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Victims were lured to download the apps with promises of high returns from investing in crypto and other products, which the lawsuit described as “illusory.” When victims attempted to withdraw their balances, they would be asked to pay various fees to recover their investments and purported gains, according to the filing. Source link
In his closed-door meeting on Tuesday with Democrats from the House Financial Services Committee, he’s reported to have said that he’s glad that negotiations are “close” on stablecoin legislation, according to Politico, citing a person who was there. Source link
“Stablecoin regulations, in particular, are set to be coordinated globally via the Financial Stability Board (FSB) across the G20, further constraining the usage of unregulated stablecoins such as tether,” the report added. Tether has come under pressure to be more transparent about how its reserves are invested, and has been working toward publishing real-time data. […]
Restitution paid to victims can be considered when sentencing, and judges in the Southern District of New York routinely impose shorter terms than guidelines suggest for white-collar cases. Source link
“When I read the press release and the filing my initial thought was, Interesting. Maybe this will turn out to be a net positive for the industry,” Bent wrote. However, after digging deeper, he called the survey “one of the more Orwellian things I’ve seen come out of this Administration,” as it requires very granular […]
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