On Thursday, Commodity Futures Trading Commission (CFTC) Chair Rostin Behnam said that the collapse of the crypto exchange FTX might not have happened if it had been under the supervision of the CFTC. In the first of many hearings scheduled on FTX, Behnam testified before the Senate Agriculture Committee. He claimed that the collapse could not have been avoided as FTX was not a subject of his agency’s regulation. Behnam urged lawmakers to provide him more authority so that he could control directly the spot cash market exchanges, which are now not supervised by any federal agency. The Digital Commodities Consumer Protection Act (DCCPA), a bill introduced by senators John Boozman and Debbie Stabenow, would have outlawed the blending of business and customer cash. Behnam requested greater legislative authority to directly supervise spot cash market exchanges, which are currently not subject to regulation by any government body (tokens that are deemed securities are overseen by the Securities and Exchange Commission).
In a conflict with Apple over the company’s in-app purchase, Coinbase, a crypto exchange has discontinued non-fungible tokens (NFTS) transfer on its iOS wallet. The exchange says Apple is demanding it pays its gas fees using Apple software, which would subject those gas fees to Apple’s 30% app tax. Elon Musk, the new owner of Twitter, has been engaged in a conflict with Apple over Coinbase’s 30% in-app fee policy. Musk also claims that Apple has threatened to ban Twitter from its app store.
For businesses in dozens of nations worldwide, Stripe, the payments company has launched an initiative to make fiat-to-crypto payments easier. The product is a widget that can be customised and added straight to a decentralised exchange (DEX), a platform for non-fungible tokens (NFT), a wallet, or a mobile application (dapp). Of the company’s first 16 projects, 11 are constructed on Solana. Orca, a decentralised exchange based in Solana, is a high traffic project using Stripe’s widget. Through the on-ramp integrated into Orca, users will now be able to buy tokens like USDC and SOL with money.