Crypto: Coinbase backs lawsuit against Treasury Department, Skybridge sells FTX stake

Yahoo Finance’s Jennifer Schonberger joins the Live show to detail the latest crypto news.

The risk on trade is here to date and that includes crypto bitcoin on track for its largest one-day percentage move since june now moving bitcoin helping lift shares of companies involved in the crypto space including of course coinbase which is now getting into the legal battle against the government jen schoenberger has all the details jen what can you tell us good

Afternoon rochelle that’s right crypto exchange coinbase funding a lawsuit in which six plaintiffs are suing the u.s department of treasury for sanctioning crypto mixer tornado cash and asking that it be removed from the u.s sanctions list the plaintiffs argue that the sanctions exceed treasury’s authority remove privacy and security options for crypto users and

Stifle innovation coinbase ceo brian armstrong wrote in a blog post quote treasury went much further and took the unprecedented step of sanctioning an entire technology instead of specific individuals he went on to say there are legitimate uses for mixers and as a result of these same sanctions many innocent users now have their funds trapped and have lost access

To a critical privacy tool now one plaintiff a senior security risk analyst at coinbase used the service to anonymize donations to ukraine out of fear his address would be targeted by russian hacking groups treasury sanctioned major crypto mixing service tornado cash in august on grounds that it is used by north korean hackers which use stolen funds to finance its

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Nuclear weapons program cyber criminals have laundered more than seven billion dollars in crypto using tornado cash since 2018 according to the treasury and crypto mixing services are used to cover up the transparency of crypto transactions by essentially shoveling together batches of hundreds to thousands of transactions guys i mean that is tough when you can’t

Tell exactly whether it’s being used for nefarious things or not and obviously another story happening in the crypto space you have sambachman freed and ftx spending again so what’s the latest there yeah rochelle uh sam bakeman freed to the rescue again this time investing uh 30 for taking a 30 stake and anthony scaramucci’s sky bridge capital uh this money uh 40

Million dollars of this money expected to be invested in crypto currencies uh to be held on the balance sheet this coming just a couple of months after skybridge uh suspended redemptions in one of its funds uh this fund having invested in bitcoin ethereum and other digital assets during the height of the bull market and i should note that sam and anthony aren’t

Strangers the two of them have teamed up on salt conferences uh held across the country one and in the bahamas this past spring so certainly sam bakeman freed showing that he is again the white knight here coming in uh and and saving the crypto industry of course another one of those high profile investments that he made earlier this year uh or fdx ventures made

Was in the crypto lender block five rochelle

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Crypto: Coinbase backs lawsuit against Treasury Department, Skybridge sells FTX stake By Yahoo Finance