Tag: firms
SEC comes out against Binance.US’s $1 billion deal to buy a bankrupt crypto firm’s assets
Binance.US’s proposed deal to purchase the assets from the collapsed cryptocurrency brokerage Voyager Digital is facing scrutiny from federal and state regulators, as reported earlier by CoinDesk. In a set of court filings submitted on Wednesday, the Securities and Exchange Commission (SEC) and New York’s financial regulator expressed opposition to the $1 billion deal.
Voyager Digital filed for bankruptcy last year after the now-defunct crypto hedge fund Three Arrows Capital defaulted on a $670 million loan provided by Voyager. Binance.US — the US version of the Binance trading platform — later announced its plans to purchase Voyager’s assets for $1 billion, stating at the time it could help free up some of the funds locked up in the…
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SEC Proposal Could Bar Investment Advisers From Keeping Assets at Crypto Firms
Right now, crypto trading and lending platforms routinely offer custody for crypto customers, but they’re not “qualified custodians” under this rule. An appropriate custodian under SEC’s regulations would generally mean a chartered bank or trust company, a broker-dealer registered with the SEC or a futures commission merchant registered with the Commodity Futures Trading Commission (CFTC). While officials said the rule wasn’t specific to crypto, the industry featured heavily in formal remarks previewing it. “Make no mistake: Based upon how crypto platforms generally operate, investment advisers cannot rely on them as qualified custodians,” SEC Chair Gary Gensler said in a statement. “Though some crypto trading and lending platforms may claim to custody investors’ crypto, that does not mean they are qualified custodians.”
Read more of this story at Slashdot.
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ChatGPT, Other AI Models To Disrupt Indian IT Firms
“ChatGPT is likely to deflate legacy services the most and application services the least.” Artificial intelligence company OpenAI’s chatbot has dazzled amateurs and industry experts with its ability to spit out haikus, debug code and answer questions while imitating human speech, helping it attract a $10 billion investment from Microsoft earlier this month.
Read more of this story at Slashdot.