Daily Edge | 1/10/23

Matt Brienen
December 13, 2022
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Crypto CliffsNotes

Crypto exchange Coinbase today announced more sweeping layoffs, citing "the ongoing market conditions impacting the cryptoeconomy." In an 8-K filing with the SEC, the firm said that this restructuring would cut the firm's headcount by approximately 950 employees. The cost to do so, tallying severance packages, could range up to $163 million.
“Shark Tank” billionaire Mark Cuban is set to be deposed as part of a class-action lawsuit over his role in promoting failed crypto lender Voyager to millions of Americans. A number of Voyager users filed the lawsuit in August, claiming both Cuban and Voyager CEO Steve Ehrlich encouraged them to invest with the alleged “deceptive” platform, which plaintiffs claim was a “massive Ponzi scheme.”
Crypto․com to delist Tether $USDT in Canada, citing compliance with local regulator.
A UK minister moved to quell concerns that a digital pound issued by the Bank of England could be used to create a “surveillance state” where the government can track all citizens' spending. If the UK decides to move forward with a retail-focused central bank digital currency [CBDC], it will be “a platform model that wouldn't allow the government to know individual transaction data,” Andrew Griffith, Economic Secretary to the Treasury, said in evidence to a Parliamentary select committee.
The House of Representatives has voted to pass a new set of rules that will severely weaken the ability of the Office of Congressional Ethics to investigate members of Congress for potential wrongdoing, including stock trading. Wall St memes reminded us that Fed members sold all their stocks at the very top in September 2021 due to “ethical reasons”.
Nepal orders internet service providers to block crypto-related websites and apps.
On Monday, House Republicans voted to detain ~$71 billion from the IRS. Notably, the Democrats stipulated roughly $80 billion for the same department last year. The funds included more than $45 billion for enforcement because party lawmakers hoped to authorize the IRS, to find and collect unpaid federal taxes from high-earning individuals and businesses.
Cameron Winklevoss accuses Barry Silbert on multiple counts of fraud and calls for his immediate removal as CEO of Digital Currency Group. Silbert responds detailing the structures of loans within DCG, stating they're all current and were issued at arm's length.
he Ripple Defendants have filed their Response in Opposition to the SEC’s Motion to Seal certain documents filed in connection with the parties’ Cross-Motions for Summary Judgment. We covered some important excerpts from this document on today's show.

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