New documents reveal that a Montana bill to use Bitcoin (BTC) as a reserve asset is heading toward the state’s House of Representatives for a vote. According to legislative tracking service LegiScan, Montana House Bill 429 – which would allow the state to invest in precious metals and digital assets – has passed a Committee […]
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Key lawmakers back President Trump’s bold move on digital assets, signaling a seismic shift in U.S. financial policy and innovation leadership. Lawmakers Hail Executive Orders on Digital Assets House Financial Services Committee Chairman French Hill and Digital Assets Subcommittee Chairman Bryan Steil have applauded President Donald Trump for his recent Executive Orders on digital financial […]
Following President Joe Biden’s veto of the resolution to overturn the U.S. Securities and Exchange Commission (SEC)’s controversial crypto rules in SAB 121, U.S. lawmakers in both the Senate and House of Representatives have intensified their efforts to pass the landmark crypto bill, the Financial Innovation and Technology for the 21st Century (FIT21) Act. ‘Senate […]
A nonprofit digital asset advocacy group backed by crypto exchange Coinbase is reportedly launching a Political Action Committee (PAC) to support crypto-friendly candidates. According to a new report by Reuters, Stand With Crypto, a group with 440,000 members, is launching a PAC to support bipartisan politicians running for Senate or the House of Representatives. Some […]
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Forty-eight U.S. lawmakers have sent a letter to U.S. Securities and Exchange Commission (SEC) Chairman Gary Gensler asking him to clarify whether ether is a security. “The negative repercussions of the SEC implicitly or directly classifying ETH as a digital asset security will cascade throughout the digital asset marketplace both in the short and long […]
The CEO of Coinbase is calling for support of legislation that would establish clear guidelines for the digital asset industry. In a new announcement, Coinbase chief executive Brian Armstrong urges his Twitter audience to email their legislators to vote yes on the Financial Innovation and Technology for the 21st Century Act, which he says would […]
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Republican members of the U.S. House of Representatives say that the U.S. Securities and Exchange Commission (SEC) is looking for publicity and political impact with its anti-crypto strategy. Representatives French Hill of Arkansas and Dusty Johnson of South Dakota recently penned a letter to SEC Chairman Gary Gensler highlighting the need for clear crypto guidelines. […]
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The agreement came on the back of “good faith, arm’s length negotiations” with FTX’s debtors, the museum said.
The Metropolitan Museum of Art (Met) is set to return $550,000 in donations it received from crypto exchange FTX prior to its collapse in November.
The New York-based museum confirmed its intention to repay the funds to FTX debtors in a filing to the United States Bankruptcy Court in Delaware on June 2 — the same court where FTX commenced its bankruptcy proceedings.
The Met said the agreement came on the back of “good faith, arm’s length negotiations” with FTX’s debtors:
“The Met wishes to return the Donations to the FTX Debtors, and the FTX Debtors and the Met have engaged in good faith, arm’s length negotiations concerning the return of the Donations.”
The $550,000 was paid to the Met in two separate installments — the first $300,000 was paid in March 2022 while the additional $250,000 came two months later in May.
The donations were facilitated by West Realm Shires Services, the firm that operated FTX.US.
FTX’s management has been seeking to claw back its donations from politicians and other organizations since December, about a month after it filed for bankruptcy in Delaware.
FTX handed out $93 million in donations between March 2020 and November 2022, according to court documents.
Related: FTX philanthropic donations have created a complex dilemma for recipients
Of the 180 United States or so politicians to have recieved funds from FTX, only 19 have returned their funds or have signalled their intention to do so, according to data from Unusual Whales.
BREAKING: FTX founder Sam Bankman-Fried is charged with more than 300 illegal political donations.
— unusual_whales (@unusual_whales) February 23, 2023
He has given $42 million to Democrats & "dark money" to Republicans.
But there hasn't been a full list of the politicians.
Until now.
Click here to see: https://t.co/araVgIsCG3 pic.twitter.com/CezXTKq7cQ
“Protect our Future PAC” was the largest recipient of FTX, taking in about $27 million, according to data from Market Watch.
Magazine: Unstablecoins: Depegging, bank runs and other risks loom
After the second largest bank failure in history, the U.S. Securities and Exchange Commission (SEC) is reportedly investigating First Republic Bank executives for allegedly engaging in insider trading. Two sources have claimed that the securities regulator is scrutinizing the bank’s executives for making trades using confidential information. Although the sources have not named any specific […]
Members of the European Parliament gave their final approval to a package of EU-wide regulations for crypto assets. The legislators also backed the introduction of mechanisms allowing the tracing of cryptocurrency transactions which will also apply to private crypto wallets above a certain threshold. European Lawmakers Endorse Groundbreaking Crypto Assets Legislation Europe’s new common rules […]