The US is charging 18 people and crypto companies for market manipulation and fraud. While Sec chair Gary Gensler cast shade on the crypto industry. This is co S da I’m your host, Christine Lee US. Federal prosecutors are charging four crypto companies and over a dozen of their foreign employees with market manipulation and fraud. Got bit CLS Global. My trade and ZM Quant allegedly offered wash trading and market manipulation services to projects that wanted to artificially inflate their trading volume. The SEC also brought charges against ZM Quant and CLS Global after bringing these cases to the attention of the justice department two years ago during the course of their investigation. FBI agents also created an Ethereum based Cryptocurrency called Next Fund A I with the help of cooperating witnesses and used it to quote, identify, disrupt and bring these alleged fraudsters to justice. Meanwhile, Sec chair Gary Gensler saying it’s unlikely that Bitcoin or other cryptocurrencies will ever be widely used as a form of payment and instead will continue to be seen more as a store of value at NYU Wednesday. He said his agency is merit neutral on the utility of cryptocurrencies but noted that nations typically want just a single currency genzler also called out fraud and crypto saying quote with all respect, the leading lights of this field in 2024 are either in jail or awaiting extradition right now. He also repeated his view that no additional regulatory framework is needed beyond the Howie Test as outlined by the Supreme Court in 1940 Investment Management Fund, Ven is expanding its venture capital presence with the launch of a new fund focused on fintech digital assets or A I companies in pre seed or seed stages. About 25 to 30 different projects will be picked and can receive funding anywhere between half a million and one million dollars. Van Ventures is diving into crypto beyond the firm’s ETF offerings with a particular interest in tokenized assets, internet native financial marketplaces and applications building on top of Stablecoins. That’s it for coins daily, get more updates on coins.com and we’ll see you next time.