Author: Turner Wright

Arizona governor vetoes bill targeting taxes on blockchain node hosts

Turner Wright

Katie Hobbs, the governor of the state of Arizona, has vetoed legislation that would have largely stopped local authorities from imposing taxes on individuals and businesses running blockchain nodes.  In an April 12 decision, Governor Hobbs issued a veto to Arizona Bill 1236, first introduced in January. The legislation aimed to revise sections of statutes pertaining to blockchain technology, largely reducing or eliminating regulation and taxation of node operators at the state level. “A city or town may not impose a tax or fee on any person or entity for…

Crypto ad deals for Super Bowl LVII fell apart after FTX collapse: Report

Turner Wright

Fans watching the Kansas City Chiefs face off against the Philadelphia Eagles in Super Bowl LVII on Feb. 12 will reportedly not see a plethora of ad spots for cryptocurrency companies, as they did in 2022. According to a Feb. 6 Associated Press report, there had been four potential deals with crypto firms for commercials costing roughly $6 to $7 million in the 2023 Super Bowl, all of which fell apart following the FTX bankruptcy filing in November. Fox Sports executive vice president of ad sales Mark Evans reportedly said…

Federal judge bars SBF from contacting FTX and Alameda employees, using Signal

Turner Wright

A federal judge presiding over the criminal case against former FTX chief executive officer Sam Bankman-Fried has ordered he not have any contact with current or former employees of the exchange as part of his bail conditions. In a Feb. 1 ruling, Judge Lewis Kaplan of the Southern District of New York said Bankman-Fried was to be prevented from communicating with current or former employees of FTX or Alameda Research “except in the presence of counsel” in order to remain free on bail through his trial. As part of his…

Genesis is planning to file for bankruptcy: Report

Turner Wright

Cryptocurrency lending firm Genesis Global Capital, a subsidiary of crypto conglomerate Digital Currency Group, is reportedly preparing to file for bankruptcy as early as this week. According to a Jan. 18 Bloomberg report, Genesis previously said it was considering a bankruptcy filing if it were unable to raise cash amid a liquidity crunch — a situation similar to that preceding crypto exchange FTX’s Chapter 11 filing in November. Citing people with knowledge of the situation, Bloomberg reported Genesis could file for bankruptcy as soon as this week. The report followed…

Sam Bankman-Fried’s legal team warns of ‘harassment and threats’ to parents in latest court filing

Turner Wright

The legal team behind former FTX chief executive officer Sam Bankman-Fried has petitioned a court to redact certain information on individuals acting as sureties for his $250-million bond, citing threats made against his family. In a letter dated Jan. 3 filed to Judge Lewis Kaplan for the United States District Court in the Southern District of New York, Bankman-Fried’s legal team requested the court order “names and other identifying information” of two bail sureties not be disclosed to the public and redacted from bonds once they were signed on Jan. 5.…

US lawmakers could consider stock trading ban in next session of Congress

Turner Wright

Many United States lawmakers from both sides of the aisle have at one point expressed support for legislation banning members from investing in stocks or crypto — an initiative the 118th Congress could address following a shift in leadership. Beginning on Jan. 3 as the next session of the U.S. Congress opens, Republicans will take control of the House of Representatives with a slim majority following the 2022 Midterms, while Democrats will maintain a majority in the Senate. Kevin McCarthy, a Republican representative in contention to be the next Speaker…

Who has returned donations or contributions from FTX amid the firm’s reputational risks?

Turner Wright

Before its downfall, crypto exchange FTX and its then-CEO Sam Bankman-Fried had been some of the most prolific spenders in the space, bailing out crypto firms and donating to political campaigns and media outlets. With more than 1 million FTX creditors looking to be made whole, what’s happening with these funds? Bankman-Fried said in May he had been willing to donate between $100 million and $1 billion to lawmakers as part of elections in 2024. Bloomberg reported on Dec. 12 — hours before SBF’s arrest in The Bahamas — that…

US House committee chair pushes back against SBF’s excuse to potentially delay testimony

Turner Wright

Maxine Waters, chair of the United States House Financial Services Committee, has called out former FTX CEO Sam Bankman-Fried for announcing on social media he intended to testify after “learning and reviewing what happened” at the exchange. In a Dec. 5 Twitter thread, Waters cited Bankman-Fried’s numerous media interviews in the wake of FTX’s bankruptcy as evidence that his information was “sufficient for testimony” before the committee. Waters will preside over a hearing investigating the collapse of FTX on Dec. 13, in which committee leadership said they expected Bankman-Fried and…

event recap for Texas Blockchain Summit

Turner Wright

Apparently, not everything is bigger in Texas. At least not in the days following a major crypto exchange declaring bankruptcy. The collapse of FTX and the ripples former CEO Sam Bankman-Fried made in the crypto space were on many people’s lips at the Texas Blockchain Summit held from Nov. 17-18 in the state capital of Austin. Unlike at the Texas Blockchain Council’s inaugural conference in October 2021 held over just one day, there were many open seats at the 2022 event, which featured speakers on energy, crypto mining, regulation, and…

CySEC requested FTX’s European arm suspend operations prior to bankruptcy: Report

Turner Wright

The Securities and Exchange Commission of Cyprus, or CySEC, reportedly issued a statement amid FTX filing for Chapter 11 bankruptcy in the United States that the regulator requested the exchange halt operations for its Europe arm. According to a Nov. 11 Reuters report, the CySEC said it had asked FTX Europe to “suspend its operations and to proceed immediately with a number of actions for the protection of the investors” on Nov. 9. It’s unclear why the financial regulator chose to reiterate its call to the crypto exchange, given FTX…