Happy Saturday!
Majority Whip Tom Emmer of the US House of Representatives admonished Securities and Exchange Commission Chair Gary Gensler and promised to introduce an amendment to restrict the agency’s funds for crypto enforcement. A Turkish court sentenced the former CEO of a collapsed crypto exchange to 11,196 years in prison, the SEC filed again in its ongoing legal saga over XRP, and Bitcoin miners in Texas are shutting down amid a ferocious heat wave. Read on!
Congressman seeks to restrict SEC
Tom Emmer, majority whip of the US House of Representatives, said he will introduce an amendment to limit the Security and Exchange Commission’s use of funds for digital asset enforcement until “clear” rules and regulations are in place, Cointelegraph reported.
The Minnesota Republican criticised SEC Chair Gary Gensler in a post on X and urged Congress to restrict the agency from “further weaponizing taxpayer dollars.”
Crypto boss gets 11,196 years
Turkish cryptocurrency mogul Faruk Fatih Ozer was sentenced to 11,196 years in prison for defrauding investors, the BBC reported.
The former CEO of the Thodex exchange fled to Albania in 2021 with millions in investor assets after his company collapsed. He was extradited to Turkey in June and found guilty of money-laundering, fraud, and organised crime, the report said.
SEC files again in XRP case
The SEC submitted a filing in a back-and-forth case, asking the court to allow it to appeal a judge’s ruling that Ripple Labs’ XRP should not be classified as a security when sold to retail investors.
The SEC filing was in response to one from Ripple last week that argued against such an appeal, CoinDesk reported.
Texas Bitcoin miners shut amid heat
Bitcoin miners in Texas are shutting down as the state struggles with a power crisis amid extreme heat, Bloomberg reported.
The federal government this week declared a power emergency in Texas, which hosts numerous big Bitcoin miners and usually offers plentiful, low-cost energy as well as business-friendly regulations.
NFT video startup Glass fails
Glass, a startup that tried to monetize NFT videos, has failed amid the crypto bear market and its founders are leaving the company, CoinDesk reported.
Co-founder Varun Iyer posted on X that: “We’ve decided to end active development of Glass” because “the market for video NFTs can no longer sustain Glass’ development.”
What we’re reading around the web
Bitcoin ETF: Definition, How It Works, and How to Invest — Investopedia
Anyone involved in DeFi would be scrutinised under sweeping policy proposal — DL News
How the Creator League crumbled after 5 days, and why it’s a bad omen for crypto — Fortune