November 30, 2022

The biggest crypto news and ideas of the day

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Hello and welcome to The Node. This is Daniel Kuhn and Xinyi Luo, here to take you through the latest in crypto news and why it matters. In today's newsletter:

In the news: Coinbase cuts BCH, XRP, XLM, ETC wallet support, new EU draft bill extends tax obligations and Sam Bankman-Fried denies creating "backdoor" to move user funds.
The Takeaway: Securities lawyer James A. Murphy poses 10 hard-to-spin questions to Sam Bankman-Fried.

– D.K.

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Today's must-reads

Top Shelf

Coinbase Wallet to Delist 4 Coins: Starting Dec. 5, Coinbase Wallet will no longer support the native tokens associated with Bitcoin Cash, Ethereum Classic, Ripple's XRP Ledger and Stellar, citing "low usage." Users will be able to withdraw after that date during a planned asset recovery phase.

EU Crypto, NFT Providers Must Report Tax Details Under Leaked EU Plan: The European Commission (EU) plans to expand reporting obligations for crypto providers serving European clients, according to a draft bill. The rules go further than an existing crypto-asset law known as MiCA, which has yet to pass.

Meanwhile, EU officials said the upcoming MiCA, which may not take effect for years, would have stopped FTX-style mismanagement. "MiCA has to be passed as quickly as possible," Stefan Berger, an architect of MiCA, said.

SBF Addresses Withdrawals, FTX Collapse in Newly Released Audio Interview: FTX ex-CEO Sam Bankman-Fried again said he regretted stepping down and the exchange filing for bankruptcy protection during a 20-minute phone interview with crypto vlogger Tiffany Fong. He also addressed the recent FTX hack, denied implementing a "backdoor" between Alameda and FTX and said his former lawyers can "go f**k themselves."

Bankman-Fried is scheduled to speak with the New York Times columnist Andrew Ross Sorkin at the DealBook Summit today. You can watch the video livestream here, at 5 p.m. ET.
Meanwhile, Bankman-Fried has been called to a Feb. 2 hearing in Texas to answer to claims that subsidiary FTX US offered unregistered securities products. The Texas State Securities Board has been investigating FTX US since October.

– D.K. and Xinyi Luo

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Putting the news into perspective

The Takeaway

(Midjourney/CoinDesk)

What a Securities Lawyer Would Ask FTX's Bankman-Fried

Although Sam Bankman-Fried has been advised not to speak publicly, he's granted several interviews including to the New York Times' Aaron Ross Sorkin scheduled Wednesday afternoon. Practiced fraud layer James A. Murphy poses 10 questions he would ask the FTX co-founder, looking to uncover more about the potential fraud that brought down the $32 billion crypto exchange, and avoid yet another softball media appearance. Read the full article here.

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Overheard on CoinDesk TV...

Sound Bites

"It's not the fact that the SEC is hostile to crypto, it's that the SEC is skeptical about the protections that investors have in crypto world."

– Former Securities and Exchange Commission senior trial attorney Howard Fischer, on CoinDesk TV's "First Mover"

The news in a sentence

Headlines

IBM and Maersk Abandon Ship on TradeLens Logistics Blockchain | Prosecutors Seeking Arrest Warrant for Terraform Labs' Daniel Shin | Perpetuals-Focused Decentralized Exchange GMX Surpasses Uniswap in Daily Fees | Genesis Creditors Hire Lawyers to Prevent Bankruptcy | Huobi Token Surges After Crypto Exchange Discloses 'Dominica Coin' Airdrop | BlockFi Has $355M in Crypto Frozen on FTX, Attorney Confirms

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