Ripple considers FTX trades Garlinghouse

It has been claimed that the CEO of Ripple, Brad Garlinghouse, is considering purchasing key aspects of the defunct cryptocurrency exchange FTX. Garlinghouse told The Sunday Times that former FTX CEO Sam Bankman-Fried called him two days before the company filed for bankruptcy as he sought to round up investors to rescue the business. The conference was held on November 16 and 17, and it took place on the sidelines of Ripple’s Swell conference in London, which took place on November 16 and 17.

During the call, according to the CEO of Ripple, the two discussed whether or not there were any FTX-owned firms that Ripple might acquire “would have a desire to possess.

Garlinghouse does concede, however, that in light of FTX’s recent decision to file for bankruptcy under Chapter 11 in the United States, any potential transaction involving an FTX business will be more difficult “a radical departure from how things would have been done one-on-one.

“It’s not that I don’t think we’ll take a look at those things; I’m certain we will.

However, it is a more difficult road to transact, “he continued.

There were around 130 firms connected to FTX that were listed in the bankruptcy petition that was filed in Delaware. One of the companies was FTX.US.

Garlinghouse expressed his interest in purchasing the components that were geared toward catering to corporate clients.

It would seem that the executives at Ripple, like with many others in the sector, are keeping up with the most recent developments in the situation involving FTX.


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SEC filing discrepancies threaten American CryptoFed registration

Following the discovery of irregularities in the Form S-1 registration statement dated September 17, 2021 by the United States Securities and Exchange Commission (SEC), the first decentralised autonomous organisation (DAO) in the United States to receive legal recognition is in danger of having its registration revoked. This organisation is known as the American CryptoFed DAO. In July 2021, the office of the Wyoming Secretary of State acknowledged American CryptoFed as a legal company. At the time, the organization’s CEO, Marian Orr, was of the opinion that “Wyoming is perhaps the top blockchain jurisdiction in the world.” On the other hand, administrative procedures against the DAO were opened by the SEC on November 18, 2022, in order to decide whether or not a stop order should be issued.

In the event that the SEC issues a stop order, American CryptoFed’s registration will be revoked, and sales of the in-house tokens Ducat and Locke would be prohibited.

The American CryptoFed Form S-1 registration statement allegedly lacks essential information, such as audited financial statements and specifics about the company’s operations and management, as stated by the Division of Enforcement of the Securities and Exchange Commission (SEC).

In addition, the SEC was of the opinion that the filing made by American CryptoFed had “misleading representations and omissions,” and that it described the tokens as securities in a manner that was not consistent.


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South Korea probes crypto exchanges for local tokens

This year, native cryptocurrencies proved to be the most significant cause that led to the failure of a number of cryptocurrency exchanges and ecosystems; the most recent instance of this was the collapse of the FTX.

The Korea Financial Intelligence Unit (KoFIU), which is Korea’s authority on financial matters, took note of the same thing when it initiated an investigation into cryptocurrency exchanges in regard to listing their own internally created tokens.

The cryptocurrency exchange FTX and its 130 affiliated enterprises have just filed for bankruptcy as a result of a drop in the price of the FTX Token, the company’s in-house token.

A local article states that the purpose of KoFIU’s investigation into the matter is to maintain regulatory compliance for the protection of investors. This is the case despite the fact that Korean cryptocurrency exchanges are prohibited from releasing native tokens.

Initial examinations indicated that every cryptocurrency exchange operating inside South Korea followed all applicable laws and regulations.

A representative for the Financial Services Commission (FSC) said that “there are still some uncertainties linked” to in-house token listings. This prompted the FSC to announce preparations to conduct a more in-depth inquiry.

According to a report by the regional media outlet Yonhap, Flata Exchange is one of the key suspects and is now the subject of an investigation since it listed its in-house token, FLAT, in January 2020.

Authorities have said that major exchanges like Upbit and Bithumb are no longer under investigation; instead, they would concentrate their efforts on investigating smaller exchanges.


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