Commentary: Let Cryptocurrency Implode with FTX

Sam Bankman-Fried’s arrest makes for a fitting final act to this chapter of cryptocurrency history. The internet prodigy-turned-supervillain had been at large for a whole month since the spectacular collapse of his crypto trading platform, FTX. But Sam is no Butch Cassidy. Rather than vanishing, he spent his time tweeting, giving interviews, and most stupefying of all, making appearances at high-powered New York Times business conferences alongside the likes of Mark Zuckerberg and Janet Yellen. Tucker Carlson speculated at the time that Bankman-Fried’s lavish donations to Democratic politicians had afforded him de facto immunity from prosecution. It seems that the goodwill has now run out.

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Two Estonian Citizens Arrested for Alleged Involvement in $575 Million Cryptocurrency Fraud

The Department of Justice announced on Monday that two Estonian citizens were arrested on Sunday in Tallinn, Estonia on an 18-count indictment for alleged involvement in a $575 million cryptocurrency fraud and money laundering conspiracy. 

The two men, Sergei Potapenko and Ivan Turõgin, both 37 years old, allegedly defrauded hundreds of thousands of people out of money by convincing victims to enter into fraudulent equipment rental contracts with the defendants’ cryptocurrency mining service called HashFlare.

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Commentary: Americans Should Support Cryptocurrency to Improve America’s Economic Woes

The U.S. financial system is not working for too many Americans. We see it every day at the gas pump and grocery store with record-high inflation. We see it with empty store shelves and higher rents. We see it with high fees and slow transactions at the big banks – the same ones we taxpayers bailed out a little more than a decade ago. 

There’s an alternative that can help these systemic problems: cryptocurrency. 

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Biden Expected to Sign First Executive Order Regulating Cryptocurrency

Joe Biden is set to sign an executive order that will begin the process of regulating the trading of cryptocurrency, as crypto becomes a viable alternative for Russians seeking to avoid the impact of economic sanctions.

According to ABC News, at least two anonymous Biden Administration officials said that the order will be issued this week, and has allegedly been in the planning stage since before the Russian invasion of Ukraine in late February. The order will outline the various steps that government agencies, including the Treasury Department, are to take to begin the process of imposing regulations on the buying and selling of digital currencies.

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Commentary: Understanding Exchange-Traded Funds

Now that it’s easier than ever to trade stocks and crypto thanks to apps like Robinhood and Etrade, it’s time to think about other options. People were quick to jump on the crypto bandwagon when Doge went to the moon in early to mid-2021, but the crypto crash later that year reminded everyone what an unsafe investment it really is. For those looking to diversify their investment portfolio, there are options beyond the new-school cryptocurrencies, or the traditional stocks and bonds. Keep reading to learn about exchange-traded funds or ETFs.

To put it as simply as possible, an exchange-traded fund is like taking a specific type of investment, say a commodity like gold, and collecting it together in a single group. Instead of buying gold on your own, you can invest in shares of a gold ETF. But why would you want to do that? Well, gold is expensive. To buy a meaningful amount you’d need to invest thousands of dollars. Not to mention you’d now have giant bars of gold lying around your house. You need far less capital to invest in an ETF. (And you don’t have a hoard of gold in your basement like some kind of dragon.)

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University Official Defends Decision to Accept Crypto Donations

Chief Financial Officer of San Diego State University’s (SDSU) Campanile Foundation, David Fuhriman, spoke to Campus Reform about the school’s decision to accept Bitcoin and cryptocurrency donations.

Fuhriman noted the push to expand SDSU’s donor base, explained how the donated funds will be used, and expressed optimism for the asset class.

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Biden Reportedly Plans to Regulate Crypto over National Security Concerns

President Joe Biden is set to announce guidelines for regulating cryptocurrencies in the coming weeks, Barron’s reported.

The initiative will involve the State Department, Treasury Department, National Economic Council, Council of Economic Advisers and White House National Security Council, according to Barron’s, and it will charge the agencies with developing a coherent regulatory framework for digital assets.

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Crypto Market Sees $130 Billion Sell-off over Last 24 Hours

The cryptocurrency market lost nearly $130 billion in value over the last 24 hours as major digital coins continue their extended sell-off, multiple sources reported.

Bitcoin dropped 4.81% to $33,693.63 over the last 24 hours while Ethereum slid 9.41% to $2,206.22, according to Coinbase. Both assets fell to their lowest level since July 2021, and each has lost roughly 50% of its highest value.

Cryptocurrencies have trended similarly to stocks, which have seen a sell-off since the start of 2022. Investors have dumped their assets, especially technology stocks, in preparation for tighter monetary policies from the Federal Reserve, including interest rate hikes and halting of the central bank’s asset purchasing stimulus program.

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