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Solana DeFi project Friktion shuts down its user platform By Cointelegraph
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Solana DeFi project Friktion shuts down its user platform By Cointelegraph

decentralized finance (DeFi) platform Friktion is shutting down its user interface and urging customers to withdraw their assets from the protocol, according to a statement on Jan. 26. The project’s website will no longer deliver the same services, operating in a withdrawal-only mode for all Volts and making deposits unavailable. Friktion’s Volts are structured products...

Fed denies Custodia Bank application to join the Federal Reserve System By Cointelegraph
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Fed denies Custodia Bank application to join the Federal Reserve System By Cointelegraph

The United State Federal Reserve Board has rejected Custodia Bank’s application to become a member of the Federal Reserve System. In its announcement, the Fed stated that the application was “inconsistent with the required factors under the law.” It also claimed Custodia had an “insufficient” management framework and cited an earlier joint declaration by the...

Sam Bankman-Fried seeks to access FTX funds  By Cointelegraph
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Sam Bankman-Fried seeks to access FTX funds By Cointelegraph

Sam Bankman-Fried’s legal team is seeking to remove a bail condition that prevented him from accessing FTX’s funds, according to court filings from Jan. 28. A letter from Bankman-Fried’s lawyer, Mark Cohen, to United States District Court Judge Lewis Kaplan stated that Bankman-Fried should have access to assets held by FTX, claiming the client was...

US gov’t $1.5T debt interest will be equal 3X Bitcoin market cap in 2023 By Cointelegraph
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US gov’t $1.5T debt interest will be equal 3X Bitcoin market cap in 2023 By Cointelegraph

© Igor Faun Commentators believe that (BTC) bulls do not need to wait long for the United States to start printing money again. The latest analysis of U.S. macroeconomic data has led one market strategist to predict quantitative tightening (QT) ending to avoid a “catastrophic debt crisis.” Interest rates on U.S. government debt chart (screenshot)....

FTX lawyers to reap millions from the bankruptcy case: Report By Cointelegraph
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FTX lawyers to reap millions from the bankruptcy case: Report By Cointelegraph

© Reuters. According to a new report, the controversial law firm Sullivan & Cromwell is on track to reap a fortune from its work on the FTX cryptocurrency exchange’s bankruptcy case. Sullivan & Cromwell’s costs in the FTX case are estimated to reach hundreds of millions of dollars before the firm’s bankruptcy investigation is over,...

IRS reminds taxpayers of crypto income reporting ahead of 2022 filing By Cointelegraph
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IRS reminds taxpayers of crypto income reporting ahead of 2022 filing By Cointelegraph

With the deadline approaching for filing the 2022 federal income tax return, the Internal Revenue Service (IRS) — an enforcement agency of United States federal tax laws — released a list of reporting requirements for the general public dealing with cryptocurrencies. Until 2021, the IRS used the term “virtual currencies” in income tax-related reporting forms,...

Congressman Hill to ‘make sure’ US is the place for blockchain innovation By Cointelegraph
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Congressman Hill to ‘make sure’ US is the place for blockchain innovation By Cointelegraph

The chairman of the newly formed United States congressional subcommittee on digital assets has pledged to promote progressive crypto regulations to ensure that “America is the place for innovation in fintech and blockchain.” Speaking on CNBC’s Squawk Box on Jan. 26, U.S. Representative French Hill offered some of his first insights into what is anticipated...

Silvergate suspends dividends to preserve ‘highly liquid balance sheet’ By Cointelegraph
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Silvergate suspends dividends to preserve ‘highly liquid balance sheet’ By Cointelegraph

California-based crypto bank Silvergate has suspended dividend payouts to preserve its “highly liquid balance sheet.” In a Jan. 27 announcement, the firm stated that it is halting “the payment of dividends on its 5.375% Fixed Rate Non-Cumulative Perpetual Preferred Stock, Series A, in order to preserve capital.” Continue Reading on Coin Telegraph Source: Investing.com