Express Crypto News: 60-Second Recap, October 18th 2023

Last week in crypto, Sam Bankman-Fried’s trial entered it’s second week. The prosecution narrowed it’s focus on FTX's compliance measures, delving into complex issues such as anti-money laundering (AML) policies and regulatory frameworks. SBF’s defense team have grappled with court rulings that have limited their ability to cross-examine key witnesses, such as former FTX CTO Gary Wang and Caroline Ellison.

An article from Blockworks has announced that despite ongoing VC challenges in crypto, over a billion dollars was raised by firms in Q3. Blockworks testaments this to a growing interest from institutional investors, increased participation in decentralized finance (DeFi) projects, and the expansion of the broader crypto ecosystem. There’s a diverse range of projects attracting funding, spanning areas like blockchain infrastructure, NFTs, and decentralized applications. 

Tether, one of the largest stablecoins, has had a change in CEO. Former CEO, Jean-Louis van der Velde has stepped down and appointed Tether CTO, Paolo Ardonio, as his successor. This leadership transition comes amidst increased regulatory scrutiny on stablecoins. Ardonio will lead the company through the current regulatory scope of stablecoins, and van der Velde will remain active as an advisor. 

The TON Foundation, has announced a collaboration with Elliptic, a blockchain analytics firm, in efforts to enhance compliance and prevent illicit activities within the TON Crystal blockchain network. The TON Foundation, associate with the Telegram Open Network, aims to leverage Elliptic’s expertise in blockchain monitoring to address regulatory challenges and ensure a secure and compliant ecosystem. Elliptic will provide solutions for transaction monitoring. This partnership signifies a proactive approach to regulatory compliance in the cryptocurrency space. 

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