Bitcoin News and Finance: What You Need to Know

The Brazilian Securities and Exchange Commission (CVM) has opened the doors for investment funds to invest in cryptocurrency. Resolution 175, drafted last year and coming into effect on October 2, defines the rules these institutions must follow to invest in crypto, with analysts predicting a rise in interest in the sector. Brazilian CVM Resolution 175 Comes Into Effect Resolution 175, introduced by the Brazilian Securities and Exchange Commission (CVM) last year, came into effect on October 2, officially opening the possibilities for investment funds to invest directly in crypto in Brazil. Brazilian analysts declared they believe the resolution will bring institutions to pursue more opportunities in the cryptocurrency sector. Now, investment funds can invest up to 10% of their portfolio in digital assets. However, there are some limits put forth by the CVM, as these institutions are only allowed to purchase cryptocurrencies from exchanges approved by the country’s central bank or

Shark Tank investor Kevin O’Leary, aka Mr. Wonderful, has expressed concerns that regulatory obstacles will drive crypto innovation away from the U.S. His comments followed a congressional hearing where Congress members grilled U.S. Securities and Exchange Commission (SEC) Chairman Gary Gensler over crypto regulation. O’Leary Expects Crypto Innovation to Leave the U.S. Shark Tank investor Kevin O’Leary, the chairman of O’Leary Ventures, shared his view on the future of the U.S. crypto industry in an interview with Fox Business on Friday. He began by commenting on the U.S. Securities and Exchange Commission (SEC) Chairman Gary Gensler’s congressional hearing where he was grilled by Congress members regarding crypto. Noting that he went to Washington D.C. and watched the hearing in person, O’Leary shared: “I watched him [Gensler] get fried like a chicken. It was unbelievable. The fortitude this man must have. The abuse he was taking. It was unbelievable.” Mr. Wonderful proceeded to

U.S. District Judge Analisa Torres rejected the Securities and Exchange Commission’s interlocutory appeal in the regulator’s lawsuit against Ripple, noting the SEC failed to explain why her prior decision was faulty. Torres set a trial date for April 2024 to address the remaining issues. SEC’s Appeal in Ripple Lawsuit Denied by Judge Torres, Trial Set for April 2024 In a decision unveiled Tuesday, the judge at the helm of the SEC’s litigation against Ripple dismissed the regulator’s interlocutory appeal . The SEC had tendered a motion to certify an interlocutory appeal of two judgments pertaining to XRP in the Ripple case. “The SEC’s motion for certification of interlocutory appeal is denied, and the SEC’s request for a stay is denied as moot,” Torres said in her ruling. Torres explained that the SEC had failed in demonstrating, within its appeal, that the decision was markedly faulty. Rewinding to July, she decreed that Ripple’s Programmatic Sales of XRP “did not constitute t

Tesla and Spacex CEO Elon Musk believes that fiat currency is a scam that is so normalized that we don’t even realize that it’s a scam. Many people share a similar view, including Rich Dad Poor Dad author Robert Kiyosaki, who has frequently cautioned against investing in the U.S. dollar and other fiat currencies, which he labels “fake” money. Elon Musk Thinks Fiat Currency Is a Scam The CEO of Tesla and Spacex, Elon Musk, believes that fiat currency is a scam. In a post on social media platform X, user Wall Street Silver shared an image with a question on Sunday: “What’s a scam that’s so normalized that we don’t even realize it’s a scam anymore?” Musk replied: “Fiat currency.” Musk has long been critical of fiat currency. In February 2021, he tweeted, “When fiat currency has negative real interest, only a fool wouldn’t look elsewhere.” He also compared fiat currency to BTC , stating: “Bitcoin is almost as bs as fiat money.” Nonetheless, he added: “The true battle is between fiat

Attorneys for Sam Bankman-Fried have written a letter to the judge, requesting the court block a government witness, a Ukrainian customer who “lost a substantial portion” of his life savings due to the FTX collapse. Bankman-Fried’s lawyers believe the witness’s testimony about hardships faced due to the Russian invasion of Ukraine would be irrelevant to the charges and highly prejudicial, as it would appeal unfairly to the jury’s sympathies. Bankman-Fried’s Attorneys Oppose Ukrainian Witness Testimony in FTX Legal Battle On Oct. 2, 2023, the law firm Cohen & Gresser submitted a letter to the judge presiding over the criminal case against the former FTX boss Sam Bankman-Fried . The government wants to allow a customer witness from Ukraine to testify remotely and detail how he “lost a substantial portion” of his life savings due to FTX’s demise. The lawyers insist allowing the Ukrainian witness to testify remotely would violate Bankman-Fried’s Sixth Amendment right to confront wi

Andrei Kostin, head of the VTB Bank, one of the biggest banks in Russia, has stated that the Society for Worldwide Interbank Financial Telecommunication (SWIFT), the standard messaging system for fiat payments, “needs to be killed.” Kostin remarked that the actions of the U.S. and its use of the dollar have awakened fears in other countries that are also seeking alternatives to the system. Kostin Signals Need for SWIFT to ‘Be Killed’ The Society for Worldwide Interbank Financial Telecommunication (SWIFT), a group that provides the standard messaging protocol for making cross-border transactions in the current global banking system, needs to “be killed,” according to recent statements of Andrei Kostin, head of the VTB Bank. Kostin, who leads the second-largest bank group in Russia, recognized that for this to happen, other countries have to complete a set of actions. At the recent International Banking Forum held in Sochi, Kostin stated : SWIFT – it needs to be killed for our calc

The Bank of Russia offered an update about the state of the digital ruble, the Russian central bank digital currency (CBDC), which is currently in a nationwide pilot. Elvira Nabiullina, governor of the Bank of Russia, stated that the pilot was “going as planned” and that more participants and use cases would be added next year. Bank of Russia on Digital Ruble Pilot: ‘Everything Going as Planned’ The Bank of Russia has offered an update about the digital ruble and the pilot testing the functionalities of the Russian central bank digital currency (CBDC). During a forum, Bank of Russia governor Elvira Nabiullina explained the project was still ongoing and that the institution was getting feedback testing the various functionalities of this new currency. Nabiullina stated : We started the pilot project on the digital ruble with real operations and with real clients in August. Here everything is going as planned, we are testing operations, first of all the opening of wallets, transfer

Some investors who invested in the South African bitcoin pyramid scheme MTI are set to receive part of their money back once a court rules on how liquidators are supposed to handle claims. Liquidators expect to make more than one payout to affected investors while the process itself is expected to last between two and three years. Net Losers to Get Between 50% and 60% of Their Money Back The liquidators of Mirror Trading International (MTI), an online bitcoin investment scam, are planning to start refunding victims once a court advises them on how to handle the claims, a report has said. According to Herman Bester, a co-director at Tygerberg Trustees, liquidators also want the court to clarify how deposits received from investors in the form of BTC are to be treated. However, according to a report in Mybroadband, Bester and his colleagues stopped short of confirming a plan that will see the so-called net losers only getting between 50% and 60% for every dollar they invested. The f

The Nasdaq-listed crypto exchange Coinbase has obtained a license from Singapore’s central bank, the Monetary Authority of Singapore (MAS), to provide services to both individuals and institutions. “We’ve identified Singapore as a vital market for Coinbase,” the crypto exchange emphasized. “The nation’s progressive economic strategies and approach to regulation sync well with our global mission and objectives.” Coinbase Expanding in Singapore Cryptocurrency exchange Coinbase (Nasdaq: COIN) announced Sunday that it has obtained a Major Payment Institution (MPI) license from the Monetary Authority of Singapore (MAS), the Singaporean central bank and financial regulator. Coinbase emphasized: This development, coming after our initial In Principle Approval, amplifies our commitment to the Singapore market, enabling us to expand our provision of Digital Payment Token services to both individuals and institutions in Singapore. The Nasdaq-listed crypto exchange received In Principle A

Bitcoin Policy UK has urged the British government to review Chase Bank’s policy to decline all crypto payments. “It is, of course, the stated policy of this Government that the U.K. become a crypto asset hub, but it is hard to square this policy aim with the actions of this U.K.-regulated bank,” the crypto advocacy group wrote. UK Government Urged to Review Chase Bank’s Anti-Crypto Policy Bitcoin Policy UK sent a letter to Economic Secretary to the Treasury Andrew Griffith MP, on Sept. 28, raising concerns about Chase Bank’s new policy to block all crypto payments. Chase is a registered trademark and trading name of J.P. Morgan Europe Ltd. The British bank informed its customers in the U.K. last week that it will decline all crypto-related payments beginning Oct. 16. “We write to express our deep concern regarding the recent decision by Chase Bank to decline customer payments relating to crypto assets,” the crypto advocacy group wrote, adding: It is, of course, the stated polic

The U.S. Securities and Exchange Commission (SEC) and several other top financial regulators have issued several warnings regarding investing in crypto assets as part of this year’s World Investor Week. “The risk of loss for individual investors who participate in transactions involving crypto assets, including crypto asset securities, remains significant,” the regulators stressed. Crypto Warnings Highlighted in World Investor Week The SEC’s Office of Investor Education and Advocacy (OIEA) issued an Investor Bulletin on Sept. 29 as part of this year’s World Investor Week. This global campaign, promoted by the International Organization of Securities Commissions (IOSCO), aims to raise awareness about the importance of investor education and protection. The bulletin is a collaborative effort involving the SEC, the Financial Industry Regulatory Authority (FINRA), the Commodity Futures Trading Commission (CFTC), the National Futures Association (NFA), the Securities Investor Protection

Following his conviction for unlicensed money transmission, money laundering, and tax evasion at the close of December 2022, Keene dweller, libertarian activist, and Free Talk Live co-anchor, Ian Freeman has been sentenced to eight years behind bars this Monday. His fellow Free Talk Live co-host, Mark Edge, explained that an appeal is poised to trail the verdict. Libertarian Broadcaster Handed 8-Year Sentence for Selling Bitcoin As the concluding defendant in the Crypto Six saga, Ian Freeman faced a federal judge’s verdict on Monday, following his conviction at December’s end. During the interlude before sentencing, Freeman remained unconfined, but post-sentencing, U.S. Marshals escorted him to incarceration. At 43, Freeman articulated to the court his belief of not having trespassed the law, stating his crypto sales venture aimed to propagate cryptocurrency adoption. Post-sentencing, Mark Edge, Free Talk Live’s co-host, penned : Ian Freeman received 8 years in federal prison

After the FTX hacker transferred 5,000 ethereum ( ETH ) valued at $8 million in purloined assets, the cybercriminal shifted an additional 25,000 ether, totaling $43.15 million. Yet, even after relocating tens of millions of dollars in ethereum, the FTX wallet drainer still holds a whopping 155,749 ETH , currently valued at slightly above $268 million. FTX Hacker Moves 30,000 Ether In the past three days, the individual responsible for the FTX theft has shifted a total of 30,000 ETH , worth approximately $51.15 million based on current ETH values. Following two initial transfers of 2,500 ETH each, subsequent movements were 1,250 ETH , 2,500 ETH , 1,500 ETH , 4,750 ETH and two separate transfers of 7,500 ETH each. The hacker’s holdings also include 155,749 ETH valued at $268 million, 3.97 million tether ( USDT ), 1.68 million DAI and 1.57 BTC , along with a variety of other crypto assets and ERC20 tokens. This news emerges as former FTX CEO Sam Bankman-Fried prepares for his O

In the world of cryptocurrencies, the emergence of Shiba Budz (BUDZ) has sparked a notable revolution in the realm of decentralized gaming. This development is characterised by the innovative use of blockchain technology to enhance gaming processes and establish secure on-chain marketplaces, creating a foundation for transparent and secure transactions. The central goal of this revolution is to decentralize meme gaming, fostering cross-chain compatibility and encouraging various gaming communities to participate in the Shiba Budz (BUDZ) ecosystem. At the heart of Shiba Budz (BUDZ) revolution lies a commitment to sustainability, seamlessly integrating gaming culture with environmental consciousness. Users are provided with the unique opportunity to engage in virtual farming, staking, and earn BUDZ through gaming competitions and rewards. Each user can immerse themselves in the role of a virtual cannabis entrepreneur and participate in the trading of virtual items for BUDZ or other i

Welcome to Latam Insights, a compendium of Latin America’s most relevant crypto and economic news during the last week. In this issue: Brazil launches a blockchain-based ID card, the Venezuelan cryptocurrency watchdog Sunacrip extends its restructuring period, and Buenos Aires launches a “self-sovereign” blockchain ID program. Brazil Launches Nationwide Blockchain-Based ID The government of Brazil announced the implementation of a nationwide blockchain-based ID card that will centralize the identity function of all states. Selected states, including Goias, Parana, and Rio de Janeiro, will begin issuing the National Identity Card immediately, with all states having to adopt it by November 6. The digital document will serve as a weapon to fight identity theft in Brazil, as the card includes a QR code that will be used to verify the authenticity of the ID and other documents linked with it. Alexandre Amorim, president of Serpro, the federal company that developed the ID system, comme

In a letter to the judge published Saturday, prosecutors laid out plans to call customers, investors, and co-conspirators to testify in next week’s trial of Sam Bankman-Fried. The former CEO of cryptocurrency exchange FTX faces charges of fraud and conspiracy for allegedly misusing customer funds. Investors and Customers to Testify in Fraud Trial of Crypto Magnate Sam Bankman-Fried Sam Bankman-Fried’s trial , slated to begin next week, will feature investors and customers, according to a letter penned by Damian Williams, the U.S. attorney for the Southern District of New York. Additionally, there will be co-conspirator testimonies from FTX senior personnel such as Zixiao (Gary) Wang, Caroline Ellison , Nishad Singh and Ryan Salame. Prosecutors say customer testimony will show that users deposited funds on FTX expecting the company would keep the assets safe and separate from its own funds. This relates to charges that Bankman-Fried violated customers’ trust, the letter discloses.

Licensed crypto mining companies have urged the government in Kazakhstan to revise its taxation policy regarding the sector, which they say is in dire straits. The largest mining firms plan to leave the Central Asian nation by the end of this year, warned the members of the industry. Miners Criticize Kazakhstan Government’s ‘Unbalanced’ Tax Rules Crypto mining businesses, authorized to operate in Kazakhstan, have complained about the high production costs since the government limited their access to subsidized electricity and imposed a progressive scale for a surcharge they are required to pay for the power they use. In an open letter to President Kassym-Jomart Tokayev, eight companies involved in the minting of digital currencies called for a revision of the applicable tax rules. Warning authorities that Kazakhstan’s mining sector is now “in extremely dire straits,” they also revealed: Today, all the largest representatives of the industry have suspended their activities and p

The U.S. Securities and Exchange Commission (SEC) announced charges against an accounting firm that worked for failed cryptocurrency exchange FTX. The company, Prager Metis, has been accused of facilitating clients in breaking federal securities laws and also auditor independence violations. FTX Accountant Prager Metis Charged With Auditor Rules Violations The U.S. securities regulator has charged accounting firm Prager Metis CPAs, LLC and its California professional services firm, Prager Metis CPAs, LLP with violating auditor independence rules while also aiding and abetting clients’ violations of America’s securities laws. In its complaint, filed in the U.S. District Court for the Southern District of Florida, the SEC claims that between December 2017 and October 2020 Prager included indemnification provisions in engagement letters for more than 200 audits, reviews, and exams. It alleges: Prager was not independent from its clients for those engagements, as required under the f

As of October 1, 2023, $39.50 billion is nestled within decentralized finance (defi) platforms. Let’s dive into the top five categories, spotlighting the diverse array of defi protocols, the count of these applications, and the wealth they encompass. A Look at 5 Defi Categories Commanding Billions in Crypto Assets Defillama.com , a decentralized finance (defi) industry aggregator, showcases an array of defi protocols, their underlying blockchains, and their held values. It features around 35 unique categories of applications. Dominating the scene are liquid staking derivatives applications, with 119 of them controlling $23.05 billion. Liquid staking derivatives represent tokens that are backed by staked assets in blockchain networks, allowing users to remain liquid while their assets are staked. In essence, they let you earn staking rewards without locking up your assets, by converting them into tradable tokens. Lending, the runner-up in the defi realm, encompasses protocols ena

On September 29, 2023, the asset management firm Vaneck unveiled an initiative to earmark 10% of its profits from its ethereum ( ETH ) exchange-traded fund (ETF) towards protocol development for at least ten years. This financial infusion will be given to the Protocol Guild, a consortium of over 150 core Ethereum developers, fueling their quest to further refine and grow the Ethereum protocol. A Decade-Long Commitment to Ethereum Development Vaneck is set to contribute 10% of its ethereum futures ETF profits to the advancement of Ethereum, as revealed in a statement released on the social media platform X this past Friday. “We intend to donate 10% of our EFUT ETF profits to Protocol Guild for at least 10 years,” the firm said . “Thank you, Ethereum contributors, for nearly a decade of relentless building & ongoing stewardship of this common infrastructure.” The Protocol Guild encompasses over 150 Ethereum core developers, with an onchain registry bearing testimony to its membe

As markets continue to move sideways, crypto companies are trying to increase user engagement through airdrops. Among them are some well-known names in the space as well as new projects searching for their place. They all seek to arouse interest in digital money and their own products with giveaways of coins and tokens. From Binance Rewards to Wall Street Memes, October Brings a Number of Airdrops Airdrops are a popular way to win some crypto by interacting with new or well-established platforms in the industry, a reward for those who are willing to get involved, see potential, or are simply out hunting for some free digital cash. Not least, they offer newcomers an opportunity to try cryptocurrency, and not necessarily after spending fiat. The world’s largest cryptocurrency exchange, , has been at loggerheads with regulators around the world this year and the clash has brought it bad publicity. However, despite the challenges, including legal battles , probes, and de-banking in t

Crypto lender Blockfi is moving closer to returning funds to clients after a bankruptcy judge confirmed its Chapter 11 plan on Tuesday. The plan outlines a process for the company to distribute the remaining assets to clients and attempt to recover additional funds. Blockfi Advances on Client Asset Reimbursement Following Chapter 11 Plan Approval With over 90% of voting creditors approving the plan, Blockfi expressed optimism about providing client recoveries relatively quickly compared to similar crypto bankruptcies. The plan confirmation comes after Blockfi originally filed for bankruptcy protection in November 2022, amid the broader crypto market downturn. Under the approved plan, Blockfi will first distribute the remaining digital assets back to clients with funds in Blockfi Wallet accounts. The company will then make an initial distribution to clients with funds in Blockfi Interest Accounts (BIAs) and retail crypto-backed loans. “Over the coming months, you will receive an e

Bitcoin.com, one of the world’s leading cryptocurrency wallet developers and news portals, has partnered with the Busan International Film Festival as a major sponsor. The Busan International Film Festival (BIFF), held annually in South Korea, is one of the most significant film festivals in all of Asia. By sponsoring the event Bitcoin.com seeks to support artistic endeavors and reach new audiences. The 28th Busan International Film Festival will take place on October 4-13, 2023 at the Busan Cinema Center in Busan, South Korea. The festival will showcase the best of Asian cinema and feature various events and programs, such as master classes, open talks, hand-printing ceremonies, and awards ceremonies. The opening film will be Because I Hate Korea by Jang Kun-jae, and the closing film will be The Movie Emperor by Ning Hao. The festival will also honor Hong Kong star Chow Yun-fat with the Asian Filmmaker of the Year award. You can find more information about the festival on its offici