Cryptocurrency lending firm Genesis, which is part of the Digital Currency Group, has said it has no immediate plans to file for bankruptcy after rumors suggested it was planning on doing so should it fail to cover a $1 billion shortfall caused by the collapse of FTX.
Lawmakers have sent a letter to investment giant Fidelity Investments, warning it against offering Bitcoin to its customers in the wake of the collapse of cryptocurrency exchange FTX.
The Bank of England’s deputy governor, Jon Cunliffe, has warned decentralized finance (DeFi) protocols do not yet produce an effective way to manage risks. Speaking to an audience at the Warwick Business School, Cunliffe said that DeFi advocates’ claim that code can manage risk is unproven.
Top stories in the Crypto Roundup today:
- Crypto Lender Genesis Denies Bankruptcy Plans
- Lawmakers Urge Fidelity to Reconsider Bitcoin Retirement Plan
- Bank of England Unconvinced DeFi is Effective Way of Managing Financial Risk
- Chart of the Week: CEX vs DEX Spot Trading Volume November 2019-2022