The founder of collapsed cryptocurrency exchange FTX, Sam Bankman-Fried, has been granted release from federal custody under highly restrictive bail conditions that includes a $250 million bond secured by his parents’ interest in their California home and a requirement that he remain in home detention.

Brazilian president Jair Bolsonaro, who’s set to leave office at the end of the year, has signed a bill aimed at legalizing the use of cryptocurrencies as a payment method within the South American country.

The Marshall Islands, an independent island state located in the Pacific Ocean near the Equator, has passed into law the Decentralized Organizations Act of 2022, effectively recognizing DAOs as limited liability companies.

Top stories in the Crypto Roundup today:

• FTX’s Sam Bankman-Fried Released on $250 Million Bond
• Brazil’s President Signs Bill Legalizing Crypto as Payment Method
• Marshall Islands Recognize DAOs as Limited Liability Companies
• Crypto Market Movers – APE, BSV, RBN

FTX’s Sam Bankman-Fried Released on $250 Million Bond

The founder of collapsed cryptocurrency exchange FTX, Sam Bankman-Fried, has been granted release from federal custody under highly restrictive bail conditions that includes a $250 million bond secured by his parents’ interest in their California home and a requirement that he remain in home detention.

Bankman-Fried was arrested in the Bahamas on December 12 amid a criminal investigation into FTX and its related entities. Bankman-Fried himself is facing charges of wire fraud and conspiracy

His release comes a day after two former top FTX executives, Caroline Ellison and Gary Wang, pleaded guilty to federal criminal fraud charges and were revealed to be cooperating with the prosecution of the former FTX CEO.

Judge Gabriel W. Gorenstein warned Bankman-Fried that if he failed to appear in court or violated any other bail conditions, a warrant would be issued for his arrest and his parents would be responsible for paying the $250 million bond. He was required to surrender his passport and receive mental health evaluation and treatment. The former CEO will be under strict electronic monitoring.

The criminal investigation into FTX and its related entities has moved quickly, with the exchange going from thriving to bankrupt in under two months and its executives facing charges for serious financial violations.

Brazil’s President Signs Bill Legalizing Crypto as Payment Method

Brazilian president Jair Bolsonaro, who’s set to leave office at the end of the year, has signed a bill aimed at legalizing the use of cryptocurrencies as a payment method within the South American country.

In a publication of the official journal of the federal government of Brazil, Bolsonaro’s office said that that the bill had been signed into law, following its approval from the country’s Chamber of Deputies.

The bill’s text determines that Brazil’s residents won’t be able to use cryptocurrencies like Bitcoin as legal tender, but includes various digital currencies under the definition of legal payment methods in the country.

The bill also established a licensing regime for digital asset service providers and sets penalties for fraud using these assets. The law will take effect in 180 days.

Marshall Islands recognizes DAOs as limited liability companies

The Marshall Islands, an independent island state located in the Pacific Ocean near the Equator, has passed into law the Decentralized Organizations Act of 2022, effectively recognizing DAOs as limited liability companies.

The bill allows legal entities registered in the country to formally adopt DAO structures and governance tools. The government hopes the move will encourage the growth of decentralized entities within the state.

According to the country’s announcement, the act will allow DAOs to incorporate as limited liability companies, which will let them identify as DAO LLCs. Both for-profit and nonprofit DAOs can register in the country.

The novel act also includes provisions for the establishment of an investment fund to be managed by the government of the Marshall Islands. The purpose of the fund is to provide resources for ongoing education and training initiatives related DAOsnd their integration into the country’s economy.

Crypto Market Movers – APE, BSV, RBN

Several tokens are leading the charge in the last 7-day period. Some of these are well-known cryptocurrencies with more liquid trading pairs, so we’ll be focusing on these over low-cap cryptos that may have higher percentage changes.

ApeCoin (APE) - ApeCoin is an ERC-20 governance and utility token used within the APE ecosystem to empower decentralized community building at the forefront of web3. The APE Foundation is the steward of ApeCoin. It is the base layer on which ApeCoin holders in the ApeCoin DAO can build.

Bitcoin SV (BSV) - Bitcoin SV (BSV) emerged following a hard fork of the Bitcoin Cash (BCH) blockchain in 2018, which had in turn forked from the BTC blockchain a year earlier. It’s goal is to offer scalability and stability in line with the original description of Bitcoin as a peer-to-peer electronic cash system, as well as deliver a distributed data network that can support enterprise-level advanced blockchain applications.

Ribbon Finance (RBN) - Ribbon Finance is a protocol that helps users access crypto structured products for DeFi. It combines options, futures, and fixed income to improve a portfolio's risk-return profile.

State of the Crypto by Top Tier Exchange Volume

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