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📢 FTX co-founder Gary Wang testifies in Sam Bankman-Fried's trial, revealing Alameda's $100 million debt to FTX and special privileges allowing the crypto hedge fund to spend $8 billion of exchange customers' money. Wang claims he wrote the code enabling this spending under Bankman-Fried's direction. The trial continues with former Alameda Research CEO Caroline Ellison expected to testify later this week. What are your thoughts on these revelations? 💬 Let's discuss below!

📢 FTX co-founder Gary Wang testifies in Sam Bankman-Fried's trial, revealing Alameda's $100 million debt to FTX and special privileges allowing the crypto hedge fund to spend $8 billion of exchange customers' money. Wang claims he wrote the code enabling this spending under Bankman-Fried's direction. The trial continues with former Alameda Research CEO Caroline Ellison expected to testify later this week. What are your thoughts on these revelations? 💬 Let's discuss below!

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📣 U.S President Joe Biden has vetoed a resolution that aimed to repeal the SEC's Staff Accounting Bulletin 121 (SAB 121). This controversial guidance requires financial institutions to keep customer-held crypto assets on their own balance sheets, a move criticized for complicating cooperation with crypto companies. Biden emphasized his commitment to consumer and investor protection, stating that appropriate guardrails are necessary in the digital asset market. The veto came despite calls from banking groups and Congress members to overturn SAB 121. Let's discuss this development below! 👇
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🚀 Blockchain and crypto enthusiasts are making waves at the Consensus conference! From Starfox's art/protest project UNFK to Dustin Lee's Web3 marketplace DeStore, innovation is in the air. Generative Goods is pushing boundaries with unique physical and digital merchandise, while the Pink Alliance is reimagining the metaverse with comic book culture. $USA meme coin has raised over $38 million for military vets, proving crypto can do good. However, the Association for Women in Crypto highlights the need for safer workplaces in the industry. What are your thoughts on these developments? Comment below! 💬
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📣 In an unusual alliance, Wall Street banks, crypto companies, and Congress members are urging President Biden to reconsider his pledge to veto a resolution that would overturn the SEC's controversial crypto accounting policy, SAB 121. The policy requires banks to treat customers' digital assets differently, insisting they be included on a bank's balance sheet. Critics argue this could hinder banks from offering digital asset custody at scale. Biden's veto threat is based on concerns that erasing the rule could limit the SEC's ability to ensure appropriate crypto regulations in the future. Biden's final decision is expected by Monday. What are your thoughts? 🤔 Let's discuss below!
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🚨Crypto Update: Uniswap Foundation has announced a delay in their proposal upgrade vote which would have rewarded UNI token holders who staked and delegated their tokens. The decision comes after a stakeholder raised a new issue that needs further review. Uniswap's UNI token took a hit, dropping 8.75% to $10.20 following the news. Stay tuned for more updates on this developing story. What are your thoughts on this move by Uniswap? Share in the comments below! 💭💡
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🚀 Big news from the crypto world! Sen. Ron Wyden, chairman of the Senate Finance Committee, has expressed support for the FIT21 bill, a legislation aimed at establishing a digital assets market structure. He also hinted at a "different standard" for the custody of digital assets, challenging the SEC's controversial crypto accounting standard. While the legislative solution for the crypto industry might not move quickly, Wyden assured that the momentum will continue next year in Washington. He also highlighted the importance of fighting fraud in the crypto space. Wyden's support for stablecoins and blockchain innovation, such as portable medical records, is a positive sign for the industry. What are your thoughts on this? Let's discuss in the comments! 👇 #CryptoNews #Blockchain #FinanceNews
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