The Central Bank of the Russian Federation (CBR) intends to file a legislative package concerning the regulation of digital financial assets (DFAs) with the State Duma, the lower house of parliament. Under current Russian law, the term DFA refers to coins and tokens with an issuing entity as opposed to cryptocurrencies like bitcoin. (Bitcoin.com)

Numerous officials expressed concerns about the state of the industry and how investors are being harmed, especially those that were impacted by the swift shuttering of FTX. Many asserted that a regulatory framework for crypto is urgently needed. “The recent events show the necessity of Congressional action,” he wrote in a press release. “It’s imperative that Congress establish a framework that ensures Americans have adequate protections.” ( Decrypt)

Democrats will keep control of the Senate after tight races in Arizona and Nevada were called for the party, but as vote counting continues in several races, control of the U.S. House of Representatives remains too close to call. Crypto legislation is expected to have a better chance to become law than in most other issue areas, given the relatively fresh debate around the topic, which has yet to become a fully partisan issue. (The Block)

U.S. Treasury Secretary Janet Yellen and Indian Finance Minister Nirmala Sitharaman discussed crypto regulation during the ninth India-U.S. Economic and Financial Partnership meeting. They stressed the importance of international cooperation and setting high regulatory standards globally.

The issues associated with FTX and Alameda have caused a number of cryptocurrency proponents to ask why regulators like the U.S. Securities and Exchange Commission (SEC) did not catch FTX before it collapsed. Congressman Tom Emmer <a href="https://twitter.com/RepTomEmmer/status/1590717374801809409?s=20&amp;t=7j_uxKTMYhAIBqpiPmcpvQ">tweeted</a> about allegations concerning the SEC chairman helping FTX obtain a regulatory monopoly. The LBRY Twitter account, operated by the blockchain project that lost a court case with the SEC, discussed the regulator’s harsh <a href="https://news.bitcoin.com/new-hampshire-court-sides-with-sec-in-lawsuit-against-lbry-projects-team-says-loss-sets-a-dangerous-precedent/">enforcement</a> against LBRY, compared to the <a href="https://twitter.com/mdudas/status/1591175007576928256">treatment</a> FTX <a href="https://news.bitcoin.com/sec-chair-gensler-discusses-crypto-regulation-following-ftx-collapse-says-this-field-is-significantly-non-compliant/">had seen</a>.

California's Department of Financial Protection and Innovation issued a notice to suspend crypto lender BlockFi's license in the state for 30 days pending an investigation into the company's announcement that it had halted client withdrawals following the collapse of the FTX exchange.

California's Department of Financial Protection and Innovation announced it was investigating FTX late Thursday. The regulator did not provide much detail in a press release, only saying it was "investigating the apparent failure of crypto asset platform FTX." A spokesperson declined to comment further.

Chainlink Labs offered its Proof of Reserve product as a solution to future trust issues in the crypto exchange market on Nov. 10. In a tweet thread, Chainlink Labs <a href="https://twitter.com/chainlink/status/1590805758643519488" target="_blank">asked</a>&nbsp;“Will crypto continue to repeat the mistakes of the traditional black-box financial industry? Or will a better system emerge?”

Today, the Securities Commission of The Bahamas took action to freeze the assets of FTX Digital Markets. The Commission also applied to the Supreme Court for the appointment of a provisional liquidator of FTX.

Cryptocurrencies risk harming everyday Americans without proper oversight and the latest news involving crypto underscores these concerns, White House press secretary Karine Jean-Pierre said on Thursday.