Ted Cruz Bill Aims to Block Fed from Creating CBDC, Citing Financial Privacy and Innovation

Texas Senator Ted Cruz (R-Texas), Ranking Member of the Senate Committee on Commerce, Science, and Transportation, has introduced a bill aimed at prohibiting the Federal Reserve from establishing a central bank digital currency (CBDC).

> The bill, cosponsored by Senators Braun (R-Ind.) and Grassley (R-Iowa), seeks to prevent the federal government from using a CBDC as a financial surveillance tool.

Crypto exchange Bitget acquires controlling stake in crypto wallet provider Bitkeep

Bitget, a crypto exchange, has acquired a controlling stake in BitKeep, a crypto wallet provider, with an additional $30 million investment at a $300 million valuation.

XRP Tokens Surge Over 20% on Reports of Ripple Winning Landmark Case Against SEC

In the last 24 hours, XRP tokens have surged over 20% as reports emerged that issuer Ripple is expected to win its landmark case against the U.S. Securities and Exchange Commission (SEC).

> XRP is currently trading at 45 cents with trading volumes of over $5 billion, and some traders have been caught offside, with over $17 million worth of xrp-tracked futures liquidated in a higher-than-usual figure, according to Coinglass data.

> Ripple made a new filing this week in support of its fair notice defense, referencing rulings on SEC objections in the Voyager Digital Holdings bankruptcy case.

> The basis for Judge Wiles rejecting the SEC objections endorsed many of the arguments presented by Ripple defendants in the filing. Full report here.

Luno Prepares for Future Public Listing, Promotes Top Executives to Boost Growth

Luno, a cryptocurrency exchange, has taken steps to boost growth and prepare for a future public listing, according to a press release shared with CoinDesk.

> The company has promoted its top two executives, with CEO Marcus Swanepoel taking on a new role as executive chairman and COO James Lanigan being promoted to CEO.

> Swanepoel expressed his excitement for the next chapter of the company's journey as they continue to put the power of crypto in everyone's hands.

> In December, Luno's co-founder and chief technology officer, Timothy Stranex, left the company to pursue personal projects.

> To finance growth, facilitate expansion, expedite market share acquisition, and prepare for a future public listing, Luno has hired Canaccord Genuity Group to attract new institutional and strategic investors. Details here.

Australian Banks to Report Exposure to Crypto Startups to Prudential Regulation Authority on a Daily Basis

According to sources cited by the Australian Financial Review (AFR), the Prudential Regulation Authority (APRA) of Australia has requested that banks report their exposure to crypto-related startups and businesses, in some cases on a daily basis.

> As an independent authority accountable to the Australian Parliament, APRA is responsible for maintaining the safety and soundness of financial institutions to protect the interests of depositors and other stakeholders.

> In the wake of recent collapses of crypto banks, APRA has requested that banks improve their reporting around crypto assets to gain more insight into exposures and vulnerabilities in the system. Full report here.

U.S. Senators Warren and Wyden Slam Auditors for "Sham" Crypto Audits

U.S. Senators Elizabeth Warren and Ron Wyden have voiced their disappointment with the Public Company Accounting Oversight Board (PCAOB) over its failure to hold auditors accountable for “sham” crypto audits.

> The senators expressed their concerns about the role of “shady audits” in providing crypto firms with an illusion of financial stability.

> In a letter addressed to PCAOB chair Erica Williams, Warren, and Wyden referred to the limited audits conducted by PCAOB-registered firms Prager Metis and Armanino for the bankrupt crypto exchange FTX before its collapse.

> The senators stated that the use of these “sham audits” misleads the public and poses a threat to the integrity of the auditing system. More here.

Crypto Influencer Ben Armstrong Accused of Harassing Lawyers in FTX Lawsuit

According to a recent court filing, lawyers representing a class-action lawsuit against popular YouTuber and crypto influencer, Ben Armstrong, also known as “BitBoy Crypto,” and other crypto influencers accused Armstrong of making multiple threats against them.

> The lawsuit claims that Armstrong and other “FTX influencers” promoted the “FTX crypto fraud without disclosing compensation.”

> The class-action suit seeks $1 billion in damages. The filing stated that Armstrong began harassing the lawyers with endless phone calls, tweets, and emails after the suit was filed, leaving voicemails that were “full of vulgarities” and specifically targeted the lawyers.

> The voicemails included alleged threats to Adam Moskowitz, one of the lawyers involved in the class-action suit, such as "we're going to have First Amendment protesters around your house 24/7 day and night." Details here.

SEC Issues Wells Notice to Coinbase over Potential Violations

Coinbase, the popular cryptocurrency exchange, has received a Wells notice from the Securities and Exchange Commission (SEC) over potential violations of U.S. securities law.

> In a regulatory filing, Coinbase revealed that the notice relates to its spot market, staking service Coinbase Earn, Coinbase Prime, and Coinbase Wallet and that the SEC could seek "injunctive relief, disgorgement, and civil penalties."

> A Wells notice is a warning that the SEC is considering bringing an enforcement action against a company.

> Coinbase described the investigation as "cursory" and said the notice provided "relatively little information" about the alleged violations.

> However, the exchange's services will continue to operate as usual until any legal process has been resolved. Full report here.

SEC Charges Justin Sun with Fraud and Unregistered Securities Offering, Tron Token Falls

Tron network's native TRX token saw a 13% drop, falling from 6.7 cents to 5.8 cents after the Securities and Exchange Commission (SEC) announced charges against Justin Sun and three of his companies, including Tron Foundation and BitTorrent.

> The SEC has accused Sun of offering and selling unregistered crypto asset securities and fraudulently manipulating TRX's secondary market through wash trading.

> As a result, other assets related to Sun, including Sun token (SUN), just (JST), and Huobi (HT), have also experienced drops ranging from 8% to 10%.

> Despite having a total supply of 91.15 billion, Tron's market capitalization now stands at $5.47 billion, with a 24-hour trading volume of approximately $421 million. Details here

Bitcoin Drops Below $27k as Fed Dashes Hopes of End to Hawkish Interest Rate Increases

Tron network's native TRX token saw a 13% drop, falling from 6.7 cents to 5.8 cents after the Securities and Exchange Commission (SEC) announced charges against Justin Sun and three of his companies, including Tron Foundation and BitTorrent.

> The SEC has accused Sun of offering and selling unregistered crypto asset securities and fraudulently manipulating TRX's secondary market through wash trading.

> As a result, other assets related to Sun, including Sun token (SUN), just (JST), and Huobi (HT), have also experienced drops ranging from 8% to 10%.

> Despite having a total supply of 91.15 billion, Tron's market capitalization now stands at $5.47 billion, with a 24-hour trading volume of approximately $421 million. Details here