Singh faced legal action from the SEC, CFTC and US Department of Justice after FTX collapsed in November 2022 but avoided significant prison time by cooperating with authorities. Nishad Singh, the former head of engineering at FTX, will pay $3.7 million to resolve his case with the US commodities regulator over his role in the collapse of the crypto exchange and the misappropriation of user funds. As part of the supplemental consent order, Singh will be required to pay a disgorgement of $3.7 million, while a five-year ban on trading in markets and an eight-year registration ban are imposed, blocking him from obtaining a license to operate in the sector, the US Commodity Futures Trading Commission (CFTC) said in a statement on Wednesday. “The initial consent order and supplemental consent order resolve the CFTC’s enforcement action against Singh,” it added. Read more
The legislation “embraces innovation, protects participants and empowers internet-native communities to compete with big tech incumbents,” said a16z’s Miles Jennings. The US state of Alabama has become the second US jurisdiction after Wyoming to grant decentralized autonomous organizations (DAOs) legal status under the DUNA Act. The Decentralized Unincorporated Nonprofit Association (DUNA) Act (Senate Bill 277) was introduced in February by Republican Senator Lance Bell. The House passed it 82-7 with 16 abstentions on March 17, and has now been signed by Alabama Governor Kay Ivey, according to a16z Crypto. Speaking about the bill’s passage, a16z Crypto’s head of policy and general counsel, Miles Jennings, said on Wednesday that “decentralized governance is essential to crypto’s future — it’s one of the core constructs in market structure legislation.” Read more
Four astronauts blasted off from Florida on Wednesday on Nasa’s Artemis II mission, a high-stakes voyage around the moon that marks the United States’ boldest step yet toward returning humans to the lunar surface later this decade in a race with China. Nasa’s Space Launch System (SLS) rocket, topped with its Orion crew capsule, roared to life just before sunset at the agency’s Kennedy Space Centre in Cape Canaveral, Florida, carrying its debut crew — three US astronauts and a Canadian astronaut — into Earth orbit. The 32-story-tall space vehicle thundered into clear skies, trailing a towering column of thick, white vapour. Nasa Administrator Jared Isaacman said the launch was an opening act for subsequent missions that would include construction of a moon base to support the “enduring presence we’re trying to create on the surface”. If the mission proceeds as planned, the crew consisting of Nasa astronauts Reid Wiseman, Victor Glover and Christina Koch, plus Canadian Space Agency astronaut Jeremy Hansen, will...