Someone familiar with the situation stated that the cost was below the $250 million that was spent on acquiring the custody firm Metaco back in May.
Prosecutors reported that they successfully resolved the majority of Bankman-Fried's laptop problems with assistance from the defense earlier this week. Meanwhile, the defense remains steadfast in their pursuit of a "temporary release."
Michael Barr, the head of the central bank's regulatory division, emphasized that the Federal Reserve is currently in the preliminary research stage and would require official legislation from Congress to formalize any action.
What’s Happening with Cryptocurrency?
Cryptocurrency is going mainstream — and becoming increasingly difficult for investors to ignore. Coinbase made headlines recently as the first crypto exchange to go public on the Nasdaq, and established firms like Fidelity are adding crypto to their investment offerings.
“Crypto is going through the lull that the internet went through,” Cuban highlighted, adding that "the use of Smart Contracts to improve business and profitability" will be the next driver, though "the chains that copy what every one else has, will fail." Stablecoins aren't as "stable" as advertised.
There are now over 15,000 cryptocurrencies on the market. Meanwhile, the growth of DeFi and smart contracts is accelerating. These technologies will become part of a global financial platform that could eventually challenge mainstream institutions.
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