COINDESK DAILY: U.S. Charges Overseas Crypto ‘Market Makers' for Fraud; Bitcoin 'Unlikely' a Currency: SEC Gensler
CoinDesk Podcast Network
CoinDesk
4.8 • 689 Ratings
🗓️ 10 October 2024
⏱️ 2 minutes
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Summary
Host Christine Lee breaks down the news in the crypto industry from U.S. federal prosecutors charging four crypto market makers to SEC Chair Gary Gensler's comments on bitcoin's potential as a currency.
U.S. federal prosecutors charge four crypto market makers and over a dozen individuals for market manipulation and fraud after the FBI created a token to ensnare bad actors. Plus, SEC Chair Gary Gensler's latest comments on the crypto industry and VanEck unveils a fresh $30 million fund for fintech, digital asset and AI firms. "CoinDesk Daily" host Christine Lee breaks down the biggest headlines in the crypto industry today.
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This episode was hosted by Christine Lee. “CoinDesk Daily” is produced by Christine Lee, Jennifer Sanasie, Melissa Montañez and edited by Victor Chen.
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Transcript
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| 0:00.0 | The U.S. is charging 18 people in crypto companies for market manipulation and fraud, while |
| 0:05.0 | SEC Chair Gary Gensler casts shade on the crypto industry. |
| 0:09.0 | This is CoinDust Daly. |
| 0:10.0 | I'm your host, Christine Lee. |
| 0:16.0 | U.S. federal prosecutors are charging four crypto companies and over a dozen of their foreign employees |
| 0:21.8 | with market manipulation and fraud. Gottbit, CLS Global, My Trade, and ZMQant allegedly offered |
| 0:29.1 | wash trading and market manipulation services to projects that wanted to artificially |
| 0:33.8 | inflate their trading volume. The SEC also brought charges against ZMQant and |
| 0:39.0 | CLS Global after bringing these cases to the attention of the Justice Department two years ago. |
| 0:44.7 | During the course of their investigation, FBI agents also created an Ethereum-based cryptocurrency |
| 0:49.9 | called Next Fund AI with the help of cooperating witnesses and used it to, quote, |
| 0:55.7 | identify, disrupt, and bring these alleged fraudsters to justice. |
| 1:00.6 | Meanwhile, SEC Chair Gary Gensler saying it's unlikely that Bitcoin or other cryptocurrencies |
| 1:05.5 | will ever be widely used as a form of payment and instead will continue to be seen more as a store of value. |
| 1:12.6 | Speaking at NYU Wednesday, he said his agency is merit neutral on the utility of cryptocurrencies, |
| 1:18.7 | but noted that nations typically want just a single currency. |
| 1:22.7 | Gensler also called out fraud in crypto saying, quote, with all respect, |
| 1:27.0 | the leading lights of this field in |
| 1:28.8 | 2024 are either in jail or awaiting extradition right now. He also repeated his view that |
| 1:34.5 | no additional regulatory framework is needed beyond the Howie test as outlined by the Supreme Court |
| 1:39.2 | in 1940. Global Investment Management Fund, Van Eck, is expanding its venture capital presence with the launch of a new fund focused on fintech, digital assets or AI companies in pre-seed or seed stages. |
| 1:52.8 | About 25 to 30 different projects will be picked and can receive funding anywhere between half a million and $1 million. |
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