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2023-12-26 07:53:39 Congressman Emmer's Crypto Chronicle: A Year of Unprecedented Legislative Triumphs!

2023 Rewind: Congressman Tom Emmer (R-MN) applauds the House Financial Services Committee for steering an exceptional course in legislative accomplishments. A robust commitment to bolstering capital markets, fostering innovation, and holding regulators accountable defines the committee's impactful journey.

Crypto Legislation Unveiled:
- *Blockchain Regulatory Certainty Act:* July witnessed a groundbreaking moment as the committee greenlit this act, unraveling the intricacies of money transmission regulations and setting the stage for seamless digital asset integration.
- *Securities Clarity Act's Influence:* The Financial Innovation and Technology (FIT) for the 21st Century Act, approved in July, bears the influential mark of Congressman Emmer's Securities Clarity Act.

Emmer's Reflection: "2023 marks a year of unprecedented success, a testament to our dedication to innovation and regulatory transparency."

Milestone Achievements:
- Striking strides in crypto legislation throughout 2023.
- Targeted efforts to fortify capital markets and propel innovation.
- Approval of transformative crypto bills, defining a landmark year for the digital asset space.

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2023-12-24 15:44:34 Argentina's Crypto Frontier: Financial Contracts Now Bitcoin-Friendly, Announces Foreign Minister!

Breaking barriers, Argentina's Foreign Affairs Minister, Diana Mondino, unveils a transformative shift—financial contracts can now be denominated in Bitcoin. Residents are empowered to settle contracts with any chosen medium of exchange, showcasing a forward-thinking approach to financial transactions.

Crypto Advocacy: This groundbreaking move echoes the pro-Bitcoin stance of President Javier Milei, demonstrating the government's commitment to fulfill promises made during the election. The announcement signifies Argentina's embrace of cryptocurrency as a catalyst for financial innovation.

Milei's Revolutionary Vow: President Milei, known for his visionary outlook, pledged substantial changes, including the dollarization of the economy and the abolition of the central bank. Integrating Bitcoin into financial contracts aligns seamlessly with Milei's mission to revolutionize Argentina's economic landscape.

Digital Paradigm Shift: Argentina's official recognition of Bitcoin for financial contracts signals a pivotal shift into the digital era, showcasing the nation's adaptability to the evolving global economic landscape.

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2023-12-24 06:49:57 SEC Insider Predicts Major Move: Gary Gensler's Legacy Could Feature Approval of Spot Bitcoin ETF!

In a surprising twist, former SEC heavyweight John Reed Stark hints at a potential crypto milestone – the approval of a spot Bitcoin exchange-traded fund (ETF) under the leadership of Gary Gensler. Stark, now spearheading cybersecurity at John Reed Stark Consulting, brings a wealth of SEC experience, having founded and led the SEC Office of Internet Enforcement for over a decade.

Unusual SEC Maneuvers: This week, the SEC made waves with "rare" communications to spot Bitcoin ETF applicants. Fox Business journalist Eleanor Terrett spilled the details on social media platform X Thursday, unveiling the SEC's focus on ensuring alignment on cash creates. Issuers were urged to remove any traces of in-kind redemptions from their filings.

Gensler's Crypto Legacy: As speculation swirls around Gary Gensler's impact on the crypto landscape, the tantalizing prospect of a spot Bitcoin ETF approval takes center stage.

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2023-12-23 12:10:04 Solana Saga phone orders canceled following 'inventory management' issue

Some customers' orders for Solana Saga phones have been canceled following an inventory mishap. Last week, the device saw a surge in demand after a 135% 24-hour jump in the price of the Solana-based memecoin bonk presented traders with an arbitrage opportunity. The Saga phone comes with 30 million bonk tokens, among other incentives — something that became worth more than the device at recent prices. The firm’s limited inventory of 20,000 phones promptly sold out in the U.S. and EU.

Solana Mobile said that all affected customers have been informed and will receive a refund in the coming days, apologizing for the inconvenience. Customers who haven’t received a cancelation notice should receive a shipping notice by the end of the year, it added. Aside from the inventory issue, some orders were also canceled after being flagged for “suspicious activity due to excessive device orders or payment risk,” Solana Mobile said. Solana-based memecoin bonk went parabolic this month, surging over 800% from $0.0000038 to a peak of $0.000035 on Dec. 15 — the day the phones sold out. However, bonk has since fallen sharply, down 46% to a current price of $0.000019, according to The Block's bonk price page.

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2023-12-20 10:52:05 Federal judge approves settlement between CFTC and Binance

A federal judge approved a settlement between crypto exchange Binance and the Commodity Futures Trading Commission, a month after the crypto exchange's former CEO pleaded guilty to charges related to anti-money laundering violations. Under the settlement, former CEO Changpeng Zhao will have to pay $150 million, with a third of that paid within the next 30 days, according to the order signed on Dec. 14 by Judge Manish Shah in the U.S. District Court for the Northern District of Illinois.

Binance will have to pay a $1.35 billion penalty to the CFTC, as well as disgorge $1.35 billion of "ill-gotten transaction fees," according to the order. The agency said Binance, at former CEO Changpeng Zhao's direction, solicited customers in the U.S. and was aware of regulations in the U.S. but "chose to ignore them," according to a statement released on Monday. The consent order also requires Binance and Zhao to guarantee that the exchange will put in place a corporate governance structure that includes a board of directors with independent members, a compliance committee and an audit committee. Binance.US's governance and rendering his interest in the U.S. arm of the exchange "purely economic.

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2023-12-19 21:59:35 Ripple CEO Garlinghouse Ignites Crypto Revolution: Battles Overreach for Global Dominance!

Ripple CEO Brad Garlinghouse has pledged his support for pro-innovation and pro-crypto candidates in the upcoming 2024 US elections. This announcement comes at a crucial juncture when the cryptocurrency industry is facing heightened regulatory scrutiny, and leaders like Garlinghouse are stepping forward to shape its future. The Ripple CEO argues that a balanced regulatory framework is essential to foster innovation while ensuring the industry’s integrity and security.

Addressing the pressing need for transparency, Garlinghouse highlights the importance of open communication and clear guidelines within the crypto space. He underscores the significance of adopting a compliance-first approach to meet regulatory standards, build credibility, and gain broader acceptance. The Ripple CEO’s call for pro-innovation and pro-crypto candidates aligns with his vision for a progressive and thriving digital economy. By thttps://coincu.com/238196-ripple-ceo-garlinghouse-ignites-crypto/hrowing his weight behind political figures who share these values, Garlinghouse aims to create an environment conducive to technological advancement and the responsible growth of the crypto sector.

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2023-12-17 21:08:11 BlockFi Wallet Withdrawal Window Will Close On December 31

BlockFi, the crypto lending platform, issues a crucial reminder to eligible users to initiate withdrawals from their BlockFi wallet accounts. The deadline for submission is set at 11:59 p.m. UTC on December 31, 2023. Users are urged to complete withdrawal applications promptly to ensure swift receipt of cryptocurrency funds. Additionally, identity verification information requests must be submitted before January 12, 2024, 11:59 p.m. UTC.

Notably, unclaimed wallet distributions after the BlockFi wallet withdrawal window expires will be treated as restricted property under Section 347(b) of the United States Bankruptcy Code. Such unclaimed assets will be irretrievably returned to BlockFi, as stipulated in Article VI.C(6) of the Third Amended Joint Plan. Having successfully emerged from bankruptcy in October, BlockFi is now poised to repay creditors. This milestone enables the platform to pursue asset recovery from firms like Three Arrows Capital (also known as “3AC”) and FTX. Moreover, BlockFi can resume distributing assets to creditors and processing claims. The company emphasizes that BlockFi Interest Account (BIA) and Loan customers will gain access to withdrawal options for some assets in early 2024.

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2023-12-16 10:52:24 SafeMoon files for Chapter 7 bankruptcy after exec arrests, SEC charges

DeFi protocol SafeMoon filed for Chapter 7 bankruptcy protection on Thursday after the U.S. securities watchdog last month charged the firm for alleged fraud. SafeMoon filed the voluntary petition for bankruptcy to the United States Bankruptcy Court in the District of Utah on Thursday. The document was signed by chief restructuring officer Kenneth Ehrler. SafeMoon US LLC, has estimated assets in the range of $10 million to $50 million and estimated liabilities of $100,001 to $500,000.

The news comes after the Securities and Exchange Commission last month charged the firm and its executive team for alleged fraud and unregistered offering of crypto securities. The agency said SafeMoon’s three executives — Kyle Nagy, John Karony and Thomas Smith — failed to deliver promised profits and misappropriated investor funds for their own personal use. Karony and Smith were arrested last month, while Nagy remained at large. “As alleged, the defendants lied to SFM investors concerning whether SFM’s use of ‘locked’ liquidity was inaccessible to the defendants, as well as their personal holding and trading of SFM,” prosecutors said. SafeMoon token fell 14.4% over the past 24 hours as of Friday noon in Asia, according to data from CoinGecko.

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2023-12-15 10:03:11 SEC Chair Gary Gensler doesn't want to talk about 'crypto securities'

Securities and Exchange Commission Chair Gary Gensler didn't seem like he wanted to talk about crypto on Wednesday after a meeting focused on the U.S. Treasury market, rebuffing a reporter's question about the status of various applications for spot bitcoin ETFs. "The $26 trillion Treasury market, which is really the base of our entire capital markets. It's how we fund our government. It's how our Federal Reserve does monetary policy. It's how we maintain the dollar dominance around the globe.

The U.S. Treasury market is a very consequential, very important market. Crypto securities are not only much smaller, it's not how we fund our government. It's not how we conduct monetary policy. And for many investors, they've been harmed in that market. And they're being harmed because there's too much non-compliance. It's not just non-compliance with securities laws. It's non-compliance with a raft of other laws. The SEC is currently reviewing more than a dozen applications from asset management giants including BlackRock and Fidelity for what would be the country's first spot bitcoin fund. The price of the world's largest cryptocurrency by market capitalization has surged over recent months as analysts speculate that a decision could be getting closer.

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2023-12-14 10:12:22 Tether Scores Second-Lowest Rank in S&P Global Stablecoin Stability Assessment

Ratings company S&P Global introduced a stablecoin stability assessment on Tuesday, assigning scores from 1 (very strong) to 5 (weak) as a measure of how capable the cryptocurrency is at keeping to its fiat-currency peg. None of the eight stablecoins assessed warranted a 1. Three – Gemini dollar (GUSD), USD Coin (USDC) and Pax Dollar (USDP) – scored 2 and Tether (USDT), the largest stablecoin by market cap, was assigned 4 (constrained).

Stablecoins are often digital assets backed by real-world assets like the U.S. dollar and are meant to hold their value against those assets. Some, however, are not physically backed, and attempt to use mathematical algorithms to maintain their value. S&P's assessment considered quality risks, including credit, market value and custody risks as well as liquidation and overcollateralization among other criteria. USDT is the third-biggest crypto after bitcoin (BTC) and ether (ETH), with a market capitalization of over $90 billion, according to CoinGecko. Last November, as concerns circulated over the ability of crypto exchange FTX to continue functioning, it dropped 3% below its peg. The company attributed the drop to market volatility.

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