Market Update: October 14, 2022

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The law firm Roche Freedman has withdrawn from representing the plaintiffs in a class action case against Bitfinex and stablecoin issuer Tether. Roche’s ongoing involvement in the case, according to Judge Katherine Polk Failla, could cause the legal process to stall.

The International Organization of Securities Commissions (IOSCO) says foreign crypto sites should be taken down. The request came the same week that the Financial Stability Board demanded an extensive global crypto framework. The U.S. SEC and international counterparts are among the members of IOSCO

The Wall Street Journal reports that in September, NYDIG let go of nearly one-third of its workforce. According to the corporation, the changes were undertaken to save costs and concentrate on important aspects of the business. Tejas Shah and Nate Conrad took over as CEO and president, respectively, when Robert Gutmann and Yan Zhao resigned. Shah and Conrad will concentrate on accelerating NYDIG’s investment in two areas: platform technology, which will assist banks and non-bank enterprises in using the Lightning Network for next-generation wallets and international payments, and its mining solutions franchise, which leads the industry and serves the largest North American miners.

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