Analyses
Daily News Summary 11/8
August 11, 2024
Justin Sun's Significant Influence Over WBTC
Institutional asset manager Bitgo has announced plans to transfer control of WBTC (Wrapped Bitcoin) to a joint venture with BiT Global. This move will result in the custodial oversight being shared across multiple jurisdictions, including Hong Kong and Singapore, rather than being solely U.S.-based. As part of this transition, they are partnering with Justin Sun and the Tron ecosystem, giving him substantial influence over the joint venture managing WBTC.
Another Crypto-Friendly Bank Under FED Scrutiny
The Federal Reserve has initiated enforcement action against Customers Bancorp, one of the few crypto-friendly banks in the United States. The FED’s 13-page enforcement order requires the bank to provide 30 days’ notice before establishing any new banking relationships with crypto-related companies. This requirement enables the FED to control access to banking services, effectively deciding who can open accounts and who cannot, thereby significantly restricting the operational capabilities of crypto companies.
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