Ira Lee Sorkin, who previously represented Bernie Madoff, discusses why it will not likely work for FTX founder Sam Bankman-Fried to blame the collapse of the exchange on the lack of regulatory clarity in the crypto industry. 'There's no regulation that says you are permitted to misrepresent information to investors...there's no regulation that says do whatever you want with investor's money,' Sorkin said.
distinctive hair launch defenses against their alleged bad behavior. But just as the Elizabeth Holmes trial was not about Theranos' diagnostic testing, the SBF trial is not about crypto. It’s a tale as old as fraud.
Victims deserve more than headlines; they deserve restitution. And true remorse? That's not just a legal term; it's a moral imperative that must be visibly demonstrated. It lays out rules for the EU’s 27 member countries covering issuers of stablecoins , unbacked crypto assets, trading venues and exchanges . Decentralized finance , non-fungible tokens and staking were all, sensibly, carved out of this piece of legislation, though the European Commission has a mandate to study and report back to legislators on these aspects
In the last year, the United Kingdom has made moves to develop its framework for digital assets. While the journey has not been, titled"the future financial services regulatory regime for cryptoassets," which concluded on April 30, 2023. The Treasury is expected to publish its response to the consultation in the coming weeks.
Japan, which heeded lessons learned from a previous crisis and put consumer protections in place, has incorporated Web3 into its national economic plan. Additionally, in June this year, the Japanese Financial Services Agency amended the Payment Services Act . The agencies wanted to update the country’s regulatory framework for stablecoins and crypto assets.
The Clarity for Payment Stablecoins Act, which provides for a regulatory framework for the issuance and oversight of payment stablecoins, also passed out of the House Financial Services Committee.
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