Regulated Crypto News Today

Going to need cash. of course, tesla is the main target for that kind of situation. but if say he might need to pay attention to the rockets hes sending into space. hes a little distracted right now. >> i know you want to talk about ftx. >> years ago, i wrote a piece saying its for control criminal, scammers. the reason its such a disaster is because theres no oversight. i dont think people realize how much the feds check in on our banking system, our financialwork. yes, we saw the great financi...

Its complicated because theres not a lot of knowledge of what crypto is. who is this guy? >> a guy who sort of exploded on the scene as a crypto genius. had a tremendous amount of media coverage and turns out was using a lot of these funds perhaps to promote himself, his firm, put the ftx logo on the miami heat arena. so sort of build up this image he had of being the real power house in this very new, exciting arena. so crypto is kind of a thing that people got ahold of and ran with and they sa...

Different areas of misconduct. first, bankman-fried defrauded customers, the crypto currency exchange he founded. second, he defrauded lender, alameda research, his proprietary hedge fund. third, redefrauded investors in ftx and lastly, we allege that he violated campaign finance laws. now, let me say a little more about what we allege in the indictment. first, we charged that from 2019 until earlier this year, bankman-fried and his coconspirators stole billions from his customers. he used that ...

Not to unpack the scandal. it was to talk about the future of regulating crypto currency as form of currency. so this is no doubt going to speed that process up and there of course is this is part of the indictment. you know, there is millions of dollars flooding in to the campaign coffers of both republicans and democrats from people who have interests in crypto currency so this is an issue thats not going away. >> he donated a lot to democrats. beto orourke says hes giving back the $1 million ...

Crypto currencies and may have lost a great deal of money in the process. its about the same size. there are one million reported clients who may have as much as $50 billion in losses and bernie madoff was 65 billion. enron was 25 billion. so yeah, it ranks up there in the annals of wall street scandals in terms of size, scope. although not necessarily impact. the one thing about crypto is its been relatively isolated from our financial system so it doesnt necessarily pose a risk to the entire s...

Highly liquid assets in the course of their business and then as the company started to face a liquidity crisis as people started to realize there could be problems here as a rival firm said hey, were going to liquidate our holdings in an ftx minted crypto currency employ, there became a run on the bank. customers wanting their money bank, thinking maybe tlfls a problem. once it started, it starved ftx of the necessary cash it needed to continue and thats where we are today with a bankruptcy fil...

Regulating crypto. this is obviously a pretty complicated story. so lets get into it with our very best. joining me now is tom winter and to explain ftx and crypto, cnbcs senior analyst, ron, and senior financial reporter, gretchen morganson. so, tom, walk us through the indictment. >> reporter: so basically what the u.s. attorneys office and the sec are alleging here today is that sam bankman-fried conducted what would be a classic fraud scheme of taking money from others and instead of putting...

How should crypto investors prepare for a market where new regulations are highly likely to be implemented? Read for more.

Bitmex plans to establish “a one-stop shop for regulated crypto products in Germany, Austria, and Switzerland.”