News

Court approves sale of FTX digital assets

The Delaware Bankruptcy Court has approved the sale of FTX digital assets. Judge John Dorsey made the ruling at a hearing on Sept. 13. Major changes were made to the draft order authorizing the sale on the previous day.

Published

2 years ago

September 14, 2023

Crypto News Team

FTX will be allowed to sell digital assets, excluding Bitcoin , Ether and “certain insider-affiliated tokens,” in weekly batches through an investment adviser under preestablished guidelines. There will be limits of $50 million for the first week and $100 million in subsequent weeks. There will be an option to increase the limit with prior written approval of the creditors’ committee and ad hoc committee or to raise the limit to $200 million weekly with approval of the court.

Bitcoin, Ether and insider-affiliated tokens can be sold through a separate decision by FTX after 10 days’ notice to the committees and the U.S. trustee. The U.S. trustee is appointed by the United States Department of Justice.

Those sales will also be conducted through an investment adviser. Information about the sales will be subject to professional eyes only and confidentiality restrictions with a redacted version accessible to the public. The sales will be subject to written objection by the committees and the U.S. trustee. In that case, the sales will be delayed until the objections are overcome or the court orders a sale.

The conditions on the latter sales were added in the draft submitted on Sept. 12. They are regarded as cautionary moves to ensure market stability during the influx of FTX assets. Some observers noted, however, that the sales will represent only a small portion of trading volume and may not have a heavy impact. According to a recent shareholder update, FTX has $833 million worth of Bitcoin and Ether.

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Business

7-Eleven South Korea to accept CBDC payments in national pilot program

Published

22 hours ago

April 2, 2025

Crypto News Team

7-Eleven is set to participate in the testing phase of a central bank digital currency (CBDC) initiative, running from April to June. The retail giant’s involvement highlights the growing push for digital currency integration in everyday transactions.

The pilot program will assess the feasibility of CBDC payments at 7-Eleven stores, allowing customers to make purchases using the digital currency. The initiative is part of a broader effort to explore the real-world application of CBDCs in retail environments, potentially shaping future payment systems.

As central banks worldwide accelerate their digital currency research, private sector collaboration is seen as crucial for widespread adoption. If successful, 7-Eleven’s participation could pave the way for broader CBDC usage across retail and commercial sectors.

The outcome of the testing phase will provide valuable insights into consumer adoption, transaction efficiency, and potential regulatory considerations, influencing how CBDCs are integrated into mainstream financial systems.

Business

SEC and Gemini ask to pause lawsuit to explore ‘potential resolution’

Published

1 day ago

April 2, 2025

Crypto News Team

The U.S. Securities and Exchange Commission (SEC) and crypto exchange Gemini have agreed to pause legal proceedings as both sides explore a potential resolution to their ongoing lawsuit. The move signals a possible settlement in the high-profile case, which centers around Gemini’s now-defunct Earn program.

The SEC initially sued Gemini, alleging that the Earn program—designed to offer users yield on crypto deposits—operated as an unregistered securities offering. Gemini has pushed back against the claims, arguing that its operations complied with regulatory standards.

By pausing litigation, both parties may be looking for a compromise that could set a precedent for crypto lending products in the U.S. A settlement could also provide regulatory clarity for similar platforms navigating SEC scrutiny.

While the outcome remains uncertain, the crypto industry is closely watching the case, as its resolution could impact future enforcement actions and the broader regulatory approach toward digital asset lending services.

Business

GameStop finishes $1.5B raise to add Bitcoin to its balance sheet

Published

1 day ago

April 2, 2025

Crypto News Team

GameStop has successfully completed a debt offering, raising capital that may be used to acquire Bitcoin, signaling the company’s deeper foray into digital assets. The move aligns with its broader strategy to diversify beyond traditional retail operations and into emerging financial technologies.

While GameStop has not confirmed the exact allocation of the funds, market speculation suggests that a portion could be used to buy Bitcoin, following in the footsteps of companies like MicroStrategy. The potential investment would reinforce GameStop’s ongoing pivot toward blockchain and digital assets, an effort that began with its NFT marketplace and crypto-related initiatives.

Analysts see this development as part of a growing trend of corporations exploring Bitcoin as a reserve asset amid concerns over inflation and monetary policy. If GameStop proceeds with the acquisition, it could further validate Bitcoin’s role as a strategic investment for publicly traded companies.

The company’s board will ultimately decide how the newly raised capital is deployed. Investors and the broader crypto market are watching closely for any official announcements regarding GameStop’s Bitcoin strategy.