SBF stays at parents’ house on a $250 million bail: Law Decoded, Dec. 19-26

Former FTX CEO Sam Bankman-Fried landed in the USA on Dec. 21. And, at the least until the top of his court docket instances, he’ll dwell together with his mother and father in Palo Alto, California. A bail was granted to SBF on the circumstances of a $250 million bond, house detention, location monitoring and the give up of his passport. His mother and father secured his bail with the fairness of their home. Some Twitter customers discovered this growth both amusing or suspicious. 

One of many key witnesses within the ongoing FTX investigation, former Alameda Analysis CEO Caroline Ellison, must pay a thousand occasions much less. Other than SBF, she would solely be prosecuted for legal tax violations beneath the plea settlement and could possibly be launched instantly on $250,000 bail. In alternate for her collaboration, Ellison will probably be spared of all main fees, which might have seen her sentenced to as much as 110 years in jail.

A former high exec has already acknowledged the monetary ties between FTX and Alameda and a former’s entry to a “borrowing facility” via FTX from 2019 to 2022. The association with FTX permitted Alameda entry to a vast line of credit score with out being required to put up collateral, having to pay curiosity on unfavorable balances and being topic to margin calls or’s liquidation protocols. Ellison’s assertion included allegations that Bankman-Fried and different FTX executives had borrowed funds from Alameda and used FTX funds to repay “loans value a number of billion {dollars}.”

US delays crypto tax reporting guidelines

A key set of crypto tax reporting guidelines is being delayed till additional discover beneath a choice made by the USA Treasury Division. The foundations have been presupposed to be efficient within the 2023 tax submitting yr in accordance with the Infrastructure Funding and Jobs Act handed in November 2021. Nonetheless, greater than 12 months have handed for the reason that infrastructure invoice grew to become legislation, however the IRS has nonetheless not printed a definition of what a “crypto dealer” is or created customary varieties for these corporations to make use of in making the reviews.

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OpenSea blocks Cuban artists

Nonfungible token (NFT) market OpenSea has been banning artists and collectors from Cuba, citing United States sanctions as the important thing motive behind its motion. OpenSea market has talked about in its phrases of service that it explicitly prohibits sanctioned people and people in sanctioned jurisdictions. The NFT market’s adhesion to United States sanctions was extensively recognized and included international locations equivalent to Venezuela, Iran and Syria. Nonetheless, the current blocking of Cuban artists provides the nation to that listing as nicely.

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Brazilian president indicators crypto invoice into legislation

Jair Bolsonaro, the president of Brazil set to depart workplace on Dec. 31, has signed a invoice aimed toward legalizing the usage of crypto as a fee methodology throughout the nation. Based on the textual content of the invoice, Brazil’s residents won’t be able to make use of cryptocurrencies like Bitcoin as authorized tender within the nation, as is the case in El Salvador. Nonetheless, the newly handed legislation consists of many digital currencies beneath the definition of authorized fee strategies in Brazil. It additionally establishes a licensing regime for digital asset service suppliers and units penalties for fraud utilizing digital belongings.

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