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Ex-FTX exec sentenced to time served after guilty plea

Coin Telegraph
Ex-FTX exec sentenced to time served after guilty plea
Coin Telegraph

Nishad Singh will receive no prison time after pleading guilty to six felony charges in February 2023, cooperating with prosecutors and FTX’s debtors after the exchange’s collapse.

A federal judge has sentenced Nishad Singh, the former engineering director of FTX, to time served and three years of supervised release for his role in misappropriating user funds and campaign finance violations.

In an Oct. 30 hearing in the United States District Court for the Southern District of New York, Judge Lewis Kaplan sentenced the 29-year-old Singh to time served. He was the fourth individual named in the indictment of FTX executives to stand before a judge following sentencing hearings for former CEO Sam Bankman-Fried, former Alameda Research CEO Caroline Ellison, and former FTX Digital Markets co-CEO Ryan Salame.

According to reporting from the courtroom by Inner City Press, Singh’s lawyers alleged “most of” the fraud at FTX was the result of Bankman-Fried’s and Ellison’s actions. The former FTX executive said he was “overwhelmed with remorse” for his role.

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Next Week or Two Could Be Critical for Bitcoin (BTC), According to Analyst Benjamin Cowen – Here’s Why

Next Week or Two Could Be Critical for Bitcoin (BTC), According to Analyst Benjamin Cowen – Here’s Why

Harris vs Trump: Who is the crypto industry backing?

Coin Telegraph
Harris vs Trump: Who is the crypto industry backing?
Bitcoin

While Donald Trump has been associated with broad support from the crypto community, many people in crypto have endorsed Kamala Harris as well.

The 2024 United States presidential election has prompted many endorsements from the cryptocurrency industry, with several executives and entrepreneurs voicing their support for either candidate.

While Republican nominee and former President Donald Trump has attracted substantial backing from the crypto community, Democratic candidate and sitting Vice President Kamala Harris has also garnered notable endorsements.

With the election on Nov. 5, Cointelegraph reviewed public crypto-related endorsements for both candidates.

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Next Week or Two Could Be Critical for Bitcoin (BTC), According to Analyst Benjamin Cowen – Here’s Why

Next Week or Two Could Be Critical for Bitcoin (BTC), According to Analyst Benjamin Cowen – Here’s Why

US Treasury strategy for financial inclusion mentions digital assets

Coin Telegraph
US Treasury strategy for financial inclusion mentions digital assets
Coin Telegraph

Lael Brainard credited Vice President Kamala Harris, who is campaigning to be the next US President, with helping expand “access to capital, credit, and economic opportunity.”

The United States Department of the Treasury has released its national strategy for financial inclusion, only including cryptocurrencies as a potential risk for consumers.

In an Oct. 29 notice, the US Treasury said its National Strategy for Financial Inclusion in the United States report resulted from a request from Congress and included recommendations to “advance consumer access to safe financial products and services and strengthen financial security.”

According to the department, one of its methods of financial inclusion was through research of a “series of publications on consumer activities and risks related to digital assets,” citing a September 2022 report.

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Next Week or Two Could Be Critical for Bitcoin (BTC), According to Analyst Benjamin Cowen – Here’s Why

Next Week or Two Could Be Critical for Bitcoin (BTC), According to Analyst Benjamin Cowen – Here’s Why

President Biden thanks Nigerian President for Binance exec’s release

Coin Telegraph
President Biden thanks Nigerian President for Binance exec’s release
Binance

A former IRS special agent and Binance’s head of financial crime compliance, Tigran Gambaryan had been in Nigerian custody with reports of deteriorating health since February.

United States President Joe Biden spoke to President Bola Tinubu of Nigeria, offering his appreciation that Binance’s head of financial crime compliance had been released on humanitarian grounds.

According to an Oct. 29 notice from the White House, President Biden had a call with President Tinubu in which he thanked the Nigerian leader for helping secure “the release on humanitarian grounds of American citizen and former US law enforcement official Tigran Gambaryan.”

The Binance executive had been in Nigeria custody for roughly eight months until being allowed to leave the country on Oct. 23.

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Next Week or Two Could Be Critical for Bitcoin (BTC), According to Analyst Benjamin Cowen – Here’s Why

Next Week or Two Could Be Critical for Bitcoin (BTC), According to Analyst Benjamin Cowen – Here’s Why

Former President Trump floats idea of eliminating federal income tax

Coin Telegraph
Former President Trump floats idea of eliminating federal income tax
2024 presidential election

According to the most recent Polymarket odds, the former President currently has a 65% chance of winning the Presidential election.

During a recent episode of the Joe Rogan Experience, former President Trump said he was serious about eliminating the federal income tax in the United States and replacing the revenue stream with tariffs on imports.

The 2024 Presidential candidate cited the tariff policies of former US President William McKinley during the 1890s as incredibly prosperous for the country and argued that the same policies should be applied today to fund the government. Trump told Rogan that the tariffs created so much revenue that public officials did not know how to spend the funds:

Critics have argued that imposing tariffs on imports will add a hidden tax in the form of increased prices on goods. However, Trump maintains that tariffs can drive dollar demand while protecting domestic workers and making US exports more attractive.

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Next Week or Two Could Be Critical for Bitcoin (BTC), According to Analyst Benjamin Cowen – Here’s Why

Next Week or Two Could Be Critical for Bitcoin (BTC), According to Analyst Benjamin Cowen – Here’s Why

FINRA says rules still apply in the metaverse

Coin Telegraph
FINRA says rules still apply in the metaverse
Coin Telegraph

The Financial Industry Regulatory Authority says brokers and dealers are increasingly experimenting in the metaverse.

The Financial Industry Regulatory Authority (FINRA), a non-governmental, self-regulatory organization, recently published a report outlining the potential regulatory implications for securities and finance firms operating in the metaverse. 

Along with a breakdown of the current state of metaverse activity in the finance industry and projections for the technology’s future, FINRA also dedicated several paragraphs of the report to reminding businesses that both its rules and relevant government regulations apply to their activities in the metaverse just as they would otherwise. 

FINRA announces the publication of its comprehensive metaverse report on X.com. Source: FINRA

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Next Week or Two Could Be Critical for Bitcoin (BTC), According to Analyst Benjamin Cowen – Here’s Why

Next Week or Two Could Be Critical for Bitcoin (BTC), According to Analyst Benjamin Cowen – Here’s Why

Homeowner lawsuit over $170K crypto theft rejected on appeal  

Coin Telegraph
Homeowner lawsuit over 0K crypto theft rejected on appeal  
Appeals Court

A United States appeals court said a district court was right to toss Ali Sedaghatpour’s lawsuit claiming that his insurer, Lemonade Insurance, should cover him for a crypto scam loss.

A homeowner’s attempt to sue his insurer for failing to cover his $170,000 loss to a crypto scam was rejected by a United States appeals court, with a three-judge panel ruling there had been no error in dismissing his case. 

The Fourth Circuit Appeals Court ruled on Oct. 24 that a Virginia District Court judge was correct in ruling that Ali Sedaghatpour had no breach of contract claim against Lemonade Insurance because his homeowner’s policy only covered “direct physical loss” of property.

Sedaghatpour sued Lemonade Insurance in 2022, claiming the insurer should have covered him under the policy for $170,000 in crypto stolen from him in a scam.

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Next Week or Two Could Be Critical for Bitcoin (BTC), According to Analyst Benjamin Cowen – Here’s Why

Next Week or Two Could Be Critical for Bitcoin (BTC), According to Analyst Benjamin Cowen – Here’s Why

US lawmaker claims crypto PACs forced out ’important voices in Congress’

Coin Telegraph
US lawmaker claims crypto PACs forced out ’important voices in Congress’
Coin Telegraph

Representative Summer Lee took aim at crypto-backed Super PACs funding media buys that could have contributed to two Democratic lawmakers losing their primaries.

Pennsylvania Representative Summer Lee staunchly criticized cryptocurrency-backed political action committees (PACs) for funding ads “demonizing” candidates in 2024 primaries — often for reasons unrelated to digital assets.

Speaking at an Oct. 24 virtual event hosted by Public Citizen and Americans for Financial Reform, Rep. Lee took aim at the “influence and control” special interest groups like crypto Super PACs used to target lawmakers running for reelection in 2024.

The Pennsylvania Representative claimed that money from the digital asset industry was being used to “silence the few representatives actually fighting to hold them accountable.” 

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Next Week or Two Could Be Critical for Bitcoin (BTC), According to Analyst Benjamin Cowen – Here’s Why

Next Week or Two Could Be Critical for Bitcoin (BTC), According to Analyst Benjamin Cowen – Here’s Why

Polymarket claims to have identified Trump whale

Coin Telegraph
Polymarket claims to have identified Trump whale
2024 Presidential elections

According to the current Polymarket 2024 US election odds, former President Trump is favored to win all six US swing states.

Spokespeople for Polymarket claim to have identified the whale responsible for $28 million in pro-Trump trading positions as one unnamed French citizen with a seasoned background in finance and trading.

According to a piece in The New York Times DealBook, company representatives told the outlet that four separate accounts — Fredi9999, Theo4, PrincessCaro and Michie — belong to the trader.

Company spokespeople also said they found no evidence of market manipulation during the investigation, noting that the trader intentionally spread his bets across smaller positions to avoid moving the market erratically.

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Next Week or Two Could Be Critical for Bitcoin (BTC), According to Analyst Benjamin Cowen – Here’s Why

Next Week or Two Could Be Critical for Bitcoin (BTC), According to Analyst Benjamin Cowen – Here’s Why

US gov’t cites ex-FTX exec’s ‘exemplary cooperation’ before sentencing

Coin Telegraph
US gov’t cites ex-FTX exec’s ‘exemplary cooperation’ before sentencing
Coin Telegraph

Prosecutors asked Judge Lewis Kaplan to consider Nishad Singh’s “substantial assistance” to the government in its case against Sam Bankman-Fried at sentencing.

Prosecutors said former FTX engineering director Nishad Singh, who pleaded guilty and cooperated with authorities, provided “substantial assistance” to the United States government, hinting the judge should be lenient at sentencing.

In an Oct. 23 filing in the US District Court for the Southern District of New York, US Attorney Damian Williams asked Judge Lewis Kaplan to consider Singh’s cooperation, which helped in the prosecution of former FTX CEO Sam “SBF” Bankman-Fried and former FTX Digital Markets co-CEO Ryan Salame. Singh is scheduled to appear before the judge on Oct. 30 for sentencing after pleading guilty to fraud and conspiracy charges in 2023.

According to prosecutors, Singh’s testimony at SBF’s trial was a “core part” of the government’s case by helping the jury understand “how FTX’s code permitted the illegal use of customers’ funds” and “identif[ying] in detail the transactions by Bankman-Fried that involved the use of stolen money.”

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Next Week or Two Could Be Critical for Bitcoin (BTC), According to Analyst Benjamin Cowen – Here’s Why

Next Week or Two Could Be Critical for Bitcoin (BTC), According to Analyst Benjamin Cowen – Here’s Why

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