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.
President Joe Biden on Wednesday signed an executive order directing agencies across the federal government to coordinate efforts to regulate cryptocurrencies and other digital assets. About 16% of American adults have invested in, traded or used crypto, the administration said.
The move, according to the Biden administration, is a response to the “explosive growth” in digital assets, the increasing number of countries exploring central bank digital currencies and a desire to maintain American technological leadership.
"Joe Biden just gave crypto companies the green light to exist," David Wachsman, the CEO of Wachsman PR in New York, told CBS News Streaming. "What they have to do now is behave responsibly."
The US government has addressed cryptocurrency in the past, but now it's taking a more comprehensive look. President Biden has signed an executive order detailing the country's first "whole-of-government" strategy for exploring cryptocurrency and other digital assets.
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