\/p>\n\n\n\n

Hard forks are events in a blockchain that upgrade software, creating a new parallel blockchain. Polygon's Governance team proposed in December to have the fork in a process requiring a large majority of validators, which in this case needed 67%.<\/p>\n\n\n\n

The proposal attracted controversy, with some community members demanding more details about the hard fork. Additionally, others questioned whether the upgrade was necessary in light of other urgent matters on the network. Interestingly, sources noted that some validators claim they were not part of the forum where Polygon tallied the votes.<\/p>\n\n\n\n

See Related: <\/em><\/strong>Warner Music Group To Launch Music NFTs In Partnership With Polygon, LGND<\/a><\/p>\n\n\n\n

Improved Transaction Finality and Stabilized Gas Fees<\/h2>\n\n\n\n

Polygon's VO.3.1 Hardfork reduces the severity of gas spikes during peak hours by changing the BaseFeeChangeDenominator to 16 from the current 8 and \u2013 streamlining the increase or decrease of the transaction fees. The base fee is the minimum amount required for a transaction to be added to a block.<\/p>\n\n\n\n

Secondly, the fork addresses the chain reorganization issues by cutting the 'Sprint length' from 64 to 16 blocks. It means one validator will generate blocks for a much shorter period, approximately 32 seconds from the current 128 seconds. On the Polygon blockchain, reorgs affect the transaction finality based on the number of confirmed valid blocks.<\/p>\n\n\n\n

Amidst the hard fork, Polygon's native token MATIC is changing hands for $1.01, representing a price increase of 17% in the past week, per data provided by CoinMarketCap. The crypto market has extended the new year's uptrend, with the global cap at $996 billion.<\/p>\n","post_title":"Polygon Undergoes a Hard Fork Amid Decentralization Concerns","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"polygon-undergoes-a-hard-fork-amid-decentralization-concerns","to_ping":"","pinged":"","post_modified":"2023-04-10 17:40:42","post_modified_gmt":"2023-04-10 07:40:42","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9446","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":9404,"post_author":"13","post_date":"2023-01-17 15:23:08","post_date_gmt":"2023-01-17 04:23:08","post_content":"\n

The flagship cryptocurrency, Bitcoin, could rise in adoption following a growing interest among universities and colleges to introduce courses about the digital currency. One such institution is Texas A&M University which is planning to offer a Bitcoin course, including Programming Bitcoin, where students would \"build a Bitcoin library from scratch.<\/em>\"<\/p>\n\n\n\n

Associate Professor Korok Ray from Mays Business School at Texas A&M announced<\/a> on January 13 that he would teach a course on Bitcoin protocol to engineering and business students this spring in the Texas-based university.<\/p>\n\n\n\n

He added that afterward, a Programming Bitcoin course would follow, where students would be taught how to build a bitcoin library. Ray noted in his announcement that getting the approval from the university to have the course has been a lengthy process, possibly underscoring public institutions' lack of confidence in the sector following recent market volatilities.<\/p>\n\n\n\n

Crypto Curriculum Is Expected To Be The Key To Crypto Adoption<\/h2>\n\n\n\n

The perception of cryptocurrencies as high-risk assets, often seen as gambling, could be holding back the integration of the asset class into the school curriculum, which according to experts, is the only way to accelerate adoption. Crypto analyst Josh Cowell believes that crypto education could enhance financial literacy among students.<\/p>\n\n\n\n

Texas A&M University is one of many institutions of higher learning to bring crypto courses. Others include \u2013 Harvard University, Oxford, Massachusetts Institute of Technology, and the University of California Berkeley. Boston University Law School is reportedly offering a course on crypto regulations, according to a report shared with Cointelegraph by the institution's adjunct professor, Thomas Hook.<\/p>\n\n\n\n

Says Hook: the curriculum \"is meant to expose future lawyers on the potential issues they may see and the myriad of approaches and regulations that exist as it pertains to crypto and the different issues that crypto companies may face across the globe.<\/em>\"<\/p>\n","post_title":"Texas A&M University Adds BTC Course to Its Curriculum; And To A Build Bitcoin Library","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"texas-university-to-a-add-a-bitcoin-course","to_ping":"","pinged":"","post_modified":"2023-04-10 17:41:14","post_modified_gmt":"2023-04-10 07:41:14","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9404","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":9372,"post_author":"13","post_date":"2023-01-14 17:45:33","post_date_gmt":"2023-01-14 06:45:33","post_content":"\n

A US federal court has agreed to a request by Miami-Dade County and FTX to end a naming rights deal worth $135 million for the exchange at the sporting venue of the NBA basketball team - Miami Heat. According to the ruling<\/a>, FTX Arena would no longer be referred to as such, and all the branding containing the logos of the bankrupt exchange would be removed.<\/p>\n\n\n\n

See Related:<\/strong><\/em> From Bad To Good To Worse: The Binance And FTX Saga<\/a><\/p>\n\n\n\n

Judge John Dorsey wrote on January 11 that the naming rights shall be effected \u2018\u2018immediately upon the entry of (the) order.<\/em>\u2019\u2019 That means the FTX branding would have to be removed from, among other places, the entrance of the sporting venue, on the polo shirts worn by the officials, and on the electronic cards for accessing the venue, which according to experts, would be a big undertaking.<\/p>\n\n\n\n

Enter Miami-Dade Arena<\/h2>\n\n\n\n

Miami Heat posted<\/a> on Twitter on January 14 that the new name for the former FTX Arena would change to Miami \u2013 Dade Arena until a new partner comes on board.<\/p>\n\n\n\n

\u2018\u2018Effective immediately, Miami-Dade County and the Miami Heat have agreed that, until such time as there is a new naming rights partner, to refer to the arena as Miami-Dade Arena. The removal of the facility\u2019s existing signage and the changeover of branding elements will be ongoing in the coming weeks.<\/em>\u2019\u2019<\/p>\n\n\n\n

See Related:<\/em><\/strong> CryptoCom Arena: Reported $700m Deal Sealed For Clippers Arena<\/a><\/p>\n\n\n\n

FTX and Miami \u2013 Dade Country \u2013 which owns the arena \u2013 agreed, effective June 2021, to extend the naming rights to the exchange for 19 years, where FTX would pay $2 million annually. The last payment was supposed to be $5.5 million on January 1 before the business went under. <\/p>\n\n\n\n

FTX filed for bankruptcy<\/a> in November last year, collapsing with an estimated $10 billion worth of investors' funds. Its founder Sam Bankman-Fried was later arrested<\/a> and extradited to the US to face criminal charges relating to money laundering and financial fraud.<\/p>\n","post_title":"NBA\u2019s Miami Heat Ends $135M Deal With FTX Following Court Orders, Welcome Miami-Dade Arena","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"nbas-miami-heat-ends-135m-deal-with-ftx-following-court-orders-welcome-miami-dade-arena","to_ping":"","pinged":"","post_modified":"2023-01-15 02:59:30","post_modified_gmt":"2023-01-14 15:59:30","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9372","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":9360,"post_author":"13","post_date":"2023-01-14 16:16:36","post_date_gmt":"2023-01-14 05:16:36","post_content":"\n

The US Securities and Exchange Commission (SEC) charges<\/a> cryptocurrency exchange Gemini and Genesis Global for offering unregistered securities through the Gemini Earn Crypto asset-lending program, which was terminated in November with $900 million from 340,000 investors.\u00a0\u00a0<\/p>\n\n\n\n

Announcing in a press release dated January 12, the agency has filed a complaint with the US District of New York, accusing the two companies of breaching Section 5 (a) and 5(c) of the Securities Act of 1933 - seeking for permanent injunctive relief, disgorgement of ill-gotten gains plus prejudgment interest, and civil penalties.<\/p>\n\n\n\n

\u2018\u2018We allege that Genesis and Gemini offered unregistered securities to the public, bypassing disclosure requirements designed to protect investors,\u2019\u2019 <\/em>chairperson Gary Gensler said. \u2018\u2018(the) charges build on previous actions to make clear to the marketplace and the investing public that crypto lending platforms and other intermediaries need to comply with our time-tested securities laws,<\/em>\u2019\u2019 he added.<\/p>\n\n\n\n

See Related:<\/strong><\/em> Algorithmic Stablecoins Face Ban As US Congress Pushes Stablecoin Regulation Bill<\/a><\/p>\n\n\n\n

Gemini Drew As High As 4% Interest In The Earn Program<\/h2>\n\n\n\n

In Dec. 2020, Gemini collaborated with Genesis - also part of the Digital Currency Group - to offer the exchange\u2019s customers a way to loan out their crypto holdings and earn interest. In the arrangement, Gemini was the agent and deducted interest of as high as 4.29% from the amount paid to Gemini\u2019s investors \u2013 where determined how and when to invest the pooled funds.<\/p>\n\n\n\n

Later, Genesis suspended<\/a> the withdrawal of the funds, saying it lacked enough assets to meet the requests. In the submission, SEC alleges that the Gemini Earn program constitutes a sale of a security and ought to have been registered under its purview. The failure denies investors crucial information on the program leading to losses.<\/p>\n\n\n\n

SEC is continuing investigations into the possibility of any other security laws being violated by the two entities and has appealed to the public to provide any relevant evidence through its whistleblower program.<\/p>\n\n\n\n

See Related:<\/em><\/strong> Japanese Cryptocurrency Regulation Eases; Stablecoins To Be Listed Without Screening<\/a><\/p>\n","post_title":"US Regulator Charges Gemini and Genesis For Violating Securities Law In Crypto Lending","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"us-regulator-charges-gemini-and-genesis-for-violating-securities-law-in-crypto-lending","to_ping":"","pinged":"","post_modified":"2023-01-14 16:18:52","post_modified_gmt":"2023-01-14 05:18:52","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9360","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

Most Read

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Follow The Distributed

ADVERTISEMENT
\n

For this reason, the agency demands that SBF be barred from issuing, purchasing, or offering any security besides his account for sale. Further SEC wants all the ill-gotten profits to be reclaimed from the disgraced executive, including a civil penalty prohibiting him from occupying any office in the capacity of a director.\u00a0\u00a0<\/p>\n\n\n\n

FTX investors got a ray of hope after the new CEO John Ray said there was a possibility of reviving the collapsed exchange. His statement was quickly criticized by SBF, who is currently out on a $250 million recognizance bond secured by his parent's property.<\/p>\n\n\n\n

See Related:<\/em><\/strong> Sam Bankman-Fried Released on a $250M Bail; Former FTX Executives Plead Guilty<\/a><\/p>\n\n\n\n

\nhttps:\/\/twitter.com\/TheDistributed_\/status\/1616138722835333120\n<\/div><\/figure>\n","post_title":"SEC Charges Sam Bankman-Fried for \u2018Orchestrating Year-Long Fraud\u2019 Against Equity Investors","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"sec-charges-sam-bankman-fried-for-orchestrating-year-long-fraud-against-equity-investors","to_ping":"","pinged":"","post_modified":"2023-01-21 17:35:05","post_modified_gmt":"2023-01-21 06:35:05","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9493","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":9446,"post_author":"13","post_date":"2023-01-19 20:58:58","post_date_gmt":"2023-01-19 09:58:58","post_content":"\n

Polygon underwent<\/a> an upgrade Tuesday to improve the network's transaction speed and reduce gas fees. However, the process that preceded the upgrade raised questions about the extent of decentralization on the Ethereum scaling layer-2<\/a> blockchain. Of 15 selected validators, 13 voted in favour of the proposal to have the hard fork.\u00a0\u00a0<\/p>\n\n\n\n

Hard forks are events in a blockchain that upgrade software, creating a new parallel blockchain. Polygon's Governance team proposed in December to have the fork in a process requiring a large majority of validators, which in this case needed 67%.<\/p>\n\n\n\n

The proposal attracted controversy, with some community members demanding more details about the hard fork. Additionally, others questioned whether the upgrade was necessary in light of other urgent matters on the network. Interestingly, sources noted that some validators claim they were not part of the forum where Polygon tallied the votes.<\/p>\n\n\n\n

See Related: <\/em><\/strong>Warner Music Group To Launch Music NFTs In Partnership With Polygon, LGND<\/a><\/p>\n\n\n\n

Improved Transaction Finality and Stabilized Gas Fees<\/h2>\n\n\n\n

Polygon's VO.3.1 Hardfork reduces the severity of gas spikes during peak hours by changing the BaseFeeChangeDenominator to 16 from the current 8 and \u2013 streamlining the increase or decrease of the transaction fees. The base fee is the minimum amount required for a transaction to be added to a block.<\/p>\n\n\n\n

Secondly, the fork addresses the chain reorganization issues by cutting the 'Sprint length' from 64 to 16 blocks. It means one validator will generate blocks for a much shorter period, approximately 32 seconds from the current 128 seconds. On the Polygon blockchain, reorgs affect the transaction finality based on the number of confirmed valid blocks.<\/p>\n\n\n\n

Amidst the hard fork, Polygon's native token MATIC is changing hands for $1.01, representing a price increase of 17% in the past week, per data provided by CoinMarketCap. The crypto market has extended the new year's uptrend, with the global cap at $996 billion.<\/p>\n","post_title":"Polygon Undergoes a Hard Fork Amid Decentralization Concerns","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"polygon-undergoes-a-hard-fork-amid-decentralization-concerns","to_ping":"","pinged":"","post_modified":"2023-04-10 17:40:42","post_modified_gmt":"2023-04-10 07:40:42","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9446","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":9404,"post_author":"13","post_date":"2023-01-17 15:23:08","post_date_gmt":"2023-01-17 04:23:08","post_content":"\n

The flagship cryptocurrency, Bitcoin, could rise in adoption following a growing interest among universities and colleges to introduce courses about the digital currency. One such institution is Texas A&M University which is planning to offer a Bitcoin course, including Programming Bitcoin, where students would \"build a Bitcoin library from scratch.<\/em>\"<\/p>\n\n\n\n

Associate Professor Korok Ray from Mays Business School at Texas A&M announced<\/a> on January 13 that he would teach a course on Bitcoin protocol to engineering and business students this spring in the Texas-based university.<\/p>\n\n\n\n

He added that afterward, a Programming Bitcoin course would follow, where students would be taught how to build a bitcoin library. Ray noted in his announcement that getting the approval from the university to have the course has been a lengthy process, possibly underscoring public institutions' lack of confidence in the sector following recent market volatilities.<\/p>\n\n\n\n

Crypto Curriculum Is Expected To Be The Key To Crypto Adoption<\/h2>\n\n\n\n

The perception of cryptocurrencies as high-risk assets, often seen as gambling, could be holding back the integration of the asset class into the school curriculum, which according to experts, is the only way to accelerate adoption. Crypto analyst Josh Cowell believes that crypto education could enhance financial literacy among students.<\/p>\n\n\n\n

Texas A&M University is one of many institutions of higher learning to bring crypto courses. Others include \u2013 Harvard University, Oxford, Massachusetts Institute of Technology, and the University of California Berkeley. Boston University Law School is reportedly offering a course on crypto regulations, according to a report shared with Cointelegraph by the institution's adjunct professor, Thomas Hook.<\/p>\n\n\n\n

Says Hook: the curriculum \"is meant to expose future lawyers on the potential issues they may see and the myriad of approaches and regulations that exist as it pertains to crypto and the different issues that crypto companies may face across the globe.<\/em>\"<\/p>\n","post_title":"Texas A&M University Adds BTC Course to Its Curriculum; And To A Build Bitcoin Library","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"texas-university-to-a-add-a-bitcoin-course","to_ping":"","pinged":"","post_modified":"2023-04-10 17:41:14","post_modified_gmt":"2023-04-10 07:41:14","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9404","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":9372,"post_author":"13","post_date":"2023-01-14 17:45:33","post_date_gmt":"2023-01-14 06:45:33","post_content":"\n

A US federal court has agreed to a request by Miami-Dade County and FTX to end a naming rights deal worth $135 million for the exchange at the sporting venue of the NBA basketball team - Miami Heat. According to the ruling<\/a>, FTX Arena would no longer be referred to as such, and all the branding containing the logos of the bankrupt exchange would be removed.<\/p>\n\n\n\n

See Related:<\/strong><\/em> From Bad To Good To Worse: The Binance And FTX Saga<\/a><\/p>\n\n\n\n

Judge John Dorsey wrote on January 11 that the naming rights shall be effected \u2018\u2018immediately upon the entry of (the) order.<\/em>\u2019\u2019 That means the FTX branding would have to be removed from, among other places, the entrance of the sporting venue, on the polo shirts worn by the officials, and on the electronic cards for accessing the venue, which according to experts, would be a big undertaking.<\/p>\n\n\n\n

Enter Miami-Dade Arena<\/h2>\n\n\n\n

Miami Heat posted<\/a> on Twitter on January 14 that the new name for the former FTX Arena would change to Miami \u2013 Dade Arena until a new partner comes on board.<\/p>\n\n\n\n

\u2018\u2018Effective immediately, Miami-Dade County and the Miami Heat have agreed that, until such time as there is a new naming rights partner, to refer to the arena as Miami-Dade Arena. The removal of the facility\u2019s existing signage and the changeover of branding elements will be ongoing in the coming weeks.<\/em>\u2019\u2019<\/p>\n\n\n\n

See Related:<\/em><\/strong> CryptoCom Arena: Reported $700m Deal Sealed For Clippers Arena<\/a><\/p>\n\n\n\n

FTX and Miami \u2013 Dade Country \u2013 which owns the arena \u2013 agreed, effective June 2021, to extend the naming rights to the exchange for 19 years, where FTX would pay $2 million annually. The last payment was supposed to be $5.5 million on January 1 before the business went under. <\/p>\n\n\n\n

FTX filed for bankruptcy<\/a> in November last year, collapsing with an estimated $10 billion worth of investors' funds. Its founder Sam Bankman-Fried was later arrested<\/a> and extradited to the US to face criminal charges relating to money laundering and financial fraud.<\/p>\n","post_title":"NBA\u2019s Miami Heat Ends $135M Deal With FTX Following Court Orders, Welcome Miami-Dade Arena","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"nbas-miami-heat-ends-135m-deal-with-ftx-following-court-orders-welcome-miami-dade-arena","to_ping":"","pinged":"","post_modified":"2023-01-15 02:59:30","post_modified_gmt":"2023-01-14 15:59:30","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9372","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":9360,"post_author":"13","post_date":"2023-01-14 16:16:36","post_date_gmt":"2023-01-14 05:16:36","post_content":"\n

The US Securities and Exchange Commission (SEC) charges<\/a> cryptocurrency exchange Gemini and Genesis Global for offering unregistered securities through the Gemini Earn Crypto asset-lending program, which was terminated in November with $900 million from 340,000 investors.\u00a0\u00a0<\/p>\n\n\n\n

Announcing in a press release dated January 12, the agency has filed a complaint with the US District of New York, accusing the two companies of breaching Section 5 (a) and 5(c) of the Securities Act of 1933 - seeking for permanent injunctive relief, disgorgement of ill-gotten gains plus prejudgment interest, and civil penalties.<\/p>\n\n\n\n

\u2018\u2018We allege that Genesis and Gemini offered unregistered securities to the public, bypassing disclosure requirements designed to protect investors,\u2019\u2019 <\/em>chairperson Gary Gensler said. \u2018\u2018(the) charges build on previous actions to make clear to the marketplace and the investing public that crypto lending platforms and other intermediaries need to comply with our time-tested securities laws,<\/em>\u2019\u2019 he added.<\/p>\n\n\n\n

See Related:<\/strong><\/em> Algorithmic Stablecoins Face Ban As US Congress Pushes Stablecoin Regulation Bill<\/a><\/p>\n\n\n\n

Gemini Drew As High As 4% Interest In The Earn Program<\/h2>\n\n\n\n

In Dec. 2020, Gemini collaborated with Genesis - also part of the Digital Currency Group - to offer the exchange\u2019s customers a way to loan out their crypto holdings and earn interest. In the arrangement, Gemini was the agent and deducted interest of as high as 4.29% from the amount paid to Gemini\u2019s investors \u2013 where determined how and when to invest the pooled funds.<\/p>\n\n\n\n

Later, Genesis suspended<\/a> the withdrawal of the funds, saying it lacked enough assets to meet the requests. In the submission, SEC alleges that the Gemini Earn program constitutes a sale of a security and ought to have been registered under its purview. The failure denies investors crucial information on the program leading to losses.<\/p>\n\n\n\n

SEC is continuing investigations into the possibility of any other security laws being violated by the two entities and has appealed to the public to provide any relevant evidence through its whistleblower program.<\/p>\n\n\n\n

See Related:<\/em><\/strong> Japanese Cryptocurrency Regulation Eases; Stablecoins To Be Listed Without Screening<\/a><\/p>\n","post_title":"US Regulator Charges Gemini and Genesis For Violating Securities Law In Crypto Lending","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"us-regulator-charges-gemini-and-genesis-for-violating-securities-law-in-crypto-lending","to_ping":"","pinged":"","post_modified":"2023-01-14 16:18:52","post_modified_gmt":"2023-01-14 05:18:52","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9360","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

Most Read

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Follow The Distributed

ADVERTISEMENT
\n

The US Regulator Is Demanding Restrictions Against the Disgraced Entrepreneur<\/h2>\n\n\n\n

For this reason, the agency demands that SBF be barred from issuing, purchasing, or offering any security besides his account for sale. Further SEC wants all the ill-gotten profits to be reclaimed from the disgraced executive, including a civil penalty prohibiting him from occupying any office in the capacity of a director.\u00a0\u00a0<\/p>\n\n\n\n

FTX investors got a ray of hope after the new CEO John Ray said there was a possibility of reviving the collapsed exchange. His statement was quickly criticized by SBF, who is currently out on a $250 million recognizance bond secured by his parent's property.<\/p>\n\n\n\n

See Related:<\/em><\/strong> Sam Bankman-Fried Released on a $250M Bail; Former FTX Executives Plead Guilty<\/a><\/p>\n\n\n\n

\nhttps:\/\/twitter.com\/TheDistributed_\/status\/1616138722835333120\n<\/div><\/figure>\n","post_title":"SEC Charges Sam Bankman-Fried for \u2018Orchestrating Year-Long Fraud\u2019 Against Equity Investors","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"sec-charges-sam-bankman-fried-for-orchestrating-year-long-fraud-against-equity-investors","to_ping":"","pinged":"","post_modified":"2023-01-21 17:35:05","post_modified_gmt":"2023-01-21 06:35:05","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9493","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":9446,"post_author":"13","post_date":"2023-01-19 20:58:58","post_date_gmt":"2023-01-19 09:58:58","post_content":"\n

Polygon underwent<\/a> an upgrade Tuesday to improve the network's transaction speed and reduce gas fees. However, the process that preceded the upgrade raised questions about the extent of decentralization on the Ethereum scaling layer-2<\/a> blockchain. Of 15 selected validators, 13 voted in favour of the proposal to have the hard fork.\u00a0\u00a0<\/p>\n\n\n\n

Hard forks are events in a blockchain that upgrade software, creating a new parallel blockchain. Polygon's Governance team proposed in December to have the fork in a process requiring a large majority of validators, which in this case needed 67%.<\/p>\n\n\n\n

The proposal attracted controversy, with some community members demanding more details about the hard fork. Additionally, others questioned whether the upgrade was necessary in light of other urgent matters on the network. Interestingly, sources noted that some validators claim they were not part of the forum where Polygon tallied the votes.<\/p>\n\n\n\n

See Related: <\/em><\/strong>Warner Music Group To Launch Music NFTs In Partnership With Polygon, LGND<\/a><\/p>\n\n\n\n

Improved Transaction Finality and Stabilized Gas Fees<\/h2>\n\n\n\n

Polygon's VO.3.1 Hardfork reduces the severity of gas spikes during peak hours by changing the BaseFeeChangeDenominator to 16 from the current 8 and \u2013 streamlining the increase or decrease of the transaction fees. The base fee is the minimum amount required for a transaction to be added to a block.<\/p>\n\n\n\n

Secondly, the fork addresses the chain reorganization issues by cutting the 'Sprint length' from 64 to 16 blocks. It means one validator will generate blocks for a much shorter period, approximately 32 seconds from the current 128 seconds. On the Polygon blockchain, reorgs affect the transaction finality based on the number of confirmed valid blocks.<\/p>\n\n\n\n

Amidst the hard fork, Polygon's native token MATIC is changing hands for $1.01, representing a price increase of 17% in the past week, per data provided by CoinMarketCap. The crypto market has extended the new year's uptrend, with the global cap at $996 billion.<\/p>\n","post_title":"Polygon Undergoes a Hard Fork Amid Decentralization Concerns","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"polygon-undergoes-a-hard-fork-amid-decentralization-concerns","to_ping":"","pinged":"","post_modified":"2023-04-10 17:40:42","post_modified_gmt":"2023-04-10 07:40:42","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9446","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":9404,"post_author":"13","post_date":"2023-01-17 15:23:08","post_date_gmt":"2023-01-17 04:23:08","post_content":"\n

The flagship cryptocurrency, Bitcoin, could rise in adoption following a growing interest among universities and colleges to introduce courses about the digital currency. One such institution is Texas A&M University which is planning to offer a Bitcoin course, including Programming Bitcoin, where students would \"build a Bitcoin library from scratch.<\/em>\"<\/p>\n\n\n\n

Associate Professor Korok Ray from Mays Business School at Texas A&M announced<\/a> on January 13 that he would teach a course on Bitcoin protocol to engineering and business students this spring in the Texas-based university.<\/p>\n\n\n\n

He added that afterward, a Programming Bitcoin course would follow, where students would be taught how to build a bitcoin library. Ray noted in his announcement that getting the approval from the university to have the course has been a lengthy process, possibly underscoring public institutions' lack of confidence in the sector following recent market volatilities.<\/p>\n\n\n\n

Crypto Curriculum Is Expected To Be The Key To Crypto Adoption<\/h2>\n\n\n\n

The perception of cryptocurrencies as high-risk assets, often seen as gambling, could be holding back the integration of the asset class into the school curriculum, which according to experts, is the only way to accelerate adoption. Crypto analyst Josh Cowell believes that crypto education could enhance financial literacy among students.<\/p>\n\n\n\n

Texas A&M University is one of many institutions of higher learning to bring crypto courses. Others include \u2013 Harvard University, Oxford, Massachusetts Institute of Technology, and the University of California Berkeley. Boston University Law School is reportedly offering a course on crypto regulations, according to a report shared with Cointelegraph by the institution's adjunct professor, Thomas Hook.<\/p>\n\n\n\n

Says Hook: the curriculum \"is meant to expose future lawyers on the potential issues they may see and the myriad of approaches and regulations that exist as it pertains to crypto and the different issues that crypto companies may face across the globe.<\/em>\"<\/p>\n","post_title":"Texas A&M University Adds BTC Course to Its Curriculum; And To A Build Bitcoin Library","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"texas-university-to-a-add-a-bitcoin-course","to_ping":"","pinged":"","post_modified":"2023-04-10 17:41:14","post_modified_gmt":"2023-04-10 07:41:14","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9404","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":9372,"post_author":"13","post_date":"2023-01-14 17:45:33","post_date_gmt":"2023-01-14 06:45:33","post_content":"\n

A US federal court has agreed to a request by Miami-Dade County and FTX to end a naming rights deal worth $135 million for the exchange at the sporting venue of the NBA basketball team - Miami Heat. According to the ruling<\/a>, FTX Arena would no longer be referred to as such, and all the branding containing the logos of the bankrupt exchange would be removed.<\/p>\n\n\n\n

See Related:<\/strong><\/em> From Bad To Good To Worse: The Binance And FTX Saga<\/a><\/p>\n\n\n\n

Judge John Dorsey wrote on January 11 that the naming rights shall be effected \u2018\u2018immediately upon the entry of (the) order.<\/em>\u2019\u2019 That means the FTX branding would have to be removed from, among other places, the entrance of the sporting venue, on the polo shirts worn by the officials, and on the electronic cards for accessing the venue, which according to experts, would be a big undertaking.<\/p>\n\n\n\n

Enter Miami-Dade Arena<\/h2>\n\n\n\n

Miami Heat posted<\/a> on Twitter on January 14 that the new name for the former FTX Arena would change to Miami \u2013 Dade Arena until a new partner comes on board.<\/p>\n\n\n\n

\u2018\u2018Effective immediately, Miami-Dade County and the Miami Heat have agreed that, until such time as there is a new naming rights partner, to refer to the arena as Miami-Dade Arena. The removal of the facility\u2019s existing signage and the changeover of branding elements will be ongoing in the coming weeks.<\/em>\u2019\u2019<\/p>\n\n\n\n

See Related:<\/em><\/strong> CryptoCom Arena: Reported $700m Deal Sealed For Clippers Arena<\/a><\/p>\n\n\n\n

FTX and Miami \u2013 Dade Country \u2013 which owns the arena \u2013 agreed, effective June 2021, to extend the naming rights to the exchange for 19 years, where FTX would pay $2 million annually. The last payment was supposed to be $5.5 million on January 1 before the business went under. <\/p>\n\n\n\n

FTX filed for bankruptcy<\/a> in November last year, collapsing with an estimated $10 billion worth of investors' funds. Its founder Sam Bankman-Fried was later arrested<\/a> and extradited to the US to face criminal charges relating to money laundering and financial fraud.<\/p>\n","post_title":"NBA\u2019s Miami Heat Ends $135M Deal With FTX Following Court Orders, Welcome Miami-Dade Arena","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"nbas-miami-heat-ends-135m-deal-with-ftx-following-court-orders-welcome-miami-dade-arena","to_ping":"","pinged":"","post_modified":"2023-01-15 02:59:30","post_modified_gmt":"2023-01-14 15:59:30","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9372","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":9360,"post_author":"13","post_date":"2023-01-14 16:16:36","post_date_gmt":"2023-01-14 05:16:36","post_content":"\n

The US Securities and Exchange Commission (SEC) charges<\/a> cryptocurrency exchange Gemini and Genesis Global for offering unregistered securities through the Gemini Earn Crypto asset-lending program, which was terminated in November with $900 million from 340,000 investors.\u00a0\u00a0<\/p>\n\n\n\n

Announcing in a press release dated January 12, the agency has filed a complaint with the US District of New York, accusing the two companies of breaching Section 5 (a) and 5(c) of the Securities Act of 1933 - seeking for permanent injunctive relief, disgorgement of ill-gotten gains plus prejudgment interest, and civil penalties.<\/p>\n\n\n\n

\u2018\u2018We allege that Genesis and Gemini offered unregistered securities to the public, bypassing disclosure requirements designed to protect investors,\u2019\u2019 <\/em>chairperson Gary Gensler said. \u2018\u2018(the) charges build on previous actions to make clear to the marketplace and the investing public that crypto lending platforms and other intermediaries need to comply with our time-tested securities laws,<\/em>\u2019\u2019 he added.<\/p>\n\n\n\n

See Related:<\/strong><\/em> Algorithmic Stablecoins Face Ban As US Congress Pushes Stablecoin Regulation Bill<\/a><\/p>\n\n\n\n

Gemini Drew As High As 4% Interest In The Earn Program<\/h2>\n\n\n\n

In Dec. 2020, Gemini collaborated with Genesis - also part of the Digital Currency Group - to offer the exchange\u2019s customers a way to loan out their crypto holdings and earn interest. In the arrangement, Gemini was the agent and deducted interest of as high as 4.29% from the amount paid to Gemini\u2019s investors \u2013 where determined how and when to invest the pooled funds.<\/p>\n\n\n\n

Later, Genesis suspended<\/a> the withdrawal of the funds, saying it lacked enough assets to meet the requests. In the submission, SEC alleges that the Gemini Earn program constitutes a sale of a security and ought to have been registered under its purview. The failure denies investors crucial information on the program leading to losses.<\/p>\n\n\n\n

SEC is continuing investigations into the possibility of any other security laws being violated by the two entities and has appealed to the public to provide any relevant evidence through its whistleblower program.<\/p>\n\n\n\n

See Related:<\/em><\/strong> Japanese Cryptocurrency Regulation Eases; Stablecoins To Be Listed Without Screening<\/a><\/p>\n","post_title":"US Regulator Charges Gemini and Genesis For Violating Securities Law In Crypto Lending","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"us-regulator-charges-gemini-and-genesis-for-violating-securities-law-in-crypto-lending","to_ping":"","pinged":"","post_modified":"2023-01-14 16:18:52","post_modified_gmt":"2023-01-14 05:18:52","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9360","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

Most Read

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Follow The Distributed

ADVERTISEMENT
\n

See Related: <\/em><\/strong>United States DOJ Seizes Over 55M Robinhood Shares And US$22M In Relation To SBF And FTX<\/a><\/p>\n\n\n\n

The US Regulator Is Demanding Restrictions Against the Disgraced Entrepreneur<\/h2>\n\n\n\n

For this reason, the agency demands that SBF be barred from issuing, purchasing, or offering any security besides his account for sale. Further SEC wants all the ill-gotten profits to be reclaimed from the disgraced executive, including a civil penalty prohibiting him from occupying any office in the capacity of a director.\u00a0\u00a0<\/p>\n\n\n\n

FTX investors got a ray of hope after the new CEO John Ray said there was a possibility of reviving the collapsed exchange. His statement was quickly criticized by SBF, who is currently out on a $250 million recognizance bond secured by his parent's property.<\/p>\n\n\n\n

See Related:<\/em><\/strong> Sam Bankman-Fried Released on a $250M Bail; Former FTX Executives Plead Guilty<\/a><\/p>\n\n\n\n

\nhttps:\/\/twitter.com\/TheDistributed_\/status\/1616138722835333120\n<\/div><\/figure>\n","post_title":"SEC Charges Sam Bankman-Fried for \u2018Orchestrating Year-Long Fraud\u2019 Against Equity Investors","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"sec-charges-sam-bankman-fried-for-orchestrating-year-long-fraud-against-equity-investors","to_ping":"","pinged":"","post_modified":"2023-01-21 17:35:05","post_modified_gmt":"2023-01-21 06:35:05","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9493","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":9446,"post_author":"13","post_date":"2023-01-19 20:58:58","post_date_gmt":"2023-01-19 09:58:58","post_content":"\n

Polygon underwent<\/a> an upgrade Tuesday to improve the network's transaction speed and reduce gas fees. However, the process that preceded the upgrade raised questions about the extent of decentralization on the Ethereum scaling layer-2<\/a> blockchain. Of 15 selected validators, 13 voted in favour of the proposal to have the hard fork.\u00a0\u00a0<\/p>\n\n\n\n

Hard forks are events in a blockchain that upgrade software, creating a new parallel blockchain. Polygon's Governance team proposed in December to have the fork in a process requiring a large majority of validators, which in this case needed 67%.<\/p>\n\n\n\n

The proposal attracted controversy, with some community members demanding more details about the hard fork. Additionally, others questioned whether the upgrade was necessary in light of other urgent matters on the network. Interestingly, sources noted that some validators claim they were not part of the forum where Polygon tallied the votes.<\/p>\n\n\n\n

See Related: <\/em><\/strong>Warner Music Group To Launch Music NFTs In Partnership With Polygon, LGND<\/a><\/p>\n\n\n\n

Improved Transaction Finality and Stabilized Gas Fees<\/h2>\n\n\n\n

Polygon's VO.3.1 Hardfork reduces the severity of gas spikes during peak hours by changing the BaseFeeChangeDenominator to 16 from the current 8 and \u2013 streamlining the increase or decrease of the transaction fees. The base fee is the minimum amount required for a transaction to be added to a block.<\/p>\n\n\n\n

Secondly, the fork addresses the chain reorganization issues by cutting the 'Sprint length' from 64 to 16 blocks. It means one validator will generate blocks for a much shorter period, approximately 32 seconds from the current 128 seconds. On the Polygon blockchain, reorgs affect the transaction finality based on the number of confirmed valid blocks.<\/p>\n\n\n\n

Amidst the hard fork, Polygon's native token MATIC is changing hands for $1.01, representing a price increase of 17% in the past week, per data provided by CoinMarketCap. The crypto market has extended the new year's uptrend, with the global cap at $996 billion.<\/p>\n","post_title":"Polygon Undergoes a Hard Fork Amid Decentralization Concerns","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"polygon-undergoes-a-hard-fork-amid-decentralization-concerns","to_ping":"","pinged":"","post_modified":"2023-04-10 17:40:42","post_modified_gmt":"2023-04-10 07:40:42","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9446","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":9404,"post_author":"13","post_date":"2023-01-17 15:23:08","post_date_gmt":"2023-01-17 04:23:08","post_content":"\n

The flagship cryptocurrency, Bitcoin, could rise in adoption following a growing interest among universities and colleges to introduce courses about the digital currency. One such institution is Texas A&M University which is planning to offer a Bitcoin course, including Programming Bitcoin, where students would \"build a Bitcoin library from scratch.<\/em>\"<\/p>\n\n\n\n

Associate Professor Korok Ray from Mays Business School at Texas A&M announced<\/a> on January 13 that he would teach a course on Bitcoin protocol to engineering and business students this spring in the Texas-based university.<\/p>\n\n\n\n

He added that afterward, a Programming Bitcoin course would follow, where students would be taught how to build a bitcoin library. Ray noted in his announcement that getting the approval from the university to have the course has been a lengthy process, possibly underscoring public institutions' lack of confidence in the sector following recent market volatilities.<\/p>\n\n\n\n

Crypto Curriculum Is Expected To Be The Key To Crypto Adoption<\/h2>\n\n\n\n

The perception of cryptocurrencies as high-risk assets, often seen as gambling, could be holding back the integration of the asset class into the school curriculum, which according to experts, is the only way to accelerate adoption. Crypto analyst Josh Cowell believes that crypto education could enhance financial literacy among students.<\/p>\n\n\n\n

Texas A&M University is one of many institutions of higher learning to bring crypto courses. Others include \u2013 Harvard University, Oxford, Massachusetts Institute of Technology, and the University of California Berkeley. Boston University Law School is reportedly offering a course on crypto regulations, according to a report shared with Cointelegraph by the institution's adjunct professor, Thomas Hook.<\/p>\n\n\n\n

Says Hook: the curriculum \"is meant to expose future lawyers on the potential issues they may see and the myriad of approaches and regulations that exist as it pertains to crypto and the different issues that crypto companies may face across the globe.<\/em>\"<\/p>\n","post_title":"Texas A&M University Adds BTC Course to Its Curriculum; And To A Build Bitcoin Library","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"texas-university-to-a-add-a-bitcoin-course","to_ping":"","pinged":"","post_modified":"2023-04-10 17:41:14","post_modified_gmt":"2023-04-10 07:41:14","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9404","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":9372,"post_author":"13","post_date":"2023-01-14 17:45:33","post_date_gmt":"2023-01-14 06:45:33","post_content":"\n

A US federal court has agreed to a request by Miami-Dade County and FTX to end a naming rights deal worth $135 million for the exchange at the sporting venue of the NBA basketball team - Miami Heat. According to the ruling<\/a>, FTX Arena would no longer be referred to as such, and all the branding containing the logos of the bankrupt exchange would be removed.<\/p>\n\n\n\n

See Related:<\/strong><\/em> From Bad To Good To Worse: The Binance And FTX Saga<\/a><\/p>\n\n\n\n

Judge John Dorsey wrote on January 11 that the naming rights shall be effected \u2018\u2018immediately upon the entry of (the) order.<\/em>\u2019\u2019 That means the FTX branding would have to be removed from, among other places, the entrance of the sporting venue, on the polo shirts worn by the officials, and on the electronic cards for accessing the venue, which according to experts, would be a big undertaking.<\/p>\n\n\n\n

Enter Miami-Dade Arena<\/h2>\n\n\n\n

Miami Heat posted<\/a> on Twitter on January 14 that the new name for the former FTX Arena would change to Miami \u2013 Dade Arena until a new partner comes on board.<\/p>\n\n\n\n

\u2018\u2018Effective immediately, Miami-Dade County and the Miami Heat have agreed that, until such time as there is a new naming rights partner, to refer to the arena as Miami-Dade Arena. The removal of the facility\u2019s existing signage and the changeover of branding elements will be ongoing in the coming weeks.<\/em>\u2019\u2019<\/p>\n\n\n\n

See Related:<\/em><\/strong> CryptoCom Arena: Reported $700m Deal Sealed For Clippers Arena<\/a><\/p>\n\n\n\n

FTX and Miami \u2013 Dade Country \u2013 which owns the arena \u2013 agreed, effective June 2021, to extend the naming rights to the exchange for 19 years, where FTX would pay $2 million annually. The last payment was supposed to be $5.5 million on January 1 before the business went under. <\/p>\n\n\n\n

FTX filed for bankruptcy<\/a> in November last year, collapsing with an estimated $10 billion worth of investors' funds. Its founder Sam Bankman-Fried was later arrested<\/a> and extradited to the US to face criminal charges relating to money laundering and financial fraud.<\/p>\n","post_title":"NBA\u2019s Miami Heat Ends $135M Deal With FTX Following Court Orders, Welcome Miami-Dade Arena","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"nbas-miami-heat-ends-135m-deal-with-ftx-following-court-orders-welcome-miami-dade-arena","to_ping":"","pinged":"","post_modified":"2023-01-15 02:59:30","post_modified_gmt":"2023-01-14 15:59:30","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9372","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":9360,"post_author":"13","post_date":"2023-01-14 16:16:36","post_date_gmt":"2023-01-14 05:16:36","post_content":"\n

The US Securities and Exchange Commission (SEC) charges<\/a> cryptocurrency exchange Gemini and Genesis Global for offering unregistered securities through the Gemini Earn Crypto asset-lending program, which was terminated in November with $900 million from 340,000 investors.\u00a0\u00a0<\/p>\n\n\n\n

Announcing in a press release dated January 12, the agency has filed a complaint with the US District of New York, accusing the two companies of breaching Section 5 (a) and 5(c) of the Securities Act of 1933 - seeking for permanent injunctive relief, disgorgement of ill-gotten gains plus prejudgment interest, and civil penalties.<\/p>\n\n\n\n

\u2018\u2018We allege that Genesis and Gemini offered unregistered securities to the public, bypassing disclosure requirements designed to protect investors,\u2019\u2019 <\/em>chairperson Gary Gensler said. \u2018\u2018(the) charges build on previous actions to make clear to the marketplace and the investing public that crypto lending platforms and other intermediaries need to comply with our time-tested securities laws,<\/em>\u2019\u2019 he added.<\/p>\n\n\n\n

See Related:<\/strong><\/em> Algorithmic Stablecoins Face Ban As US Congress Pushes Stablecoin Regulation Bill<\/a><\/p>\n\n\n\n

Gemini Drew As High As 4% Interest In The Earn Program<\/h2>\n\n\n\n

In Dec. 2020, Gemini collaborated with Genesis - also part of the Digital Currency Group - to offer the exchange\u2019s customers a way to loan out their crypto holdings and earn interest. In the arrangement, Gemini was the agent and deducted interest of as high as 4.29% from the amount paid to Gemini\u2019s investors \u2013 where determined how and when to invest the pooled funds.<\/p>\n\n\n\n

Later, Genesis suspended<\/a> the withdrawal of the funds, saying it lacked enough assets to meet the requests. In the submission, SEC alleges that the Gemini Earn program constitutes a sale of a security and ought to have been registered under its purview. The failure denies investors crucial information on the program leading to losses.<\/p>\n\n\n\n

SEC is continuing investigations into the possibility of any other security laws being violated by the two entities and has appealed to the public to provide any relevant evidence through its whistleblower program.<\/p>\n\n\n\n

See Related:<\/em><\/strong> Japanese Cryptocurrency Regulation Eases; Stablecoins To Be Listed Without Screening<\/a><\/p>\n","post_title":"US Regulator Charges Gemini and Genesis For Violating Securities Law In Crypto Lending","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"us-regulator-charges-gemini-and-genesis-for-violating-securities-law-in-crypto-lending","to_ping":"","pinged":"","post_modified":"2023-01-14 16:18:52","post_modified_gmt":"2023-01-14 05:18:52","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9360","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

Most Read

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Follow The Distributed

ADVERTISEMENT
\n

\u2018\u2018In his representations to investors, (SBF) promoted FTX as a safe, responsible crypto asset trading platform, specifically marketing it\u2019s sophisticated, automated risk measures to protect customer assets. In reality, (he) concealed the undisclosed diversion of FTX customers\u2019 funds to Alameda Research LLC, the undisclosed special treatment afforded to Alameda on the FTX platform, including providing Alameda with a virtually unlimited line of credit, and the undisclosed risks from holding overvalued, illiquid assets (FTT).<\/em>\u2019\u2019 The statement read.<\/p>\n\n\n\n

See Related: <\/em><\/strong>United States DOJ Seizes Over 55M Robinhood Shares And US$22M In Relation To SBF And FTX<\/a><\/p>\n\n\n\n

The US Regulator Is Demanding Restrictions Against the Disgraced Entrepreneur<\/h2>\n\n\n\n

For this reason, the agency demands that SBF be barred from issuing, purchasing, or offering any security besides his account for sale. Further SEC wants all the ill-gotten profits to be reclaimed from the disgraced executive, including a civil penalty prohibiting him from occupying any office in the capacity of a director.\u00a0\u00a0<\/p>\n\n\n\n

FTX investors got a ray of hope after the new CEO John Ray said there was a possibility of reviving the collapsed exchange. His statement was quickly criticized by SBF, who is currently out on a $250 million recognizance bond secured by his parent's property.<\/p>\n\n\n\n

See Related:<\/em><\/strong> Sam Bankman-Fried Released on a $250M Bail; Former FTX Executives Plead Guilty<\/a><\/p>\n\n\n\n

\nhttps:\/\/twitter.com\/TheDistributed_\/status\/1616138722835333120\n<\/div><\/figure>\n","post_title":"SEC Charges Sam Bankman-Fried for \u2018Orchestrating Year-Long Fraud\u2019 Against Equity Investors","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"sec-charges-sam-bankman-fried-for-orchestrating-year-long-fraud-against-equity-investors","to_ping":"","pinged":"","post_modified":"2023-01-21 17:35:05","post_modified_gmt":"2023-01-21 06:35:05","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9493","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":9446,"post_author":"13","post_date":"2023-01-19 20:58:58","post_date_gmt":"2023-01-19 09:58:58","post_content":"\n

Polygon underwent<\/a> an upgrade Tuesday to improve the network's transaction speed and reduce gas fees. However, the process that preceded the upgrade raised questions about the extent of decentralization on the Ethereum scaling layer-2<\/a> blockchain. Of 15 selected validators, 13 voted in favour of the proposal to have the hard fork.\u00a0\u00a0<\/p>\n\n\n\n

Hard forks are events in a blockchain that upgrade software, creating a new parallel blockchain. Polygon's Governance team proposed in December to have the fork in a process requiring a large majority of validators, which in this case needed 67%.<\/p>\n\n\n\n

The proposal attracted controversy, with some community members demanding more details about the hard fork. Additionally, others questioned whether the upgrade was necessary in light of other urgent matters on the network. Interestingly, sources noted that some validators claim they were not part of the forum where Polygon tallied the votes.<\/p>\n\n\n\n

See Related: <\/em><\/strong>Warner Music Group To Launch Music NFTs In Partnership With Polygon, LGND<\/a><\/p>\n\n\n\n

Improved Transaction Finality and Stabilized Gas Fees<\/h2>\n\n\n\n

Polygon's VO.3.1 Hardfork reduces the severity of gas spikes during peak hours by changing the BaseFeeChangeDenominator to 16 from the current 8 and \u2013 streamlining the increase or decrease of the transaction fees. The base fee is the minimum amount required for a transaction to be added to a block.<\/p>\n\n\n\n

Secondly, the fork addresses the chain reorganization issues by cutting the 'Sprint length' from 64 to 16 blocks. It means one validator will generate blocks for a much shorter period, approximately 32 seconds from the current 128 seconds. On the Polygon blockchain, reorgs affect the transaction finality based on the number of confirmed valid blocks.<\/p>\n\n\n\n

Amidst the hard fork, Polygon's native token MATIC is changing hands for $1.01, representing a price increase of 17% in the past week, per data provided by CoinMarketCap. The crypto market has extended the new year's uptrend, with the global cap at $996 billion.<\/p>\n","post_title":"Polygon Undergoes a Hard Fork Amid Decentralization Concerns","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"polygon-undergoes-a-hard-fork-amid-decentralization-concerns","to_ping":"","pinged":"","post_modified":"2023-04-10 17:40:42","post_modified_gmt":"2023-04-10 07:40:42","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9446","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":9404,"post_author":"13","post_date":"2023-01-17 15:23:08","post_date_gmt":"2023-01-17 04:23:08","post_content":"\n

The flagship cryptocurrency, Bitcoin, could rise in adoption following a growing interest among universities and colleges to introduce courses about the digital currency. One such institution is Texas A&M University which is planning to offer a Bitcoin course, including Programming Bitcoin, where students would \"build a Bitcoin library from scratch.<\/em>\"<\/p>\n\n\n\n

Associate Professor Korok Ray from Mays Business School at Texas A&M announced<\/a> on January 13 that he would teach a course on Bitcoin protocol to engineering and business students this spring in the Texas-based university.<\/p>\n\n\n\n

He added that afterward, a Programming Bitcoin course would follow, where students would be taught how to build a bitcoin library. Ray noted in his announcement that getting the approval from the university to have the course has been a lengthy process, possibly underscoring public institutions' lack of confidence in the sector following recent market volatilities.<\/p>\n\n\n\n

Crypto Curriculum Is Expected To Be The Key To Crypto Adoption<\/h2>\n\n\n\n

The perception of cryptocurrencies as high-risk assets, often seen as gambling, could be holding back the integration of the asset class into the school curriculum, which according to experts, is the only way to accelerate adoption. Crypto analyst Josh Cowell believes that crypto education could enhance financial literacy among students.<\/p>\n\n\n\n

Texas A&M University is one of many institutions of higher learning to bring crypto courses. Others include \u2013 Harvard University, Oxford, Massachusetts Institute of Technology, and the University of California Berkeley. Boston University Law School is reportedly offering a course on crypto regulations, according to a report shared with Cointelegraph by the institution's adjunct professor, Thomas Hook.<\/p>\n\n\n\n

Says Hook: the curriculum \"is meant to expose future lawyers on the potential issues they may see and the myriad of approaches and regulations that exist as it pertains to crypto and the different issues that crypto companies may face across the globe.<\/em>\"<\/p>\n","post_title":"Texas A&M University Adds BTC Course to Its Curriculum; And To A Build Bitcoin Library","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"texas-university-to-a-add-a-bitcoin-course","to_ping":"","pinged":"","post_modified":"2023-04-10 17:41:14","post_modified_gmt":"2023-04-10 07:41:14","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9404","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":9372,"post_author":"13","post_date":"2023-01-14 17:45:33","post_date_gmt":"2023-01-14 06:45:33","post_content":"\n

A US federal court has agreed to a request by Miami-Dade County and FTX to end a naming rights deal worth $135 million for the exchange at the sporting venue of the NBA basketball team - Miami Heat. According to the ruling<\/a>, FTX Arena would no longer be referred to as such, and all the branding containing the logos of the bankrupt exchange would be removed.<\/p>\n\n\n\n

See Related:<\/strong><\/em> From Bad To Good To Worse: The Binance And FTX Saga<\/a><\/p>\n\n\n\n

Judge John Dorsey wrote on January 11 that the naming rights shall be effected \u2018\u2018immediately upon the entry of (the) order.<\/em>\u2019\u2019 That means the FTX branding would have to be removed from, among other places, the entrance of the sporting venue, on the polo shirts worn by the officials, and on the electronic cards for accessing the venue, which according to experts, would be a big undertaking.<\/p>\n\n\n\n

Enter Miami-Dade Arena<\/h2>\n\n\n\n

Miami Heat posted<\/a> on Twitter on January 14 that the new name for the former FTX Arena would change to Miami \u2013 Dade Arena until a new partner comes on board.<\/p>\n\n\n\n

\u2018\u2018Effective immediately, Miami-Dade County and the Miami Heat have agreed that, until such time as there is a new naming rights partner, to refer to the arena as Miami-Dade Arena. The removal of the facility\u2019s existing signage and the changeover of branding elements will be ongoing in the coming weeks.<\/em>\u2019\u2019<\/p>\n\n\n\n

See Related:<\/em><\/strong> CryptoCom Arena: Reported $700m Deal Sealed For Clippers Arena<\/a><\/p>\n\n\n\n

FTX and Miami \u2013 Dade Country \u2013 which owns the arena \u2013 agreed, effective June 2021, to extend the naming rights to the exchange for 19 years, where FTX would pay $2 million annually. The last payment was supposed to be $5.5 million on January 1 before the business went under. <\/p>\n\n\n\n

FTX filed for bankruptcy<\/a> in November last year, collapsing with an estimated $10 billion worth of investors' funds. Its founder Sam Bankman-Fried was later arrested<\/a> and extradited to the US to face criminal charges relating to money laundering and financial fraud.<\/p>\n","post_title":"NBA\u2019s Miami Heat Ends $135M Deal With FTX Following Court Orders, Welcome Miami-Dade Arena","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"nbas-miami-heat-ends-135m-deal-with-ftx-following-court-orders-welcome-miami-dade-arena","to_ping":"","pinged":"","post_modified":"2023-01-15 02:59:30","post_modified_gmt":"2023-01-14 15:59:30","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9372","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":9360,"post_author":"13","post_date":"2023-01-14 16:16:36","post_date_gmt":"2023-01-14 05:16:36","post_content":"\n

The US Securities and Exchange Commission (SEC) charges<\/a> cryptocurrency exchange Gemini and Genesis Global for offering unregistered securities through the Gemini Earn Crypto asset-lending program, which was terminated in November with $900 million from 340,000 investors.\u00a0\u00a0<\/p>\n\n\n\n

Announcing in a press release dated January 12, the agency has filed a complaint with the US District of New York, accusing the two companies of breaching Section 5 (a) and 5(c) of the Securities Act of 1933 - seeking for permanent injunctive relief, disgorgement of ill-gotten gains plus prejudgment interest, and civil penalties.<\/p>\n\n\n\n

\u2018\u2018We allege that Genesis and Gemini offered unregistered securities to the public, bypassing disclosure requirements designed to protect investors,\u2019\u2019 <\/em>chairperson Gary Gensler said. \u2018\u2018(the) charges build on previous actions to make clear to the marketplace and the investing public that crypto lending platforms and other intermediaries need to comply with our time-tested securities laws,<\/em>\u2019\u2019 he added.<\/p>\n\n\n\n

See Related:<\/strong><\/em> Algorithmic Stablecoins Face Ban As US Congress Pushes Stablecoin Regulation Bill<\/a><\/p>\n\n\n\n

Gemini Drew As High As 4% Interest In The Earn Program<\/h2>\n\n\n\n

In Dec. 2020, Gemini collaborated with Genesis - also part of the Digital Currency Group - to offer the exchange\u2019s customers a way to loan out their crypto holdings and earn interest. In the arrangement, Gemini was the agent and deducted interest of as high as 4.29% from the amount paid to Gemini\u2019s investors \u2013 where determined how and when to invest the pooled funds.<\/p>\n\n\n\n

Later, Genesis suspended<\/a> the withdrawal of the funds, saying it lacked enough assets to meet the requests. In the submission, SEC alleges that the Gemini Earn program constitutes a sale of a security and ought to have been registered under its purview. The failure denies investors crucial information on the program leading to losses.<\/p>\n\n\n\n

SEC is continuing investigations into the possibility of any other security laws being violated by the two entities and has appealed to the public to provide any relevant evidence through its whistleblower program.<\/p>\n\n\n\n

See Related:<\/em><\/strong> Japanese Cryptocurrency Regulation Eases; Stablecoins To Be Listed Without Screening<\/a><\/p>\n","post_title":"US Regulator Charges Gemini and Genesis For Violating Securities Law In Crypto Lending","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"us-regulator-charges-gemini-and-genesis-for-violating-securities-law-in-crypto-lending","to_ping":"","pinged":"","post_modified":"2023-01-14 16:18:52","post_modified_gmt":"2023-01-14 05:18:52","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9360","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

Most Read

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Follow The Distributed

ADVERTISEMENT
\n

Notably, according to the regulator, SBF acted contrary to Section 17 of the Securities Act of 1933, Section 10 (b) of the Securities Act of 1934, and Rule 10b-5 thereunder. According to the report, SBF concealed the whereabouts of investors\u2019 funds, and the funds were put in risky assets without their consent.<\/p>\n\n\n\n

\u2018\u2018In his representations to investors, (SBF) promoted FTX as a safe, responsible crypto asset trading platform, specifically marketing it\u2019s sophisticated, automated risk measures to protect customer assets. In reality, (he) concealed the undisclosed diversion of FTX customers\u2019 funds to Alameda Research LLC, the undisclosed special treatment afforded to Alameda on the FTX platform, including providing Alameda with a virtually unlimited line of credit, and the undisclosed risks from holding overvalued, illiquid assets (FTT).<\/em>\u2019\u2019 The statement read.<\/p>\n\n\n\n

See Related: <\/em><\/strong>United States DOJ Seizes Over 55M Robinhood Shares And US$22M In Relation To SBF And FTX<\/a><\/p>\n\n\n\n

The US Regulator Is Demanding Restrictions Against the Disgraced Entrepreneur<\/h2>\n\n\n\n

For this reason, the agency demands that SBF be barred from issuing, purchasing, or offering any security besides his account for sale. Further SEC wants all the ill-gotten profits to be reclaimed from the disgraced executive, including a civil penalty prohibiting him from occupying any office in the capacity of a director.\u00a0\u00a0<\/p>\n\n\n\n

FTX investors got a ray of hope after the new CEO John Ray said there was a possibility of reviving the collapsed exchange. His statement was quickly criticized by SBF, who is currently out on a $250 million recognizance bond secured by his parent's property.<\/p>\n\n\n\n

See Related:<\/em><\/strong> Sam Bankman-Fried Released on a $250M Bail; Former FTX Executives Plead Guilty<\/a><\/p>\n\n\n\n

\nhttps:\/\/twitter.com\/TheDistributed_\/status\/1616138722835333120\n<\/div><\/figure>\n","post_title":"SEC Charges Sam Bankman-Fried for \u2018Orchestrating Year-Long Fraud\u2019 Against Equity Investors","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"sec-charges-sam-bankman-fried-for-orchestrating-year-long-fraud-against-equity-investors","to_ping":"","pinged":"","post_modified":"2023-01-21 17:35:05","post_modified_gmt":"2023-01-21 06:35:05","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9493","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":9446,"post_author":"13","post_date":"2023-01-19 20:58:58","post_date_gmt":"2023-01-19 09:58:58","post_content":"\n

Polygon underwent<\/a> an upgrade Tuesday to improve the network's transaction speed and reduce gas fees. However, the process that preceded the upgrade raised questions about the extent of decentralization on the Ethereum scaling layer-2<\/a> blockchain. Of 15 selected validators, 13 voted in favour of the proposal to have the hard fork.\u00a0\u00a0<\/p>\n\n\n\n

Hard forks are events in a blockchain that upgrade software, creating a new parallel blockchain. Polygon's Governance team proposed in December to have the fork in a process requiring a large majority of validators, which in this case needed 67%.<\/p>\n\n\n\n

The proposal attracted controversy, with some community members demanding more details about the hard fork. Additionally, others questioned whether the upgrade was necessary in light of other urgent matters on the network. Interestingly, sources noted that some validators claim they were not part of the forum where Polygon tallied the votes.<\/p>\n\n\n\n

See Related: <\/em><\/strong>Warner Music Group To Launch Music NFTs In Partnership With Polygon, LGND<\/a><\/p>\n\n\n\n

Improved Transaction Finality and Stabilized Gas Fees<\/h2>\n\n\n\n

Polygon's VO.3.1 Hardfork reduces the severity of gas spikes during peak hours by changing the BaseFeeChangeDenominator to 16 from the current 8 and \u2013 streamlining the increase or decrease of the transaction fees. The base fee is the minimum amount required for a transaction to be added to a block.<\/p>\n\n\n\n

Secondly, the fork addresses the chain reorganization issues by cutting the 'Sprint length' from 64 to 16 blocks. It means one validator will generate blocks for a much shorter period, approximately 32 seconds from the current 128 seconds. On the Polygon blockchain, reorgs affect the transaction finality based on the number of confirmed valid blocks.<\/p>\n\n\n\n

Amidst the hard fork, Polygon's native token MATIC is changing hands for $1.01, representing a price increase of 17% in the past week, per data provided by CoinMarketCap. The crypto market has extended the new year's uptrend, with the global cap at $996 billion.<\/p>\n","post_title":"Polygon Undergoes a Hard Fork Amid Decentralization Concerns","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"polygon-undergoes-a-hard-fork-amid-decentralization-concerns","to_ping":"","pinged":"","post_modified":"2023-04-10 17:40:42","post_modified_gmt":"2023-04-10 07:40:42","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9446","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":9404,"post_author":"13","post_date":"2023-01-17 15:23:08","post_date_gmt":"2023-01-17 04:23:08","post_content":"\n

The flagship cryptocurrency, Bitcoin, could rise in adoption following a growing interest among universities and colleges to introduce courses about the digital currency. One such institution is Texas A&M University which is planning to offer a Bitcoin course, including Programming Bitcoin, where students would \"build a Bitcoin library from scratch.<\/em>\"<\/p>\n\n\n\n

Associate Professor Korok Ray from Mays Business School at Texas A&M announced<\/a> on January 13 that he would teach a course on Bitcoin protocol to engineering and business students this spring in the Texas-based university.<\/p>\n\n\n\n

He added that afterward, a Programming Bitcoin course would follow, where students would be taught how to build a bitcoin library. Ray noted in his announcement that getting the approval from the university to have the course has been a lengthy process, possibly underscoring public institutions' lack of confidence in the sector following recent market volatilities.<\/p>\n\n\n\n

Crypto Curriculum Is Expected To Be The Key To Crypto Adoption<\/h2>\n\n\n\n

The perception of cryptocurrencies as high-risk assets, often seen as gambling, could be holding back the integration of the asset class into the school curriculum, which according to experts, is the only way to accelerate adoption. Crypto analyst Josh Cowell believes that crypto education could enhance financial literacy among students.<\/p>\n\n\n\n

Texas A&M University is one of many institutions of higher learning to bring crypto courses. Others include \u2013 Harvard University, Oxford, Massachusetts Institute of Technology, and the University of California Berkeley. Boston University Law School is reportedly offering a course on crypto regulations, according to a report shared with Cointelegraph by the institution's adjunct professor, Thomas Hook.<\/p>\n\n\n\n

Says Hook: the curriculum \"is meant to expose future lawyers on the potential issues they may see and the myriad of approaches and regulations that exist as it pertains to crypto and the different issues that crypto companies may face across the globe.<\/em>\"<\/p>\n","post_title":"Texas A&M University Adds BTC Course to Its Curriculum; And To A Build Bitcoin Library","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"texas-university-to-a-add-a-bitcoin-course","to_ping":"","pinged":"","post_modified":"2023-04-10 17:41:14","post_modified_gmt":"2023-04-10 07:41:14","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9404","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":9372,"post_author":"13","post_date":"2023-01-14 17:45:33","post_date_gmt":"2023-01-14 06:45:33","post_content":"\n

A US federal court has agreed to a request by Miami-Dade County and FTX to end a naming rights deal worth $135 million for the exchange at the sporting venue of the NBA basketball team - Miami Heat. According to the ruling<\/a>, FTX Arena would no longer be referred to as such, and all the branding containing the logos of the bankrupt exchange would be removed.<\/p>\n\n\n\n

See Related:<\/strong><\/em> From Bad To Good To Worse: The Binance And FTX Saga<\/a><\/p>\n\n\n\n

Judge John Dorsey wrote on January 11 that the naming rights shall be effected \u2018\u2018immediately upon the entry of (the) order.<\/em>\u2019\u2019 That means the FTX branding would have to be removed from, among other places, the entrance of the sporting venue, on the polo shirts worn by the officials, and on the electronic cards for accessing the venue, which according to experts, would be a big undertaking.<\/p>\n\n\n\n

Enter Miami-Dade Arena<\/h2>\n\n\n\n

Miami Heat posted<\/a> on Twitter on January 14 that the new name for the former FTX Arena would change to Miami \u2013 Dade Arena until a new partner comes on board.<\/p>\n\n\n\n

\u2018\u2018Effective immediately, Miami-Dade County and the Miami Heat have agreed that, until such time as there is a new naming rights partner, to refer to the arena as Miami-Dade Arena. The removal of the facility\u2019s existing signage and the changeover of branding elements will be ongoing in the coming weeks.<\/em>\u2019\u2019<\/p>\n\n\n\n

See Related:<\/em><\/strong> CryptoCom Arena: Reported $700m Deal Sealed For Clippers Arena<\/a><\/p>\n\n\n\n

FTX and Miami \u2013 Dade Country \u2013 which owns the arena \u2013 agreed, effective June 2021, to extend the naming rights to the exchange for 19 years, where FTX would pay $2 million annually. The last payment was supposed to be $5.5 million on January 1 before the business went under. <\/p>\n\n\n\n

FTX filed for bankruptcy<\/a> in November last year, collapsing with an estimated $10 billion worth of investors' funds. Its founder Sam Bankman-Fried was later arrested<\/a> and extradited to the US to face criminal charges relating to money laundering and financial fraud.<\/p>\n","post_title":"NBA\u2019s Miami Heat Ends $135M Deal With FTX Following Court Orders, Welcome Miami-Dade Arena","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"nbas-miami-heat-ends-135m-deal-with-ftx-following-court-orders-welcome-miami-dade-arena","to_ping":"","pinged":"","post_modified":"2023-01-15 02:59:30","post_modified_gmt":"2023-01-14 15:59:30","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9372","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":9360,"post_author":"13","post_date":"2023-01-14 16:16:36","post_date_gmt":"2023-01-14 05:16:36","post_content":"\n

The US Securities and Exchange Commission (SEC) charges<\/a> cryptocurrency exchange Gemini and Genesis Global for offering unregistered securities through the Gemini Earn Crypto asset-lending program, which was terminated in November with $900 million from 340,000 investors.\u00a0\u00a0<\/p>\n\n\n\n

Announcing in a press release dated January 12, the agency has filed a complaint with the US District of New York, accusing the two companies of breaching Section 5 (a) and 5(c) of the Securities Act of 1933 - seeking for permanent injunctive relief, disgorgement of ill-gotten gains plus prejudgment interest, and civil penalties.<\/p>\n\n\n\n

\u2018\u2018We allege that Genesis and Gemini offered unregistered securities to the public, bypassing disclosure requirements designed to protect investors,\u2019\u2019 <\/em>chairperson Gary Gensler said. \u2018\u2018(the) charges build on previous actions to make clear to the marketplace and the investing public that crypto lending platforms and other intermediaries need to comply with our time-tested securities laws,<\/em>\u2019\u2019 he added.<\/p>\n\n\n\n

See Related:<\/strong><\/em> Algorithmic Stablecoins Face Ban As US Congress Pushes Stablecoin Regulation Bill<\/a><\/p>\n\n\n\n

Gemini Drew As High As 4% Interest In The Earn Program<\/h2>\n\n\n\n

In Dec. 2020, Gemini collaborated with Genesis - also part of the Digital Currency Group - to offer the exchange\u2019s customers a way to loan out their crypto holdings and earn interest. In the arrangement, Gemini was the agent and deducted interest of as high as 4.29% from the amount paid to Gemini\u2019s investors \u2013 where determined how and when to invest the pooled funds.<\/p>\n\n\n\n

Later, Genesis suspended<\/a> the withdrawal of the funds, saying it lacked enough assets to meet the requests. In the submission, SEC alleges that the Gemini Earn program constitutes a sale of a security and ought to have been registered under its purview. The failure denies investors crucial information on the program leading to losses.<\/p>\n\n\n\n

SEC is continuing investigations into the possibility of any other security laws being violated by the two entities and has appealed to the public to provide any relevant evidence through its whistleblower program.<\/p>\n\n\n\n

See Related:<\/em><\/strong> Japanese Cryptocurrency Regulation Eases; Stablecoins To Be Listed Without Screening<\/a><\/p>\n","post_title":"US Regulator Charges Gemini and Genesis For Violating Securities Law In Crypto Lending","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"us-regulator-charges-gemini-and-genesis-for-violating-securities-law-in-crypto-lending","to_ping":"","pinged":"","post_modified":"2023-01-14 16:18:52","post_modified_gmt":"2023-01-14 05:18:52","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9360","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

Most Read

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Follow The Distributed

ADVERTISEMENT
\n

The US Securities and Exchange Commission (SEC) announced<\/a> Thursday that it had filed a complaint against FTX\u2019s former CEO Sam Bankman-Fried \u2018SBF\u2019 for defrauding equity investors of up to $1.8 billion, and estimated $1.1 billion from about 90 US-based investors, all raised in the period before May 2019.<\/p>\n\n\n\n

Notably, according to the regulator, SBF acted contrary to Section 17 of the Securities Act of 1933, Section 10 (b) of the Securities Act of 1934, and Rule 10b-5 thereunder. According to the report, SBF concealed the whereabouts of investors\u2019 funds, and the funds were put in risky assets without their consent.<\/p>\n\n\n\n

\u2018\u2018In his representations to investors, (SBF) promoted FTX as a safe, responsible crypto asset trading platform, specifically marketing it\u2019s sophisticated, automated risk measures to protect customer assets. In reality, (he) concealed the undisclosed diversion of FTX customers\u2019 funds to Alameda Research LLC, the undisclosed special treatment afforded to Alameda on the FTX platform, including providing Alameda with a virtually unlimited line of credit, and the undisclosed risks from holding overvalued, illiquid assets (FTT).<\/em>\u2019\u2019 The statement read.<\/p>\n\n\n\n

See Related: <\/em><\/strong>United States DOJ Seizes Over 55M Robinhood Shares And US$22M In Relation To SBF And FTX<\/a><\/p>\n\n\n\n

The US Regulator Is Demanding Restrictions Against the Disgraced Entrepreneur<\/h2>\n\n\n\n

For this reason, the agency demands that SBF be barred from issuing, purchasing, or offering any security besides his account for sale. Further SEC wants all the ill-gotten profits to be reclaimed from the disgraced executive, including a civil penalty prohibiting him from occupying any office in the capacity of a director.\u00a0\u00a0<\/p>\n\n\n\n

FTX investors got a ray of hope after the new CEO John Ray said there was a possibility of reviving the collapsed exchange. His statement was quickly criticized by SBF, who is currently out on a $250 million recognizance bond secured by his parent's property.<\/p>\n\n\n\n

See Related:<\/em><\/strong> Sam Bankman-Fried Released on a $250M Bail; Former FTX Executives Plead Guilty<\/a><\/p>\n\n\n\n

\nhttps:\/\/twitter.com\/TheDistributed_\/status\/1616138722835333120\n<\/div><\/figure>\n","post_title":"SEC Charges Sam Bankman-Fried for \u2018Orchestrating Year-Long Fraud\u2019 Against Equity Investors","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"sec-charges-sam-bankman-fried-for-orchestrating-year-long-fraud-against-equity-investors","to_ping":"","pinged":"","post_modified":"2023-01-21 17:35:05","post_modified_gmt":"2023-01-21 06:35:05","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9493","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":9446,"post_author":"13","post_date":"2023-01-19 20:58:58","post_date_gmt":"2023-01-19 09:58:58","post_content":"\n

Polygon underwent<\/a> an upgrade Tuesday to improve the network's transaction speed and reduce gas fees. However, the process that preceded the upgrade raised questions about the extent of decentralization on the Ethereum scaling layer-2<\/a> blockchain. Of 15 selected validators, 13 voted in favour of the proposal to have the hard fork.\u00a0\u00a0<\/p>\n\n\n\n

Hard forks are events in a blockchain that upgrade software, creating a new parallel blockchain. Polygon's Governance team proposed in December to have the fork in a process requiring a large majority of validators, which in this case needed 67%.<\/p>\n\n\n\n

The proposal attracted controversy, with some community members demanding more details about the hard fork. Additionally, others questioned whether the upgrade was necessary in light of other urgent matters on the network. Interestingly, sources noted that some validators claim they were not part of the forum where Polygon tallied the votes.<\/p>\n\n\n\n

See Related: <\/em><\/strong>Warner Music Group To Launch Music NFTs In Partnership With Polygon, LGND<\/a><\/p>\n\n\n\n

Improved Transaction Finality and Stabilized Gas Fees<\/h2>\n\n\n\n

Polygon's VO.3.1 Hardfork reduces the severity of gas spikes during peak hours by changing the BaseFeeChangeDenominator to 16 from the current 8 and \u2013 streamlining the increase or decrease of the transaction fees. The base fee is the minimum amount required for a transaction to be added to a block.<\/p>\n\n\n\n

Secondly, the fork addresses the chain reorganization issues by cutting the 'Sprint length' from 64 to 16 blocks. It means one validator will generate blocks for a much shorter period, approximately 32 seconds from the current 128 seconds. On the Polygon blockchain, reorgs affect the transaction finality based on the number of confirmed valid blocks.<\/p>\n\n\n\n

Amidst the hard fork, Polygon's native token MATIC is changing hands for $1.01, representing a price increase of 17% in the past week, per data provided by CoinMarketCap. The crypto market has extended the new year's uptrend, with the global cap at $996 billion.<\/p>\n","post_title":"Polygon Undergoes a Hard Fork Amid Decentralization Concerns","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"polygon-undergoes-a-hard-fork-amid-decentralization-concerns","to_ping":"","pinged":"","post_modified":"2023-04-10 17:40:42","post_modified_gmt":"2023-04-10 07:40:42","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9446","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":9404,"post_author":"13","post_date":"2023-01-17 15:23:08","post_date_gmt":"2023-01-17 04:23:08","post_content":"\n

The flagship cryptocurrency, Bitcoin, could rise in adoption following a growing interest among universities and colleges to introduce courses about the digital currency. One such institution is Texas A&M University which is planning to offer a Bitcoin course, including Programming Bitcoin, where students would \"build a Bitcoin library from scratch.<\/em>\"<\/p>\n\n\n\n

Associate Professor Korok Ray from Mays Business School at Texas A&M announced<\/a> on January 13 that he would teach a course on Bitcoin protocol to engineering and business students this spring in the Texas-based university.<\/p>\n\n\n\n

He added that afterward, a Programming Bitcoin course would follow, where students would be taught how to build a bitcoin library. Ray noted in his announcement that getting the approval from the university to have the course has been a lengthy process, possibly underscoring public institutions' lack of confidence in the sector following recent market volatilities.<\/p>\n\n\n\n

Crypto Curriculum Is Expected To Be The Key To Crypto Adoption<\/h2>\n\n\n\n

The perception of cryptocurrencies as high-risk assets, often seen as gambling, could be holding back the integration of the asset class into the school curriculum, which according to experts, is the only way to accelerate adoption. Crypto analyst Josh Cowell believes that crypto education could enhance financial literacy among students.<\/p>\n\n\n\n

Texas A&M University is one of many institutions of higher learning to bring crypto courses. Others include \u2013 Harvard University, Oxford, Massachusetts Institute of Technology, and the University of California Berkeley. Boston University Law School is reportedly offering a course on crypto regulations, according to a report shared with Cointelegraph by the institution's adjunct professor, Thomas Hook.<\/p>\n\n\n\n

Says Hook: the curriculum \"is meant to expose future lawyers on the potential issues they may see and the myriad of approaches and regulations that exist as it pertains to crypto and the different issues that crypto companies may face across the globe.<\/em>\"<\/p>\n","post_title":"Texas A&M University Adds BTC Course to Its Curriculum; And To A Build Bitcoin Library","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"texas-university-to-a-add-a-bitcoin-course","to_ping":"","pinged":"","post_modified":"2023-04-10 17:41:14","post_modified_gmt":"2023-04-10 07:41:14","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9404","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":9372,"post_author":"13","post_date":"2023-01-14 17:45:33","post_date_gmt":"2023-01-14 06:45:33","post_content":"\n

A US federal court has agreed to a request by Miami-Dade County and FTX to end a naming rights deal worth $135 million for the exchange at the sporting venue of the NBA basketball team - Miami Heat. According to the ruling<\/a>, FTX Arena would no longer be referred to as such, and all the branding containing the logos of the bankrupt exchange would be removed.<\/p>\n\n\n\n

See Related:<\/strong><\/em> From Bad To Good To Worse: The Binance And FTX Saga<\/a><\/p>\n\n\n\n

Judge John Dorsey wrote on January 11 that the naming rights shall be effected \u2018\u2018immediately upon the entry of (the) order.<\/em>\u2019\u2019 That means the FTX branding would have to be removed from, among other places, the entrance of the sporting venue, on the polo shirts worn by the officials, and on the electronic cards for accessing the venue, which according to experts, would be a big undertaking.<\/p>\n\n\n\n

Enter Miami-Dade Arena<\/h2>\n\n\n\n

Miami Heat posted<\/a> on Twitter on January 14 that the new name for the former FTX Arena would change to Miami \u2013 Dade Arena until a new partner comes on board.<\/p>\n\n\n\n

\u2018\u2018Effective immediately, Miami-Dade County and the Miami Heat have agreed that, until such time as there is a new naming rights partner, to refer to the arena as Miami-Dade Arena. The removal of the facility\u2019s existing signage and the changeover of branding elements will be ongoing in the coming weeks.<\/em>\u2019\u2019<\/p>\n\n\n\n

See Related:<\/em><\/strong> CryptoCom Arena: Reported $700m Deal Sealed For Clippers Arena<\/a><\/p>\n\n\n\n

FTX and Miami \u2013 Dade Country \u2013 which owns the arena \u2013 agreed, effective June 2021, to extend the naming rights to the exchange for 19 years, where FTX would pay $2 million annually. The last payment was supposed to be $5.5 million on January 1 before the business went under. <\/p>\n\n\n\n

FTX filed for bankruptcy<\/a> in November last year, collapsing with an estimated $10 billion worth of investors' funds. Its founder Sam Bankman-Fried was later arrested<\/a> and extradited to the US to face criminal charges relating to money laundering and financial fraud.<\/p>\n","post_title":"NBA\u2019s Miami Heat Ends $135M Deal With FTX Following Court Orders, Welcome Miami-Dade Arena","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"nbas-miami-heat-ends-135m-deal-with-ftx-following-court-orders-welcome-miami-dade-arena","to_ping":"","pinged":"","post_modified":"2023-01-15 02:59:30","post_modified_gmt":"2023-01-14 15:59:30","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9372","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":9360,"post_author":"13","post_date":"2023-01-14 16:16:36","post_date_gmt":"2023-01-14 05:16:36","post_content":"\n

The US Securities and Exchange Commission (SEC) charges<\/a> cryptocurrency exchange Gemini and Genesis Global for offering unregistered securities through the Gemini Earn Crypto asset-lending program, which was terminated in November with $900 million from 340,000 investors.\u00a0\u00a0<\/p>\n\n\n\n

Announcing in a press release dated January 12, the agency has filed a complaint with the US District of New York, accusing the two companies of breaching Section 5 (a) and 5(c) of the Securities Act of 1933 - seeking for permanent injunctive relief, disgorgement of ill-gotten gains plus prejudgment interest, and civil penalties.<\/p>\n\n\n\n

\u2018\u2018We allege that Genesis and Gemini offered unregistered securities to the public, bypassing disclosure requirements designed to protect investors,\u2019\u2019 <\/em>chairperson Gary Gensler said. \u2018\u2018(the) charges build on previous actions to make clear to the marketplace and the investing public that crypto lending platforms and other intermediaries need to comply with our time-tested securities laws,<\/em>\u2019\u2019 he added.<\/p>\n\n\n\n

See Related:<\/strong><\/em> Algorithmic Stablecoins Face Ban As US Congress Pushes Stablecoin Regulation Bill<\/a><\/p>\n\n\n\n

Gemini Drew As High As 4% Interest In The Earn Program<\/h2>\n\n\n\n

In Dec. 2020, Gemini collaborated with Genesis - also part of the Digital Currency Group - to offer the exchange\u2019s customers a way to loan out their crypto holdings and earn interest. In the arrangement, Gemini was the agent and deducted interest of as high as 4.29% from the amount paid to Gemini\u2019s investors \u2013 where determined how and when to invest the pooled funds.<\/p>\n\n\n\n

Later, Genesis suspended<\/a> the withdrawal of the funds, saying it lacked enough assets to meet the requests. In the submission, SEC alleges that the Gemini Earn program constitutes a sale of a security and ought to have been registered under its purview. The failure denies investors crucial information on the program leading to losses.<\/p>\n\n\n\n

SEC is continuing investigations into the possibility of any other security laws being violated by the two entities and has appealed to the public to provide any relevant evidence through its whistleblower program.<\/p>\n\n\n\n

See Related:<\/em><\/strong> Japanese Cryptocurrency Regulation Eases; Stablecoins To Be Listed Without Screening<\/a><\/p>\n","post_title":"US Regulator Charges Gemini and Genesis For Violating Securities Law In Crypto Lending","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"us-regulator-charges-gemini-and-genesis-for-violating-securities-law-in-crypto-lending","to_ping":"","pinged":"","post_modified":"2023-01-14 16:18:52","post_modified_gmt":"2023-01-14 05:18:52","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9360","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

Most Read

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\n

The government seized all the listed assets at the start of the month, and has not been classified as property in the bankruptcy estate. It means that the property is exempted from being frozen like the rest of FTX assets, which are pending liquidation, said sources privy to the matter.<\/p>\n","post_title":"US Prosecutors Seize $700M in Bank Accounts, Shares, And Cryptos Linked to Bankman-Fried","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"us-prosecutors-seize-700m-in-bank-accounts-shares-and-cryptos-linked-to-bankman-fried","to_ping":"","pinged":"","post_modified":"2023-01-22 01:40:30","post_modified_gmt":"2023-01-21 14:40:30","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9513","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":9493,"post_author":"13","post_date":"2023-01-20 19:11:59","post_date_gmt":"2023-01-20 08:11:59","post_content":"\n

The US Securities and Exchange Commission (SEC) announced<\/a> Thursday that it had filed a complaint against FTX\u2019s former CEO Sam Bankman-Fried \u2018SBF\u2019 for defrauding equity investors of up to $1.8 billion, and estimated $1.1 billion from about 90 US-based investors, all raised in the period before May 2019.<\/p>\n\n\n\n

Notably, according to the regulator, SBF acted contrary to Section 17 of the Securities Act of 1933, Section 10 (b) of the Securities Act of 1934, and Rule 10b-5 thereunder. According to the report, SBF concealed the whereabouts of investors\u2019 funds, and the funds were put in risky assets without their consent.<\/p>\n\n\n\n

\u2018\u2018In his representations to investors, (SBF) promoted FTX as a safe, responsible crypto asset trading platform, specifically marketing it\u2019s sophisticated, automated risk measures to protect customer assets. In reality, (he) concealed the undisclosed diversion of FTX customers\u2019 funds to Alameda Research LLC, the undisclosed special treatment afforded to Alameda on the FTX platform, including providing Alameda with a virtually unlimited line of credit, and the undisclosed risks from holding overvalued, illiquid assets (FTT).<\/em>\u2019\u2019 The statement read.<\/p>\n\n\n\n

See Related: <\/em><\/strong>United States DOJ Seizes Over 55M Robinhood Shares And US$22M In Relation To SBF And FTX<\/a><\/p>\n\n\n\n

The US Regulator Is Demanding Restrictions Against the Disgraced Entrepreneur<\/h2>\n\n\n\n

For this reason, the agency demands that SBF be barred from issuing, purchasing, or offering any security besides his account for sale. Further SEC wants all the ill-gotten profits to be reclaimed from the disgraced executive, including a civil penalty prohibiting him from occupying any office in the capacity of a director.\u00a0\u00a0<\/p>\n\n\n\n

FTX investors got a ray of hope after the new CEO John Ray said there was a possibility of reviving the collapsed exchange. His statement was quickly criticized by SBF, who is currently out on a $250 million recognizance bond secured by his parent's property.<\/p>\n\n\n\n

See Related:<\/em><\/strong> Sam Bankman-Fried Released on a $250M Bail; Former FTX Executives Plead Guilty<\/a><\/p>\n\n\n\n

\nhttps:\/\/twitter.com\/TheDistributed_\/status\/1616138722835333120\n<\/div><\/figure>\n","post_title":"SEC Charges Sam Bankman-Fried for \u2018Orchestrating Year-Long Fraud\u2019 Against Equity Investors","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"sec-charges-sam-bankman-fried-for-orchestrating-year-long-fraud-against-equity-investors","to_ping":"","pinged":"","post_modified":"2023-01-21 17:35:05","post_modified_gmt":"2023-01-21 06:35:05","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9493","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":9446,"post_author":"13","post_date":"2023-01-19 20:58:58","post_date_gmt":"2023-01-19 09:58:58","post_content":"\n

Polygon underwent<\/a> an upgrade Tuesday to improve the network's transaction speed and reduce gas fees. However, the process that preceded the upgrade raised questions about the extent of decentralization on the Ethereum scaling layer-2<\/a> blockchain. Of 15 selected validators, 13 voted in favour of the proposal to have the hard fork.\u00a0\u00a0<\/p>\n\n\n\n

Hard forks are events in a blockchain that upgrade software, creating a new parallel blockchain. Polygon's Governance team proposed in December to have the fork in a process requiring a large majority of validators, which in this case needed 67%.<\/p>\n\n\n\n

The proposal attracted controversy, with some community members demanding more details about the hard fork. Additionally, others questioned whether the upgrade was necessary in light of other urgent matters on the network. Interestingly, sources noted that some validators claim they were not part of the forum where Polygon tallied the votes.<\/p>\n\n\n\n

See Related: <\/em><\/strong>Warner Music Group To Launch Music NFTs In Partnership With Polygon, LGND<\/a><\/p>\n\n\n\n

Improved Transaction Finality and Stabilized Gas Fees<\/h2>\n\n\n\n

Polygon's VO.3.1 Hardfork reduces the severity of gas spikes during peak hours by changing the BaseFeeChangeDenominator to 16 from the current 8 and \u2013 streamlining the increase or decrease of the transaction fees. The base fee is the minimum amount required for a transaction to be added to a block.<\/p>\n\n\n\n

Secondly, the fork addresses the chain reorganization issues by cutting the 'Sprint length' from 64 to 16 blocks. It means one validator will generate blocks for a much shorter period, approximately 32 seconds from the current 128 seconds. On the Polygon blockchain, reorgs affect the transaction finality based on the number of confirmed valid blocks.<\/p>\n\n\n\n

Amidst the hard fork, Polygon's native token MATIC is changing hands for $1.01, representing a price increase of 17% in the past week, per data provided by CoinMarketCap. The crypto market has extended the new year's uptrend, with the global cap at $996 billion.<\/p>\n","post_title":"Polygon Undergoes a Hard Fork Amid Decentralization Concerns","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"polygon-undergoes-a-hard-fork-amid-decentralization-concerns","to_ping":"","pinged":"","post_modified":"2023-04-10 17:40:42","post_modified_gmt":"2023-04-10 07:40:42","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9446","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":9404,"post_author":"13","post_date":"2023-01-17 15:23:08","post_date_gmt":"2023-01-17 04:23:08","post_content":"\n

The flagship cryptocurrency, Bitcoin, could rise in adoption following a growing interest among universities and colleges to introduce courses about the digital currency. One such institution is Texas A&M University which is planning to offer a Bitcoin course, including Programming Bitcoin, where students would \"build a Bitcoin library from scratch.<\/em>\"<\/p>\n\n\n\n

Associate Professor Korok Ray from Mays Business School at Texas A&M announced<\/a> on January 13 that he would teach a course on Bitcoin protocol to engineering and business students this spring in the Texas-based university.<\/p>\n\n\n\n

He added that afterward, a Programming Bitcoin course would follow, where students would be taught how to build a bitcoin library. Ray noted in his announcement that getting the approval from the university to have the course has been a lengthy process, possibly underscoring public institutions' lack of confidence in the sector following recent market volatilities.<\/p>\n\n\n\n

Crypto Curriculum Is Expected To Be The Key To Crypto Adoption<\/h2>\n\n\n\n

The perception of cryptocurrencies as high-risk assets, often seen as gambling, could be holding back the integration of the asset class into the school curriculum, which according to experts, is the only way to accelerate adoption. Crypto analyst Josh Cowell believes that crypto education could enhance financial literacy among students.<\/p>\n\n\n\n

Texas A&M University is one of many institutions of higher learning to bring crypto courses. Others include \u2013 Harvard University, Oxford, Massachusetts Institute of Technology, and the University of California Berkeley. Boston University Law School is reportedly offering a course on crypto regulations, according to a report shared with Cointelegraph by the institution's adjunct professor, Thomas Hook.<\/p>\n\n\n\n

Says Hook: the curriculum \"is meant to expose future lawyers on the potential issues they may see and the myriad of approaches and regulations that exist as it pertains to crypto and the different issues that crypto companies may face across the globe.<\/em>\"<\/p>\n","post_title":"Texas A&M University Adds BTC Course to Its Curriculum; And To A Build Bitcoin Library","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"texas-university-to-a-add-a-bitcoin-course","to_ping":"","pinged":"","post_modified":"2023-04-10 17:41:14","post_modified_gmt":"2023-04-10 07:41:14","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9404","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":9372,"post_author":"13","post_date":"2023-01-14 17:45:33","post_date_gmt":"2023-01-14 06:45:33","post_content":"\n

A US federal court has agreed to a request by Miami-Dade County and FTX to end a naming rights deal worth $135 million for the exchange at the sporting venue of the NBA basketball team - Miami Heat. According to the ruling<\/a>, FTX Arena would no longer be referred to as such, and all the branding containing the logos of the bankrupt exchange would be removed.<\/p>\n\n\n\n

See Related:<\/strong><\/em> From Bad To Good To Worse: The Binance And FTX Saga<\/a><\/p>\n\n\n\n

Judge John Dorsey wrote on January 11 that the naming rights shall be effected \u2018\u2018immediately upon the entry of (the) order.<\/em>\u2019\u2019 That means the FTX branding would have to be removed from, among other places, the entrance of the sporting venue, on the polo shirts worn by the officials, and on the electronic cards for accessing the venue, which according to experts, would be a big undertaking.<\/p>\n\n\n\n

Enter Miami-Dade Arena<\/h2>\n\n\n\n

Miami Heat posted<\/a> on Twitter on January 14 that the new name for the former FTX Arena would change to Miami \u2013 Dade Arena until a new partner comes on board.<\/p>\n\n\n\n

\u2018\u2018Effective immediately, Miami-Dade County and the Miami Heat have agreed that, until such time as there is a new naming rights partner, to refer to the arena as Miami-Dade Arena. The removal of the facility\u2019s existing signage and the changeover of branding elements will be ongoing in the coming weeks.<\/em>\u2019\u2019<\/p>\n\n\n\n

See Related:<\/em><\/strong> CryptoCom Arena: Reported $700m Deal Sealed For Clippers Arena<\/a><\/p>\n\n\n\n

FTX and Miami \u2013 Dade Country \u2013 which owns the arena \u2013 agreed, effective June 2021, to extend the naming rights to the exchange for 19 years, where FTX would pay $2 million annually. The last payment was supposed to be $5.5 million on January 1 before the business went under. <\/p>\n\n\n\n

FTX filed for bankruptcy<\/a> in November last year, collapsing with an estimated $10 billion worth of investors' funds. Its founder Sam Bankman-Fried was later arrested<\/a> and extradited to the US to face criminal charges relating to money laundering and financial fraud.<\/p>\n","post_title":"NBA\u2019s Miami Heat Ends $135M Deal With FTX Following Court Orders, Welcome Miami-Dade Arena","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"nbas-miami-heat-ends-135m-deal-with-ftx-following-court-orders-welcome-miami-dade-arena","to_ping":"","pinged":"","post_modified":"2023-01-15 02:59:30","post_modified_gmt":"2023-01-14 15:59:30","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9372","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":9360,"post_author":"13","post_date":"2023-01-14 16:16:36","post_date_gmt":"2023-01-14 05:16:36","post_content":"\n

The US Securities and Exchange Commission (SEC) charges<\/a> cryptocurrency exchange Gemini and Genesis Global for offering unregistered securities through the Gemini Earn Crypto asset-lending program, which was terminated in November with $900 million from 340,000 investors.\u00a0\u00a0<\/p>\n\n\n\n

Announcing in a press release dated January 12, the agency has filed a complaint with the US District of New York, accusing the two companies of breaching Section 5 (a) and 5(c) of the Securities Act of 1933 - seeking for permanent injunctive relief, disgorgement of ill-gotten gains plus prejudgment interest, and civil penalties.<\/p>\n\n\n\n

\u2018\u2018We allege that Genesis and Gemini offered unregistered securities to the public, bypassing disclosure requirements designed to protect investors,\u2019\u2019 <\/em>chairperson Gary Gensler said. \u2018\u2018(the) charges build on previous actions to make clear to the marketplace and the investing public that crypto lending platforms and other intermediaries need to comply with our time-tested securities laws,<\/em>\u2019\u2019 he added.<\/p>\n\n\n\n

See Related:<\/strong><\/em> Algorithmic Stablecoins Face Ban As US Congress Pushes Stablecoin Regulation Bill<\/a><\/p>\n\n\n\n

Gemini Drew As High As 4% Interest In The Earn Program<\/h2>\n\n\n\n

In Dec. 2020, Gemini collaborated with Genesis - also part of the Digital Currency Group - to offer the exchange\u2019s customers a way to loan out their crypto holdings and earn interest. In the arrangement, Gemini was the agent and deducted interest of as high as 4.29% from the amount paid to Gemini\u2019s investors \u2013 where determined how and when to invest the pooled funds.<\/p>\n\n\n\n

Later, Genesis suspended<\/a> the withdrawal of the funds, saying it lacked enough assets to meet the requests. In the submission, SEC alleges that the Gemini Earn program constitutes a sale of a security and ought to have been registered under its purview. The failure denies investors crucial information on the program leading to losses.<\/p>\n\n\n\n

SEC is continuing investigations into the possibility of any other security laws being violated by the two entities and has appealed to the public to provide any relevant evidence through its whistleblower program.<\/p>\n\n\n\n

See Related:<\/em><\/strong> Japanese Cryptocurrency Regulation Eases; Stablecoins To Be Listed Without Screening<\/a><\/p>\n","post_title":"US Regulator Charges Gemini and Genesis For Violating Securities Law In Crypto Lending","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"us-regulator-charges-gemini-and-genesis-for-violating-securities-law-in-crypto-lending","to_ping":"","pinged":"","post_modified":"2023-01-14 16:18:52","post_modified_gmt":"2023-01-14 05:18:52","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9360","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

Most Read

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Follow The Distributed

ADVERTISEMENT
\n

See Related: <\/strong><\/em>From Bad To Good To Worse: The Binance And FTX Saga<\/a><\/p>\n\n\n\n

The government seized all the listed assets at the start of the month, and has not been classified as property in the bankruptcy estate. It means that the property is exempted from being frozen like the rest of FTX assets, which are pending liquidation, said sources privy to the matter.<\/p>\n","post_title":"US Prosecutors Seize $700M in Bank Accounts, Shares, And Cryptos Linked to Bankman-Fried","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"us-prosecutors-seize-700m-in-bank-accounts-shares-and-cryptos-linked-to-bankman-fried","to_ping":"","pinged":"","post_modified":"2023-01-22 01:40:30","post_modified_gmt":"2023-01-21 14:40:30","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9513","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":9493,"post_author":"13","post_date":"2023-01-20 19:11:59","post_date_gmt":"2023-01-20 08:11:59","post_content":"\n

The US Securities and Exchange Commission (SEC) announced<\/a> Thursday that it had filed a complaint against FTX\u2019s former CEO Sam Bankman-Fried \u2018SBF\u2019 for defrauding equity investors of up to $1.8 billion, and estimated $1.1 billion from about 90 US-based investors, all raised in the period before May 2019.<\/p>\n\n\n\n

Notably, according to the regulator, SBF acted contrary to Section 17 of the Securities Act of 1933, Section 10 (b) of the Securities Act of 1934, and Rule 10b-5 thereunder. According to the report, SBF concealed the whereabouts of investors\u2019 funds, and the funds were put in risky assets without their consent.<\/p>\n\n\n\n

\u2018\u2018In his representations to investors, (SBF) promoted FTX as a safe, responsible crypto asset trading platform, specifically marketing it\u2019s sophisticated, automated risk measures to protect customer assets. In reality, (he) concealed the undisclosed diversion of FTX customers\u2019 funds to Alameda Research LLC, the undisclosed special treatment afforded to Alameda on the FTX platform, including providing Alameda with a virtually unlimited line of credit, and the undisclosed risks from holding overvalued, illiquid assets (FTT).<\/em>\u2019\u2019 The statement read.<\/p>\n\n\n\n

See Related: <\/em><\/strong>United States DOJ Seizes Over 55M Robinhood Shares And US$22M In Relation To SBF And FTX<\/a><\/p>\n\n\n\n

The US Regulator Is Demanding Restrictions Against the Disgraced Entrepreneur<\/h2>\n\n\n\n

For this reason, the agency demands that SBF be barred from issuing, purchasing, or offering any security besides his account for sale. Further SEC wants all the ill-gotten profits to be reclaimed from the disgraced executive, including a civil penalty prohibiting him from occupying any office in the capacity of a director.\u00a0\u00a0<\/p>\n\n\n\n

FTX investors got a ray of hope after the new CEO John Ray said there was a possibility of reviving the collapsed exchange. His statement was quickly criticized by SBF, who is currently out on a $250 million recognizance bond secured by his parent's property.<\/p>\n\n\n\n

See Related:<\/em><\/strong> Sam Bankman-Fried Released on a $250M Bail; Former FTX Executives Plead Guilty<\/a><\/p>\n\n\n\n

\nhttps:\/\/twitter.com\/TheDistributed_\/status\/1616138722835333120\n<\/div><\/figure>\n","post_title":"SEC Charges Sam Bankman-Fried for \u2018Orchestrating Year-Long Fraud\u2019 Against Equity Investors","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"sec-charges-sam-bankman-fried-for-orchestrating-year-long-fraud-against-equity-investors","to_ping":"","pinged":"","post_modified":"2023-01-21 17:35:05","post_modified_gmt":"2023-01-21 06:35:05","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9493","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":9446,"post_author":"13","post_date":"2023-01-19 20:58:58","post_date_gmt":"2023-01-19 09:58:58","post_content":"\n

Polygon underwent<\/a> an upgrade Tuesday to improve the network's transaction speed and reduce gas fees. However, the process that preceded the upgrade raised questions about the extent of decentralization on the Ethereum scaling layer-2<\/a> blockchain. Of 15 selected validators, 13 voted in favour of the proposal to have the hard fork.\u00a0\u00a0<\/p>\n\n\n\n

Hard forks are events in a blockchain that upgrade software, creating a new parallel blockchain. Polygon's Governance team proposed in December to have the fork in a process requiring a large majority of validators, which in this case needed 67%.<\/p>\n\n\n\n

The proposal attracted controversy, with some community members demanding more details about the hard fork. Additionally, others questioned whether the upgrade was necessary in light of other urgent matters on the network. Interestingly, sources noted that some validators claim they were not part of the forum where Polygon tallied the votes.<\/p>\n\n\n\n

See Related: <\/em><\/strong>Warner Music Group To Launch Music NFTs In Partnership With Polygon, LGND<\/a><\/p>\n\n\n\n

Improved Transaction Finality and Stabilized Gas Fees<\/h2>\n\n\n\n

Polygon's VO.3.1 Hardfork reduces the severity of gas spikes during peak hours by changing the BaseFeeChangeDenominator to 16 from the current 8 and \u2013 streamlining the increase or decrease of the transaction fees. The base fee is the minimum amount required for a transaction to be added to a block.<\/p>\n\n\n\n

Secondly, the fork addresses the chain reorganization issues by cutting the 'Sprint length' from 64 to 16 blocks. It means one validator will generate blocks for a much shorter period, approximately 32 seconds from the current 128 seconds. On the Polygon blockchain, reorgs affect the transaction finality based on the number of confirmed valid blocks.<\/p>\n\n\n\n

Amidst the hard fork, Polygon's native token MATIC is changing hands for $1.01, representing a price increase of 17% in the past week, per data provided by CoinMarketCap. The crypto market has extended the new year's uptrend, with the global cap at $996 billion.<\/p>\n","post_title":"Polygon Undergoes a Hard Fork Amid Decentralization Concerns","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"polygon-undergoes-a-hard-fork-amid-decentralization-concerns","to_ping":"","pinged":"","post_modified":"2023-04-10 17:40:42","post_modified_gmt":"2023-04-10 07:40:42","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9446","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":9404,"post_author":"13","post_date":"2023-01-17 15:23:08","post_date_gmt":"2023-01-17 04:23:08","post_content":"\n

The flagship cryptocurrency, Bitcoin, could rise in adoption following a growing interest among universities and colleges to introduce courses about the digital currency. One such institution is Texas A&M University which is planning to offer a Bitcoin course, including Programming Bitcoin, where students would \"build a Bitcoin library from scratch.<\/em>\"<\/p>\n\n\n\n

Associate Professor Korok Ray from Mays Business School at Texas A&M announced<\/a> on January 13 that he would teach a course on Bitcoin protocol to engineering and business students this spring in the Texas-based university.<\/p>\n\n\n\n

He added that afterward, a Programming Bitcoin course would follow, where students would be taught how to build a bitcoin library. Ray noted in his announcement that getting the approval from the university to have the course has been a lengthy process, possibly underscoring public institutions' lack of confidence in the sector following recent market volatilities.<\/p>\n\n\n\n

Crypto Curriculum Is Expected To Be The Key To Crypto Adoption<\/h2>\n\n\n\n

The perception of cryptocurrencies as high-risk assets, often seen as gambling, could be holding back the integration of the asset class into the school curriculum, which according to experts, is the only way to accelerate adoption. Crypto analyst Josh Cowell believes that crypto education could enhance financial literacy among students.<\/p>\n\n\n\n

Texas A&M University is one of many institutions of higher learning to bring crypto courses. Others include \u2013 Harvard University, Oxford, Massachusetts Institute of Technology, and the University of California Berkeley. Boston University Law School is reportedly offering a course on crypto regulations, according to a report shared with Cointelegraph by the institution's adjunct professor, Thomas Hook.<\/p>\n\n\n\n

Says Hook: the curriculum \"is meant to expose future lawyers on the potential issues they may see and the myriad of approaches and regulations that exist as it pertains to crypto and the different issues that crypto companies may face across the globe.<\/em>\"<\/p>\n","post_title":"Texas A&M University Adds BTC Course to Its Curriculum; And To A Build Bitcoin Library","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"texas-university-to-a-add-a-bitcoin-course","to_ping":"","pinged":"","post_modified":"2023-04-10 17:41:14","post_modified_gmt":"2023-04-10 07:41:14","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9404","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":9372,"post_author":"13","post_date":"2023-01-14 17:45:33","post_date_gmt":"2023-01-14 06:45:33","post_content":"\n

A US federal court has agreed to a request by Miami-Dade County and FTX to end a naming rights deal worth $135 million for the exchange at the sporting venue of the NBA basketball team - Miami Heat. According to the ruling<\/a>, FTX Arena would no longer be referred to as such, and all the branding containing the logos of the bankrupt exchange would be removed.<\/p>\n\n\n\n

See Related:<\/strong><\/em> From Bad To Good To Worse: The Binance And FTX Saga<\/a><\/p>\n\n\n\n

Judge John Dorsey wrote on January 11 that the naming rights shall be effected \u2018\u2018immediately upon the entry of (the) order.<\/em>\u2019\u2019 That means the FTX branding would have to be removed from, among other places, the entrance of the sporting venue, on the polo shirts worn by the officials, and on the electronic cards for accessing the venue, which according to experts, would be a big undertaking.<\/p>\n\n\n\n

Enter Miami-Dade Arena<\/h2>\n\n\n\n

Miami Heat posted<\/a> on Twitter on January 14 that the new name for the former FTX Arena would change to Miami \u2013 Dade Arena until a new partner comes on board.<\/p>\n\n\n\n

\u2018\u2018Effective immediately, Miami-Dade County and the Miami Heat have agreed that, until such time as there is a new naming rights partner, to refer to the arena as Miami-Dade Arena. The removal of the facility\u2019s existing signage and the changeover of branding elements will be ongoing in the coming weeks.<\/em>\u2019\u2019<\/p>\n\n\n\n

See Related:<\/em><\/strong> CryptoCom Arena: Reported $700m Deal Sealed For Clippers Arena<\/a><\/p>\n\n\n\n

FTX and Miami \u2013 Dade Country \u2013 which owns the arena \u2013 agreed, effective June 2021, to extend the naming rights to the exchange for 19 years, where FTX would pay $2 million annually. The last payment was supposed to be $5.5 million on January 1 before the business went under. <\/p>\n\n\n\n

FTX filed for bankruptcy<\/a> in November last year, collapsing with an estimated $10 billion worth of investors' funds. Its founder Sam Bankman-Fried was later arrested<\/a> and extradited to the US to face criminal charges relating to money laundering and financial fraud.<\/p>\n","post_title":"NBA\u2019s Miami Heat Ends $135M Deal With FTX Following Court Orders, Welcome Miami-Dade Arena","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"nbas-miami-heat-ends-135m-deal-with-ftx-following-court-orders-welcome-miami-dade-arena","to_ping":"","pinged":"","post_modified":"2023-01-15 02:59:30","post_modified_gmt":"2023-01-14 15:59:30","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9372","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":9360,"post_author":"13","post_date":"2023-01-14 16:16:36","post_date_gmt":"2023-01-14 05:16:36","post_content":"\n

The US Securities and Exchange Commission (SEC) charges<\/a> cryptocurrency exchange Gemini and Genesis Global for offering unregistered securities through the Gemini Earn Crypto asset-lending program, which was terminated in November with $900 million from 340,000 investors.\u00a0\u00a0<\/p>\n\n\n\n

Announcing in a press release dated January 12, the agency has filed a complaint with the US District of New York, accusing the two companies of breaching Section 5 (a) and 5(c) of the Securities Act of 1933 - seeking for permanent injunctive relief, disgorgement of ill-gotten gains plus prejudgment interest, and civil penalties.<\/p>\n\n\n\n

\u2018\u2018We allege that Genesis and Gemini offered unregistered securities to the public, bypassing disclosure requirements designed to protect investors,\u2019\u2019 <\/em>chairperson Gary Gensler said. \u2018\u2018(the) charges build on previous actions to make clear to the marketplace and the investing public that crypto lending platforms and other intermediaries need to comply with our time-tested securities laws,<\/em>\u2019\u2019 he added.<\/p>\n\n\n\n

See Related:<\/strong><\/em> Algorithmic Stablecoins Face Ban As US Congress Pushes Stablecoin Regulation Bill<\/a><\/p>\n\n\n\n

Gemini Drew As High As 4% Interest In The Earn Program<\/h2>\n\n\n\n

In Dec. 2020, Gemini collaborated with Genesis - also part of the Digital Currency Group - to offer the exchange\u2019s customers a way to loan out their crypto holdings and earn interest. In the arrangement, Gemini was the agent and deducted interest of as high as 4.29% from the amount paid to Gemini\u2019s investors \u2013 where determined how and when to invest the pooled funds.<\/p>\n\n\n\n

Later, Genesis suspended<\/a> the withdrawal of the funds, saying it lacked enough assets to meet the requests. In the submission, SEC alleges that the Gemini Earn program constitutes a sale of a security and ought to have been registered under its purview. The failure denies investors crucial information on the program leading to losses.<\/p>\n\n\n\n

SEC is continuing investigations into the possibility of any other security laws being violated by the two entities and has appealed to the public to provide any relevant evidence through its whistleblower program.<\/p>\n\n\n\n

See Related:<\/em><\/strong> Japanese Cryptocurrency Regulation Eases; Stablecoins To Be Listed Without Screening<\/a><\/p>\n","post_title":"US Regulator Charges Gemini and Genesis For Violating Securities Law In Crypto Lending","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"us-regulator-charges-gemini-and-genesis-for-violating-securities-law-in-crypto-lending","to_ping":"","pinged":"","post_modified":"2023-01-14 16:18:52","post_modified_gmt":"2023-01-14 05:18:52","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9360","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

Most Read

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Follow The Distributed

ADVERTISEMENT
\n

The filing has also listed unspecified amounts in rival crypto exchange Binance and its subsidiary Binance US. Before the event leading to the FTX collapse, Binance had disclosed a rescue plan to help the bankrupt business, which never came through. <\/p>\n\n\n\n

See Related: <\/strong><\/em>From Bad To Good To Worse: The Binance And FTX Saga<\/a><\/p>\n\n\n\n

The government seized all the listed assets at the start of the month, and has not been classified as property in the bankruptcy estate. It means that the property is exempted from being frozen like the rest of FTX assets, which are pending liquidation, said sources privy to the matter.<\/p>\n","post_title":"US Prosecutors Seize $700M in Bank Accounts, Shares, And Cryptos Linked to Bankman-Fried","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"us-prosecutors-seize-700m-in-bank-accounts-shares-and-cryptos-linked-to-bankman-fried","to_ping":"","pinged":"","post_modified":"2023-01-22 01:40:30","post_modified_gmt":"2023-01-21 14:40:30","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9513","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":9493,"post_author":"13","post_date":"2023-01-20 19:11:59","post_date_gmt":"2023-01-20 08:11:59","post_content":"\n

The US Securities and Exchange Commission (SEC) announced<\/a> Thursday that it had filed a complaint against FTX\u2019s former CEO Sam Bankman-Fried \u2018SBF\u2019 for defrauding equity investors of up to $1.8 billion, and estimated $1.1 billion from about 90 US-based investors, all raised in the period before May 2019.<\/p>\n\n\n\n

Notably, according to the regulator, SBF acted contrary to Section 17 of the Securities Act of 1933, Section 10 (b) of the Securities Act of 1934, and Rule 10b-5 thereunder. According to the report, SBF concealed the whereabouts of investors\u2019 funds, and the funds were put in risky assets without their consent.<\/p>\n\n\n\n

\u2018\u2018In his representations to investors, (SBF) promoted FTX as a safe, responsible crypto asset trading platform, specifically marketing it\u2019s sophisticated, automated risk measures to protect customer assets. In reality, (he) concealed the undisclosed diversion of FTX customers\u2019 funds to Alameda Research LLC, the undisclosed special treatment afforded to Alameda on the FTX platform, including providing Alameda with a virtually unlimited line of credit, and the undisclosed risks from holding overvalued, illiquid assets (FTT).<\/em>\u2019\u2019 The statement read.<\/p>\n\n\n\n

See Related: <\/em><\/strong>United States DOJ Seizes Over 55M Robinhood Shares And US$22M In Relation To SBF And FTX<\/a><\/p>\n\n\n\n

The US Regulator Is Demanding Restrictions Against the Disgraced Entrepreneur<\/h2>\n\n\n\n

For this reason, the agency demands that SBF be barred from issuing, purchasing, or offering any security besides his account for sale. Further SEC wants all the ill-gotten profits to be reclaimed from the disgraced executive, including a civil penalty prohibiting him from occupying any office in the capacity of a director.\u00a0\u00a0<\/p>\n\n\n\n

FTX investors got a ray of hope after the new CEO John Ray said there was a possibility of reviving the collapsed exchange. His statement was quickly criticized by SBF, who is currently out on a $250 million recognizance bond secured by his parent's property.<\/p>\n\n\n\n

See Related:<\/em><\/strong> Sam Bankman-Fried Released on a $250M Bail; Former FTX Executives Plead Guilty<\/a><\/p>\n\n\n\n

\nhttps:\/\/twitter.com\/TheDistributed_\/status\/1616138722835333120\n<\/div><\/figure>\n","post_title":"SEC Charges Sam Bankman-Fried for \u2018Orchestrating Year-Long Fraud\u2019 Against Equity Investors","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"sec-charges-sam-bankman-fried-for-orchestrating-year-long-fraud-against-equity-investors","to_ping":"","pinged":"","post_modified":"2023-01-21 17:35:05","post_modified_gmt":"2023-01-21 06:35:05","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9493","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":9446,"post_author":"13","post_date":"2023-01-19 20:58:58","post_date_gmt":"2023-01-19 09:58:58","post_content":"\n

Polygon underwent<\/a> an upgrade Tuesday to improve the network's transaction speed and reduce gas fees. However, the process that preceded the upgrade raised questions about the extent of decentralization on the Ethereum scaling layer-2<\/a> blockchain. Of 15 selected validators, 13 voted in favour of the proposal to have the hard fork.\u00a0\u00a0<\/p>\n\n\n\n

Hard forks are events in a blockchain that upgrade software, creating a new parallel blockchain. Polygon's Governance team proposed in December to have the fork in a process requiring a large majority of validators, which in this case needed 67%.<\/p>\n\n\n\n

The proposal attracted controversy, with some community members demanding more details about the hard fork. Additionally, others questioned whether the upgrade was necessary in light of other urgent matters on the network. Interestingly, sources noted that some validators claim they were not part of the forum where Polygon tallied the votes.<\/p>\n\n\n\n

See Related: <\/em><\/strong>Warner Music Group To Launch Music NFTs In Partnership With Polygon, LGND<\/a><\/p>\n\n\n\n

Improved Transaction Finality and Stabilized Gas Fees<\/h2>\n\n\n\n

Polygon's VO.3.1 Hardfork reduces the severity of gas spikes during peak hours by changing the BaseFeeChangeDenominator to 16 from the current 8 and \u2013 streamlining the increase or decrease of the transaction fees. The base fee is the minimum amount required for a transaction to be added to a block.<\/p>\n\n\n\n

Secondly, the fork addresses the chain reorganization issues by cutting the 'Sprint length' from 64 to 16 blocks. It means one validator will generate blocks for a much shorter period, approximately 32 seconds from the current 128 seconds. On the Polygon blockchain, reorgs affect the transaction finality based on the number of confirmed valid blocks.<\/p>\n\n\n\n

Amidst the hard fork, Polygon's native token MATIC is changing hands for $1.01, representing a price increase of 17% in the past week, per data provided by CoinMarketCap. The crypto market has extended the new year's uptrend, with the global cap at $996 billion.<\/p>\n","post_title":"Polygon Undergoes a Hard Fork Amid Decentralization Concerns","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"polygon-undergoes-a-hard-fork-amid-decentralization-concerns","to_ping":"","pinged":"","post_modified":"2023-04-10 17:40:42","post_modified_gmt":"2023-04-10 07:40:42","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9446","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":9404,"post_author":"13","post_date":"2023-01-17 15:23:08","post_date_gmt":"2023-01-17 04:23:08","post_content":"\n

The flagship cryptocurrency, Bitcoin, could rise in adoption following a growing interest among universities and colleges to introduce courses about the digital currency. One such institution is Texas A&M University which is planning to offer a Bitcoin course, including Programming Bitcoin, where students would \"build a Bitcoin library from scratch.<\/em>\"<\/p>\n\n\n\n

Associate Professor Korok Ray from Mays Business School at Texas A&M announced<\/a> on January 13 that he would teach a course on Bitcoin protocol to engineering and business students this spring in the Texas-based university.<\/p>\n\n\n\n

He added that afterward, a Programming Bitcoin course would follow, where students would be taught how to build a bitcoin library. Ray noted in his announcement that getting the approval from the university to have the course has been a lengthy process, possibly underscoring public institutions' lack of confidence in the sector following recent market volatilities.<\/p>\n\n\n\n

Crypto Curriculum Is Expected To Be The Key To Crypto Adoption<\/h2>\n\n\n\n

The perception of cryptocurrencies as high-risk assets, often seen as gambling, could be holding back the integration of the asset class into the school curriculum, which according to experts, is the only way to accelerate adoption. Crypto analyst Josh Cowell believes that crypto education could enhance financial literacy among students.<\/p>\n\n\n\n

Texas A&M University is one of many institutions of higher learning to bring crypto courses. Others include \u2013 Harvard University, Oxford, Massachusetts Institute of Technology, and the University of California Berkeley. Boston University Law School is reportedly offering a course on crypto regulations, according to a report shared with Cointelegraph by the institution's adjunct professor, Thomas Hook.<\/p>\n\n\n\n

Says Hook: the curriculum \"is meant to expose future lawyers on the potential issues they may see and the myriad of approaches and regulations that exist as it pertains to crypto and the different issues that crypto companies may face across the globe.<\/em>\"<\/p>\n","post_title":"Texas A&M University Adds BTC Course to Its Curriculum; And To A Build Bitcoin Library","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"texas-university-to-a-add-a-bitcoin-course","to_ping":"","pinged":"","post_modified":"2023-04-10 17:41:14","post_modified_gmt":"2023-04-10 07:41:14","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9404","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":9372,"post_author":"13","post_date":"2023-01-14 17:45:33","post_date_gmt":"2023-01-14 06:45:33","post_content":"\n

A US federal court has agreed to a request by Miami-Dade County and FTX to end a naming rights deal worth $135 million for the exchange at the sporting venue of the NBA basketball team - Miami Heat. According to the ruling<\/a>, FTX Arena would no longer be referred to as such, and all the branding containing the logos of the bankrupt exchange would be removed.<\/p>\n\n\n\n

See Related:<\/strong><\/em> From Bad To Good To Worse: The Binance And FTX Saga<\/a><\/p>\n\n\n\n

Judge John Dorsey wrote on January 11 that the naming rights shall be effected \u2018\u2018immediately upon the entry of (the) order.<\/em>\u2019\u2019 That means the FTX branding would have to be removed from, among other places, the entrance of the sporting venue, on the polo shirts worn by the officials, and on the electronic cards for accessing the venue, which according to experts, would be a big undertaking.<\/p>\n\n\n\n

Enter Miami-Dade Arena<\/h2>\n\n\n\n

Miami Heat posted<\/a> on Twitter on January 14 that the new name for the former FTX Arena would change to Miami \u2013 Dade Arena until a new partner comes on board.<\/p>\n\n\n\n

\u2018\u2018Effective immediately, Miami-Dade County and the Miami Heat have agreed that, until such time as there is a new naming rights partner, to refer to the arena as Miami-Dade Arena. The removal of the facility\u2019s existing signage and the changeover of branding elements will be ongoing in the coming weeks.<\/em>\u2019\u2019<\/p>\n\n\n\n

See Related:<\/em><\/strong> CryptoCom Arena: Reported $700m Deal Sealed For Clippers Arena<\/a><\/p>\n\n\n\n

FTX and Miami \u2013 Dade Country \u2013 which owns the arena \u2013 agreed, effective June 2021, to extend the naming rights to the exchange for 19 years, where FTX would pay $2 million annually. The last payment was supposed to be $5.5 million on January 1 before the business went under. <\/p>\n\n\n\n

FTX filed for bankruptcy<\/a> in November last year, collapsing with an estimated $10 billion worth of investors' funds. Its founder Sam Bankman-Fried was later arrested<\/a> and extradited to the US to face criminal charges relating to money laundering and financial fraud.<\/p>\n","post_title":"NBA\u2019s Miami Heat Ends $135M Deal With FTX Following Court Orders, Welcome Miami-Dade Arena","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"nbas-miami-heat-ends-135m-deal-with-ftx-following-court-orders-welcome-miami-dade-arena","to_ping":"","pinged":"","post_modified":"2023-01-15 02:59:30","post_modified_gmt":"2023-01-14 15:59:30","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9372","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":9360,"post_author":"13","post_date":"2023-01-14 16:16:36","post_date_gmt":"2023-01-14 05:16:36","post_content":"\n

The US Securities and Exchange Commission (SEC) charges<\/a> cryptocurrency exchange Gemini and Genesis Global for offering unregistered securities through the Gemini Earn Crypto asset-lending program, which was terminated in November with $900 million from 340,000 investors.\u00a0\u00a0<\/p>\n\n\n\n

Announcing in a press release dated January 12, the agency has filed a complaint with the US District of New York, accusing the two companies of breaching Section 5 (a) and 5(c) of the Securities Act of 1933 - seeking for permanent injunctive relief, disgorgement of ill-gotten gains plus prejudgment interest, and civil penalties.<\/p>\n\n\n\n

\u2018\u2018We allege that Genesis and Gemini offered unregistered securities to the public, bypassing disclosure requirements designed to protect investors,\u2019\u2019 <\/em>chairperson Gary Gensler said. \u2018\u2018(the) charges build on previous actions to make clear to the marketplace and the investing public that crypto lending platforms and other intermediaries need to comply with our time-tested securities laws,<\/em>\u2019\u2019 he added.<\/p>\n\n\n\n

See Related:<\/strong><\/em> Algorithmic Stablecoins Face Ban As US Congress Pushes Stablecoin Regulation Bill<\/a><\/p>\n\n\n\n

Gemini Drew As High As 4% Interest In The Earn Program<\/h2>\n\n\n\n

In Dec. 2020, Gemini collaborated with Genesis - also part of the Digital Currency Group - to offer the exchange\u2019s customers a way to loan out their crypto holdings and earn interest. In the arrangement, Gemini was the agent and deducted interest of as high as 4.29% from the amount paid to Gemini\u2019s investors \u2013 where determined how and when to invest the pooled funds.<\/p>\n\n\n\n

Later, Genesis suspended<\/a> the withdrawal of the funds, saying it lacked enough assets to meet the requests. In the submission, SEC alleges that the Gemini Earn program constitutes a sale of a security and ought to have been registered under its purview. The failure denies investors crucial information on the program leading to losses.<\/p>\n\n\n\n

SEC is continuing investigations into the possibility of any other security laws being violated by the two entities and has appealed to the public to provide any relevant evidence through its whistleblower program.<\/p>\n\n\n\n

See Related:<\/em><\/strong> Japanese Cryptocurrency Regulation Eases; Stablecoins To Be Listed Without Screening<\/a><\/p>\n","post_title":"US Regulator Charges Gemini and Genesis For Violating Securities Law In Crypto Lending","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"us-regulator-charges-gemini-and-genesis-for-violating-securities-law-in-crypto-lending","to_ping":"","pinged":"","post_modified":"2023-01-14 16:18:52","post_modified_gmt":"2023-01-14 05:18:52","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9360","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

Most Read

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Follow The Distributed

ADVERTISEMENT
\n

Part Of The Assets Seized Are Cryptos Held With The Binance Exchange<\/h2>\n\n\n\n

The filing has also listed unspecified amounts in rival crypto exchange Binance and its subsidiary Binance US. Before the event leading to the FTX collapse, Binance had disclosed a rescue plan to help the bankrupt business, which never came through. <\/p>\n\n\n\n

See Related: <\/strong><\/em>From Bad To Good To Worse: The Binance And FTX Saga<\/a><\/p>\n\n\n\n

The government seized all the listed assets at the start of the month, and has not been classified as property in the bankruptcy estate. It means that the property is exempted from being frozen like the rest of FTX assets, which are pending liquidation, said sources privy to the matter.<\/p>\n","post_title":"US Prosecutors Seize $700M in Bank Accounts, Shares, And Cryptos Linked to Bankman-Fried","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"us-prosecutors-seize-700m-in-bank-accounts-shares-and-cryptos-linked-to-bankman-fried","to_ping":"","pinged":"","post_modified":"2023-01-22 01:40:30","post_modified_gmt":"2023-01-21 14:40:30","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9513","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":9493,"post_author":"13","post_date":"2023-01-20 19:11:59","post_date_gmt":"2023-01-20 08:11:59","post_content":"\n

The US Securities and Exchange Commission (SEC) announced<\/a> Thursday that it had filed a complaint against FTX\u2019s former CEO Sam Bankman-Fried \u2018SBF\u2019 for defrauding equity investors of up to $1.8 billion, and estimated $1.1 billion from about 90 US-based investors, all raised in the period before May 2019.<\/p>\n\n\n\n

Notably, according to the regulator, SBF acted contrary to Section 17 of the Securities Act of 1933, Section 10 (b) of the Securities Act of 1934, and Rule 10b-5 thereunder. According to the report, SBF concealed the whereabouts of investors\u2019 funds, and the funds were put in risky assets without their consent.<\/p>\n\n\n\n

\u2018\u2018In his representations to investors, (SBF) promoted FTX as a safe, responsible crypto asset trading platform, specifically marketing it\u2019s sophisticated, automated risk measures to protect customer assets. In reality, (he) concealed the undisclosed diversion of FTX customers\u2019 funds to Alameda Research LLC, the undisclosed special treatment afforded to Alameda on the FTX platform, including providing Alameda with a virtually unlimited line of credit, and the undisclosed risks from holding overvalued, illiquid assets (FTT).<\/em>\u2019\u2019 The statement read.<\/p>\n\n\n\n

See Related: <\/em><\/strong>United States DOJ Seizes Over 55M Robinhood Shares And US$22M In Relation To SBF And FTX<\/a><\/p>\n\n\n\n

The US Regulator Is Demanding Restrictions Against the Disgraced Entrepreneur<\/h2>\n\n\n\n

For this reason, the agency demands that SBF be barred from issuing, purchasing, or offering any security besides his account for sale. Further SEC wants all the ill-gotten profits to be reclaimed from the disgraced executive, including a civil penalty prohibiting him from occupying any office in the capacity of a director.\u00a0\u00a0<\/p>\n\n\n\n

FTX investors got a ray of hope after the new CEO John Ray said there was a possibility of reviving the collapsed exchange. His statement was quickly criticized by SBF, who is currently out on a $250 million recognizance bond secured by his parent's property.<\/p>\n\n\n\n

See Related:<\/em><\/strong> Sam Bankman-Fried Released on a $250M Bail; Former FTX Executives Plead Guilty<\/a><\/p>\n\n\n\n

\nhttps:\/\/twitter.com\/TheDistributed_\/status\/1616138722835333120\n<\/div><\/figure>\n","post_title":"SEC Charges Sam Bankman-Fried for \u2018Orchestrating Year-Long Fraud\u2019 Against Equity Investors","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"sec-charges-sam-bankman-fried-for-orchestrating-year-long-fraud-against-equity-investors","to_ping":"","pinged":"","post_modified":"2023-01-21 17:35:05","post_modified_gmt":"2023-01-21 06:35:05","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9493","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":9446,"post_author":"13","post_date":"2023-01-19 20:58:58","post_date_gmt":"2023-01-19 09:58:58","post_content":"\n

Polygon underwent<\/a> an upgrade Tuesday to improve the network's transaction speed and reduce gas fees. However, the process that preceded the upgrade raised questions about the extent of decentralization on the Ethereum scaling layer-2<\/a> blockchain. Of 15 selected validators, 13 voted in favour of the proposal to have the hard fork.\u00a0\u00a0<\/p>\n\n\n\n

Hard forks are events in a blockchain that upgrade software, creating a new parallel blockchain. Polygon's Governance team proposed in December to have the fork in a process requiring a large majority of validators, which in this case needed 67%.<\/p>\n\n\n\n

The proposal attracted controversy, with some community members demanding more details about the hard fork. Additionally, others questioned whether the upgrade was necessary in light of other urgent matters on the network. Interestingly, sources noted that some validators claim they were not part of the forum where Polygon tallied the votes.<\/p>\n\n\n\n

See Related: <\/em><\/strong>Warner Music Group To Launch Music NFTs In Partnership With Polygon, LGND<\/a><\/p>\n\n\n\n

Improved Transaction Finality and Stabilized Gas Fees<\/h2>\n\n\n\n

Polygon's VO.3.1 Hardfork reduces the severity of gas spikes during peak hours by changing the BaseFeeChangeDenominator to 16 from the current 8 and \u2013 streamlining the increase or decrease of the transaction fees. The base fee is the minimum amount required for a transaction to be added to a block.<\/p>\n\n\n\n

Secondly, the fork addresses the chain reorganization issues by cutting the 'Sprint length' from 64 to 16 blocks. It means one validator will generate blocks for a much shorter period, approximately 32 seconds from the current 128 seconds. On the Polygon blockchain, reorgs affect the transaction finality based on the number of confirmed valid blocks.<\/p>\n\n\n\n

Amidst the hard fork, Polygon's native token MATIC is changing hands for $1.01, representing a price increase of 17% in the past week, per data provided by CoinMarketCap. The crypto market has extended the new year's uptrend, with the global cap at $996 billion.<\/p>\n","post_title":"Polygon Undergoes a Hard Fork Amid Decentralization Concerns","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"polygon-undergoes-a-hard-fork-amid-decentralization-concerns","to_ping":"","pinged":"","post_modified":"2023-04-10 17:40:42","post_modified_gmt":"2023-04-10 07:40:42","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9446","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":9404,"post_author":"13","post_date":"2023-01-17 15:23:08","post_date_gmt":"2023-01-17 04:23:08","post_content":"\n

The flagship cryptocurrency, Bitcoin, could rise in adoption following a growing interest among universities and colleges to introduce courses about the digital currency. One such institution is Texas A&M University which is planning to offer a Bitcoin course, including Programming Bitcoin, where students would \"build a Bitcoin library from scratch.<\/em>\"<\/p>\n\n\n\n

Associate Professor Korok Ray from Mays Business School at Texas A&M announced<\/a> on January 13 that he would teach a course on Bitcoin protocol to engineering and business students this spring in the Texas-based university.<\/p>\n\n\n\n

He added that afterward, a Programming Bitcoin course would follow, where students would be taught how to build a bitcoin library. Ray noted in his announcement that getting the approval from the university to have the course has been a lengthy process, possibly underscoring public institutions' lack of confidence in the sector following recent market volatilities.<\/p>\n\n\n\n

Crypto Curriculum Is Expected To Be The Key To Crypto Adoption<\/h2>\n\n\n\n

The perception of cryptocurrencies as high-risk assets, often seen as gambling, could be holding back the integration of the asset class into the school curriculum, which according to experts, is the only way to accelerate adoption. Crypto analyst Josh Cowell believes that crypto education could enhance financial literacy among students.<\/p>\n\n\n\n

Texas A&M University is one of many institutions of higher learning to bring crypto courses. Others include \u2013 Harvard University, Oxford, Massachusetts Institute of Technology, and the University of California Berkeley. Boston University Law School is reportedly offering a course on crypto regulations, according to a report shared with Cointelegraph by the institution's adjunct professor, Thomas Hook.<\/p>\n\n\n\n

Says Hook: the curriculum \"is meant to expose future lawyers on the potential issues they may see and the myriad of approaches and regulations that exist as it pertains to crypto and the different issues that crypto companies may face across the globe.<\/em>\"<\/p>\n","post_title":"Texas A&M University Adds BTC Course to Its Curriculum; And To A Build Bitcoin Library","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"texas-university-to-a-add-a-bitcoin-course","to_ping":"","pinged":"","post_modified":"2023-04-10 17:41:14","post_modified_gmt":"2023-04-10 07:41:14","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9404","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":9372,"post_author":"13","post_date":"2023-01-14 17:45:33","post_date_gmt":"2023-01-14 06:45:33","post_content":"\n

A US federal court has agreed to a request by Miami-Dade County and FTX to end a naming rights deal worth $135 million for the exchange at the sporting venue of the NBA basketball team - Miami Heat. According to the ruling<\/a>, FTX Arena would no longer be referred to as such, and all the branding containing the logos of the bankrupt exchange would be removed.<\/p>\n\n\n\n

See Related:<\/strong><\/em> From Bad To Good To Worse: The Binance And FTX Saga<\/a><\/p>\n\n\n\n

Judge John Dorsey wrote on January 11 that the naming rights shall be effected \u2018\u2018immediately upon the entry of (the) order.<\/em>\u2019\u2019 That means the FTX branding would have to be removed from, among other places, the entrance of the sporting venue, on the polo shirts worn by the officials, and on the electronic cards for accessing the venue, which according to experts, would be a big undertaking.<\/p>\n\n\n\n

Enter Miami-Dade Arena<\/h2>\n\n\n\n

Miami Heat posted<\/a> on Twitter on January 14 that the new name for the former FTX Arena would change to Miami \u2013 Dade Arena until a new partner comes on board.<\/p>\n\n\n\n

\u2018\u2018Effective immediately, Miami-Dade County and the Miami Heat have agreed that, until such time as there is a new naming rights partner, to refer to the arena as Miami-Dade Arena. The removal of the facility\u2019s existing signage and the changeover of branding elements will be ongoing in the coming weeks.<\/em>\u2019\u2019<\/p>\n\n\n\n

See Related:<\/em><\/strong> CryptoCom Arena: Reported $700m Deal Sealed For Clippers Arena<\/a><\/p>\n\n\n\n

FTX and Miami \u2013 Dade Country \u2013 which owns the arena \u2013 agreed, effective June 2021, to extend the naming rights to the exchange for 19 years, where FTX would pay $2 million annually. The last payment was supposed to be $5.5 million on January 1 before the business went under. <\/p>\n\n\n\n

FTX filed for bankruptcy<\/a> in November last year, collapsing with an estimated $10 billion worth of investors' funds. Its founder Sam Bankman-Fried was later arrested<\/a> and extradited to the US to face criminal charges relating to money laundering and financial fraud.<\/p>\n","post_title":"NBA\u2019s Miami Heat Ends $135M Deal With FTX Following Court Orders, Welcome Miami-Dade Arena","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"nbas-miami-heat-ends-135m-deal-with-ftx-following-court-orders-welcome-miami-dade-arena","to_ping":"","pinged":"","post_modified":"2023-01-15 02:59:30","post_modified_gmt":"2023-01-14 15:59:30","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9372","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":9360,"post_author":"13","post_date":"2023-01-14 16:16:36","post_date_gmt":"2023-01-14 05:16:36","post_content":"\n

The US Securities and Exchange Commission (SEC) charges<\/a> cryptocurrency exchange Gemini and Genesis Global for offering unregistered securities through the Gemini Earn Crypto asset-lending program, which was terminated in November with $900 million from 340,000 investors.\u00a0\u00a0<\/p>\n\n\n\n

Announcing in a press release dated January 12, the agency has filed a complaint with the US District of New York, accusing the two companies of breaching Section 5 (a) and 5(c) of the Securities Act of 1933 - seeking for permanent injunctive relief, disgorgement of ill-gotten gains plus prejudgment interest, and civil penalties.<\/p>\n\n\n\n

\u2018\u2018We allege that Genesis and Gemini offered unregistered securities to the public, bypassing disclosure requirements designed to protect investors,\u2019\u2019 <\/em>chairperson Gary Gensler said. \u2018\u2018(the) charges build on previous actions to make clear to the marketplace and the investing public that crypto lending platforms and other intermediaries need to comply with our time-tested securities laws,<\/em>\u2019\u2019 he added.<\/p>\n\n\n\n

See Related:<\/strong><\/em> Algorithmic Stablecoins Face Ban As US Congress Pushes Stablecoin Regulation Bill<\/a><\/p>\n\n\n\n

Gemini Drew As High As 4% Interest In The Earn Program<\/h2>\n\n\n\n

In Dec. 2020, Gemini collaborated with Genesis - also part of the Digital Currency Group - to offer the exchange\u2019s customers a way to loan out their crypto holdings and earn interest. In the arrangement, Gemini was the agent and deducted interest of as high as 4.29% from the amount paid to Gemini\u2019s investors \u2013 where determined how and when to invest the pooled funds.<\/p>\n\n\n\n

Later, Genesis suspended<\/a> the withdrawal of the funds, saying it lacked enough assets to meet the requests. In the submission, SEC alleges that the Gemini Earn program constitutes a sale of a security and ought to have been registered under its purview. The failure denies investors crucial information on the program leading to losses.<\/p>\n\n\n\n

SEC is continuing investigations into the possibility of any other security laws being violated by the two entities and has appealed to the public to provide any relevant evidence through its whistleblower program.<\/p>\n\n\n\n

See Related:<\/em><\/strong> Japanese Cryptocurrency Regulation Eases; Stablecoins To Be Listed Without Screening<\/a><\/p>\n","post_title":"US Regulator Charges Gemini and Genesis For Violating Securities Law In Crypto Lending","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"us-regulator-charges-gemini-and-genesis-for-violating-securities-law-in-crypto-lending","to_ping":"","pinged":"","post_modified":"2023-01-14 16:18:52","post_modified_gmt":"2023-01-14 05:18:52","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9360","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

Most Read

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Follow The Distributed

ADVERTISEMENT
\n

Also in the document submitted by the US Attorney Damian Williams is $20.7 million held at ED&F Man Capital Markets and an estimated $50 million at Farmington State Bank. There is also an amount worth $5 million at Silvergate Bank under FTX Digital Markets. <\/p>\n\n\n\n

Part Of The Assets Seized Are Cryptos Held With The Binance Exchange<\/h2>\n\n\n\n

The filing has also listed unspecified amounts in rival crypto exchange Binance and its subsidiary Binance US. Before the event leading to the FTX collapse, Binance had disclosed a rescue plan to help the bankrupt business, which never came through. <\/p>\n\n\n\n

See Related: <\/strong><\/em>From Bad To Good To Worse: The Binance And FTX Saga<\/a><\/p>\n\n\n\n

The government seized all the listed assets at the start of the month, and has not been classified as property in the bankruptcy estate. It means that the property is exempted from being frozen like the rest of FTX assets, which are pending liquidation, said sources privy to the matter.<\/p>\n","post_title":"US Prosecutors Seize $700M in Bank Accounts, Shares, And Cryptos Linked to Bankman-Fried","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"us-prosecutors-seize-700m-in-bank-accounts-shares-and-cryptos-linked-to-bankman-fried","to_ping":"","pinged":"","post_modified":"2023-01-22 01:40:30","post_modified_gmt":"2023-01-21 14:40:30","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9513","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":9493,"post_author":"13","post_date":"2023-01-20 19:11:59","post_date_gmt":"2023-01-20 08:11:59","post_content":"\n

The US Securities and Exchange Commission (SEC) announced<\/a> Thursday that it had filed a complaint against FTX\u2019s former CEO Sam Bankman-Fried \u2018SBF\u2019 for defrauding equity investors of up to $1.8 billion, and estimated $1.1 billion from about 90 US-based investors, all raised in the period before May 2019.<\/p>\n\n\n\n

Notably, according to the regulator, SBF acted contrary to Section 17 of the Securities Act of 1933, Section 10 (b) of the Securities Act of 1934, and Rule 10b-5 thereunder. According to the report, SBF concealed the whereabouts of investors\u2019 funds, and the funds were put in risky assets without their consent.<\/p>\n\n\n\n

\u2018\u2018In his representations to investors, (SBF) promoted FTX as a safe, responsible crypto asset trading platform, specifically marketing it\u2019s sophisticated, automated risk measures to protect customer assets. In reality, (he) concealed the undisclosed diversion of FTX customers\u2019 funds to Alameda Research LLC, the undisclosed special treatment afforded to Alameda on the FTX platform, including providing Alameda with a virtually unlimited line of credit, and the undisclosed risks from holding overvalued, illiquid assets (FTT).<\/em>\u2019\u2019 The statement read.<\/p>\n\n\n\n

See Related: <\/em><\/strong>United States DOJ Seizes Over 55M Robinhood Shares And US$22M In Relation To SBF And FTX<\/a><\/p>\n\n\n\n

The US Regulator Is Demanding Restrictions Against the Disgraced Entrepreneur<\/h2>\n\n\n\n

For this reason, the agency demands that SBF be barred from issuing, purchasing, or offering any security besides his account for sale. Further SEC wants all the ill-gotten profits to be reclaimed from the disgraced executive, including a civil penalty prohibiting him from occupying any office in the capacity of a director.\u00a0\u00a0<\/p>\n\n\n\n

FTX investors got a ray of hope after the new CEO John Ray said there was a possibility of reviving the collapsed exchange. His statement was quickly criticized by SBF, who is currently out on a $250 million recognizance bond secured by his parent's property.<\/p>\n\n\n\n

See Related:<\/em><\/strong> Sam Bankman-Fried Released on a $250M Bail; Former FTX Executives Plead Guilty<\/a><\/p>\n\n\n\n

\nhttps:\/\/twitter.com\/TheDistributed_\/status\/1616138722835333120\n<\/div><\/figure>\n","post_title":"SEC Charges Sam Bankman-Fried for \u2018Orchestrating Year-Long Fraud\u2019 Against Equity Investors","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"sec-charges-sam-bankman-fried-for-orchestrating-year-long-fraud-against-equity-investors","to_ping":"","pinged":"","post_modified":"2023-01-21 17:35:05","post_modified_gmt":"2023-01-21 06:35:05","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9493","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":9446,"post_author":"13","post_date":"2023-01-19 20:58:58","post_date_gmt":"2023-01-19 09:58:58","post_content":"\n

Polygon underwent<\/a> an upgrade Tuesday to improve the network's transaction speed and reduce gas fees. However, the process that preceded the upgrade raised questions about the extent of decentralization on the Ethereum scaling layer-2<\/a> blockchain. Of 15 selected validators, 13 voted in favour of the proposal to have the hard fork.\u00a0\u00a0<\/p>\n\n\n\n

Hard forks are events in a blockchain that upgrade software, creating a new parallel blockchain. Polygon's Governance team proposed in December to have the fork in a process requiring a large majority of validators, which in this case needed 67%.<\/p>\n\n\n\n

The proposal attracted controversy, with some community members demanding more details about the hard fork. Additionally, others questioned whether the upgrade was necessary in light of other urgent matters on the network. Interestingly, sources noted that some validators claim they were not part of the forum where Polygon tallied the votes.<\/p>\n\n\n\n

See Related: <\/em><\/strong>Warner Music Group To Launch Music NFTs In Partnership With Polygon, LGND<\/a><\/p>\n\n\n\n

Improved Transaction Finality and Stabilized Gas Fees<\/h2>\n\n\n\n

Polygon's VO.3.1 Hardfork reduces the severity of gas spikes during peak hours by changing the BaseFeeChangeDenominator to 16 from the current 8 and \u2013 streamlining the increase or decrease of the transaction fees. The base fee is the minimum amount required for a transaction to be added to a block.<\/p>\n\n\n\n

Secondly, the fork addresses the chain reorganization issues by cutting the 'Sprint length' from 64 to 16 blocks. It means one validator will generate blocks for a much shorter period, approximately 32 seconds from the current 128 seconds. On the Polygon blockchain, reorgs affect the transaction finality based on the number of confirmed valid blocks.<\/p>\n\n\n\n

Amidst the hard fork, Polygon's native token MATIC is changing hands for $1.01, representing a price increase of 17% in the past week, per data provided by CoinMarketCap. The crypto market has extended the new year's uptrend, with the global cap at $996 billion.<\/p>\n","post_title":"Polygon Undergoes a Hard Fork Amid Decentralization Concerns","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"polygon-undergoes-a-hard-fork-amid-decentralization-concerns","to_ping":"","pinged":"","post_modified":"2023-04-10 17:40:42","post_modified_gmt":"2023-04-10 07:40:42","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9446","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":9404,"post_author":"13","post_date":"2023-01-17 15:23:08","post_date_gmt":"2023-01-17 04:23:08","post_content":"\n

The flagship cryptocurrency, Bitcoin, could rise in adoption following a growing interest among universities and colleges to introduce courses about the digital currency. One such institution is Texas A&M University which is planning to offer a Bitcoin course, including Programming Bitcoin, where students would \"build a Bitcoin library from scratch.<\/em>\"<\/p>\n\n\n\n

Associate Professor Korok Ray from Mays Business School at Texas A&M announced<\/a> on January 13 that he would teach a course on Bitcoin protocol to engineering and business students this spring in the Texas-based university.<\/p>\n\n\n\n

He added that afterward, a Programming Bitcoin course would follow, where students would be taught how to build a bitcoin library. Ray noted in his announcement that getting the approval from the university to have the course has been a lengthy process, possibly underscoring public institutions' lack of confidence in the sector following recent market volatilities.<\/p>\n\n\n\n

Crypto Curriculum Is Expected To Be The Key To Crypto Adoption<\/h2>\n\n\n\n

The perception of cryptocurrencies as high-risk assets, often seen as gambling, could be holding back the integration of the asset class into the school curriculum, which according to experts, is the only way to accelerate adoption. Crypto analyst Josh Cowell believes that crypto education could enhance financial literacy among students.<\/p>\n\n\n\n

Texas A&M University is one of many institutions of higher learning to bring crypto courses. Others include \u2013 Harvard University, Oxford, Massachusetts Institute of Technology, and the University of California Berkeley. Boston University Law School is reportedly offering a course on crypto regulations, according to a report shared with Cointelegraph by the institution's adjunct professor, Thomas Hook.<\/p>\n\n\n\n

Says Hook: the curriculum \"is meant to expose future lawyers on the potential issues they may see and the myriad of approaches and regulations that exist as it pertains to crypto and the different issues that crypto companies may face across the globe.<\/em>\"<\/p>\n","post_title":"Texas A&M University Adds BTC Course to Its Curriculum; And To A Build Bitcoin Library","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"texas-university-to-a-add-a-bitcoin-course","to_ping":"","pinged":"","post_modified":"2023-04-10 17:41:14","post_modified_gmt":"2023-04-10 07:41:14","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9404","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":9372,"post_author":"13","post_date":"2023-01-14 17:45:33","post_date_gmt":"2023-01-14 06:45:33","post_content":"\n

A US federal court has agreed to a request by Miami-Dade County and FTX to end a naming rights deal worth $135 million for the exchange at the sporting venue of the NBA basketball team - Miami Heat. According to the ruling<\/a>, FTX Arena would no longer be referred to as such, and all the branding containing the logos of the bankrupt exchange would be removed.<\/p>\n\n\n\n

See Related:<\/strong><\/em> From Bad To Good To Worse: The Binance And FTX Saga<\/a><\/p>\n\n\n\n

Judge John Dorsey wrote on January 11 that the naming rights shall be effected \u2018\u2018immediately upon the entry of (the) order.<\/em>\u2019\u2019 That means the FTX branding would have to be removed from, among other places, the entrance of the sporting venue, on the polo shirts worn by the officials, and on the electronic cards for accessing the venue, which according to experts, would be a big undertaking.<\/p>\n\n\n\n

Enter Miami-Dade Arena<\/h2>\n\n\n\n

Miami Heat posted<\/a> on Twitter on January 14 that the new name for the former FTX Arena would change to Miami \u2013 Dade Arena until a new partner comes on board.<\/p>\n\n\n\n

\u2018\u2018Effective immediately, Miami-Dade County and the Miami Heat have agreed that, until such time as there is a new naming rights partner, to refer to the arena as Miami-Dade Arena. The removal of the facility\u2019s existing signage and the changeover of branding elements will be ongoing in the coming weeks.<\/em>\u2019\u2019<\/p>\n\n\n\n

See Related:<\/em><\/strong> CryptoCom Arena: Reported $700m Deal Sealed For Clippers Arena<\/a><\/p>\n\n\n\n

FTX and Miami \u2013 Dade Country \u2013 which owns the arena \u2013 agreed, effective June 2021, to extend the naming rights to the exchange for 19 years, where FTX would pay $2 million annually. The last payment was supposed to be $5.5 million on January 1 before the business went under. <\/p>\n\n\n\n

FTX filed for bankruptcy<\/a> in November last year, collapsing with an estimated $10 billion worth of investors' funds. Its founder Sam Bankman-Fried was later arrested<\/a> and extradited to the US to face criminal charges relating to money laundering and financial fraud.<\/p>\n","post_title":"NBA\u2019s Miami Heat Ends $135M Deal With FTX Following Court Orders, Welcome Miami-Dade Arena","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"nbas-miami-heat-ends-135m-deal-with-ftx-following-court-orders-welcome-miami-dade-arena","to_ping":"","pinged":"","post_modified":"2023-01-15 02:59:30","post_modified_gmt":"2023-01-14 15:59:30","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9372","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":9360,"post_author":"13","post_date":"2023-01-14 16:16:36","post_date_gmt":"2023-01-14 05:16:36","post_content":"\n

The US Securities and Exchange Commission (SEC) charges<\/a> cryptocurrency exchange Gemini and Genesis Global for offering unregistered securities through the Gemini Earn Crypto asset-lending program, which was terminated in November with $900 million from 340,000 investors.\u00a0\u00a0<\/p>\n\n\n\n

Announcing in a press release dated January 12, the agency has filed a complaint with the US District of New York, accusing the two companies of breaching Section 5 (a) and 5(c) of the Securities Act of 1933 - seeking for permanent injunctive relief, disgorgement of ill-gotten gains plus prejudgment interest, and civil penalties.<\/p>\n\n\n\n

\u2018\u2018We allege that Genesis and Gemini offered unregistered securities to the public, bypassing disclosure requirements designed to protect investors,\u2019\u2019 <\/em>chairperson Gary Gensler said. \u2018\u2018(the) charges build on previous actions to make clear to the marketplace and the investing public that crypto lending platforms and other intermediaries need to comply with our time-tested securities laws,<\/em>\u2019\u2019 he added.<\/p>\n\n\n\n

See Related:<\/strong><\/em> Algorithmic Stablecoins Face Ban As US Congress Pushes Stablecoin Regulation Bill<\/a><\/p>\n\n\n\n

Gemini Drew As High As 4% Interest In The Earn Program<\/h2>\n\n\n\n

In Dec. 2020, Gemini collaborated with Genesis - also part of the Digital Currency Group - to offer the exchange\u2019s customers a way to loan out their crypto holdings and earn interest. In the arrangement, Gemini was the agent and deducted interest of as high as 4.29% from the amount paid to Gemini\u2019s investors \u2013 where determined how and when to invest the pooled funds.<\/p>\n\n\n\n

Later, Genesis suspended<\/a> the withdrawal of the funds, saying it lacked enough assets to meet the requests. In the submission, SEC alleges that the Gemini Earn program constitutes a sale of a security and ought to have been registered under its purview. The failure denies investors crucial information on the program leading to losses.<\/p>\n\n\n\n

SEC is continuing investigations into the possibility of any other security laws being violated by the two entities and has appealed to the public to provide any relevant evidence through its whistleblower program.<\/p>\n\n\n\n

See Related:<\/em><\/strong> Japanese Cryptocurrency Regulation Eases; Stablecoins To Be Listed Without Screening<\/a><\/p>\n","post_title":"US Regulator Charges Gemini and Genesis For Violating Securities Law In Crypto Lending","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"us-regulator-charges-gemini-and-genesis-for-violating-securities-law-in-crypto-lending","to_ping":"","pinged":"","post_modified":"2023-01-14 16:18:52","post_modified_gmt":"2023-01-14 05:18:52","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9360","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

Most Read

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Follow The Distributed

ADVERTISEMENT
\n

See Related: <\/em><\/strong>United States DOJ Seizes Over 55M Robinhood Shares And US$22M In Relation To SBF And FTX<\/a><\/p>\n\n\n\n

Also in the document submitted by the US Attorney Damian Williams is $20.7 million held at ED&F Man Capital Markets and an estimated $50 million at Farmington State Bank. There is also an amount worth $5 million at Silvergate Bank under FTX Digital Markets. <\/p>\n\n\n\n

Part Of The Assets Seized Are Cryptos Held With The Binance Exchange<\/h2>\n\n\n\n

The filing has also listed unspecified amounts in rival crypto exchange Binance and its subsidiary Binance US. Before the event leading to the FTX collapse, Binance had disclosed a rescue plan to help the bankrupt business, which never came through. <\/p>\n\n\n\n

See Related: <\/strong><\/em>From Bad To Good To Worse: The Binance And FTX Saga<\/a><\/p>\n\n\n\n

The government seized all the listed assets at the start of the month, and has not been classified as property in the bankruptcy estate. It means that the property is exempted from being frozen like the rest of FTX assets, which are pending liquidation, said sources privy to the matter.<\/p>\n","post_title":"US Prosecutors Seize $700M in Bank Accounts, Shares, And Cryptos Linked to Bankman-Fried","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"us-prosecutors-seize-700m-in-bank-accounts-shares-and-cryptos-linked-to-bankman-fried","to_ping":"","pinged":"","post_modified":"2023-01-22 01:40:30","post_modified_gmt":"2023-01-21 14:40:30","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9513","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":9493,"post_author":"13","post_date":"2023-01-20 19:11:59","post_date_gmt":"2023-01-20 08:11:59","post_content":"\n

The US Securities and Exchange Commission (SEC) announced<\/a> Thursday that it had filed a complaint against FTX\u2019s former CEO Sam Bankman-Fried \u2018SBF\u2019 for defrauding equity investors of up to $1.8 billion, and estimated $1.1 billion from about 90 US-based investors, all raised in the period before May 2019.<\/p>\n\n\n\n

Notably, according to the regulator, SBF acted contrary to Section 17 of the Securities Act of 1933, Section 10 (b) of the Securities Act of 1934, and Rule 10b-5 thereunder. According to the report, SBF concealed the whereabouts of investors\u2019 funds, and the funds were put in risky assets without their consent.<\/p>\n\n\n\n

\u2018\u2018In his representations to investors, (SBF) promoted FTX as a safe, responsible crypto asset trading platform, specifically marketing it\u2019s sophisticated, automated risk measures to protect customer assets. In reality, (he) concealed the undisclosed diversion of FTX customers\u2019 funds to Alameda Research LLC, the undisclosed special treatment afforded to Alameda on the FTX platform, including providing Alameda with a virtually unlimited line of credit, and the undisclosed risks from holding overvalued, illiquid assets (FTT).<\/em>\u2019\u2019 The statement read.<\/p>\n\n\n\n

See Related: <\/em><\/strong>United States DOJ Seizes Over 55M Robinhood Shares And US$22M In Relation To SBF And FTX<\/a><\/p>\n\n\n\n

The US Regulator Is Demanding Restrictions Against the Disgraced Entrepreneur<\/h2>\n\n\n\n

For this reason, the agency demands that SBF be barred from issuing, purchasing, or offering any security besides his account for sale. Further SEC wants all the ill-gotten profits to be reclaimed from the disgraced executive, including a civil penalty prohibiting him from occupying any office in the capacity of a director.\u00a0\u00a0<\/p>\n\n\n\n

FTX investors got a ray of hope after the new CEO John Ray said there was a possibility of reviving the collapsed exchange. His statement was quickly criticized by SBF, who is currently out on a $250 million recognizance bond secured by his parent's property.<\/p>\n\n\n\n

See Related:<\/em><\/strong> Sam Bankman-Fried Released on a $250M Bail; Former FTX Executives Plead Guilty<\/a><\/p>\n\n\n\n

\nhttps:\/\/twitter.com\/TheDistributed_\/status\/1616138722835333120\n<\/div><\/figure>\n","post_title":"SEC Charges Sam Bankman-Fried for \u2018Orchestrating Year-Long Fraud\u2019 Against Equity Investors","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"sec-charges-sam-bankman-fried-for-orchestrating-year-long-fraud-against-equity-investors","to_ping":"","pinged":"","post_modified":"2023-01-21 17:35:05","post_modified_gmt":"2023-01-21 06:35:05","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9493","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":9446,"post_author":"13","post_date":"2023-01-19 20:58:58","post_date_gmt":"2023-01-19 09:58:58","post_content":"\n

Polygon underwent<\/a> an upgrade Tuesday to improve the network's transaction speed and reduce gas fees. However, the process that preceded the upgrade raised questions about the extent of decentralization on the Ethereum scaling layer-2<\/a> blockchain. Of 15 selected validators, 13 voted in favour of the proposal to have the hard fork.\u00a0\u00a0<\/p>\n\n\n\n

Hard forks are events in a blockchain that upgrade software, creating a new parallel blockchain. Polygon's Governance team proposed in December to have the fork in a process requiring a large majority of validators, which in this case needed 67%.<\/p>\n\n\n\n

The proposal attracted controversy, with some community members demanding more details about the hard fork. Additionally, others questioned whether the upgrade was necessary in light of other urgent matters on the network. Interestingly, sources noted that some validators claim they were not part of the forum where Polygon tallied the votes.<\/p>\n\n\n\n

See Related: <\/em><\/strong>Warner Music Group To Launch Music NFTs In Partnership With Polygon, LGND<\/a><\/p>\n\n\n\n

Improved Transaction Finality and Stabilized Gas Fees<\/h2>\n\n\n\n

Polygon's VO.3.1 Hardfork reduces the severity of gas spikes during peak hours by changing the BaseFeeChangeDenominator to 16 from the current 8 and \u2013 streamlining the increase or decrease of the transaction fees. The base fee is the minimum amount required for a transaction to be added to a block.<\/p>\n\n\n\n

Secondly, the fork addresses the chain reorganization issues by cutting the 'Sprint length' from 64 to 16 blocks. It means one validator will generate blocks for a much shorter period, approximately 32 seconds from the current 128 seconds. On the Polygon blockchain, reorgs affect the transaction finality based on the number of confirmed valid blocks.<\/p>\n\n\n\n

Amidst the hard fork, Polygon's native token MATIC is changing hands for $1.01, representing a price increase of 17% in the past week, per data provided by CoinMarketCap. The crypto market has extended the new year's uptrend, with the global cap at $996 billion.<\/p>\n","post_title":"Polygon Undergoes a Hard Fork Amid Decentralization Concerns","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"polygon-undergoes-a-hard-fork-amid-decentralization-concerns","to_ping":"","pinged":"","post_modified":"2023-04-10 17:40:42","post_modified_gmt":"2023-04-10 07:40:42","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9446","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":9404,"post_author":"13","post_date":"2023-01-17 15:23:08","post_date_gmt":"2023-01-17 04:23:08","post_content":"\n

The flagship cryptocurrency, Bitcoin, could rise in adoption following a growing interest among universities and colleges to introduce courses about the digital currency. One such institution is Texas A&M University which is planning to offer a Bitcoin course, including Programming Bitcoin, where students would \"build a Bitcoin library from scratch.<\/em>\"<\/p>\n\n\n\n

Associate Professor Korok Ray from Mays Business School at Texas A&M announced<\/a> on January 13 that he would teach a course on Bitcoin protocol to engineering and business students this spring in the Texas-based university.<\/p>\n\n\n\n

He added that afterward, a Programming Bitcoin course would follow, where students would be taught how to build a bitcoin library. Ray noted in his announcement that getting the approval from the university to have the course has been a lengthy process, possibly underscoring public institutions' lack of confidence in the sector following recent market volatilities.<\/p>\n\n\n\n

Crypto Curriculum Is Expected To Be The Key To Crypto Adoption<\/h2>\n\n\n\n

The perception of cryptocurrencies as high-risk assets, often seen as gambling, could be holding back the integration of the asset class into the school curriculum, which according to experts, is the only way to accelerate adoption. Crypto analyst Josh Cowell believes that crypto education could enhance financial literacy among students.<\/p>\n\n\n\n

Texas A&M University is one of many institutions of higher learning to bring crypto courses. Others include \u2013 Harvard University, Oxford, Massachusetts Institute of Technology, and the University of California Berkeley. Boston University Law School is reportedly offering a course on crypto regulations, according to a report shared with Cointelegraph by the institution's adjunct professor, Thomas Hook.<\/p>\n\n\n\n

Says Hook: the curriculum \"is meant to expose future lawyers on the potential issues they may see and the myriad of approaches and regulations that exist as it pertains to crypto and the different issues that crypto companies may face across the globe.<\/em>\"<\/p>\n","post_title":"Texas A&M University Adds BTC Course to Its Curriculum; And To A Build Bitcoin Library","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"texas-university-to-a-add-a-bitcoin-course","to_ping":"","pinged":"","post_modified":"2023-04-10 17:41:14","post_modified_gmt":"2023-04-10 07:41:14","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9404","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":9372,"post_author":"13","post_date":"2023-01-14 17:45:33","post_date_gmt":"2023-01-14 06:45:33","post_content":"\n

A US federal court has agreed to a request by Miami-Dade County and FTX to end a naming rights deal worth $135 million for the exchange at the sporting venue of the NBA basketball team - Miami Heat. According to the ruling<\/a>, FTX Arena would no longer be referred to as such, and all the branding containing the logos of the bankrupt exchange would be removed.<\/p>\n\n\n\n

See Related:<\/strong><\/em> From Bad To Good To Worse: The Binance And FTX Saga<\/a><\/p>\n\n\n\n

Judge John Dorsey wrote on January 11 that the naming rights shall be effected \u2018\u2018immediately upon the entry of (the) order.<\/em>\u2019\u2019 That means the FTX branding would have to be removed from, among other places, the entrance of the sporting venue, on the polo shirts worn by the officials, and on the electronic cards for accessing the venue, which according to experts, would be a big undertaking.<\/p>\n\n\n\n

Enter Miami-Dade Arena<\/h2>\n\n\n\n

Miami Heat posted<\/a> on Twitter on January 14 that the new name for the former FTX Arena would change to Miami \u2013 Dade Arena until a new partner comes on board.<\/p>\n\n\n\n

\u2018\u2018Effective immediately, Miami-Dade County and the Miami Heat have agreed that, until such time as there is a new naming rights partner, to refer to the arena as Miami-Dade Arena. The removal of the facility\u2019s existing signage and the changeover of branding elements will be ongoing in the coming weeks.<\/em>\u2019\u2019<\/p>\n\n\n\n

See Related:<\/em><\/strong> CryptoCom Arena: Reported $700m Deal Sealed For Clippers Arena<\/a><\/p>\n\n\n\n

FTX and Miami \u2013 Dade Country \u2013 which owns the arena \u2013 agreed, effective June 2021, to extend the naming rights to the exchange for 19 years, where FTX would pay $2 million annually. The last payment was supposed to be $5.5 million on January 1 before the business went under. <\/p>\n\n\n\n

FTX filed for bankruptcy<\/a> in November last year, collapsing with an estimated $10 billion worth of investors' funds. Its founder Sam Bankman-Fried was later arrested<\/a> and extradited to the US to face criminal charges relating to money laundering and financial fraud.<\/p>\n","post_title":"NBA\u2019s Miami Heat Ends $135M Deal With FTX Following Court Orders, Welcome Miami-Dade Arena","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"nbas-miami-heat-ends-135m-deal-with-ftx-following-court-orders-welcome-miami-dade-arena","to_ping":"","pinged":"","post_modified":"2023-01-15 02:59:30","post_modified_gmt":"2023-01-14 15:59:30","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9372","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":9360,"post_author":"13","post_date":"2023-01-14 16:16:36","post_date_gmt":"2023-01-14 05:16:36","post_content":"\n

The US Securities and Exchange Commission (SEC) charges<\/a> cryptocurrency exchange Gemini and Genesis Global for offering unregistered securities through the Gemini Earn Crypto asset-lending program, which was terminated in November with $900 million from 340,000 investors.\u00a0\u00a0<\/p>\n\n\n\n

Announcing in a press release dated January 12, the agency has filed a complaint with the US District of New York, accusing the two companies of breaching Section 5 (a) and 5(c) of the Securities Act of 1933 - seeking for permanent injunctive relief, disgorgement of ill-gotten gains plus prejudgment interest, and civil penalties.<\/p>\n\n\n\n

\u2018\u2018We allege that Genesis and Gemini offered unregistered securities to the public, bypassing disclosure requirements designed to protect investors,\u2019\u2019 <\/em>chairperson Gary Gensler said. \u2018\u2018(the) charges build on previous actions to make clear to the marketplace and the investing public that crypto lending platforms and other intermediaries need to comply with our time-tested securities laws,<\/em>\u2019\u2019 he added.<\/p>\n\n\n\n

See Related:<\/strong><\/em> Algorithmic Stablecoins Face Ban As US Congress Pushes Stablecoin Regulation Bill<\/a><\/p>\n\n\n\n

Gemini Drew As High As 4% Interest In The Earn Program<\/h2>\n\n\n\n

In Dec. 2020, Gemini collaborated with Genesis - also part of the Digital Currency Group - to offer the exchange\u2019s customers a way to loan out their crypto holdings and earn interest. In the arrangement, Gemini was the agent and deducted interest of as high as 4.29% from the amount paid to Gemini\u2019s investors \u2013 where determined how and when to invest the pooled funds.<\/p>\n\n\n\n

Later, Genesis suspended<\/a> the withdrawal of the funds, saying it lacked enough assets to meet the requests. In the submission, SEC alleges that the Gemini Earn program constitutes a sale of a security and ought to have been registered under its purview. The failure denies investors crucial information on the program leading to losses.<\/p>\n\n\n\n

SEC is continuing investigations into the possibility of any other security laws being violated by the two entities and has appealed to the public to provide any relevant evidence through its whistleblower program.<\/p>\n\n\n\n

See Related:<\/em><\/strong> Japanese Cryptocurrency Regulation Eases; Stablecoins To Be Listed Without Screening<\/a><\/p>\n","post_title":"US Regulator Charges Gemini and Genesis For Violating Securities Law In Crypto Lending","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"us-regulator-charges-gemini-and-genesis-for-violating-securities-law-in-crypto-lending","to_ping":"","pinged":"","post_modified":"2023-01-14 16:18:52","post_modified_gmt":"2023-01-14 05:18:52","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9360","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

Most Read

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Follow The Distributed

ADVERTISEMENT
\n

Mainly, 55,273,469 shares in Robinhood worth about $526 million, allegedly bought by SBF with stolen funds, make up the bulk of the seized funds. The shares  - acquired through Emergent Fidelity Technologies, a shell company created by SBF and his business partner Gary Wang \u2013 were recently at the centre of a tussle between Bankman-Fried, FTX Group, and BlockFi.  <\/p>\n\n\n\n

See Related: <\/em><\/strong>United States DOJ Seizes Over 55M Robinhood Shares And US$22M In Relation To SBF And FTX<\/a><\/p>\n\n\n\n

Also in the document submitted by the US Attorney Damian Williams is $20.7 million held at ED&F Man Capital Markets and an estimated $50 million at Farmington State Bank. There is also an amount worth $5 million at Silvergate Bank under FTX Digital Markets. <\/p>\n\n\n\n

Part Of The Assets Seized Are Cryptos Held With The Binance Exchange<\/h2>\n\n\n\n

The filing has also listed unspecified amounts in rival crypto exchange Binance and its subsidiary Binance US. Before the event leading to the FTX collapse, Binance had disclosed a rescue plan to help the bankrupt business, which never came through. <\/p>\n\n\n\n

See Related: <\/strong><\/em>From Bad To Good To Worse: The Binance And FTX Saga<\/a><\/p>\n\n\n\n

The government seized all the listed assets at the start of the month, and has not been classified as property in the bankruptcy estate. It means that the property is exempted from being frozen like the rest of FTX assets, which are pending liquidation, said sources privy to the matter.<\/p>\n","post_title":"US Prosecutors Seize $700M in Bank Accounts, Shares, And Cryptos Linked to Bankman-Fried","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"us-prosecutors-seize-700m-in-bank-accounts-shares-and-cryptos-linked-to-bankman-fried","to_ping":"","pinged":"","post_modified":"2023-01-22 01:40:30","post_modified_gmt":"2023-01-21 14:40:30","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9513","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":9493,"post_author":"13","post_date":"2023-01-20 19:11:59","post_date_gmt":"2023-01-20 08:11:59","post_content":"\n

The US Securities and Exchange Commission (SEC) announced<\/a> Thursday that it had filed a complaint against FTX\u2019s former CEO Sam Bankman-Fried \u2018SBF\u2019 for defrauding equity investors of up to $1.8 billion, and estimated $1.1 billion from about 90 US-based investors, all raised in the period before May 2019.<\/p>\n\n\n\n

Notably, according to the regulator, SBF acted contrary to Section 17 of the Securities Act of 1933, Section 10 (b) of the Securities Act of 1934, and Rule 10b-5 thereunder. According to the report, SBF concealed the whereabouts of investors\u2019 funds, and the funds were put in risky assets without their consent.<\/p>\n\n\n\n

\u2018\u2018In his representations to investors, (SBF) promoted FTX as a safe, responsible crypto asset trading platform, specifically marketing it\u2019s sophisticated, automated risk measures to protect customer assets. In reality, (he) concealed the undisclosed diversion of FTX customers\u2019 funds to Alameda Research LLC, the undisclosed special treatment afforded to Alameda on the FTX platform, including providing Alameda with a virtually unlimited line of credit, and the undisclosed risks from holding overvalued, illiquid assets (FTT).<\/em>\u2019\u2019 The statement read.<\/p>\n\n\n\n

See Related: <\/em><\/strong>United States DOJ Seizes Over 55M Robinhood Shares And US$22M In Relation To SBF And FTX<\/a><\/p>\n\n\n\n

The US Regulator Is Demanding Restrictions Against the Disgraced Entrepreneur<\/h2>\n\n\n\n

For this reason, the agency demands that SBF be barred from issuing, purchasing, or offering any security besides his account for sale. Further SEC wants all the ill-gotten profits to be reclaimed from the disgraced executive, including a civil penalty prohibiting him from occupying any office in the capacity of a director.\u00a0\u00a0<\/p>\n\n\n\n

FTX investors got a ray of hope after the new CEO John Ray said there was a possibility of reviving the collapsed exchange. His statement was quickly criticized by SBF, who is currently out on a $250 million recognizance bond secured by his parent's property.<\/p>\n\n\n\n

See Related:<\/em><\/strong> Sam Bankman-Fried Released on a $250M Bail; Former FTX Executives Plead Guilty<\/a><\/p>\n\n\n\n

\nhttps:\/\/twitter.com\/TheDistributed_\/status\/1616138722835333120\n<\/div><\/figure>\n","post_title":"SEC Charges Sam Bankman-Fried for \u2018Orchestrating Year-Long Fraud\u2019 Against Equity Investors","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"sec-charges-sam-bankman-fried-for-orchestrating-year-long-fraud-against-equity-investors","to_ping":"","pinged":"","post_modified":"2023-01-21 17:35:05","post_modified_gmt":"2023-01-21 06:35:05","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9493","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":9446,"post_author":"13","post_date":"2023-01-19 20:58:58","post_date_gmt":"2023-01-19 09:58:58","post_content":"\n

Polygon underwent<\/a> an upgrade Tuesday to improve the network's transaction speed and reduce gas fees. However, the process that preceded the upgrade raised questions about the extent of decentralization on the Ethereum scaling layer-2<\/a> blockchain. Of 15 selected validators, 13 voted in favour of the proposal to have the hard fork.\u00a0\u00a0<\/p>\n\n\n\n

Hard forks are events in a blockchain that upgrade software, creating a new parallel blockchain. Polygon's Governance team proposed in December to have the fork in a process requiring a large majority of validators, which in this case needed 67%.<\/p>\n\n\n\n

The proposal attracted controversy, with some community members demanding more details about the hard fork. Additionally, others questioned whether the upgrade was necessary in light of other urgent matters on the network. Interestingly, sources noted that some validators claim they were not part of the forum where Polygon tallied the votes.<\/p>\n\n\n\n

See Related: <\/em><\/strong>Warner Music Group To Launch Music NFTs In Partnership With Polygon, LGND<\/a><\/p>\n\n\n\n

Improved Transaction Finality and Stabilized Gas Fees<\/h2>\n\n\n\n

Polygon's VO.3.1 Hardfork reduces the severity of gas spikes during peak hours by changing the BaseFeeChangeDenominator to 16 from the current 8 and \u2013 streamlining the increase or decrease of the transaction fees. The base fee is the minimum amount required for a transaction to be added to a block.<\/p>\n\n\n\n

Secondly, the fork addresses the chain reorganization issues by cutting the 'Sprint length' from 64 to 16 blocks. It means one validator will generate blocks for a much shorter period, approximately 32 seconds from the current 128 seconds. On the Polygon blockchain, reorgs affect the transaction finality based on the number of confirmed valid blocks.<\/p>\n\n\n\n

Amidst the hard fork, Polygon's native token MATIC is changing hands for $1.01, representing a price increase of 17% in the past week, per data provided by CoinMarketCap. The crypto market has extended the new year's uptrend, with the global cap at $996 billion.<\/p>\n","post_title":"Polygon Undergoes a Hard Fork Amid Decentralization Concerns","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"polygon-undergoes-a-hard-fork-amid-decentralization-concerns","to_ping":"","pinged":"","post_modified":"2023-04-10 17:40:42","post_modified_gmt":"2023-04-10 07:40:42","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9446","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":9404,"post_author":"13","post_date":"2023-01-17 15:23:08","post_date_gmt":"2023-01-17 04:23:08","post_content":"\n

The flagship cryptocurrency, Bitcoin, could rise in adoption following a growing interest among universities and colleges to introduce courses about the digital currency. One such institution is Texas A&M University which is planning to offer a Bitcoin course, including Programming Bitcoin, where students would \"build a Bitcoin library from scratch.<\/em>\"<\/p>\n\n\n\n

Associate Professor Korok Ray from Mays Business School at Texas A&M announced<\/a> on January 13 that he would teach a course on Bitcoin protocol to engineering and business students this spring in the Texas-based university.<\/p>\n\n\n\n

He added that afterward, a Programming Bitcoin course would follow, where students would be taught how to build a bitcoin library. Ray noted in his announcement that getting the approval from the university to have the course has been a lengthy process, possibly underscoring public institutions' lack of confidence in the sector following recent market volatilities.<\/p>\n\n\n\n

Crypto Curriculum Is Expected To Be The Key To Crypto Adoption<\/h2>\n\n\n\n

The perception of cryptocurrencies as high-risk assets, often seen as gambling, could be holding back the integration of the asset class into the school curriculum, which according to experts, is the only way to accelerate adoption. Crypto analyst Josh Cowell believes that crypto education could enhance financial literacy among students.<\/p>\n\n\n\n

Texas A&M University is one of many institutions of higher learning to bring crypto courses. Others include \u2013 Harvard University, Oxford, Massachusetts Institute of Technology, and the University of California Berkeley. Boston University Law School is reportedly offering a course on crypto regulations, according to a report shared with Cointelegraph by the institution's adjunct professor, Thomas Hook.<\/p>\n\n\n\n

Says Hook: the curriculum \"is meant to expose future lawyers on the potential issues they may see and the myriad of approaches and regulations that exist as it pertains to crypto and the different issues that crypto companies may face across the globe.<\/em>\"<\/p>\n","post_title":"Texas A&M University Adds BTC Course to Its Curriculum; And To A Build Bitcoin Library","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"texas-university-to-a-add-a-bitcoin-course","to_ping":"","pinged":"","post_modified":"2023-04-10 17:41:14","post_modified_gmt":"2023-04-10 07:41:14","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9404","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":9372,"post_author":"13","post_date":"2023-01-14 17:45:33","post_date_gmt":"2023-01-14 06:45:33","post_content":"\n

A US federal court has agreed to a request by Miami-Dade County and FTX to end a naming rights deal worth $135 million for the exchange at the sporting venue of the NBA basketball team - Miami Heat. According to the ruling<\/a>, FTX Arena would no longer be referred to as such, and all the branding containing the logos of the bankrupt exchange would be removed.<\/p>\n\n\n\n

See Related:<\/strong><\/em> From Bad To Good To Worse: The Binance And FTX Saga<\/a><\/p>\n\n\n\n

Judge John Dorsey wrote on January 11 that the naming rights shall be effected \u2018\u2018immediately upon the entry of (the) order.<\/em>\u2019\u2019 That means the FTX branding would have to be removed from, among other places, the entrance of the sporting venue, on the polo shirts worn by the officials, and on the electronic cards for accessing the venue, which according to experts, would be a big undertaking.<\/p>\n\n\n\n

Enter Miami-Dade Arena<\/h2>\n\n\n\n

Miami Heat posted<\/a> on Twitter on January 14 that the new name for the former FTX Arena would change to Miami \u2013 Dade Arena until a new partner comes on board.<\/p>\n\n\n\n

\u2018\u2018Effective immediately, Miami-Dade County and the Miami Heat have agreed that, until such time as there is a new naming rights partner, to refer to the arena as Miami-Dade Arena. The removal of the facility\u2019s existing signage and the changeover of branding elements will be ongoing in the coming weeks.<\/em>\u2019\u2019<\/p>\n\n\n\n

See Related:<\/em><\/strong> CryptoCom Arena: Reported $700m Deal Sealed For Clippers Arena<\/a><\/p>\n\n\n\n

FTX and Miami \u2013 Dade Country \u2013 which owns the arena \u2013 agreed, effective June 2021, to extend the naming rights to the exchange for 19 years, where FTX would pay $2 million annually. The last payment was supposed to be $5.5 million on January 1 before the business went under. <\/p>\n\n\n\n

FTX filed for bankruptcy<\/a> in November last year, collapsing with an estimated $10 billion worth of investors' funds. Its founder Sam Bankman-Fried was later arrested<\/a> and extradited to the US to face criminal charges relating to money laundering and financial fraud.<\/p>\n","post_title":"NBA\u2019s Miami Heat Ends $135M Deal With FTX Following Court Orders, Welcome Miami-Dade Arena","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"nbas-miami-heat-ends-135m-deal-with-ftx-following-court-orders-welcome-miami-dade-arena","to_ping":"","pinged":"","post_modified":"2023-01-15 02:59:30","post_modified_gmt":"2023-01-14 15:59:30","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9372","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":9360,"post_author":"13","post_date":"2023-01-14 16:16:36","post_date_gmt":"2023-01-14 05:16:36","post_content":"\n

The US Securities and Exchange Commission (SEC) charges<\/a> cryptocurrency exchange Gemini and Genesis Global for offering unregistered securities through the Gemini Earn Crypto asset-lending program, which was terminated in November with $900 million from 340,000 investors.\u00a0\u00a0<\/p>\n\n\n\n

Announcing in a press release dated January 12, the agency has filed a complaint with the US District of New York, accusing the two companies of breaching Section 5 (a) and 5(c) of the Securities Act of 1933 - seeking for permanent injunctive relief, disgorgement of ill-gotten gains plus prejudgment interest, and civil penalties.<\/p>\n\n\n\n

\u2018\u2018We allege that Genesis and Gemini offered unregistered securities to the public, bypassing disclosure requirements designed to protect investors,\u2019\u2019 <\/em>chairperson Gary Gensler said. \u2018\u2018(the) charges build on previous actions to make clear to the marketplace and the investing public that crypto lending platforms and other intermediaries need to comply with our time-tested securities laws,<\/em>\u2019\u2019 he added.<\/p>\n\n\n\n

See Related:<\/strong><\/em> Algorithmic Stablecoins Face Ban As US Congress Pushes Stablecoin Regulation Bill<\/a><\/p>\n\n\n\n

Gemini Drew As High As 4% Interest In The Earn Program<\/h2>\n\n\n\n

In Dec. 2020, Gemini collaborated with Genesis - also part of the Digital Currency Group - to offer the exchange\u2019s customers a way to loan out their crypto holdings and earn interest. In the arrangement, Gemini was the agent and deducted interest of as high as 4.29% from the amount paid to Gemini\u2019s investors \u2013 where determined how and when to invest the pooled funds.<\/p>\n\n\n\n

Later, Genesis suspended<\/a> the withdrawal of the funds, saying it lacked enough assets to meet the requests. In the submission, SEC alleges that the Gemini Earn program constitutes a sale of a security and ought to have been registered under its purview. The failure denies investors crucial information on the program leading to losses.<\/p>\n\n\n\n

SEC is continuing investigations into the possibility of any other security laws being violated by the two entities and has appealed to the public to provide any relevant evidence through its whistleblower program.<\/p>\n\n\n\n

See Related:<\/em><\/strong> Japanese Cryptocurrency Regulation Eases; Stablecoins To Be Listed Without Screening<\/a><\/p>\n","post_title":"US Regulator Charges Gemini and Genesis For Violating Securities Law In Crypto Lending","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"us-regulator-charges-gemini-and-genesis-for-violating-securities-law-in-crypto-lending","to_ping":"","pinged":"","post_modified":"2023-01-14 16:18:52","post_modified_gmt":"2023-01-14 05:18:52","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9360","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

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\n

The US District Court Southern District of New York published<\/a> a list of assets Friday linked to the former CEO and co-founder of FTX Sam Bankman Fried that have been earmarked for forfeiture, including shares, bank account balances, and cryptocurrencies held in other exchanges. <\/p>\n\n\n\n

Mainly, 55,273,469 shares in Robinhood worth about $526 million, allegedly bought by SBF with stolen funds, make up the bulk of the seized funds. The shares  - acquired through Emergent Fidelity Technologies, a shell company created by SBF and his business partner Gary Wang \u2013 were recently at the centre of a tussle between Bankman-Fried, FTX Group, and BlockFi.  <\/p>\n\n\n\n

See Related: <\/em><\/strong>United States DOJ Seizes Over 55M Robinhood Shares And US$22M In Relation To SBF And FTX<\/a><\/p>\n\n\n\n

Also in the document submitted by the US Attorney Damian Williams is $20.7 million held at ED&F Man Capital Markets and an estimated $50 million at Farmington State Bank. There is also an amount worth $5 million at Silvergate Bank under FTX Digital Markets. <\/p>\n\n\n\n

Part Of The Assets Seized Are Cryptos Held With The Binance Exchange<\/h2>\n\n\n\n

The filing has also listed unspecified amounts in rival crypto exchange Binance and its subsidiary Binance US. Before the event leading to the FTX collapse, Binance had disclosed a rescue plan to help the bankrupt business, which never came through. <\/p>\n\n\n\n

See Related: <\/strong><\/em>From Bad To Good To Worse: The Binance And FTX Saga<\/a><\/p>\n\n\n\n

The government seized all the listed assets at the start of the month, and has not been classified as property in the bankruptcy estate. It means that the property is exempted from being frozen like the rest of FTX assets, which are pending liquidation, said sources privy to the matter.<\/p>\n","post_title":"US Prosecutors Seize $700M in Bank Accounts, Shares, And Cryptos Linked to Bankman-Fried","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"us-prosecutors-seize-700m-in-bank-accounts-shares-and-cryptos-linked-to-bankman-fried","to_ping":"","pinged":"","post_modified":"2023-01-22 01:40:30","post_modified_gmt":"2023-01-21 14:40:30","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9513","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":9493,"post_author":"13","post_date":"2023-01-20 19:11:59","post_date_gmt":"2023-01-20 08:11:59","post_content":"\n

The US Securities and Exchange Commission (SEC) announced<\/a> Thursday that it had filed a complaint against FTX\u2019s former CEO Sam Bankman-Fried \u2018SBF\u2019 for defrauding equity investors of up to $1.8 billion, and estimated $1.1 billion from about 90 US-based investors, all raised in the period before May 2019.<\/p>\n\n\n\n

Notably, according to the regulator, SBF acted contrary to Section 17 of the Securities Act of 1933, Section 10 (b) of the Securities Act of 1934, and Rule 10b-5 thereunder. According to the report, SBF concealed the whereabouts of investors\u2019 funds, and the funds were put in risky assets without their consent.<\/p>\n\n\n\n

\u2018\u2018In his representations to investors, (SBF) promoted FTX as a safe, responsible crypto asset trading platform, specifically marketing it\u2019s sophisticated, automated risk measures to protect customer assets. In reality, (he) concealed the undisclosed diversion of FTX customers\u2019 funds to Alameda Research LLC, the undisclosed special treatment afforded to Alameda on the FTX platform, including providing Alameda with a virtually unlimited line of credit, and the undisclosed risks from holding overvalued, illiquid assets (FTT).<\/em>\u2019\u2019 The statement read.<\/p>\n\n\n\n

See Related: <\/em><\/strong>United States DOJ Seizes Over 55M Robinhood Shares And US$22M In Relation To SBF And FTX<\/a><\/p>\n\n\n\n

The US Regulator Is Demanding Restrictions Against the Disgraced Entrepreneur<\/h2>\n\n\n\n

For this reason, the agency demands that SBF be barred from issuing, purchasing, or offering any security besides his account for sale. Further SEC wants all the ill-gotten profits to be reclaimed from the disgraced executive, including a civil penalty prohibiting him from occupying any office in the capacity of a director.\u00a0\u00a0<\/p>\n\n\n\n

FTX investors got a ray of hope after the new CEO John Ray said there was a possibility of reviving the collapsed exchange. His statement was quickly criticized by SBF, who is currently out on a $250 million recognizance bond secured by his parent's property.<\/p>\n\n\n\n

See Related:<\/em><\/strong> Sam Bankman-Fried Released on a $250M Bail; Former FTX Executives Plead Guilty<\/a><\/p>\n\n\n\n

\nhttps:\/\/twitter.com\/TheDistributed_\/status\/1616138722835333120\n<\/div><\/figure>\n","post_title":"SEC Charges Sam Bankman-Fried for \u2018Orchestrating Year-Long Fraud\u2019 Against Equity Investors","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"sec-charges-sam-bankman-fried-for-orchestrating-year-long-fraud-against-equity-investors","to_ping":"","pinged":"","post_modified":"2023-01-21 17:35:05","post_modified_gmt":"2023-01-21 06:35:05","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9493","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":9446,"post_author":"13","post_date":"2023-01-19 20:58:58","post_date_gmt":"2023-01-19 09:58:58","post_content":"\n

Polygon underwent<\/a> an upgrade Tuesday to improve the network's transaction speed and reduce gas fees. However, the process that preceded the upgrade raised questions about the extent of decentralization on the Ethereum scaling layer-2<\/a> blockchain. Of 15 selected validators, 13 voted in favour of the proposal to have the hard fork.\u00a0\u00a0<\/p>\n\n\n\n

Hard forks are events in a blockchain that upgrade software, creating a new parallel blockchain. Polygon's Governance team proposed in December to have the fork in a process requiring a large majority of validators, which in this case needed 67%.<\/p>\n\n\n\n

The proposal attracted controversy, with some community members demanding more details about the hard fork. Additionally, others questioned whether the upgrade was necessary in light of other urgent matters on the network. Interestingly, sources noted that some validators claim they were not part of the forum where Polygon tallied the votes.<\/p>\n\n\n\n

See Related: <\/em><\/strong>Warner Music Group To Launch Music NFTs In Partnership With Polygon, LGND<\/a><\/p>\n\n\n\n

Improved Transaction Finality and Stabilized Gas Fees<\/h2>\n\n\n\n

Polygon's VO.3.1 Hardfork reduces the severity of gas spikes during peak hours by changing the BaseFeeChangeDenominator to 16 from the current 8 and \u2013 streamlining the increase or decrease of the transaction fees. The base fee is the minimum amount required for a transaction to be added to a block.<\/p>\n\n\n\n

Secondly, the fork addresses the chain reorganization issues by cutting the 'Sprint length' from 64 to 16 blocks. It means one validator will generate blocks for a much shorter period, approximately 32 seconds from the current 128 seconds. On the Polygon blockchain, reorgs affect the transaction finality based on the number of confirmed valid blocks.<\/p>\n\n\n\n

Amidst the hard fork, Polygon's native token MATIC is changing hands for $1.01, representing a price increase of 17% in the past week, per data provided by CoinMarketCap. The crypto market has extended the new year's uptrend, with the global cap at $996 billion.<\/p>\n","post_title":"Polygon Undergoes a Hard Fork Amid Decentralization Concerns","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"polygon-undergoes-a-hard-fork-amid-decentralization-concerns","to_ping":"","pinged":"","post_modified":"2023-04-10 17:40:42","post_modified_gmt":"2023-04-10 07:40:42","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9446","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":9404,"post_author":"13","post_date":"2023-01-17 15:23:08","post_date_gmt":"2023-01-17 04:23:08","post_content":"\n

The flagship cryptocurrency, Bitcoin, could rise in adoption following a growing interest among universities and colleges to introduce courses about the digital currency. One such institution is Texas A&M University which is planning to offer a Bitcoin course, including Programming Bitcoin, where students would \"build a Bitcoin library from scratch.<\/em>\"<\/p>\n\n\n\n

Associate Professor Korok Ray from Mays Business School at Texas A&M announced<\/a> on January 13 that he would teach a course on Bitcoin protocol to engineering and business students this spring in the Texas-based university.<\/p>\n\n\n\n

He added that afterward, a Programming Bitcoin course would follow, where students would be taught how to build a bitcoin library. Ray noted in his announcement that getting the approval from the university to have the course has been a lengthy process, possibly underscoring public institutions' lack of confidence in the sector following recent market volatilities.<\/p>\n\n\n\n

Crypto Curriculum Is Expected To Be The Key To Crypto Adoption<\/h2>\n\n\n\n

The perception of cryptocurrencies as high-risk assets, often seen as gambling, could be holding back the integration of the asset class into the school curriculum, which according to experts, is the only way to accelerate adoption. Crypto analyst Josh Cowell believes that crypto education could enhance financial literacy among students.<\/p>\n\n\n\n

Texas A&M University is one of many institutions of higher learning to bring crypto courses. Others include \u2013 Harvard University, Oxford, Massachusetts Institute of Technology, and the University of California Berkeley. Boston University Law School is reportedly offering a course on crypto regulations, according to a report shared with Cointelegraph by the institution's adjunct professor, Thomas Hook.<\/p>\n\n\n\n

Says Hook: the curriculum \"is meant to expose future lawyers on the potential issues they may see and the myriad of approaches and regulations that exist as it pertains to crypto and the different issues that crypto companies may face across the globe.<\/em>\"<\/p>\n","post_title":"Texas A&M University Adds BTC Course to Its Curriculum; And To A Build Bitcoin Library","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"texas-university-to-a-add-a-bitcoin-course","to_ping":"","pinged":"","post_modified":"2023-04-10 17:41:14","post_modified_gmt":"2023-04-10 07:41:14","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9404","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":9372,"post_author":"13","post_date":"2023-01-14 17:45:33","post_date_gmt":"2023-01-14 06:45:33","post_content":"\n

A US federal court has agreed to a request by Miami-Dade County and FTX to end a naming rights deal worth $135 million for the exchange at the sporting venue of the NBA basketball team - Miami Heat. According to the ruling<\/a>, FTX Arena would no longer be referred to as such, and all the branding containing the logos of the bankrupt exchange would be removed.<\/p>\n\n\n\n

See Related:<\/strong><\/em> From Bad To Good To Worse: The Binance And FTX Saga<\/a><\/p>\n\n\n\n

Judge John Dorsey wrote on January 11 that the naming rights shall be effected \u2018\u2018immediately upon the entry of (the) order.<\/em>\u2019\u2019 That means the FTX branding would have to be removed from, among other places, the entrance of the sporting venue, on the polo shirts worn by the officials, and on the electronic cards for accessing the venue, which according to experts, would be a big undertaking.<\/p>\n\n\n\n

Enter Miami-Dade Arena<\/h2>\n\n\n\n

Miami Heat posted<\/a> on Twitter on January 14 that the new name for the former FTX Arena would change to Miami \u2013 Dade Arena until a new partner comes on board.<\/p>\n\n\n\n

\u2018\u2018Effective immediately, Miami-Dade County and the Miami Heat have agreed that, until such time as there is a new naming rights partner, to refer to the arena as Miami-Dade Arena. The removal of the facility\u2019s existing signage and the changeover of branding elements will be ongoing in the coming weeks.<\/em>\u2019\u2019<\/p>\n\n\n\n

See Related:<\/em><\/strong> CryptoCom Arena: Reported $700m Deal Sealed For Clippers Arena<\/a><\/p>\n\n\n\n

FTX and Miami \u2013 Dade Country \u2013 which owns the arena \u2013 agreed, effective June 2021, to extend the naming rights to the exchange for 19 years, where FTX would pay $2 million annually. The last payment was supposed to be $5.5 million on January 1 before the business went under. <\/p>\n\n\n\n

FTX filed for bankruptcy<\/a> in November last year, collapsing with an estimated $10 billion worth of investors' funds. Its founder Sam Bankman-Fried was later arrested<\/a> and extradited to the US to face criminal charges relating to money laundering and financial fraud.<\/p>\n","post_title":"NBA\u2019s Miami Heat Ends $135M Deal With FTX Following Court Orders, Welcome Miami-Dade Arena","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"nbas-miami-heat-ends-135m-deal-with-ftx-following-court-orders-welcome-miami-dade-arena","to_ping":"","pinged":"","post_modified":"2023-01-15 02:59:30","post_modified_gmt":"2023-01-14 15:59:30","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9372","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":9360,"post_author":"13","post_date":"2023-01-14 16:16:36","post_date_gmt":"2023-01-14 05:16:36","post_content":"\n

The US Securities and Exchange Commission (SEC) charges<\/a> cryptocurrency exchange Gemini and Genesis Global for offering unregistered securities through the Gemini Earn Crypto asset-lending program, which was terminated in November with $900 million from 340,000 investors.\u00a0\u00a0<\/p>\n\n\n\n

Announcing in a press release dated January 12, the agency has filed a complaint with the US District of New York, accusing the two companies of breaching Section 5 (a) and 5(c) of the Securities Act of 1933 - seeking for permanent injunctive relief, disgorgement of ill-gotten gains plus prejudgment interest, and civil penalties.<\/p>\n\n\n\n

\u2018\u2018We allege that Genesis and Gemini offered unregistered securities to the public, bypassing disclosure requirements designed to protect investors,\u2019\u2019 <\/em>chairperson Gary Gensler said. \u2018\u2018(the) charges build on previous actions to make clear to the marketplace and the investing public that crypto lending platforms and other intermediaries need to comply with our time-tested securities laws,<\/em>\u2019\u2019 he added.<\/p>\n\n\n\n

See Related:<\/strong><\/em> Algorithmic Stablecoins Face Ban As US Congress Pushes Stablecoin Regulation Bill<\/a><\/p>\n\n\n\n

Gemini Drew As High As 4% Interest In The Earn Program<\/h2>\n\n\n\n

In Dec. 2020, Gemini collaborated with Genesis - also part of the Digital Currency Group - to offer the exchange\u2019s customers a way to loan out their crypto holdings and earn interest. In the arrangement, Gemini was the agent and deducted interest of as high as 4.29% from the amount paid to Gemini\u2019s investors \u2013 where determined how and when to invest the pooled funds.<\/p>\n\n\n\n

Later, Genesis suspended<\/a> the withdrawal of the funds, saying it lacked enough assets to meet the requests. In the submission, SEC alleges that the Gemini Earn program constitutes a sale of a security and ought to have been registered under its purview. The failure denies investors crucial information on the program leading to losses.<\/p>\n\n\n\n

SEC is continuing investigations into the possibility of any other security laws being violated by the two entities and has appealed to the public to provide any relevant evidence through its whistleblower program.<\/p>\n\n\n\n

See Related:<\/em><\/strong> Japanese Cryptocurrency Regulation Eases; Stablecoins To Be Listed Without Screening<\/a><\/p>\n","post_title":"US Regulator Charges Gemini and Genesis For Violating Securities Law In Crypto Lending","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"us-regulator-charges-gemini-and-genesis-for-violating-securities-law-in-crypto-lending","to_ping":"","pinged":"","post_modified":"2023-01-14 16:18:52","post_modified_gmt":"2023-01-14 05:18:52","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9360","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

Most Read

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Follow The Distributed

ADVERTISEMENT
\n
  • Also listed are unspecified amounts in rival exchange Binance. <\/li>\n<\/ul>\n\n\n\n

    The US District Court Southern District of New York published<\/a> a list of assets Friday linked to the former CEO and co-founder of FTX Sam Bankman Fried that have been earmarked for forfeiture, including shares, bank account balances, and cryptocurrencies held in other exchanges. <\/p>\n\n\n\n

    Mainly, 55,273,469 shares in Robinhood worth about $526 million, allegedly bought by SBF with stolen funds, make up the bulk of the seized funds. The shares  - acquired through Emergent Fidelity Technologies, a shell company created by SBF and his business partner Gary Wang \u2013 were recently at the centre of a tussle between Bankman-Fried, FTX Group, and BlockFi.  <\/p>\n\n\n\n

    See Related: <\/em><\/strong>United States DOJ Seizes Over 55M Robinhood Shares And US$22M In Relation To SBF And FTX<\/a><\/p>\n\n\n\n

    Also in the document submitted by the US Attorney Damian Williams is $20.7 million held at ED&F Man Capital Markets and an estimated $50 million at Farmington State Bank. There is also an amount worth $5 million at Silvergate Bank under FTX Digital Markets. <\/p>\n\n\n\n

    Part Of The Assets Seized Are Cryptos Held With The Binance Exchange<\/h2>\n\n\n\n

    The filing has also listed unspecified amounts in rival crypto exchange Binance and its subsidiary Binance US. Before the event leading to the FTX collapse, Binance had disclosed a rescue plan to help the bankrupt business, which never came through. <\/p>\n\n\n\n

    See Related: <\/strong><\/em>From Bad To Good To Worse: The Binance And FTX Saga<\/a><\/p>\n\n\n\n

    The government seized all the listed assets at the start of the month, and has not been classified as property in the bankruptcy estate. It means that the property is exempted from being frozen like the rest of FTX assets, which are pending liquidation, said sources privy to the matter.<\/p>\n","post_title":"US Prosecutors Seize $700M in Bank Accounts, Shares, And Cryptos Linked to Bankman-Fried","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"us-prosecutors-seize-700m-in-bank-accounts-shares-and-cryptos-linked-to-bankman-fried","to_ping":"","pinged":"","post_modified":"2023-01-22 01:40:30","post_modified_gmt":"2023-01-21 14:40:30","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9513","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":9493,"post_author":"13","post_date":"2023-01-20 19:11:59","post_date_gmt":"2023-01-20 08:11:59","post_content":"\n

    The US Securities and Exchange Commission (SEC) announced<\/a> Thursday that it had filed a complaint against FTX\u2019s former CEO Sam Bankman-Fried \u2018SBF\u2019 for defrauding equity investors of up to $1.8 billion, and estimated $1.1 billion from about 90 US-based investors, all raised in the period before May 2019.<\/p>\n\n\n\n

    Notably, according to the regulator, SBF acted contrary to Section 17 of the Securities Act of 1933, Section 10 (b) of the Securities Act of 1934, and Rule 10b-5 thereunder. According to the report, SBF concealed the whereabouts of investors\u2019 funds, and the funds were put in risky assets without their consent.<\/p>\n\n\n\n

    \u2018\u2018In his representations to investors, (SBF) promoted FTX as a safe, responsible crypto asset trading platform, specifically marketing it\u2019s sophisticated, automated risk measures to protect customer assets. In reality, (he) concealed the undisclosed diversion of FTX customers\u2019 funds to Alameda Research LLC, the undisclosed special treatment afforded to Alameda on the FTX platform, including providing Alameda with a virtually unlimited line of credit, and the undisclosed risks from holding overvalued, illiquid assets (FTT).<\/em>\u2019\u2019 The statement read.<\/p>\n\n\n\n

    See Related: <\/em><\/strong>United States DOJ Seizes Over 55M Robinhood Shares And US$22M In Relation To SBF And FTX<\/a><\/p>\n\n\n\n

    The US Regulator Is Demanding Restrictions Against the Disgraced Entrepreneur<\/h2>\n\n\n\n

    For this reason, the agency demands that SBF be barred from issuing, purchasing, or offering any security besides his account for sale. Further SEC wants all the ill-gotten profits to be reclaimed from the disgraced executive, including a civil penalty prohibiting him from occupying any office in the capacity of a director.\u00a0\u00a0<\/p>\n\n\n\n

    FTX investors got a ray of hope after the new CEO John Ray said there was a possibility of reviving the collapsed exchange. His statement was quickly criticized by SBF, who is currently out on a $250 million recognizance bond secured by his parent's property.<\/p>\n\n\n\n

    See Related:<\/em><\/strong> Sam Bankman-Fried Released on a $250M Bail; Former FTX Executives Plead Guilty<\/a><\/p>\n\n\n\n

    \nhttps:\/\/twitter.com\/TheDistributed_\/status\/1616138722835333120\n<\/div><\/figure>\n","post_title":"SEC Charges Sam Bankman-Fried for \u2018Orchestrating Year-Long Fraud\u2019 Against Equity Investors","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"sec-charges-sam-bankman-fried-for-orchestrating-year-long-fraud-against-equity-investors","to_ping":"","pinged":"","post_modified":"2023-01-21 17:35:05","post_modified_gmt":"2023-01-21 06:35:05","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9493","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":9446,"post_author":"13","post_date":"2023-01-19 20:58:58","post_date_gmt":"2023-01-19 09:58:58","post_content":"\n

    Polygon underwent<\/a> an upgrade Tuesday to improve the network's transaction speed and reduce gas fees. However, the process that preceded the upgrade raised questions about the extent of decentralization on the Ethereum scaling layer-2<\/a> blockchain. Of 15 selected validators, 13 voted in favour of the proposal to have the hard fork.\u00a0\u00a0<\/p>\n\n\n\n

    Hard forks are events in a blockchain that upgrade software, creating a new parallel blockchain. Polygon's Governance team proposed in December to have the fork in a process requiring a large majority of validators, which in this case needed 67%.<\/p>\n\n\n\n

    The proposal attracted controversy, with some community members demanding more details about the hard fork. Additionally, others questioned whether the upgrade was necessary in light of other urgent matters on the network. Interestingly, sources noted that some validators claim they were not part of the forum where Polygon tallied the votes.<\/p>\n\n\n\n

    See Related: <\/em><\/strong>Warner Music Group To Launch Music NFTs In Partnership With Polygon, LGND<\/a><\/p>\n\n\n\n

    Improved Transaction Finality and Stabilized Gas Fees<\/h2>\n\n\n\n

    Polygon's VO.3.1 Hardfork reduces the severity of gas spikes during peak hours by changing the BaseFeeChangeDenominator to 16 from the current 8 and \u2013 streamlining the increase or decrease of the transaction fees. The base fee is the minimum amount required for a transaction to be added to a block.<\/p>\n\n\n\n

    Secondly, the fork addresses the chain reorganization issues by cutting the 'Sprint length' from 64 to 16 blocks. It means one validator will generate blocks for a much shorter period, approximately 32 seconds from the current 128 seconds. On the Polygon blockchain, reorgs affect the transaction finality based on the number of confirmed valid blocks.<\/p>\n\n\n\n

    Amidst the hard fork, Polygon's native token MATIC is changing hands for $1.01, representing a price increase of 17% in the past week, per data provided by CoinMarketCap. The crypto market has extended the new year's uptrend, with the global cap at $996 billion.<\/p>\n","post_title":"Polygon Undergoes a Hard Fork Amid Decentralization Concerns","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"polygon-undergoes-a-hard-fork-amid-decentralization-concerns","to_ping":"","pinged":"","post_modified":"2023-04-10 17:40:42","post_modified_gmt":"2023-04-10 07:40:42","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9446","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":9404,"post_author":"13","post_date":"2023-01-17 15:23:08","post_date_gmt":"2023-01-17 04:23:08","post_content":"\n

    The flagship cryptocurrency, Bitcoin, could rise in adoption following a growing interest among universities and colleges to introduce courses about the digital currency. One such institution is Texas A&M University which is planning to offer a Bitcoin course, including Programming Bitcoin, where students would \"build a Bitcoin library from scratch.<\/em>\"<\/p>\n\n\n\n

    Associate Professor Korok Ray from Mays Business School at Texas A&M announced<\/a> on January 13 that he would teach a course on Bitcoin protocol to engineering and business students this spring in the Texas-based university.<\/p>\n\n\n\n

    He added that afterward, a Programming Bitcoin course would follow, where students would be taught how to build a bitcoin library. Ray noted in his announcement that getting the approval from the university to have the course has been a lengthy process, possibly underscoring public institutions' lack of confidence in the sector following recent market volatilities.<\/p>\n\n\n\n

    Crypto Curriculum Is Expected To Be The Key To Crypto Adoption<\/h2>\n\n\n\n

    The perception of cryptocurrencies as high-risk assets, often seen as gambling, could be holding back the integration of the asset class into the school curriculum, which according to experts, is the only way to accelerate adoption. Crypto analyst Josh Cowell believes that crypto education could enhance financial literacy among students.<\/p>\n\n\n\n

    Texas A&M University is one of many institutions of higher learning to bring crypto courses. Others include \u2013 Harvard University, Oxford, Massachusetts Institute of Technology, and the University of California Berkeley. Boston University Law School is reportedly offering a course on crypto regulations, according to a report shared with Cointelegraph by the institution's adjunct professor, Thomas Hook.<\/p>\n\n\n\n

    Says Hook: the curriculum \"is meant to expose future lawyers on the potential issues they may see and the myriad of approaches and regulations that exist as it pertains to crypto and the different issues that crypto companies may face across the globe.<\/em>\"<\/p>\n","post_title":"Texas A&M University Adds BTC Course to Its Curriculum; And To A Build Bitcoin Library","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"texas-university-to-a-add-a-bitcoin-course","to_ping":"","pinged":"","post_modified":"2023-04-10 17:41:14","post_modified_gmt":"2023-04-10 07:41:14","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9404","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":9372,"post_author":"13","post_date":"2023-01-14 17:45:33","post_date_gmt":"2023-01-14 06:45:33","post_content":"\n

    A US federal court has agreed to a request by Miami-Dade County and FTX to end a naming rights deal worth $135 million for the exchange at the sporting venue of the NBA basketball team - Miami Heat. According to the ruling<\/a>, FTX Arena would no longer be referred to as such, and all the branding containing the logos of the bankrupt exchange would be removed.<\/p>\n\n\n\n

    See Related:<\/strong><\/em> From Bad To Good To Worse: The Binance And FTX Saga<\/a><\/p>\n\n\n\n

    Judge John Dorsey wrote on January 11 that the naming rights shall be effected \u2018\u2018immediately upon the entry of (the) order.<\/em>\u2019\u2019 That means the FTX branding would have to be removed from, among other places, the entrance of the sporting venue, on the polo shirts worn by the officials, and on the electronic cards for accessing the venue, which according to experts, would be a big undertaking.<\/p>\n\n\n\n

    Enter Miami-Dade Arena<\/h2>\n\n\n\n

    Miami Heat posted<\/a> on Twitter on January 14 that the new name for the former FTX Arena would change to Miami \u2013 Dade Arena until a new partner comes on board.<\/p>\n\n\n\n

    \u2018\u2018Effective immediately, Miami-Dade County and the Miami Heat have agreed that, until such time as there is a new naming rights partner, to refer to the arena as Miami-Dade Arena. The removal of the facility\u2019s existing signage and the changeover of branding elements will be ongoing in the coming weeks.<\/em>\u2019\u2019<\/p>\n\n\n\n

    See Related:<\/em><\/strong> CryptoCom Arena: Reported $700m Deal Sealed For Clippers Arena<\/a><\/p>\n\n\n\n

    FTX and Miami \u2013 Dade Country \u2013 which owns the arena \u2013 agreed, effective June 2021, to extend the naming rights to the exchange for 19 years, where FTX would pay $2 million annually. The last payment was supposed to be $5.5 million on January 1 before the business went under. <\/p>\n\n\n\n

    FTX filed for bankruptcy<\/a> in November last year, collapsing with an estimated $10 billion worth of investors' funds. Its founder Sam Bankman-Fried was later arrested<\/a> and extradited to the US to face criminal charges relating to money laundering and financial fraud.<\/p>\n","post_title":"NBA\u2019s Miami Heat Ends $135M Deal With FTX Following Court Orders, Welcome Miami-Dade Arena","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"nbas-miami-heat-ends-135m-deal-with-ftx-following-court-orders-welcome-miami-dade-arena","to_ping":"","pinged":"","post_modified":"2023-01-15 02:59:30","post_modified_gmt":"2023-01-14 15:59:30","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9372","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":9360,"post_author":"13","post_date":"2023-01-14 16:16:36","post_date_gmt":"2023-01-14 05:16:36","post_content":"\n

    The US Securities and Exchange Commission (SEC) charges<\/a> cryptocurrency exchange Gemini and Genesis Global for offering unregistered securities through the Gemini Earn Crypto asset-lending program, which was terminated in November with $900 million from 340,000 investors.\u00a0\u00a0<\/p>\n\n\n\n

    Announcing in a press release dated January 12, the agency has filed a complaint with the US District of New York, accusing the two companies of breaching Section 5 (a) and 5(c) of the Securities Act of 1933 - seeking for permanent injunctive relief, disgorgement of ill-gotten gains plus prejudgment interest, and civil penalties.<\/p>\n\n\n\n

    \u2018\u2018We allege that Genesis and Gemini offered unregistered securities to the public, bypassing disclosure requirements designed to protect investors,\u2019\u2019 <\/em>chairperson Gary Gensler said. \u2018\u2018(the) charges build on previous actions to make clear to the marketplace and the investing public that crypto lending platforms and other intermediaries need to comply with our time-tested securities laws,<\/em>\u2019\u2019 he added.<\/p>\n\n\n\n

    See Related:<\/strong><\/em> Algorithmic Stablecoins Face Ban As US Congress Pushes Stablecoin Regulation Bill<\/a><\/p>\n\n\n\n

    Gemini Drew As High As 4% Interest In The Earn Program<\/h2>\n\n\n\n

    In Dec. 2020, Gemini collaborated with Genesis - also part of the Digital Currency Group - to offer the exchange\u2019s customers a way to loan out their crypto holdings and earn interest. In the arrangement, Gemini was the agent and deducted interest of as high as 4.29% from the amount paid to Gemini\u2019s investors \u2013 where determined how and when to invest the pooled funds.<\/p>\n\n\n\n

    Later, Genesis suspended<\/a> the withdrawal of the funds, saying it lacked enough assets to meet the requests. In the submission, SEC alleges that the Gemini Earn program constitutes a sale of a security and ought to have been registered under its purview. The failure denies investors crucial information on the program leading to losses.<\/p>\n\n\n\n

    SEC is continuing investigations into the possibility of any other security laws being violated by the two entities and has appealed to the public to provide any relevant evidence through its whistleblower program.<\/p>\n\n\n\n

    See Related:<\/em><\/strong> Japanese Cryptocurrency Regulation Eases; Stablecoins To Be Listed Without Screening<\/a><\/p>\n","post_title":"US Regulator Charges Gemini and Genesis For Violating Securities Law In Crypto Lending","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"us-regulator-charges-gemini-and-genesis-for-violating-securities-law-in-crypto-lending","to_ping":"","pinged":"","post_modified":"2023-01-14 16:18:52","post_modified_gmt":"2023-01-14 05:18:52","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9360","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

    Most Read

    Subscribe To Our Newsletter

    By subscribing, you agree with our privacy and terms.

    Follow The Distributed

    ADVERTISEMENT
    \n
  • A bulk of the assets are shares held with Robinhood Markets.<\/li>\n\n\n\n
  • Also listed are unspecified amounts in rival exchange Binance. <\/li>\n<\/ul>\n\n\n\n

    The US District Court Southern District of New York published<\/a> a list of assets Friday linked to the former CEO and co-founder of FTX Sam Bankman Fried that have been earmarked for forfeiture, including shares, bank account balances, and cryptocurrencies held in other exchanges. <\/p>\n\n\n\n

    Mainly, 55,273,469 shares in Robinhood worth about $526 million, allegedly bought by SBF with stolen funds, make up the bulk of the seized funds. The shares  - acquired through Emergent Fidelity Technologies, a shell company created by SBF and his business partner Gary Wang \u2013 were recently at the centre of a tussle between Bankman-Fried, FTX Group, and BlockFi.  <\/p>\n\n\n\n

    See Related: <\/em><\/strong>United States DOJ Seizes Over 55M Robinhood Shares And US$22M In Relation To SBF And FTX<\/a><\/p>\n\n\n\n

    Also in the document submitted by the US Attorney Damian Williams is $20.7 million held at ED&F Man Capital Markets and an estimated $50 million at Farmington State Bank. There is also an amount worth $5 million at Silvergate Bank under FTX Digital Markets. <\/p>\n\n\n\n

    Part Of The Assets Seized Are Cryptos Held With The Binance Exchange<\/h2>\n\n\n\n

    The filing has also listed unspecified amounts in rival crypto exchange Binance and its subsidiary Binance US. Before the event leading to the FTX collapse, Binance had disclosed a rescue plan to help the bankrupt business, which never came through. <\/p>\n\n\n\n

    See Related: <\/strong><\/em>From Bad To Good To Worse: The Binance And FTX Saga<\/a><\/p>\n\n\n\n

    The government seized all the listed assets at the start of the month, and has not been classified as property in the bankruptcy estate. It means that the property is exempted from being frozen like the rest of FTX assets, which are pending liquidation, said sources privy to the matter.<\/p>\n","post_title":"US Prosecutors Seize $700M in Bank Accounts, Shares, And Cryptos Linked to Bankman-Fried","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"us-prosecutors-seize-700m-in-bank-accounts-shares-and-cryptos-linked-to-bankman-fried","to_ping":"","pinged":"","post_modified":"2023-01-22 01:40:30","post_modified_gmt":"2023-01-21 14:40:30","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9513","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":9493,"post_author":"13","post_date":"2023-01-20 19:11:59","post_date_gmt":"2023-01-20 08:11:59","post_content":"\n

    The US Securities and Exchange Commission (SEC) announced<\/a> Thursday that it had filed a complaint against FTX\u2019s former CEO Sam Bankman-Fried \u2018SBF\u2019 for defrauding equity investors of up to $1.8 billion, and estimated $1.1 billion from about 90 US-based investors, all raised in the period before May 2019.<\/p>\n\n\n\n

    Notably, according to the regulator, SBF acted contrary to Section 17 of the Securities Act of 1933, Section 10 (b) of the Securities Act of 1934, and Rule 10b-5 thereunder. According to the report, SBF concealed the whereabouts of investors\u2019 funds, and the funds were put in risky assets without their consent.<\/p>\n\n\n\n

    \u2018\u2018In his representations to investors, (SBF) promoted FTX as a safe, responsible crypto asset trading platform, specifically marketing it\u2019s sophisticated, automated risk measures to protect customer assets. In reality, (he) concealed the undisclosed diversion of FTX customers\u2019 funds to Alameda Research LLC, the undisclosed special treatment afforded to Alameda on the FTX platform, including providing Alameda with a virtually unlimited line of credit, and the undisclosed risks from holding overvalued, illiquid assets (FTT).<\/em>\u2019\u2019 The statement read.<\/p>\n\n\n\n

    See Related: <\/em><\/strong>United States DOJ Seizes Over 55M Robinhood Shares And US$22M In Relation To SBF And FTX<\/a><\/p>\n\n\n\n

    The US Regulator Is Demanding Restrictions Against the Disgraced Entrepreneur<\/h2>\n\n\n\n

    For this reason, the agency demands that SBF be barred from issuing, purchasing, or offering any security besides his account for sale. Further SEC wants all the ill-gotten profits to be reclaimed from the disgraced executive, including a civil penalty prohibiting him from occupying any office in the capacity of a director.\u00a0\u00a0<\/p>\n\n\n\n

    FTX investors got a ray of hope after the new CEO John Ray said there was a possibility of reviving the collapsed exchange. His statement was quickly criticized by SBF, who is currently out on a $250 million recognizance bond secured by his parent's property.<\/p>\n\n\n\n

    See Related:<\/em><\/strong> Sam Bankman-Fried Released on a $250M Bail; Former FTX Executives Plead Guilty<\/a><\/p>\n\n\n\n

    \nhttps:\/\/twitter.com\/TheDistributed_\/status\/1616138722835333120\n<\/div><\/figure>\n","post_title":"SEC Charges Sam Bankman-Fried for \u2018Orchestrating Year-Long Fraud\u2019 Against Equity Investors","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"sec-charges-sam-bankman-fried-for-orchestrating-year-long-fraud-against-equity-investors","to_ping":"","pinged":"","post_modified":"2023-01-21 17:35:05","post_modified_gmt":"2023-01-21 06:35:05","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9493","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":9446,"post_author":"13","post_date":"2023-01-19 20:58:58","post_date_gmt":"2023-01-19 09:58:58","post_content":"\n

    Polygon underwent<\/a> an upgrade Tuesday to improve the network's transaction speed and reduce gas fees. However, the process that preceded the upgrade raised questions about the extent of decentralization on the Ethereum scaling layer-2<\/a> blockchain. Of 15 selected validators, 13 voted in favour of the proposal to have the hard fork.\u00a0\u00a0<\/p>\n\n\n\n

    Hard forks are events in a blockchain that upgrade software, creating a new parallel blockchain. Polygon's Governance team proposed in December to have the fork in a process requiring a large majority of validators, which in this case needed 67%.<\/p>\n\n\n\n

    The proposal attracted controversy, with some community members demanding more details about the hard fork. Additionally, others questioned whether the upgrade was necessary in light of other urgent matters on the network. Interestingly, sources noted that some validators claim they were not part of the forum where Polygon tallied the votes.<\/p>\n\n\n\n

    See Related: <\/em><\/strong>Warner Music Group To Launch Music NFTs In Partnership With Polygon, LGND<\/a><\/p>\n\n\n\n

    Improved Transaction Finality and Stabilized Gas Fees<\/h2>\n\n\n\n

    Polygon's VO.3.1 Hardfork reduces the severity of gas spikes during peak hours by changing the BaseFeeChangeDenominator to 16 from the current 8 and \u2013 streamlining the increase or decrease of the transaction fees. The base fee is the minimum amount required for a transaction to be added to a block.<\/p>\n\n\n\n

    Secondly, the fork addresses the chain reorganization issues by cutting the 'Sprint length' from 64 to 16 blocks. It means one validator will generate blocks for a much shorter period, approximately 32 seconds from the current 128 seconds. On the Polygon blockchain, reorgs affect the transaction finality based on the number of confirmed valid blocks.<\/p>\n\n\n\n

    Amidst the hard fork, Polygon's native token MATIC is changing hands for $1.01, representing a price increase of 17% in the past week, per data provided by CoinMarketCap. The crypto market has extended the new year's uptrend, with the global cap at $996 billion.<\/p>\n","post_title":"Polygon Undergoes a Hard Fork Amid Decentralization Concerns","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"polygon-undergoes-a-hard-fork-amid-decentralization-concerns","to_ping":"","pinged":"","post_modified":"2023-04-10 17:40:42","post_modified_gmt":"2023-04-10 07:40:42","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9446","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":9404,"post_author":"13","post_date":"2023-01-17 15:23:08","post_date_gmt":"2023-01-17 04:23:08","post_content":"\n

    The flagship cryptocurrency, Bitcoin, could rise in adoption following a growing interest among universities and colleges to introduce courses about the digital currency. One such institution is Texas A&M University which is planning to offer a Bitcoin course, including Programming Bitcoin, where students would \"build a Bitcoin library from scratch.<\/em>\"<\/p>\n\n\n\n

    Associate Professor Korok Ray from Mays Business School at Texas A&M announced<\/a> on January 13 that he would teach a course on Bitcoin protocol to engineering and business students this spring in the Texas-based university.<\/p>\n\n\n\n

    He added that afterward, a Programming Bitcoin course would follow, where students would be taught how to build a bitcoin library. Ray noted in his announcement that getting the approval from the university to have the course has been a lengthy process, possibly underscoring public institutions' lack of confidence in the sector following recent market volatilities.<\/p>\n\n\n\n

    Crypto Curriculum Is Expected To Be The Key To Crypto Adoption<\/h2>\n\n\n\n

    The perception of cryptocurrencies as high-risk assets, often seen as gambling, could be holding back the integration of the asset class into the school curriculum, which according to experts, is the only way to accelerate adoption. Crypto analyst Josh Cowell believes that crypto education could enhance financial literacy among students.<\/p>\n\n\n\n

    Texas A&M University is one of many institutions of higher learning to bring crypto courses. Others include \u2013 Harvard University, Oxford, Massachusetts Institute of Technology, and the University of California Berkeley. Boston University Law School is reportedly offering a course on crypto regulations, according to a report shared with Cointelegraph by the institution's adjunct professor, Thomas Hook.<\/p>\n\n\n\n

    Says Hook: the curriculum \"is meant to expose future lawyers on the potential issues they may see and the myriad of approaches and regulations that exist as it pertains to crypto and the different issues that crypto companies may face across the globe.<\/em>\"<\/p>\n","post_title":"Texas A&M University Adds BTC Course to Its Curriculum; And To A Build Bitcoin Library","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"texas-university-to-a-add-a-bitcoin-course","to_ping":"","pinged":"","post_modified":"2023-04-10 17:41:14","post_modified_gmt":"2023-04-10 07:41:14","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9404","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":9372,"post_author":"13","post_date":"2023-01-14 17:45:33","post_date_gmt":"2023-01-14 06:45:33","post_content":"\n

    A US federal court has agreed to a request by Miami-Dade County and FTX to end a naming rights deal worth $135 million for the exchange at the sporting venue of the NBA basketball team - Miami Heat. According to the ruling<\/a>, FTX Arena would no longer be referred to as such, and all the branding containing the logos of the bankrupt exchange would be removed.<\/p>\n\n\n\n

    See Related:<\/strong><\/em> From Bad To Good To Worse: The Binance And FTX Saga<\/a><\/p>\n\n\n\n

    Judge John Dorsey wrote on January 11 that the naming rights shall be effected \u2018\u2018immediately upon the entry of (the) order.<\/em>\u2019\u2019 That means the FTX branding would have to be removed from, among other places, the entrance of the sporting venue, on the polo shirts worn by the officials, and on the electronic cards for accessing the venue, which according to experts, would be a big undertaking.<\/p>\n\n\n\n

    Enter Miami-Dade Arena<\/h2>\n\n\n\n

    Miami Heat posted<\/a> on Twitter on January 14 that the new name for the former FTX Arena would change to Miami \u2013 Dade Arena until a new partner comes on board.<\/p>\n\n\n\n

    \u2018\u2018Effective immediately, Miami-Dade County and the Miami Heat have agreed that, until such time as there is a new naming rights partner, to refer to the arena as Miami-Dade Arena. The removal of the facility\u2019s existing signage and the changeover of branding elements will be ongoing in the coming weeks.<\/em>\u2019\u2019<\/p>\n\n\n\n

    See Related:<\/em><\/strong> CryptoCom Arena: Reported $700m Deal Sealed For Clippers Arena<\/a><\/p>\n\n\n\n

    FTX and Miami \u2013 Dade Country \u2013 which owns the arena \u2013 agreed, effective June 2021, to extend the naming rights to the exchange for 19 years, where FTX would pay $2 million annually. The last payment was supposed to be $5.5 million on January 1 before the business went under. <\/p>\n\n\n\n

    FTX filed for bankruptcy<\/a> in November last year, collapsing with an estimated $10 billion worth of investors' funds. Its founder Sam Bankman-Fried was later arrested<\/a> and extradited to the US to face criminal charges relating to money laundering and financial fraud.<\/p>\n","post_title":"NBA\u2019s Miami Heat Ends $135M Deal With FTX Following Court Orders, Welcome Miami-Dade Arena","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"nbas-miami-heat-ends-135m-deal-with-ftx-following-court-orders-welcome-miami-dade-arena","to_ping":"","pinged":"","post_modified":"2023-01-15 02:59:30","post_modified_gmt":"2023-01-14 15:59:30","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9372","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":9360,"post_author":"13","post_date":"2023-01-14 16:16:36","post_date_gmt":"2023-01-14 05:16:36","post_content":"\n

    The US Securities and Exchange Commission (SEC) charges<\/a> cryptocurrency exchange Gemini and Genesis Global for offering unregistered securities through the Gemini Earn Crypto asset-lending program, which was terminated in November with $900 million from 340,000 investors.\u00a0\u00a0<\/p>\n\n\n\n

    Announcing in a press release dated January 12, the agency has filed a complaint with the US District of New York, accusing the two companies of breaching Section 5 (a) and 5(c) of the Securities Act of 1933 - seeking for permanent injunctive relief, disgorgement of ill-gotten gains plus prejudgment interest, and civil penalties.<\/p>\n\n\n\n

    \u2018\u2018We allege that Genesis and Gemini offered unregistered securities to the public, bypassing disclosure requirements designed to protect investors,\u2019\u2019 <\/em>chairperson Gary Gensler said. \u2018\u2018(the) charges build on previous actions to make clear to the marketplace and the investing public that crypto lending platforms and other intermediaries need to comply with our time-tested securities laws,<\/em>\u2019\u2019 he added.<\/p>\n\n\n\n

    See Related:<\/strong><\/em> Algorithmic Stablecoins Face Ban As US Congress Pushes Stablecoin Regulation Bill<\/a><\/p>\n\n\n\n

    Gemini Drew As High As 4% Interest In The Earn Program<\/h2>\n\n\n\n

    In Dec. 2020, Gemini collaborated with Genesis - also part of the Digital Currency Group - to offer the exchange\u2019s customers a way to loan out their crypto holdings and earn interest. In the arrangement, Gemini was the agent and deducted interest of as high as 4.29% from the amount paid to Gemini\u2019s investors \u2013 where determined how and when to invest the pooled funds.<\/p>\n\n\n\n

    Later, Genesis suspended<\/a> the withdrawal of the funds, saying it lacked enough assets to meet the requests. In the submission, SEC alleges that the Gemini Earn program constitutes a sale of a security and ought to have been registered under its purview. The failure denies investors crucial information on the program leading to losses.<\/p>\n\n\n\n

    SEC is continuing investigations into the possibility of any other security laws being violated by the two entities and has appealed to the public to provide any relevant evidence through its whistleblower program.<\/p>\n\n\n\n

    See Related:<\/em><\/strong> Japanese Cryptocurrency Regulation Eases; Stablecoins To Be Listed Without Screening<\/a><\/p>\n","post_title":"US Regulator Charges Gemini and Genesis For Violating Securities Law In Crypto Lending","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"us-regulator-charges-gemini-and-genesis-for-violating-securities-law-in-crypto-lending","to_ping":"","pinged":"","post_modified":"2023-01-14 16:18:52","post_modified_gmt":"2023-01-14 05:18:52","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9360","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

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