Caroline Ellison and Gary Wang Plead Guilty to Fraud

The criminal case against former FTX CEO Sam Bankman-Fried (SBF) has taken an unexpectedly fast turn. The former CEO of Alameda Research, Caroline Ellison, and the co-founder of the bankrupt cryptocurrency exchange, Gary Wang, have pleaded guilty to federal fraud charges that led to the collapse of FTX. Allison and Wang were acquitted today by U.S. Attorney for the Southern District of New York (SDNY) Damian Williams. He also stressed that these crucial confessions are unlikely to be the last in the case. As mentioned in many media outlets last week, this investigation is moving along fairly quickly. As for the SBF, he is currently in the custody of the Federal Bureau of Investigation (FBI) and, according to Williams, is already returning to the United States, and immediately after his return he will be taken to the Southern District of New York to draw up a protocol and organize as faster appearance in court. In addition, Williams issued a stern warning to anyone who may have taken part in FTX or Alameda's illegal activities. Recall that the SBF waived his right to a formal extradition procedure, which could take several weeks, and as a result, on December 21, he was officially transferred from custody in the Bahamas to US authorities. According to his SBF lawyer, the defendant wants to end the case quickly because he is now determined to make amends with investors.

Pat Toomey Introduces TRUST Stablecoin Bill

A week after his farewell speech on the floor of the U.S. Senate, outgoing Senator and crypto advocate from Pennsylvania, Pat Toomey, introduced the TRUST Stable Coin Act, which aims to establish a federal regulatory framework for “payment stablecoins” and set Congress on track of ”sensible regulation of cryptocurrencies.” According to politicians, TRUST is very similar to the Trust Act that Toomey introduced back in April. The new law is both the latest on the politician's track record and likely the latest in a string of digital asset bills that Toomey is co-sponsoring. “I hope this framework lays the groundwork for my colleagues to pass legislation next year safeguarding customer funds without inhibiting innovation.” — Toomey wrote in a press release. The senator's proposal aims to remove regulation of stablecoins from the control of the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC). The TRUST Stablecoin Act will prevent “payment stablecoins” from being classified as securities and will preclude their issuers from being regulated as investment advisors or investment companies. Instead, the law will create a new federal license for "payment stablecoin issuers" that will be regulated by the Office of the Comptroller of the Currency (OCC), the agency tasked with overseeing traditional banks and savings institutions.

 

David Luiz Becomes Brand Ambassador for BC.GAME

Representatives of BC.GAME crypto casinos have announced that the Brazilian professional football player of the Flamengo team, David Luiz, has become the official ambassador of their brand. Luis will continue to work with BC.GAME to help promote the platform and engage with its community through social media and live streaming platforms, according to the release. The new BC.GAME Ambassador is one of Brazil's most famous soccer players and is expected by the crypto casino marketer to help the brand connect the Brazilian soccer community with the crypto gambling platform. To date, Brazil has seen a steady increase in the number of online casino players, and many of them prefer crypto gaming platforms due to their high availability and security. It is also reported that BC.GAME recently added sports betting to their gaming portfolio, which is also one of the most popular forms of gambling in Brazil. According to market analysts, the partnership with Luis could be a great opportunity for the brand to enter the Brazilian market and attract a large audience of users. This is what timely hype at the World Cup looks like.