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In the grand scheme of the 2024 election, cryptocurrency is not a big deal. It ranks extremely low on the list of priorities for most voters, if it even registers at all. Crypto isn't really a big deal in the broader financial system either. And yet it's playing a big role in politics, including at the very top of the ticket.Crypto corporations have <a target="_blank" href="https://www.businessinsider.com/crypto-bitcoin-election-spending-kamala-harris-donald-trump-2024-8">dumped some $119 million into this year's federal elections</a>, more than any other industry. Crypto-backed groups have worked against Democratic figures such as Sen. Katie Porter and Rep. Jamaal Bowman, both of whom lost their primaries, and now they're backing Sen. Sherrod Brown's Republican opponent in Ohio, Bernie Moreno, <a target="_blank" href="https://www.rollingstone.com/politics/politics-features/sherrod-brown-crypto-bernie-moreno-millions-1235102478/">to the tune of some $30 million</a>. Through super PACs, crypto money is flowing to downballot candidates on both sides of the aisle. The groups have largely steered clear of the presidential race, but both candidates have taken notice of crypto's influence. Former President Donald Trump has been <a target="_blank" href="https://www.businessinsider.com/trump-bitcoin-stance-2024-7">courting crypto-focused voters</a> and is <a target="_blank" href="https://www.businessinsider.com/trump-crypto-partners-chase-herro-zachary-folkman-lawsuits-jail-debt-2024-9">trying to launch some sort of digital-asset venture</a> of his own. Vice President Kamala Harris is paying lip service to crypto, too. If you can't beat the crypto bros, join 'em, or at least give them a wink and a nod.Trump and Harris have different reasons to try to attract the crypto community — donors, voters, the fact that the former president likes anyone who flatters him, etc.To some extent, it's a "might as well"-type situation. Except for the people who really care about crypto, nobody actually cares about crypto, so being nice about it is basically free. And in a race with a razor-thin margin, everything counts — including, maybe, the vote of some dogecoin-loving guy in a crucial Wisconsin county or an extra few thousand dollars from a tech donor who had been sitting on the sidelines.Trump has not always been a fan of crypto. Back in 2021, he said it seemed like a scam and described it as a "<a target="_blank" href="https://www.foxbusiness.com/politics/crypto-potentially-a-disaster-waiting-to-happen-trump">disaster waiting to happen</a>." On the 2024 campaign trail, however, <a target="_blank" href="https://www.businessinsider.com/donald-trump-going-for-crypto-bro-vote-world-liberty-financial-2024-9">Trump has been happy to embrace the community</a>. This summer he appeared at a bitcoin conference in Nashville, where he vowed to make the United States the "crypto capital of the planet" and told the audience to "have fun" with their bitcoin and the other things they were playing with. He also attended an accompanying fundraiser, where tickets maxed out at $844,600.Big names in the arena, such as Marc Andreessen and Ben Horowitz of Andreessen Horowitz and Cameron and Tyler Winklevoss of Gemini and Facebook fame, have thrown their support behind Trump. He's made all sorts of promises about crypto, including that he'd create a "strategic national bitcoin stockpile" and that under his watch, crypto rules would be written by people who "love" the industry rather than "hate" it. So why the flip-flop? For one thing, crypto is sort of a natural fit for Trump. It has a libertarian and freedom-focused bent that aligns more naturally with the GOP, even though Trump is far from a libertarian. Its fans/users/investors are disproportionately young men, a constituency whose vote the Republican nominee is courting. There's donor money to be had here, and his campaign knows it. Not to mention that Trump has long been into <a target="_blank" href="https://www.businessinsider.com/trump-products-that-disappeared-list-2018-4">weird</a>, <a target="_blank" href="https://www.businessinsider.com/donald-trump-university-professor-stephen-gilpin-2018-4">sketchy</a> business ventures, and while not all crypto projects are scams, there does seem to be a lot of them."With Trump, you always have to view almost everything he does through the transactional lens," said Adam Kovacevich, the founder and CEO of Chamber of Progress, a left-leaning tech-industry coalition.All of Trump's courting of the crypto industry is possible because Democrats left open an opportunity for him to pounce. President Joe Biden's administration — namely Gary Gensler, the chair of the Securities and Exchange Commission — has <a target="_blank" href="https://markets.businessinsider.com/news/currencies/gary-gensler-sec-cryptocurrencies-bitcoin-ftx-binance-roundup-views-2023-9">taken an antagonistic stance toward crypto</a>. Others in Biden's orbit, such as Lina Khan, the chair of the Federal Trade Commission, have been <a target="_blank" href="https://www.businessinsider.com/ftc-chair-lina-khan-60-minutes-americans-privacy-big-tech-2024-9">quite tough in their approach to the tech industry</a> more broadly. It left a bad taste in the mouths of a lot of powerful people in Silicon Valley and venture capital. That's given Trump a way to make inroads and, in turn, rake in some donor support."There's no question that Trump and the Trump campaign were absolutely using crypto as a wedge against Biden because Biden had historically been pretty down on crypto," said Sheila Warren, the CEO of the Crypto Council for Innovation, an advocacy group.You can tell that the Trump camp thinks this is a good issue. When I reached out for comment, Brian Hughes, a senior advisor to the campaign, sent over a statement describing "crypto innovators and others in the technology sector" as "under attack" by Harris and the Democrats and arguing that no presidential candidate "has been more supportive of the crypto community" than Trump. The campaign also sent a litany of articles about various criticisms of crypto from left-leaning senators including Elizabeth Warren, Jon Tester, and Bernie Sanders. The Harris campaign declined to comment on the record.Trump's interest in crypto isn't just political; it's personal — as in his personal finances. The billionaire-ish businessman has disclosed that he <a target="_blank" href="https://www.businessinsider.com/trump-called-crypto-scam-now-owns-million-ethereum-disclosure-bitcoin-2024-8">owns over $1 million worth of ether</a>. In September, he unveiled his own crypto venture, World Liberty Financial. The details remain pretty scant, but some of his kids are into it, including his youngest son, Barron. It's fair to have some skepticism about what it will do, how it will work, and whether it's legitimate. It's fair to have the same questions about Trump's entire crypto pivot, too."His original approach on crypto was a common-sense recognition that it was a pyramid scheme, and it's thrown out to the wind because it's been convenient to do so," said Robert Weissman, a copresident of Public Citizen, a consumer advocacy group. "But to the extent he's able to look at something cleanly when he did, he thought it was a scam. Now he's embraced it as his scam."Harris' advance into crypto on the campaign trail has been subtler — and more recent — than Trump's. She's not about to tattoo "I &lt;3 BTC" on her forearm or anything; she's just telling the guys (it's almost all guys) who did that that she's open to chat.The vice president's camp has reportedly been making overtures to the crypto industry for weeks, undertaking the endeavor pretty quickly after Biden dropped out of the race and she became the presumptive nominee. A <a target="_blank" href="https://www.ft.com/content/1a4c5066-9cc0-4849-993b-06a28022ad66">July report from the Financial Times</a> said her advisors had begun approaching companies to try to "reset" the relationship with the industry and put out feelers about meeting with firms such as Coinbase and Circle. A <a target="_blank" href="https://www.politico.com/news/2024/07/26/kamala-harris-donald-trump-crypto-00171365">Politico report</a> from about the same time described crypto advocates as hopeful about Harris, given that she's from California, a tech-heavy state.In early August, volunteers organized a Crypto4Harris town hall that was attended by Senate Majority Leader Chuck Schumer, Gov. Jared Polis of Colorado, the Wall Street financier Anthony Scaramucci, and the billionaire investor Mark Cuban. Ron Conway, a Democratic megadonor and venture capitalist who stopped supporting crypto super PACs after they began spending against Sherrod Brown, has been optimistic about Harris. In July, he called for the tech community to unite behind Harris and defeat Trump. "I have known Kamala for decades," he wrote, "and she's been a fighter, a leader, and an advocate for the tech ecosystem since the day we met."The campaign's outreach inspired some cautious enthusiasm in the crypto community, but there's a difference between a candidate's surrogates saying something and the candidate saying it themselves, which is what some in the industry were waiting for.In late September, Harris addressed crypto directly at a weekend Wall Street fundraiser in New York, where she said her administration would "encourage innovative technologies like AI and digital assets while protecting our consumers and investors." A few days later, she reiterated her support in a speech on the economy, saying the US would remain dominant in "AI, quantum computing, blockchain, and other emerging technologies." She's <a target="_blank" href="https://www.semafor.com/article/09/26/2024/harris-escalates-her-courtship-of-crypto">reportedly dispatched aides</a> to do more outreach. One way to read Harris' efforts is as a sort of olive branch to the tech community, a signal to Silicon Valley, venture capital, and startups that she's not aligned with the <a target="_blank" class="" href="https://www.businessinsider.com/donald-trump-vcs-in-silicon-valley-2024-7">Biden administration's hard-nosed approach to tech</a>. It makes it easier for donors who were hesitant to support her to finally throw in, and her openness to conversation puts some tech minds at ease. It's about crypto, but it's also more than that. By coupling mentions of digital assets and blockchain with AI, Harris weaves it into her broader economic message about innovation and entrepreneurship."The Biden administration has been so hostile to crypto that the main challenge for the Harris campaign has been to say in a clear and credible way that they recognize that and they want to depart from that strategy," said Rachael Horwitz, the chief marketing officer at Haun Ventures, a venture-capital firm. "It's a big hill to climb because so much trust has been lost." Horwitz added that before Harris' late-September remarks, "there were only campaign surrogates asking the industry to take their word for it that behind the scenes she is more pro-tech and pro-innovation than Biden."To be sure, Harris hasn't spoken at length about crypto, and what she has said is quite vague and generic. It's a stance a lot of policymakers hold — yes, we want to foster innovation, and yes, we want to protect consumers in the process.While Molly White, a crypto researcher and critic, described Harris' recent statements about crypto as "middle of the road," she said she thought the crypto industry was "definitely taking an optimistic view."Ultimately the question is not only what will the candidates say but what will they do.Horwitz said she saw this as "a longer-term issue that goes beyond statements during a campaign where action is the only real path to signaling to founders and the venture community that whomever is president believes that blockchain technology is here to stay and America should lead."Crypto is not going to decide the 2024 election; issues like abortion and immigration and the economy and overall vibes are going to do that. But the industry has <a target="_blank" class="" href="https://www.businessinsider.com/china-bitcoin-mines-american-electricity-china-crypto-ban-energy-crisis-2024-9">amassed some significant financial power </a>that it's clearly willing to wield politically, and that can be tough for politicians to ignore. It's got some sway in the political discourse, too, as prominent crypto figures weigh in on the race and deploy their donations accordingly."There's a grand narrative of crypto of the industry spending a ton of money and shifting the center of gravity on crypto policy, including by making it something that politicians feel they have to talk about, when it's really overall pretty unimportant and not something on anybody's radar," Weissman said.A statistic crypto boosters typically deploy is that about one in five Americans have owned crypto, the argument being that that ownership will affect their votes. It's a dubious claim — just because you have $50 in bitcoin doesn't mean it's determining what you do in November. There isn't a huge block of crypto voters up for grabs. But given how close the race is, a light appeal probably doesn't hurt any candidate. Trump is clearly targeting young men, and crypto is a thing they like. The problem is that young men generally aren't rushing to the polls. "Are they winnable? Sure. Are they going to vote? Who the heck knows," said Dan Cassino, a professor of government and politics at Fairleigh Dickinson University who researches polling and masculinity. "Getting people under 25, under 30 to vote is hard for any campaign. But getting especially men under 30 to vote, no one even bothers."The crypto industry doesn't mind the attention it's getting from policymakers. It helps crypto executives get meetings on Capitol Hill to try to craft favorable legislation. It gets them the ears of lawmakers who might ultimately decide how their companies are regulated and by whom. At the presidential level, there are some appointees that the crypto and tech industries would very much like to be out — Gensler at the SEC, Khan at the FTC."It's very clear from a lot of the reporting that Harris has gotten an earful from people in the business community about Gensler and crypto and about Lina Khan and the FTC," Kovacevich, at the Chamber of Progress, said.Crypto companies, like most businesses, don't really want to make partisan enemies. To get things done in Washington, it's a good idea to have friends on both sides of the aisle, even if not everyone is a bestie."Crypto is purple," Warren, from the Crypto Council for Innovation, said.What Harris or Trump will actually do on crypto is unclear, but that's not really the point right now. The point is to make nice with tech and try to win in November.<a target="_blank" href="https://www.businessinsider.com/author/emily-stewart">Emily Stewart</a> is a senior correspondent at Business Insider, writing about business and the economy.

Why Trump and Kamala are both courting the crypto-bro vote

<ul><li><keyword id="2193792" type="PERSON" weightage="20" keywordseo="Dr-Gulshan-Rai">Dr Gulshan Rai</keyword> is India’s first and former cybersecurity coordinator. </li><li>He has been appointed as the <keyword id="11719073" type="UNKNOWN" weightage="20" keywordseo="Blockchain-and-Crypto-Assets-Council">Blockchain and Crypto Assets Council</keyword>'s (BACC) Advisory Board Member.</li></ul>The Blockchain and Crypto Assets Council (BACC), an industry body formed under the aegis of the Fintech Convergence Council of the <keyword id="128625" type="ORGANIZATION" weightage="20" keywordseo="Internet-and-Mobile-Association-of-India">Internet and Mobile Association of India</keyword> (IAMAI), has announced the appointment of Dr Gulshan Rai, India’s first and former cybersecurity coordinator, as its Advisory Board Member. Dr Rai is also serving as a distinguished fellow, ORF. Dr Rai has over 30 years of experience in information technology, including e-governance, cybersecurity, and cyber laws. He played an instrumental role in drafting national policies on cyber laws and cyber security. He represented the country in various internet governance and cybersecurity discussions. He had held several key positions under the Government of India. Dr Rai had served as the Director-General, CERT-in (Indian Computer Emergency Response Team), Ministry of Communications and Information Technology and Executive Director, ERNET India. He was also the group coordinator, e-security and cyber law division, Ministry of Communications and Information Technology, Government of India. Commenting on his appointment, Naveen Surya, Advisory Board Member, <keyword id="11779374" type="UNKNOWN" weightage="20" keywordseo="iamai-bacc">IAMAI-BACC</keyword>, said: “It’s a privilege and a proud moment for us to have Dr Rai on board. His vast experience will help shape BACC further and lay a very strong and secure foundation for this innovative industry. It’s an impetus for the industry, which is at a nascent stage but has bigger dreams. We feel privileged that Dr Rai’s rich experience will be tremendously beneficial for the council and continue to drive the industry in the right direction.” Dr Rai said: “I am extremely delighted to be an Advisory Board member of IAMAI-BACC. The council is playing an active role in paving the way for blockchain and crypto in the country in an appropriate manner. I am keen to share my contribution to the industry and excited to do my bit for the betterment and growth of our nation.” The Blockchain and Crypto Assets Council (BACC) is an industry body formed under the aegis of the Fintech Convergence Council of IAMAI to represent the crypto industry in India. BACC has been supporting the crypto industry since 2017. It was formed with the vision of doing public advocacy for the industry, to increase awareness about crypto and provide industry guidance. All major crypto exchanges are members of this industry body.

IAMAI-BACC appoints India’s first cyber security coordinator Dr Gulshan Rai as its Advisory Board Member

<ul class="summary-list"><li>Treasury Secretary <keyword id="11898809" type="UNKNOWN" weightage="60" keywordseo="janet-yellen" source="Orion">Janet Yellen</keyword> on Thursday addressed the loss of US dollar pegs by the <keyword id="11931190" type="UNKNOWN" weightage="60" keywordseo="stablecoins" source="Orion">stablecoins</keyword> TerraUSD and Tether. </li><li>The moves don't yet pose a real threat to financial stability but risks are rising, she said. </li></ul>Treasury Secretary Janet Yellen on Thursday called for unified federal regulation on <keyword id="12068706" type="UNKNOWN" weightage="60" keywordseo="digital-assets" source="Orion">digital assets</keyword> in addressing the loss of US dollar pegs by stablecoins TerraUSD and Tether during a selloff that's wiped hundreds of billions of dollars from the cryptocurrency market. Her testimony before the House Financial Services Committee took place days after the algorithmic stablecoin <a href="https://www.coingecko.com/en/coins/terra-usd">TerraUSD</a> sharply declined below its $1 peg. The spreading turbulence in the <keyword id="11893898" type="UNKNOWN" weightage="60" keywordseo="crypto" source="Orion">crypto</keyword> market also sent <a href="https://www.coingecko.com/en/coins/tether">Tether's price</a> below that of the greenback before it regained parity.Stablecoins <a href="https://markets.businessinsider.com/news/currencies/stablecoin-cryptocurrency-crash-terra-luna-usdt-tether-usdc-altcoins-investing-2022-5">derive their value from being pegged to another asset</a>, which is supposed to lessen their volatility compared with other <keyword id="11895317" type="UNKNOWN" weightage="60" keywordseo="cryptocurrencies" source="Orion">cryptocurrencies</keyword> like <a href="https://markets.businessinsider.com/currencies/btc-usd?utm_medium=ingest&amp;utm_source=markets">bitcoin</a> and <a href="https://markets.businessinsider.com/currencies/eth-usd?utm_medium=ingest&amp;utm_source=markets">ethereum</a>. Stablecoins have caught the eye of regulators in part because they are designed to be pegged to the US dollar."I wouldn't characterize it at this scale as a real threat to financial stability, but they're growing very rapidly and they present the same kind of risks that we have known for centuries in connection with bank runs," <a href="https://www.youtube.com/watch?v=kU0xYBRfgvU">Yellen told lawmakers</a>. The House Financial Services Committee was holding a hearing on the annual report of the Financial Stability Oversight Council.More than $300 billion has been wiped off the value of the overall crypto market between Monday and Wednesday, according to figures from <a href="https://coinmarketcap.com/charts/">CoinMarketCap</a>. Crypto prices continued to fall on Thursday, sending the market's value to around $1.22 trillion. TerraUSD, the flashpoint of the current market downturn, recovered some ground but at $0.33 was still below its $1 peg. Yellen characterized stablecoins as assets that purport to guarantee conversion at-will to the dollar on a 1-for-1 basis. "Really we need a comprehensive framework so that there are no gaps in the regulation" as the use of digital assets is rapidly increasing, said Yellen. The President's Working Group on Financial <keyword id="11893875" type="UNKNOWN" weightage="100" keywordseo="markets" source="Orion">Markets</keyword> in November released a report <a href="https://markets.businessinsider.com/news/currencies/biden-congress-legislation-regulate-stablecoins-presidents-working-group-financial-markets-2021-11?utm_medium=ingest&amp;utm_source=markets">asking Congress to create regulations for stablecoins</a>

Janet Yellen says risks related to stablecoins are 'growing very rapidly' but they're not yet a real threat to financial stability

<ul class="summary-list"><li>The use of <keyword id="11893898" type="UNKNOWN" weightage="60" keywordseo="crypto" source="Orion">crypto</keyword> as a currency does not comply with Islamic law, <keyword id="11955096" type="UNKNOWN" weightage="60" keywordseo="indonesia" source="Orion">Indonesia</keyword>'s religious authority said.</li><li>The nation's top <keyword id="12039975" type="UNKNOWN" weightage="60" keywordseo="muslim" source="Orion">Muslim</keyword> clerical body ruled that cryptos are haram, or banned.</li><li>But cryptos as commodities can be traded if they can exhibit clear benefits, the body added.</li></ul>The use of <keyword id="11893901" type="UNKNOWN" weightage="60" keywordseo="crypto-assets" source="Orion">crypto assets</keyword> as currencies is not Shariah-compliant and should be prohibited for Muslims, according to Indonesia's religious authority.<a href="https://www.bloomberg.com/news/articles/2021-11-11/crypto-is-forbidden-for-muslims-says-indonesia-s-ulema-council">Bloomberg</a> first reported that the National Ulema Council, the nation's top Muslim clerical body, ruled that cryptocurrencies are haram, or banned, due to their element of uncertainty, wagering, and harm.When it comes to cryptoassets as commodities, these can be traded if they can exhibit clear benefits and can abide by the principles of <keyword id="12513824" type="UNKNOWN" weightage="60" keywordseo="shariah" source="Orion">Shariah</keyword>, a set of Islamic laws guiding Muslims derived from the teachings of the Quran, Asrorun Niam Sholeh, head of religious decrees, said following a hearing on Thursday.The council, also known as Majelis Ulama Indonesia or <keyword id="12513823" type="UNKNOWN" weightage="60" keywordseo="mui" source="Orion">MUI</keyword>, was established in 1975 and wields significant religious, political, and legal power in Indonesia, the largest democratic Muslim country In the world.It remains to be seen how this new pronouncement will affect crypto trading in the country of over 270 million people. Decrees from the MUI are nonbinding but could affect the way Muslims perceive digital assets.The government for its part has allowed digital asset trading along with commodity futures as an investment option.The total value of crypto trading in Indonesia has reached around $25.96 billion from January to May this year, according to the trade ministry, cited by <a href="https://www.reuters.com/article/crypto-currency-indonesia-islam/indonesian-islamic-body-forbids-crypto-as-currency-idUSL4N2S22R0">Reuters</a>.

The use of crypto is not Shariah compliant and should be banned for Muslims, Indonesia's religious authority says

<a href="https://www.businessinsider.com/sam-bankman-fried-implicated-friends-fraud-turned-on-him-2023-11"></a><ul class="summary-list"><li>This post originally appeared in the Insider Today newsletter.</li></ul>Happy Friday! Start your day off with this delightful story from Katie Notopoulos — a new addition to Insider — poking fun at how X CEO Linda Yaccarino "<a href="https://www.businessinsider.com/twitter-ceo-x-linda-yaccarino-posts-mariah-carey-elon-musk-2023-11">tweets like your aunt texts</a>."In today's big story, we're looking at <a href="https://www.businessinsider.com/jury-sam-bankman-fried-guilty-seven-counts-fraud-manhattan-trial-2023-10">Sam Bankman-Fried's conviction</a> and what it means for the future of crypto.What's on deck: <ul><li>Markets: Two Wall Street titans have <a href="https://markets.businessinsider.com/news/stocks/jpmorgan-jamie-dimon-market-outlook-inflation-rates-fed-economy-recession-2023-11">disappointing outlooks</a> on the <a href="https://www.businessinsider.com/layoffs-unemployment-recession-economy-crash-jobs-bond-investor-jeff-gundlach-2023-11">state of the economy</a>.</li><li>Tech: We've got details from Amazon's <a href="https://www.businessinsider.com/amazon-m365-cloud-deal-with-microsoft-new-details-2023-11">massive cloud deal with Microsoft</a>.</li><li>Business: The definitive account of the <a href="https://www.businessinsider.com/weworks-nightmare-ipo">beginning of the end for WeWork</a>.</li></ul>But first, the verdict is in.<h3>The big story</h3><h2>Guilty<a href="https://www.businessinsider.com/subscription/newsletter/insider-today"></a></h2><a href="https://www.businessinsider.com/jury-sam-bankman-fried-guilty-seven-counts-fraud-manhattan-trial-2023-10"></a><div type="image" title="Sam Bankman-Fried" height="750" width="1000" msid="104948350" hostid="261" sizebytes="74776"></div>Down goes Mr. Crypto. Sam Bankman-Fried, the crypto industry's most recognizable face (and head of hair), was <a href="https://www.businessinsider.com/jury-sam-bankman-fried-guilty-seven-counts-fraud-manhattan-trial-2023-10">found guilty of seven counts of fraud and conspiracy</a> on Thursday night.Charges against Bankman-Fried included wire fraud, conspiracy to commit wire fraud, conspiracy to commit securities fraud, conspiracy to commit commodities fraud, and conspiracy to commit money laundering.It took the jurors less than a day to reach a decision. Bankman-Fried, nicknamed SBF, now awaits sentencing, which is tentatively scheduled for March 28. He faces up to 110 years in prison for the charges.The conviction came, perhaps fittingly, on the first anniversary of the <a href="https://www.coindesk.com/business/2022/11/02/divisions-in-sam-bankman-frieds-crypto-empire-blur-on-his-trading-titan-alamedas-balance-sheet/" target="_blank" rel="noopener">CoinDesk scoop</a> that sent FTX, the crypto exchange Bankman-Fried co-founded and led, into a tailspin. Reporting on a leaked balance sheet, CoinDesk detailed how SBF's hedge fund, Alameda Research, had its assets tied up in FTX's in-house token. The rest is history.The <a href="https://www.businessinsider.com/ftx-crypto-king-sam-bankman-fried-rise-and-fall-2022-11">downfall was swift</a>, with Bankman-Fried resigning as CEO and FTX collapsing just over a week after the initial report. Insider's <a href="https://www.businessinsider.com/author/katie-balevic" target="_blank" rel="noopener">Katie Balevic</a> and <a href="https://www.businessinsider.com/author/jacob-shamsian">Jacob Shamsian</a>, who have done a fantastic job covering the entire trial, have a recap of the <a href="https://www.businessinsider.com/biggest-bombshells-sam-bankman-frieds-ftx-fraud-trial-2023-10">biggest bombshells from the case</a>.Bankman-Fried's inner circle played a crucial role in the proceedings. SBF's former executives' testimonies proved vital to the prosecution's case, <a href="https://www.businessinsider.com/sam-bankman-fried-implicated-friends-fraud-turned-on-him-2023-11">ultimately sealing his fate</a>, Katie writes.<a href="https://www.businessinsider.com/sam-bankman-fried-implicated-friends-fraud-turned-on-him-2023-11"></a><div type="image" title="Caroline Ellison, Sam Bankman-Fried, Gary Wang, and Nishad Singh" height="750" width="1000" msid="104948353" hostid="261" sizebytes="241892"></div>SBF's conviction signifies the end of a chapter the crypto community will happily close. From <a href="https://www.businessinsider.com/wall-street-crypto-partnerships-digital-asset-teams-shaky-ground-ftx-2022-11">courting Wall Street firms</a> and <a href="https://www.businessinsider.com/ftx-bankruptcy-vcs-venture-capital-investments-crypto-startups-failure-2022-11" target="_blank" rel="noopener">venture investors</a> to <a href="https://www.businessinsider.com/sam-bankman-fried-ftx-crypto-lobbying-campaign-donations-congress-biden-2022-12">schmoozing politicians</a>, the crypto industry was working hard to legitimize itself. FTX's downfall was the exact type of situation skeptics of the space had long warned about.Crypto is now in a much different place. Startups with skyrocketing valuations and high-flying tokens and NFTs are all but extinct. Even the city that embraced the crypto boon — Miami — <a href="https://www.businessinsider.com/miami-florida-stock-market-crash-crypto-bubble-parties-real-estate-2023-3">feels like a much different place</a> these days. That's not to say crypto is a complete wasteland. There are signs of life, most notably a bitcoin ETF that seems <a href="https://markets.businessinsider.com/news/currencies/bitcoin-price-grayscale-trust-gbtc-crypto-etf-conversion-sec-lawsuit-2023-8">on the cusp of getting approved</a>. But it's unclear what the post-SBF crypto landscape will look like. Big players like <a href="https://www.businessinsider.com/blackrock-crypto-bitcoin-strategy-finance-plans-digital-currency-2023-6">BlackRock</a> and <a href="https://markets.businessinsider.com/news/currencies/paypal-crypto-launches-first-us-dollar-pegged-stablecoin-2023-8">PayPal</a> are pushing deeper into the space. The entrance of these financial titans raises questions about the role native crypto firms will have in <a href="https://www.businessinsider.com/sam-bankman-fried-trial-crypto-industry-issues-2023-10">the industry's future</a>.So, while crypto will undoubtedly live on after SBF, it will also never be the same.<h2>3 things in markets</h2><a href="https://www.businessinsider.com/jpmorgan-jamie-dimon-fed-interest-rate-hike-us-economy-prices-2023-11"></a><div type="image" title="Jamie Dimon" height="1440" width="1920" msid="104948355" hostid="261" sizebytes="54278"></div><ol><li>Jamie Dimon says the Fed isn't done hiking rates. The JPMorgan boss suspects another rate hike — by 0.25 percentage point to 0.75 percentage point — <a href="https://www.businessinsider.com/jpmorgan-jamie-dimon-fed-interest-rate-hike-us-economy-prices-2023-11">could still be in the cards</a>. He also said the <a href="https://markets.businessinsider.com/news/stocks/jpmorgan-jamie-dimon-market-outlook-inflation-rates-fed-economy-recession-2023-11">markets could see more turmoil</a> amid the Fed's fight against inflation. </li><li>The Bond King's bummer of an economic outlook. Veteran bond investor Jeff Gundlach is adamant <a href="https://www.businessinsider.com/layoffs-unemployment-recession-economy-crash-jobs-bond-investor-jeff-gundlach-2023-11">the US economy is headed toward a recession</a>. The yield curve is "extremely unstable," and Gundlach believes "layoffs are coming" next. </li><li>Betting against the grain. The founder of an independent investment research firm shared 10 stocks with low average analyst recommendations but rising earnings expectations. The disconnect between the two could present <a href="https://www.businessinsider.com/top-stock-picks-analyst-earnings-season-expectations-investing-advice-contrarian-2023-11">prime contrarian investing opportunities</a>. </li></ol><h2>3 things in tech</h2><a href="https://www.businessinsider.com/amazon-m365-cloud-deal-with-microsoft-new-details-2023-11"></a><div type="image" title="Andy Jassy" height="714" width="951" msid="104948358" hostid="261" sizebytes="27586"></div><ol><li>Inside Amazon's cloud deal with Microsoft. Amazon's commitment to use Microsoft 365 <a href="https://www.businessinsider.com/amazon-m365-cloud-deal-with-microsoft-new-details-2023-11" target="_blank" rel="noopener">includes more than 1.5 million license seats</a>, according to a person with direct knowledge of the deal. The five-year deal involves Amazon spending more than $1 billion, according to an internal Microsoft document viewed by Insider. </li><li> Block signals cuts are coming. Jack Dorsey, the CEO and founder of the fintech, said the <a href="https://www.businessinsider.com/jack-dorsey-warns-block-employees-job-cuts-internal-memo" target="_blank" rel="noopener">company's growth has not matched its headcount</a>, according to a note sent to staff seen by Insider. A separate internal company announcement informed employees there would be a 10% cut to the workforce in the coming months, according to a person familiar with the company.</li><li>Tech on the Street. Financial firms are hiring loads of technologists to help them deploy AI across their orgs. Recruiters, hiring managers, and executives detailed <a href="https://www.businessinsider.com/ai-shaping-future-tech-jobs-wall-street-2023-10" target="_blank" rel="noopener">the tech skills that are most in demand on Wall Street</a>.</li></ol><h2>3 things in business</h2><a href="https://www.businessinsider.com/weworks-nightmare-ipo"></a><div type="image" title="a graphic of WeWork with &quot;work&quot; scratched out in red" height="750" width="1000" msid="104948361" hostid="261" sizebytes="17398"></div><ol><li>WeDidn'tWork. The company is reportedly on the cusp of filing for bankruptcy. We've got the <a href="https://www.businessinsider.com/weworks-nightmare-ipo" target="_blank" rel="noopener">definitive account of the start of its downfall</a> as a $47 billion startup eyeing an IPO back in 2019. </li><li>The state of the housing market. <a href="https://markets.businessinsider.com/news/commodities/housing-market-mortgage-rates-bubble-shortage-supply-affordability-2023-11" target="_blank" rel="noopener">These four charts</a> — covering rates, prices, inventory, and sales — give a good overview of the state of play. On a more granular level, <a href="https://www.businessinsider.com/real-estate-housing-market-home-price-outlook-mortgage-rates-affordability-2023-11">home sellers in these 13 cities</a>, including St. Louis and San Antonio, are slashing prices. And here's a rundown of the cities <a href="https://www.businessinsider.com/where-to-buy-a-house-affordable-cities-home-prices-appreciation-2023-11" target="_blank" rel="noopener">where home values are rising and falling the most</a>. </li><li>Meet Goldman Sachs' newest managing directors. The bank gave 608 employees the coveted title, a slightly smaller class than the previous cohort. <a href="https://www.businessinsider.com/goldman-sachs-2023-managing-directors-class-new-promotes-list-names-2023-11" target="_blank" rel="noopener">Check out all the names here</a>. And for a rundown on what it takes to reach MD status, <a href="https://www.businessinsider.com/how-to-become-a-managing-director-promotion-goldman-sachs-citi-2021-10" target="_blank" rel="noopener">we've got you covered</a>. </li></ol><h2>In other news</h2><ul><li><a href="https://www.businessinsider.com/wholesale-startup-faire-lays-off-another-250-employees-2023-11">Wholesale marketplace Faire, which raised $416 million 18 months ago, laid off 250 workers in a company-wide restructuring</a></li><li><a href="https://www.businessinsider.com/jeff-bezos-miami-billionaire-bunker-seattle-amazon-blue-origins-2023-11" target="_blank" rel="noopener">Jeff Bezos is moving to Miami after 29 years in Seattle</a></li><li><a href="https://www.businessinsider.com/calibrate-deal-madryn-asset-management-bankruptcy-2023-11" target="_blank" rel="noopener">Exclusive: How Calibrate stumbled from hot weight-loss startup to $20 million sale under threat of bankruptcy</a></li><li><a href="https://www.insider.com/daylight-savings-negative-effects-2018-3">10 reasons why daylight savings is the worst</a></li><li><a href="https://www.businessinsider.com/how-to-deal-narcissistic-boss-signs-should-quit-career-coach-2023-11" target="_blank" rel="noopener">How to deal with a narcissistic boss, including whether you should consider quitting, according to 4 career coaches</a></li><li><a href="https://www.businessinsider.com/bill-ackman-says-its-pathetic-law-firms-are-policing-campus-antisemitism-2023-11" target="_blank" rel="noopener">Bill Ackman says it's 'pathetic' that law firms and other corporations feel they have to 'police' antisemitism on university campuses</a></li><li><a href="https://www.businessinsider.com/linkedin-open-to-work-tag-red-flag-desperation-recruiter-says-2023-11" target="_blank" rel="noopener">LinkedIn's 'Open to Work' tag is the 'biggest red flag' for hiring managers and screams 'desperation,' says ex-Google recruiter</a></li><li><a href="https://www.businessinsider.com/boomer-millennials-debt-financial-security-interest-rates-recession-savings-2023-11" target="_blank" rel="noopener">It's a terrible time to be a millennial</a></li><li><a href="https://www.businessinsider.com/tjmaxx-marshalls-closing-stores-2023-11" target="_blank" rel="noopener">TJ Maxx is quietly closing stores in New York and Chicago. Here are the confirmed locations.</a></li><li><a href="https://markets.businessinsider.com/news/stocks/stock-market-bottom-outlook-bullish-seasonal-chart-of-the-day-2023-11" target="_blank" rel="noopener">CHART OF THE DAY: The stock market may have just bottomed</a></li></ul><h2>What's happening today</h2><ul><li>The jobs report is in. The Bureau of Labor Statistics will publish data on unemployment, new labor force participation data, and other US labor market figures.</li><li>Financial Stability Oversight Council meeting. Treasury Secretary Janet Yallen is leading the meeting meant to give an overview of the stability of the US financial system.</li><li>I love rock &amp; roll! The 38th Annual Rock and Roll Hall of Fame Induction Ceremony honors new inductees Sheryl Crow, Missy Elliott, and Rage Against the Machine, among others.</li></ul><h3>News Quiz</h3><h2>How well do you know the news? </h2>Test your knowledge of the week's top stories with Insider's news quiz<ul><li>From Monday: This billionaire sports owner shared thoughts on crypto, an NFT comeback, and taxes. </li><li>From Tuesday: The checkout survey at this retail giant has confused and annoyed customers and workers.</li><li>From Wednesday: This billionaire investor isn't a fan of venture capital.</li><li>From Thursday: What did the Fed decide to do with interest rates?</li><li>From Friday: This prestigious investment bank recently announced its newest crop of managing directors.</li></ul>Check Saturday's edition of Insider Today for the answers.The Insider Today team: <a href="https://www.businessinsider.com/author/dan-defrancesco">Dan DeFrancesco</a>, senior editor and anchor, in New York City. <a href="https://www.businessinsider.com/author/diamond-naga-siu">Diamond Naga Siu</a>, senior reporter, in San Diego. <a href="https://www.businessinsider.com/author/hallam-bullock">Hallam Bullock</a>, editor, in London. <a href="https://www.businessinsider.com/author/lisa-ryan">Lisa Ryan</a>, executive editor, in New York.

Sam Bankman-Fried was just convicted. Where does crypto go from here?

<ul class="summary-list"><li><keyword id="45672" type="ORGANIZATION" weightage="60" keywordseo="Fed">Fed</keyword> Chair <keyword id="1727754" type="PERSON" weightage="60" keywordseo="Jerome-Powell">Jerome Powell</keyword> met <keyword id="1972612" type="PERSON" weightage="60" keywordseo="Coinbase">Coinbase</keyword> CEO <keyword id="4875827" type="PERSON" weightage="60" keywordseo="brian-armstrong">Brian Armstrong</keyword> on May 11, a calendar entry shows.</li><li>He also virtually met former CFTC chairman Chris Giancarlo, known as "<keyword id="2721952" type="PERSON" weightage="60" keywordseo="crypto">Crypto</keyword> Dad" for his early adoption of digital assets.</li><li>The Fed is exploring issuing a digital dollar, with a paper detailing its implications due this summer.</li></ul><keyword id="6355253" type="UNKNOWN" weightage="60" keywordseo="federal-reserve">Federal Reserve</keyword> Chair Jerome Powell met <a href="https://markets.businessinsider.com/stocks/coin-stock">Coinbase</a> CEO Brian Armstrong on May 11 and crypto backer Christopher Giancarlo the next day, according to an entry in his <a href="https://www.federalreserve.gov/foia/chair-powell-calendar-052021.htm">monthly calendar</a>. Powell's schedule showed his in-person meeting with Armstrong, which included former House Speaker Paul Ryan, lasted 30 minutes. The crypto market saw wild trading activity around that time, with bitcoin's price reaching its <a href="https://www.forbes.com/sites/cbovaird/2021/06/02/bitcoin-price-volatility-reached-its-highest-in-a-year-during-may/?sh=1cd2423939e7">highest volatility in a year</a> in May.Armstrong published a <a href="https://twitter.com/brian_armstrong/status/1393387162456842240?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1393387162456842240%7Ctwgr%5E%7Ctwcon%5Es1_&amp;ref_url=https%3A%2F%2Fwww.cnbc.com%2F2021%2F07%2F02%2Ffed-chair-powell-met-with-coinbase-ceo-brian-armstrong-in-may.htmlhtml">Twitter thread</a> on May 15 about his meetings with politicians and agency heads, saying the "goal was to establish relationships and help answer questions about crypto." He indicated assistance on providing more regulatory clarity on the space as part of the newly formed Crypto Council for Innovation led by Coinbase, Square, Fidelity Investments, and Paradigm.<div type="image" title="@brian_armstrong/Twitter" height="154" width="598" msid="84139936" hostid="261"></div>Coinbase is the largest US crypto exchange with about <a href="https://www.coinbase.com/about">56 million registered users</a> that processes $335 billion in trading volume per quarter. It became the first such exchange to <a href="https://markets.businessinsider.com/news/stocks/coinbase-stock-price-ipo-direct-listing-trading-debut-cryptocurrency-platform-2021-4">go public in April</a>, trading under the ticker symbol "COIN" on the Nasdaq.A separate virtual meeting with Giancarlo, who was dubbed "Crypto Dad" while serving as chairman of the Commodity Futures Trading Commission, took place on May 12. His chairmanship overlapped with new <keyword id="31671" type="CITY" weightage="100" keywordseo="markets">markets</keyword> for bitcoin futures, according to <a href="https://www.bloomberg.com/news/articles/2021-03-02/marc-lasry-chris-giancarlo-invest-in-crypto-firm-blocktower">Bloomberg</a>. That meeting, marked as a discussion on the "Digital Dollar Project," also lasted 30 minutes.Powell is overseeing the Fed's exploration of a digital version of the dollar that would be controlled by the central bank. The Fed plans to publish a paper this summer that will lay out the risks and opportunities associated with issuing a central bank digital currency (CBDC)."We think it is important that any potential CBDC could serve as a complement to, and not a replacement of, cash and current private-sector digital forms of the dollar, such as deposits at commercial banks," Powell said in a <a href="https://www.federalreserve.gov/newsevents/pressreleases/other20210520b.htm">statement in May</a>.Read More: <a href="https://www.businessinsider.com/how-to-mine-dogecoin-miner-breaks-down-process-costs-rig-2021-7" target="_blank" rel="noopener noreferrer">How to mine doge: An 18-year-old TikTok influencer shares his process for earning crypto without directly buying via a $700 rig - and explains how it works for other altcoins including litecoin</a>

Fed Chair Powell met Coinbase CEO Brian Armstrong and 'Crypto Dad' Chris Giancarlo at a time of heightened interest in digital coin trading

<ul class="summary-list"><li>Square, Coinbase, and others launched a cryptocurrency alliance on Tuesday.</li><li>The alliance aims to educate policymakers and institutions on the benefits of cryptocurrencies.</li><li>It also aims to debunk many "wrong impressions" the public may have towards cryptocurrencies.</li></ul>Square, Fidelity, Coinbase, and Paradigm announced on Tuesday the formation of a group meant to boost the potential of cryptocurrencies by educating policymakers, regulators, institutions, and individual investors on the benefits of digital assets, which have seen exponential growth in recent years. The <a href="https://cryptoforinnovation.org/">Crypto Council for Innovation</a> is made up of the leading names in the cryptocurrency space, as first reported by <a href="https://www.wsj.com/articles/fidelity-square-coinbase-launch-bitcoin-trade-group-11617710402?mod=lead_feature_below_a_pos1">The Wall Street Journal</a>. The CCI was convened by San Francisco-based investment firm Paradigm, which focuses on cryptocurrencies."This work will require sharing insights and analysis about <keyword id="2721952" type="PERSON" weightage="60" keywordseo="crypto">crypto</keyword> while correcting the misperceptions that inevitably accompany a transformative new technology," Gus Coldebella, chief policy officer at Paradigm and one of the organizers of CCI, said in a <a href="https://www.businesswire.com/news/home/20210406005392/en/The-Crypto-Council-for-Innovation-Launches-With-Industry-Leading-Member-Organizations">statement</a>. "We know that crypto holds immense promise for spurring economic growth and creating jobs, improving financial inclusion and access, and enhancing privacy and security - and that promise transcends borders."The alliance said it will focus on policy priorities, convening the industry's top leaders to devise solutions together.CCI also said it will develop resources that will enable industry participants to gain a better understanding of how to store value, create open applications, and transact at high speeds and low costs. The alliance, on its website, also said it will aim to debunk many "wrong impressions" the public may have towards cryptocurrencies through government relations, public education, and research publication.The launch of the alliance comes as cryptocurrencies have rallied to all-time highs.The market capitalization of the cryptocurrency market hit an all-time high of <a href="https://markets.businessinsider.com/currencies/news/crypto-market-cap-bitcoin-doubles-to-2-trillion-rally-surges-2021-4-1030274638">$2 trillion</a> on April 5, doubling in value in just three months. The market <a href="https://cointelegraph.com/news/crypto-market-cap-breaks-1-trillion-following-jaw-dropping-rally" target="_blank" rel="noopener">hit the $1 trillion mark</a> just three months before in January. <keyword id="6354947" type="UNKNOWN" weightage="60" keywordseo="bitcoin">Bitcoin</keyword> alone touched the $1 trillion market capitalization threshold for the first time in February.Still, the cryptocurrency space is not without critics, who often point to volatility and secrecy. These include US Treasury Secretary Janet Yellen, who once said bitcoin enables criminal activities, as well as European Central Bank President Christine Lagarde.Founded in 2018, Paradigm invests in <keyword id="6368079" type="UNKNOWN" weightage="60" keywordseo="Crypto-assets">crypto assets</keyword> and businesses from the earliest stages of formation through maturity.Coinbase, the largest US cryptocurrency exchange founded in 2012, serves 43 million customers in 100 countries. It plans to <a href="https://markets.businessinsider.com/currencies/news/coinbase-plans-direct-listing-2-weeks-crypto-exchange-go-public-2021-4-1030270631">go public this month</a>. Fidelity Digital Assets is a business of Fidelity Investments, one of the world's largest financial services providers with more than $10.2 trillion in client assets. Fidelity Digital Assets focuses in blockchain solutions.Square, whose CEO is bitcoin advocate and Twitter chief Jack Dorsey, is an online payments platform. The company's Cash App allows users to buy and sell digital currencies.

A group of cryptocurrency heavyweights including Square and Coinbase launch an alliance to educate policymakers worldwide

<ul><li><keyword id="6416838" type="General" weightage="20" keywordseo="coindcx" source="Orion">CoinDCX</keyword> and <keyword id="169284" type="General" weightage="20" keywordseo="asci" source="Orion">ASCI</keyword> aim to enhance confidence and credibility of India’s rapidly growing cryptocurrency and digital asset industry.</li><li>The move comes after crypto exchanges in India — which includes WazirX, CoinSwitch Kuber and CoinDCX —<a href="https://www.businessinsider.in/cryptocurrency/news/wazirx-coindcx-and-other-indian-crypto-exchanges-will-reportedly-have-new-advertisement-guidelines-in-the-next-seven-to-ten-days/articleshow/84756896.cms" data-type="tilCustomLink"> have been putting the pedal to the metal</a> when it comes to advertising in the country.</li></ul>Earlier last month, a notice by the Delhi High Court had asked Indian exchanges to add ‘standardised’ disclaimers to their ads in response to a plea that complained that the currency disclaimers are too small to read. Now, <keyword id="120108" type="General" weightage="20" keywordseo="advertising-standards-council-of-india" source="Orion">Advertising Standards Council of India</keyword> (ASCI), a voluntary self-regulatory organisation of the advertising industry has partnered with CoinDCX to mull over regulations to build transparency in <keyword id="11943645" type="General" weightage="20" keywordseo="crypto-advertising" source="Orion">crypto advertising</keyword>. With this membership, CoinDCX will actively support the advancement of advertising standards within India’s cryptocurrency and digital asset industry — thereby promoting transparency in communications and building public confidence in the space. Sumit Gupta, Co-Founder and CEO of CoinDCX, said: “We are honoured to be a member of ASCI that safeguards consumers' interests. The involvement reaffirms our commitment towards ensuring safety and security for our users, and to raise the bar for advertising transparency in crypto space in India. This will boost confidence among the users, and they can use our platform without any apprehension. Being the safest crypto exchange, we have always gone the extra mile to ensure we are fully compliant with the laws and imbue credibility and trust in our service and products.” Commenting on CoinDCX’s membership, <keyword id="212022" type="General" weightage="20" keywordseo="subhash-kamath" source="Orion">Subhash Kamath</keyword>, Chairman of ASCI said: “As ASCI steps into a digital age the nature of advertisers and advertising is changing rapidly. We welcome members representing these new industries, who believe in self-regulation. Collaboration and consultation with all stakeholders are keys to navigating the consumer protection challenges posed in this digital age.” Founded in 2018, CoinDCX has already onboarded more than 3.5 million users. It will now carry forward the vision of making crypto accessible in India and accelerate its efforts towards bringing 50 million Indians into crypto. With the growing positive sentiments in the crypto space this year, CoinDCX will continue to scale its dedicated products on the investments and trading side.

ASCI joins hands with CoinDCX to build trust and credibility in crypto advertising

<ul class="summary-list"><li>The newly launched <keyword id="11345120" type="UNKNOWN" weightage="60" keywordseo="crypto-council-for-innovation">Crypto Council for Innovation</keyword> is looking for a new boss, DealBook first reported.</li><li>The trade group includes heavyweights such as <keyword id="688028" type="CITY" weightage="60" keywordseo="Square">Square</keyword>, <keyword id="6405604" type="ORGANIZATION" weightage="60" keywordseo="fidelity">Fidelity</keyword>, <keyword id="1972612" type="PERSON" weightage="60" keywordseo="Coinbase">Coinbase</keyword>, and <keyword id="1592617" type="COMPANY" weightage="60" keywordseo="Paradigm">Paradigm</keyword>.</li><li>CCI's executive director Gus Coldebella is stepping down. </li></ul>The newly launched <a href="https://nl.nytimes.com/f/a/9dRLhKZdiMYtaeBEF5G3hw~~/AAAAAQA~/RgRik1e7P0S5aHR0cHM6Ly9jcnlwdG9mb3Jpbm5vdmF0aW9uLm9yZy8_Y2FtcGFpZ25faWQ9NCZlbWM9ZWRpdF9ka18yMDIxMDUyOCZpbnN0YW5jZV9pZD0zMTc3MSZubD1kZWFsYm9vayZyZWdpX2lkPTg1MjQyNTk0JnNlZ21lbnRfaWQ9NTkyODEmdGU9MSZ1c2VyX2lkPWI3ZWNiMzk0MTIyNzk5NDdkMTk2NmI0YzM2ZDJhNWUwI3B1cnBvc2VXA255dEIKYK670rBgjpLdm1IYaXNhYmVsbGV0YW5sZWVAZ21haWwuY29tWAQAAAAA" target="_blank" rel="noopener">Crypto Council for Innovation</a>, an industry group that includes heavyweights such as Square, Fidelity, Coinbase, and Paradigm, is looking for a new boss, <a href="https://www.nytimes.com/section/business/dealbook?campaign_id=4&amp;emc=edit_dk_20210528&amp;instance_id=31771&amp;nl=dealbook&amp;regi_id=85242594&amp;segment_id=59281&amp;te=1&amp;user_id=b7ecb39412279947d1966b4c36d2a5e0b39412279947d1966b4c36d2a5e0">DealBook first reported</a> Friday. Gus Coldebella, who started and led the alliance as the executive director is stepping down. Coldebella, who is the chief policy officer at the investment firm Paradigm, is leaving that post as well."With CCI now on its feet, I thought the timing was right to take on a new challenge," he told <a href="https://www.nytimes.com/section/business/dealbook?campaign_id=4&amp;emc=edit_dk_20210528&amp;instance_id=31771&amp;nl=dealbook&amp;regi_id=85242594&amp;segment_id=59281&amp;te=1&amp;user_id=b7ecb39412279947d1966b4c36d2a5e0b39412279947d1966b4c36d2a5e0">DealBook</a> Friday. CCI was convened by San Francisco-based Paradigm, founded in 2018, which invests in crypto-assets and businesses from the earliest stages of formation through maturity.The alliance, <a href="https://markets.businessinsider.com/currencies/news/square-fidelity-coinbase-launch-crypto-alliance-council-innovation-digital-asset-2021-4-1030278625">formed in April</a>, was meant to boost the potential of <keyword id="2420795" type="PERSON" weightage="60" keywordseo="cryptocurrencies">cryptocurrencies</keyword> by educating policymakers, regulators, institutions, and individual investors on the benefits of digital assets, which have seen exponential growth in recent years.It also aimed to debunk many "wrong impressions" the public may have towards cryptocurrencies through government relations, public education, and research publication, according to its website.The news of CCI's hunt for new leadership comes as authorities are mulling ways to increase oversight of the crypto space. JPMorgan CEO Jamie Dimon <a href="https://markets.businessinsider.com/currencies/news/jamie-dimon-jpmorgan-warns-crypto-bitcoin-buying-wants-clearer-regulation-2021-5-1030474875">urged regulators to scrutinize cryptocurrencies</a> more closely at a recent <a href="https://www.youtube.com/watch?v=Tspaxncgkjc&amp;t=10530s530s530s" target="_blank" rel="noopener">congressional hearing</a> and blasted the digital coins as inferior to traditional assets."Something that's not supported by anything, I do not believe has much value," he said. Cryptocurrencies have struggled since <keyword id="6354947" type="UNKNOWN" weightage="60" keywordseo="bitcoin">bitcoin</keyword> peaked at the time of <a href="https://markets.businessinsider.com/news/stocks/coinbase-100-billion-valuation-reasonable-disruptive-firm-manhattan-venture-partners-2021-4-1030304567">Coinbase's listing on April 14</a>, which many viewed as a <a href="https://markets.businessinsider.com/currencies/news/coinbase-ipo-valued-68-billion-ahead-direct-listing-bitcoin-cryptocurrency-2021-3-1030220737">milestone for the digital asset space</a>. Extreme volatility in the past two weeks has slashed bitcoin's market cap nearly in half.

A newly launched crypto trade group, which includes heavyweights Square and Coinbase, is looking for new leadership

<ul class="summary-list"><li>Sam Bankman-Fried met with Jerome Powell last year to discuss crypto, per the NYT.</li><li>Powell's other private-sector meetings that month were with top Wall Street CEOs. </li></ul>Jerome Powell, the chair of the Federal Reserve, once met with Sam Bankman-Fried to discuss crypto, <a target="_blank" href="https://www.nytimes.com/2023/09/27/business/economy/crypto-lobbying-washington-ftx.html">The New York Times</a> reported.The Times obtained emails showing the February 2022 meeting was arranged by Mark Wetjen, an FTX policy official and former commissioner at the Commodity Futures Trading Commission.Prior to the meeting, Wetjen sent the Fed chair some policy papers that FTX had recently published, according to the NYT.Powell, Bankman-Fried, and other FTX executives discussed stablecoins — cryptocurrencies pegged to assets like the dollar — and <a target="_blank" href="https://www.businessinsider.com/personal-finance/cbdc">central bank digital currencies</a>, a person familiar with the situation told The Times.In the same month, Powell's public <a target="_blank" href="https://www.federalreserve.gov/foia/files/chair-powell-calendar-022022.pdf">calendar</a> shows his other private-sector meetings were with the likes of <a target="_blank" href="https://www.businessinsider.com/goldman-sachs-ceo-david-solomon-defends-himself-dj-cnbc-2023-9">Goldman Sachs CEO David Solomon</a>; Jamie Dimon, the JPMorgan Chase CEO; and the Morgan Stanley CEO, James Gorman.Even then, seven months before FTX filed for bankruptcy, the NYT reports that regulators were more hesitant to meet with crypto firms, and it was unusual that FTX secured a meeting with Powell.The Times reports Bankman-Fried also had a virtual meeting in October 2021 with Lael Brainard, who was then a top Fed official and now serves as director of the National Economic Council.And in June 2022, the FTX founder met with Martin Gruenberg, the acting chairman of the Federal Deposit Insurance Corporation, his public <a target="_blank" href="https://www.fdic.gov/foia/files/acting-chairman-2022-06.pdf">calendar</a> shows.Two months later, the <a target="_blank" href="https://markets.businessinsider.com/news/currencies/fdic-ftx-sam-bankman-fried-crypto-exchange-regulation-insured-deposits-2022-8">FDIC ordered FTX to stop telling customers their funds were insured</a>, calling the crypto exchange's statements "false and misleading"FTX filed for bankruptcy last November after a <a target="_blank" href="https://www.coindesk.com/business/2022/11/02/divisions-in-sam-bankman-frieds-crypto-empire-blur-on-his-trading-titan-alamedas-balance-sheet/">CoinDesk</a> report unveiled suspiciously close ties between the crypto exchange and its sister trading firm, Alameda. Customers rushed to withdraw their funds, but FTX couldn't cover the demand — partially due to <a target="_blank" href="https://www.businessinsider.com/doordash-luxury-hotels-yachts-ftx-almeda-wildest-expenses-2023-3">lavish spending by executives</a>.Bankman-Fried has pleaded not guilty to seven charges including wire fraud, conspiracy to commit securities fraud, and conspiracy to commit money laundering. He could face over 100 years in prison if convicted of all charges.His trial begins next Tuesday, October 3.The Federal Reserve declined to comment. The FDIC and a spokesperson for Bankman-Fried did not immediately respond to Insider's request for comment, sent outside US working hours.

Sam Bankman-Fried talked crypto with Jerome Powell the same month that the Fed chair met with JPMorgan and Goldman Sachs CEOs

<ul class="summary-list"><li>A <keyword id="84979" type="ORGANIZATION" weightage="60" keywordseo="European-Central-Bank">European Central Bank</keyword> governing council member warned investors they may lose everything <keyword id="35175" type="ORGANIZATION" weightage="60" keywordseo="investing">investing</keyword> in <keyword id="6354947" type="UNKNOWN" weightage="60" keywordseo="bitcoin">bitcoin</keyword>.</li><li>"Our role is to make sure that consumers are protected," <keyword id="10682482" type="UNKNOWN" weightage="60" keywordseo="gabriel-makhlouf">Gabriel Makhlouf</keyword> told <a href="https://www.bloomberg.com/news/articles/2021-01-29/bitcoin-investors-may-lose-everything-central-banker-warns">Bloomberg TV</a>.</li><li>Bitcoin <a href="https://markets.businessinsider.com/currencies/news/bitcoin-price-rally-risk-investors-bulls-return-to-cryptocurrency-2021-1-1029967954">rallied above $40,000</a> for the first time this month, but has since seen volatile trading.</li></ul>A European Central Bank governing council member said bitcoin investors should be prepared to lose their entire investment, the latest such warning from a central banker about cryptocurrency volatility."As the UK authority said a few weeks ago, if people want to invest in bitcoin, they have to be prepared to lose all their money - that's certainly my view, " said Gabriel Makhlouf, a governing council member of the ECB, on <a href="https://www.bloomberg.com/news/articles/2021-01-29/bitcoin-investors-may-lose-everything-central-banker-warns">Bloomberg TV</a> on Friday.Earlier this month, the UK financial regulator <a href="https://markets.businessinsider.com/currencies/news/bitcoin-price-investors-lose-all-their-money-warning-uk-regulator-2021-1-1029949262">also said</a> bitcoin investors could well "lose all their money." Bitcoin and other cryptocurrencies are "high-risk, speculative investments," and should be treated as such, the regulator said at the time. "If consumers invest in these types of product, they should be prepared to lose all their money," the Financial Conduct Authority said in <a href="https://markets.businessinsider.com/currencies/news/bitcoin-price-investors-lose-all-their-money-warning-uk-regulator-2021-1-1029949262">a January 11 statement</a>. That sentiment was shared on Friday by Makhlouf, who has also been governor of the Central Bank of Ireland since 2019.Read more: <a href="https://www.businessinsider.com/bitcoin-investing-reasons-to-buy-remain-bullish-amid-volatility-alden-2021-1?r=ks-sub">An engineer-turned global macro investor breaks down why bitcoin is so volatile - and shares 3 reasons why she remains bullish about the digital asset</a>ECB members have often urged investors to use caution when buying and holding cryptocurrency. In 2018, for example, Yves Mersch, a member of the executive board, said bitcoin was "far inferior to existing payment options."As bitcoin surged to new all-time highs in mid-January, ECB President Christine Lagarde called for additional regulation on such assets.She <a href="https://markets.businessinsider.com/currencies/news/bitcoin-enabled-criminal-money-laundering-regulated-ecb-president-says-2021-1-1029965194?utm_source=markets&amp;utm_medium=ingestgest">said bitcoin is not a currency</a>, but is instead a "highly speculative asset which has conducted some funny business and some interesting and totally reprehensible money laundering activity." The following day, bitcoin <a href="https://markets.businessinsider.com/currencies/news/bitcoin-price-rally-risk-investors-bulls-return-to-cryptocurrency-2021-1-1029967954">rallied above $40,000</a> for the first time.It's <a href="https://markets.businessinsider.com/currencies/news/bitcoin-price-today-btc-cryptocurrency-market-trading-support-token-blockchain-2021-1-1029996789">since fallen</a> to by more than 7%, trading at about $32,770 on Sunday afternoon. Some analysts have said the cryptocurrency could be the next <a href="https://markets.businessinsider.com/currencies/news/bitcoin-next-great-tech-stock-coming-decade-retail-investment-chief-2021-1-1030021998">"great tech stock,"</a> growing over the next decade the way Facebook, Apple, Amazon, Netflix, and Google grew in the last few years. Read more: <a href="https://www.businessinsider.com/stock-market-bubble-bitcoin-speculative-trading-strategy-covid-day-trader-2021-1?r=ks-sub">This day trader just made the biggest trade of his career exploiting the momentum around bitcoin. Here's how he did it - and his 4-step strategy for identifying speculative themes to trade.</a>On Friday, Makhlouf urged fellow central bank administrators to keep a close eye on cryptocurrency, especially "in their regulatory role." He said: "Personally, I'm not sure why people invest in those sorts of assets, but they see them as assets clearly, and they see them as investments. Our role is to make sure that consumers are protected."

Bitcoin investors may 'lose all their money,' warns European Central Bank governing council member

<ul class="summary-list"><li>One River Asset Management hired ex-SEC chair <keyword id="4029488" type="PERSON" weightage="60" keywordseo="jay-clayton">Jay Clayton</keyword> to advise its digital asset subsidiary.</li><li>Clayton will join the Academic and Regulatory Advisory Council at One River Digital Asset Management. </li><li>In November, One River made one of the largest public <keyword id="6354947" type="UNKNOWN" weightage="60" keywordseo="bitcoin">bitcoin</keyword> transactions of all time. </li></ul>One River Asset Management has hired former <keyword id="9747191" type="UNKNOWN" weightage="60" keywordseo="sec-chairman">SEC chairman</keyword> Jay Clayton as an advisor to the fund's digital asset subsidiary. Clayton will join the Academic and Regulatory Advisory Council at One River Digital Asset Management, <a href="https://www.prnewswire.com/news-releases/one-river-digital-asset-management-welcomes-jay-clayton-kevin-hassett-and-jon-orszag-to-newly-formed-academic-and-regulatory-advisory-council-301257503.html">the firm announced Monday</a>. One River scooped up $600 million of bitcoin in November in one of the largest public transactions with the cryptocurrency. At the time, One River's founder and CIO, Eric Peters, said the firm's bitcoin and ether holdings could total nearly $1 billion by early 2021, according to <a href="https://www.bnnbloomberg.ca/bitcoin-whale-surfaces-with-1-billion-and-alan-howard-s-backing-1.1537314">Bloomberg</a>. Clayton stepped down as SEC chair at the end of 2020. Earlier this month, <a href="https://www.apollo.com/~/media/Files/A/Apollo-V2/press-release/pr-03-22-2021.pdf">Clayton was also appointed</a> non-executive Chair of Apollo Global Management. <keyword id="1067214" type="PERSON" weightage="60" keywordseo="Kevin-Hassett">Kevin Hassett</keyword>, a senior advisor to former President Donald Trump, and John Orszag, a former economic policy advisor to President Bill Clinton's National Economic Council, will also join Clayton on the advisory council. "We were impressed by Eric's willingness to hear our varying views on the digitization of our monetary, banking and capital <keyword id="31671" type="CITY" weightage="100" keywordseo="markets">markets</keyword> ecosystem and One River's commitment to transparency," said Clayton, Hassett, and Orszag in a joint statement. "We look forward to working with One River as the effects of digitization on our markets play out across the globe."

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