Bitcoin News and Finance: What You Need to Know

Over seven years ago, on April 30, 2016, the first decentralized autonomous organization (DAO) emerged, marking a significant shift in the digital world. However, just three months later, a cyberattack brought it down, leading to its unfortunate collapse. Today, the landscape has transformed dramatically, with numerous DAOs thriving, and 179 treasuries surpassing $1 million. In total, these organizations hold $18 billion in assets, both liquid and vested. As of 2023, the top five DAO treasuries alone hold $11 billion, spread across various token assets. 2023’s Leading DAOs Various sectors in the world of digital assets have been hit by the crypto winter but decentralized autonomous organizations (DAOs) have seen growth. In essence, a DAO stands as a digital governance model, orchestrated by smart contracts, with decisions documented on a blockchain. With 179 DAO platforms overseeing assets surpassing $1 million, the following is an overview of the top five DAOs as they stand in 2023...

America’s securities regulator has been urged to decide if it will approve a plan to transform Celsius Network into a bitcoin mining firm. The proposal seeks to repay customers of the bankrupt cryptocurrency lender with both crypto assets and stock in a new publicly traded mining entity. New York Judge Hopes for Expedited SEC Decision on Celsius’ Repayment Proposal Judge Martin Glenn, who oversees the bankruptcy of Celsius , has called on the U.S. Securities and Exchange Commission (SEC) to quickly decide whether it will authorize the company to transform itself into a crypto mining firm, Bloomberg reported. During a court hearing on Monday, Glenn told a lawyer representing the regulator that he hopes the SEC will expedite the decision-making process because Celsius and its creditors have quickly moved through Chapter 11. The judge was quoted as stating: The SEC will make whatever decision it believes is the correct one. I just hope the process will move forward, so if there are ...

U.S. Securities and Exchange Commission (SEC) Chair Gary Gensler has wished Bitcoin’s white paper a happy anniversary. In addition to his playful remark about Bitcoin creator Satoshi Nakamoto dressing up in a Halloween costume, Gensler issued a stern warning to crypto firms, emphasizing the importance of complying with securities laws. SEC Chair Gary Gensler’s Message on the Bitcoin White Paper’s 15th Anniversary The chairman of the U.S. Securities and Exchange Commission (SEC), Gary Gensler, has wished Bitcoin’s white paper a happy anniversary. In a post on social media platform X on Tuesday, the regulator wrote: “Happy 15th anniversary to Satoshi’s famous white paper that started crypto.” He also attempted to make a humorous remark regarding Bitcoin creator Satoshi Nakamoto’s Halloween costume, asking whether we would be able to tell if Satoshi dressed up as himself for Halloween. Gensler ended his post with a trick-or-treating message for crypto firms. “Any crypto companies tha...

Lawyers for Sam Bankman-Fried are seeking to instruct the jury that no trust or fiduciary relationship existed between the crypto exchange and its customers, a key part of the prosecution’s fraud case. Bankman-Fried’s Attorneys Question Trust Ties In an addendum to earlier requests, Sam Bankman-Fried ‘s attorneys argue that under English law, which governs FTX’s terms of service, no trust relationship arose between FTX and users. “The Terms of Service do not use the words ‘trust,’ ‘trust property,’ or ‘beneficial interest,'” the filing states. It adds that any language about fiduciary duties expressly disclaims such a relationship. The defense aims to counter the government’s claim that Bankman-Fried “engaged in a scheme to defraud customers” by misappropriating deposits. Prosecutors allege FTX customer funds were improperly diverted to Bankman-Fried’s trading firm Alameda Research. However, according to the defense, “subjective intentions are irrelevant” in determining if a...