Tagged #crypto

In April, Coinbase announced changes to its user agreement that added two clauses further limiting class action lawsuits and requiring lawsuits to be filed in New York. The changes apply to disputes initiated after May 15.

On May 14, Coinbase disclosed a data breach.

Alex Mashinsky has been sentenced to twelve years in prison for his Celsius fraud, which culminated in the mid-2022 collapse of his US-based cryptocurrency lending firm with customers suffering losses of more than half a billion dollars.

The GENIUS Act stablecoin bill has stalled in the Senate with key Democrats — including some of its early co-sponsors — voting against it. Democratic opposition increased after Trump’s World Liberty Financial cryptocurrency platform released its own stablecoin, allowing the president to profit from transactions including a $2 billion deal between the Emirati state-owned investment firm and the Binance crypto platform.

Senators who voted against the bill include Ruben Gallego (AZ), Mark Warner (VA), Lisa Blunt Rochester (DE), Andy Kim (NJ), Kirsten Gillibrand (NY), and Angela Alsobrooks (MD). Gallego was one of the top recipients of crypto industry campaign funds in 2024, receiving $10 million in crypto super PAC backing.

Prosecutors have requested Alex Mashinsky, CEO of the collapsed Celsius cryptocurrency company, be sentenced to at least twenty years in prison for his "sustained, calculated campaign of deceit carried out over years, targeting ordinary people."

Prosecutors say that such a severe sentence is necessary not only for deterrence, but because despite his guilty plea, Mashinsky has not fully accepted responsibility for his actions.