Analysis
Legal
SBF’s defense claims FTX had no fiduciary relationship with customers on technicality
SBF's team has appealed to an esoteric element of English law—which, it claims, governs FTX's terms of service—to deny that FTX ever had any fiduciary relationship to its customers at all.
Legal
SBF Trial – Week 5 kicks off with SBF retaking the stand for an intense cross-examination
SBF was hit with intense questioning about his role as the CEO of FTX and the inner workings of the crypto exchange in the weeks leading up to their collapse.
Legal
Terraform Labs, Do Kwon file motion to dismiss SEC lawsuit
Terraform Labs claims that the SEC has not provided any admissible evidence to back the allegations made in the lawsuit.
CBDCs
Future of CBDCs in Hong Kong uncertain as pilot program concludes
The HKMA acknowledged possible benefits of CBDCs but stressed the need for further research into their potential impact on the monetary system.
Regulation
UK finalizes regulatory approach to crypto, stablecoins
The phased regulatory introduction will kick off in early 2024, with legislation for fiat-backed stablecoins.
Stablecoins
Brazil reports stablecoin boom as USDT trading volume surpasses all other digital assets combined
The trading volume of USDT in Brazil exceeded the combined trading volume of all other cryptocurrencies in 2022, according to the Receita Federal do Brasil.
Regulation
Taiwan introduces bill aiming to create regulatory framework for crypto
The bill's primary goal is to establish rules for virtual asset service providers to protect investors and maintain financial stability.
Analysis
VanEck believes Solana can grow 10,000% in value if it onboards 100M users
VanEck's $3,211.28 per token SOL price prediction hinges on mass adoption.
Legal
SBF Trial – Week 4 concludes with SBF telling jury he was blindsided by $8B shortfall
Almost the entirety of the day was dedicated to SBF's testimony, which gave the courtroom further insights into the inner workings of FTX and Alameda from his perspective.
CBDCs
CBDCs struggling to gain traction without private-sector cooperation
Most countries are struggling to get their populace to use CBDCs as they do not offer the same level of convenience and benefits as private payment platforms.
Legal
SBF Trial – SBF claims he acted in good faith as lawyers blessed his decisions at FTX
SBF told the court that his actions were driven by a sincere belief in their legality, given that legal experts had approved certain aspects of his policies.
Legal
SBF Trial – Prosecution no longer expects early conclusion after SBF decides to testify
The prosecution, which previously expected the case to reach a head by Oct. 30, believes the case will now take much longer to conclude due to the complications arising from SBF's testimony.