Tag Archives: AA News

Paul Munter – principal advisor to the Securities and Exchange Commission (SEC) on accounting and auditing matters – issued a warning on Thursday to crypto accounting firms whose work is inappropriately marketed as a substitute for “audits.” The statement, titled “The Potential Pitfalls of Purported Crypto “Assurance” Work”, claimed that clients of such firms often promote their work as being at “parity” with a financial statement audit. “Such suggestions are false,” he...

The President of the Kyrgyz Republic – Sadyr Japarov – has reportedly approved the building of a cryptocurrency mining farm at a hydropower plant near the country’s biggest river – the Naryn. The political leader believes this development will allow the hydroelectric station to use its excessive energy since it can not sell it anywhere. Permission Granted  According to a local media outlet, President Japarov has allowed the construction of a crypto mining farm at the...

Grayscale wrote a letter to the U.S. Securities and Exchange Commission (SEC) on Thursday calling for the agency to simultaneously approve any qualifying Bitcoin spot ETF applications, so as to not “pick winners and losers.” However, the firm also argued that Coinbase shouldn’t qualify as a surveillance partner to launch such a product, under the SEC’s pre-established rules. Why Coinbase Isn’t Good Enough Per the comment letter, the SEC has already questioned the pricing data...

Lisa R. Zornberg, a prominent U.S. attorney representing Ripple Labs in the legal battle with the Securities and Exchange Commission (SEC), is seeking the court’s approval to withdraw from the case following her appointment as New York Chief Counsel by Mayor Eric Adams. According to a recent filing, Ripple asked the court to grant Zornberg’s request as she would no longer be associated with the American law firm Debevoise & Plimpton LLP from July 31, 2023. XRP Attorney...

Crypto investor and Galaxy Digital CEO Mike Novogratz told followers on Wednesday to “Buy BTC” in response to the United States government’s rapidly growing interest expense on its sovereign debt. To some analysts, the trend suggests that the Federal Reserve will be forced to lower its benchmark interest rate again if the Federal government can no longer keep up. The US Debt Problem According to market analyst Joe Consorti, the U.S. government is now paying $970 billion per...

Artificial Intelligence (AI) could potentially organize itself using a Decentralised Autonomous Organisation (DAO) structure, according to BitMEX founder Arthur Hayes. Traditional companies cannot operate without certain state-sanctioned entities such as auditors, accountants, lawyers, and bankers that serve as the “cartel of trust.” But with AI slowly taking over, it’s hard to imagine how an economic organization under the technology will ensure compliance. Hayes’s latest...

Sequoia Capital, an investment firm long revered for its direct involvement with Silicon Valley’s intricate web of venture capitalists and tech sector visionaries, has decided to reduce its exposure to cryptocurrencies, according to a confidential source. A Reflection of The Market In a message to investors, Sequoia Capital announced its decision to reduce its cryptocurrency fund from $585 million to about $200 million, as reported by the Wall Street Journal. According to...

Sui Foundation, the non-profit organization behind the Sui Network, has terminated its partnership with MovEX, a decentralized exchange (DEX) and liquidity management platform, following the violation of a lockup agreement. According to a blog post by the Sui Foundation, MovEX moved some Sui tokens (SUI) that were subject to a contractual lockup without informing or seeking consent from the organization, sparking accusations of misrepresented emissions from the crypto...

The House Financial Services Committee (HFSC) failed to reach an agreement for stablecoin legislation on Thursday due to a number of disagreements Democrats had with its existing text. Committee Chair Patrick McHenry (R-NC) blamed the White House for holding up the bill, while Democrats alleged that Republicans were attempting to rush incomplete legislation. No Compromise For Stablecoin Bill The bill, titled the Clarity for Payment Stablecoins Act of 2023, would allow the...

Robert F. Kennedy Jr. – nephew of former US President John F. Kennedy and one of the presidential candidates for the elections in 2024 – reiterated his support for bitcoin, saying he had bought two BTC for each of his seven kids.  The leading digital asset stands at the center of his political campaign, with Kennedy promising to exempt its conversion to the US dollar from capital gains taxes. He also vowed to back America’s national currency with “real finite assets,” such as...