Weekly Cryptocurrency News. Friday, February 10

Friday, 10th of February. As the week comes to an end, we can focus on the highlights of the crypto industry over the past few days.

Trust Wallet launches new version of its app to fix bug with USDT withdrawals

The Trust Wallet team made available a new version of the app for the crypto wallet, fixing an error in the TRC-20 token functionality.

Back on February 8, Justin Sun, the founder of Tron, stressed that they would release an update for iOS as well.

As of February 6, the developers of Trust Wallet reported issues related to the withdrawal of USDT in the Tron network. 

Shortly before that, on February 2, the Tron team had suggested revising the commission calculation model. This included the incorporation of a mechanism to dynamically regulate energy consumption in contracts, specifically to deal with “low-value or fraudulent transactions.”

It was suggested earlier in the community to use Trust Wallet and Rainbow as alternatives after reports of MetaMask’s collection of user data.

John Ray netted $690,000 in two months as the new CEO of FTX

FTX’s new head John Ray’s compensation from Nov. 11 through Dec. 31, 2022, totaled $690,000, according to paperwork for the bankruptcy court of the platform, writes Business Insider .

Assuming an hourly rate of $1300, he devoted an average of 75 hours to the job each workweek.

His duties include participating in the FTX bankruptcy proceedings as an attempt to recover funds for repayment to customers and creditors.

Ray boasts many years of experience in the field of business restructuring. Among his accomplishments are Enron, Nortel, and Overseas Shipholding.

Earlier, the expert admitted that he had never seen such a total failure of corporate control and the sheer absence of valid financial information as in the case of FTX.

In November 2022, FTX Group filed for insolvency under Chapter 11 of the U.S. Bankruptcy Code. Sam Bankman-Fried, who resigned as general manager, was succeeded by John Ray III.

SEC chairman calls crypto regulation a top priority during 2023

Crypto assets and some other new technologies appear on the US Securities and Exchange Commission’s (SEC) list of priorities for 2023. Gary Gensler, head of the agency, made this announcement.

“The Division will conduct examinations of broker-dealers and RIAs that are using emerging financial technologies or employing new practices, including technological and on-line solutions,” the press release states.

In addition, among the division’s tasks there will be an investigation of how digital asset firms comply with the relevant security standards when drafting recommendations and investment advice.

Officials likewise will focus on evaluating the incidence of companies revising their compliance, disclosure and risk management practices.

Yet another item to consider is ensuring that investment advisers abide by a new marketing rule restricting the use of reviews and recommendations, in particular celebrity endorsements, when it comes to promoting financial products.

Other items on the agenda include a review of cybersecurity practices by crypto firms as well as a audit of investment advisers’ fiduciary duties. The latter entails studying the relevance of risk assessment, asset custody, and managing clashes of interests.

As the media became aware in January, RIAs were being audited for their compliance with rules and bylaws regarding the storage of digital assets.

As you may remember, last November, U.S. House of Representatives member Tom Emmer criticized the head of the SEC for failing to regulate the digital asset industry, thus leading to the collapse of FTX.

Over the past year, the Commission has initiated 30 cases related to cryptocurrencies.

Cornerstone Research suggests that control of the industry will remain a top concern for the SEC under Gary Gensler’s leadership. The agency almost doubled the manpower of the respective division in May, they recalled.

UK finance minister suggests launch of digital pound after 2025

It is possible to launch a national digital currency (CBDC) later this decade, but not before 2025. This was stated by the head of the Treasury Jeremy Hunt, writes the BBC.

According to him, the CBDC, which has been dubbed e-GBP, could become a new “reliable and affordable” means of payment. For the time being, the authorities are studying the impact of this possible CBDC on financial stability.

The Bank of England and the Treasury published a consultation document on the digital pound on February 7. Interested parties will be able to send their comments until June 7.

The main purpose of the currency, according to the document, is to ensure that the UK central bank’s money maintains the status of an anchor of trust and confidence in the country’s monetary system.

The e-GBP, which can be used by the public and businesses for everyday purchases and in e-commerce. The tool will be available to non-residents as well.

What the document implies is a limit on balances at CBDC of between £10,000 and £20,000 (which is $12,000 to $24,000).

CBDC will coexist along with cash, while complementing not only them, but also bank deposits.

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