Bitcoin News and Finance: What You Need to Know

Coinbase revealed a campaign to move more than 52 million U.S.-based cryptocurrency holders to call for clear and precise regulation. The push, part of a countrywide initiative, will be supported by a paid media campaign across multiple platforms but directed to nine states where most crypto owners are concentrated. Coinbase Calls Crypto Holders to Action Coinbase, the largest U.S.-based cryptocurrency exchange, has unleashed a campaign that seeks to leverage 52 million crypto holders in the country to ask for clear regulation in the cryptocurrency industry. According to the exchange, clear laws in the field will benefit crypto and non-crypto holders alike, who collectively believe the current financial system needs a change. The first phase of this campaign aims to organize the community to move out of X (formerly known as Twitter) and to take this battle to phone calls, mobilizing crypto users to “take one minute of their day to call their member of Congress and ask them to pass...

Presidential hopeful Vivek Ramaswamy is working on a crypto policy framework that he aims to finalize by Thanksgiving. The Republican criticized the regulation-by-enforcement approach of U.S. government agencies like the securities regulator under the administration of President Joe Biden and vowed to cut three-fourths of their personnel. Presidential Candidate Vivek Ramaswamy Preparing His Crypto Platform Vivek Ramaswamy, one of the contenders for the Republican Party’s nomination for the 2024 U.S. presidential election, is drafting a crypto policy framework. The Bitcoin-friendly candidate wants to present his platform by Thanksgiving. On Thursday, Ramaswamy unveiled his plan at the Messari Mainnet conference, catching the attention of U.S. media and exciting members of the crypto community. The right-wing politician said the blueprint is 75% ready, asking the audience for input. @VivekGRamaswamy in the house at Mainnet talking crypto, regulation, and running for president pic....

According to a new update from the Mt Gox trustee, Nobuaki Kobayashi, the repayment deadline for creditors has been pushed to next year. Kobayashi said discussions with banks, fund transfer service providers and designated cryptocurrency exchanges have caused delays, making it impossible to meet the original repayment deadline. Mt Gox Trustee Delays Payments Nobuaki Kobayashi, the Mt Gox trustee in charge of the funds owed to the exchange’s creditors, updated the public on September 21, 2023. According to the trustee, because of lengthy discussions with specific payment providers, Kobayashi could not make the October 31, 2023 deadline. Because of this reason, the repayments will start next year. “Therefore, with the permission of the Tokyo District Court, the rehabilitation trustee has changed the deadline of the base repayment, the early lump-sum repayment, and the intermediate repayment from October 31, 2023 (Japan Time) to October 31, 2024 (Japan Time), respectively,” the lett...

An ex-employee of Alameda Research has revealed that a trading blunder from the firm precipitated an astonishing 87% plunge in bitcoin’s ( BTC ) price on the Binance US exchange. This mishap, the insider disclosed, resulted in losses reaching the “order of tens of millions.” An Alameda Trader’s ‘Fat Fingers’ Triggered a Flash Crash on Binance US in 2021 A past associate of Sam Bankman-Fried’s crypto trading entity, Alameda Research, has been candid about his experiences within the firm. Aditya Baradwaj, on August 23, recounted that during his engineering tenure at Alameda, he saw his “entire life savings stolen”, pointing fingers at Bankman-Fried. Baradwaj shared that in his 18 months at Alameda, his personal and professional trajectory shifted dramatically. Fast forward to September 20, Baradwaj delved into an incident from October 21, 2021. On that day, bitcoin’s ( BTC ) valuation flash crashed by a staggering 87% on Binance US, only to rebound shortly after. He recounted that ...

The Hong Kong Monetary Authority said on Sept. 10 that crypto firms presenting themselves as banks are in contravention of the region’s Banking Ordinance. The HKMA argued such descriptions “may mislead members of the public into believing that those crypto firms” are financial institutions that they can trust. False Descriptions Contravene Banking Ordinance The Hong Kong Monetary Authority (HKMA) has told crypto firms to desist from the practice of falsely describing themselves as banks or characterizing their products as “deposits.” According to the Hong Kong financial services regulator, crypto firms engaged in this practice are in contravention of Hong Kong’s Banking Ordinance. In a statement issued on Sept. 15, the HKMA said it is aware that some crypto businesses portray or describe themselves as crypto asset banks and digital banks. The regulator also warned crypto firms claiming to offer banking services or banking accounts. The HKMA argued such descriptions “may mislead me...