Splits in the US House and Senate coupled with many expected tight elections could allow crypto interest groups to potentially "tip control of Congress one way or the other."
Private issuers of stablecoins could extend the lifespan of the US dollar by driving demand for the underlying fiat currency.
The VIC bot and its “meat avatar,” Victor Miller, got 327 votes in Cheyenne, losing a primary election to incumbent Mayor Patrick Collins and two others.
FRTs are a type of stablecoin backed by liquid assets denominated in the same currency as the token and can be liquidated with minimum adverse price effect.
Montenegrin police arrested FutureNet co-founder Roman Ziemian, alleging he was living under a false identity in the country’s capital city.
According to BlockBeats, on August 20, U.S. stock futures remained largely unchanged following a strong performance the previous day. The market is speculating that the Federal Reserve may soon signal a readiness to begin cutting interest rates. After the S&P 500 Index strengthened for the eighth consecutive day on Monday, traders took a brief pause.Trading volumes have decreased as investors are hesitant to make significant bets ahead of this week's Jackson Hole Economic Symposium. Kyle Rodda, a senior market analyst at Capital.Com Inc., noted that recent data has alleviated concerns about a slowdown in U.S. economic growth without sparking fears of a resurgence in inflation.
According to PANews, the Seychelles National Assembly has approved a draft bill aimed at regulating Virtual Asset Service Providers (VASPs). The legislation mandates that VASPs seeking licenses must establish substantial operations within Seychelles, including having resident directors and offices staffed with competent employees. This law aims to balance innovation with anti-money laundering efforts and comply with the recommendations of the Financial Action Task Force (FATF).
According to Odaily, the U.S. Department of Justice has announced that a former CEO of a Kansas bank has been sentenced to 293 months (approximately 24 years and 5 months) in prison for embezzling substantial funds to participate in a cryptocurrency scam, leading to the bank's collapse. Court documents reveal that 53-year-old Shan Hanes admitted to one count of embezzlement by a bank executive. During his tenure as CEO of Heartland Tri-State Bank (HTSB), Hanes conducted 11 wire transfers totaling $47.1 million between May and July 2023, funneling the money into a cryptocurrency wallet to engage in a crypto scam. These funds eventually ended up in multiple cryptocurrency accounts controlled by unidentified third parties. The Federal Deposit Insurance Corporation (FDIC) covered the $47.1 million loss due to the bank's federal insurance protection. Hanes' fraudulent actions led to the collapse of Heartland Tri-State Bank, resulting in a $9 million loss for investors. A federal judge has ordered a separate hearing within the next 90 days to finalize the restitution. The Department of Justice stated that Hanes' actions not only betrayed the bank and its investors but also undermined public confidence in financial institutions. The case was investigated by multiple agencies, including the Federal Bureau of Investigation (FBI) and the FDIC Office of Inspector General.
According to Cointelegraph: Mango Markets DAO is currently deliberating a settlement offer with the United States Securities and Exchange Commission (SEC) in response to accusations that it violated U.S. securities laws. The decentralized autonomous organization (DAO), which oversees the Solana-based decentralized exchange (DEX), initiated a vote on an “SEC Settlement Offer Proposal” on August 19.The proposed settlement entails Mango DAO neither admitting nor denying any wrongdoing while agreeing to pay a $223,228 fine. Additionally, the DAO would cease all offers, sales, and resales of its MNGO tokens within the U.S., destroy any remaining tokens in its possession, and request that the tokens be delisted from all exchanges.At the time of writing, the proposal has garnered significant support, with over 106 million votes in favour and more than two days left in the voting period. The DAO’s Treasury, which holds nearly $2 million in USD Coin (USDC) and other assets, would be used to pay the fine if the settlement is accepted.Mango Markets has been under scrutiny since October 2022, following a manipulation scheme by trader Avraham Eisenberg, who exploited the protocol and drained $110 million from the platform. Eisenberg was later found guilty of fraud and manipulation in an April trial. The incident led to investigations by the SEC, Department of Justice, and Commodity Futures Trading Commission, all of which accused Mango DAO, Mango Labs, and Blockworks Foundation of violating securities regulations.The settlement proposal is seen as an attempt to avoid litigation and resolve the SEC’s allegations without admitting guilt. However, the settlement has yet to be accepted by the SEC. If approved, Mango DAO would close this chapter and refocus on its operations, though the DEX has been struggling to recover since the October heist.In related developments, MNGO token prices rose by 5.3% on the day of the proposal's release, reaching $0.015, though they remain 97% below their all-time high of $0.50 in September 2021.This proposed settlement marks a crucial moment for Mango Markets DAO as it navigates the complex regulatory landscape surrounding decentralized finance (DeFi) and seeks to move forward from a tumultuous period in its history.
Democratic candidate Yassamin Ansari, supported by more than $1 million in crypto super PAC funds, claimed victory in an Arizona congressional primary.