The aftermath of FTX hearings and Paypal to partner with Metamask

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Regarding whether Sam Bankman-Fried’s donations will be repaid, the White House denied commenting. Eight criminal counts, including one each for conspiracy, wire fraud, and money laundering, have been brought against the founder and former CEO of FTX. The Hatch Act, which forbids non-elected members of the executive branch from publicly expressing their political views, does not apply to President Joe Biden. Sam Bankman-Fried, the company’s founder, gave $46.5 million in political donations. He was the Democratic Party’s second-largest donor because the majority of his funds went to Democratic candidates. It is yet to be discovered if he used such gifts to pay for the suspected theft of client funds.

Crypto market update

U.S. customers can now buy Ethereum directly from MetaMask’s mobile app thanks to the addition of a PayPal link to its software wallet. Although the feature is not yet accessible to all American users, MetaMask intends to gradually roll it out “in the next weeks.” Due to the fact that MetaMask is an EVM-only wallet, no other blockchains outside Ethereum and Litecoin are supported. Only Bitcoin, Ethereum, Bitcoin Cash, and Litecoin were initially available to buy and sell via PayPal in 2020; customers could not transfer their cryptocurrency to other wallets like MetaMask until June.

Kevin O’Leary, a Canadian businessman and “Shark Tank” participant, criticized Binance in the house hearing on FTX and Alameda collapse and implied that it intentionally contributed to the downfall of FTX. One purposefully drove the other out of business. The largest cryptocurrency exchange in the world, Binance, contributed to the fall of the giant exchange FTX last month. The well-known billionaire added that Binance is a “huge, unregulated monopoly presently” while speaking at the Senate Committee on Banking, Housing, and Urban Affairs hearing. Last month, the tremendous collapse of FTX, formerly among the largest exchanges for digital assets, has politicians considering the regulation of digital assets more than ever.

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