Bitcoin News and Finance: What You Need to Know

Global investment bank JPMorgan expects its digital currency, JPM coin, to “start taking off.” The bank says JPM coin could handle $10 billion in daily transactions in the next year or two, according to its global head of financial institution payments. He emphasized that JPM coin transactions should grow at least five to tenfold. JPMorgan’s JPM Coin Poised to Handle $10B Daily Global investment bank JPMorgan’s global head of financial institution payments, Umar Farooq, discussed the bank’s own digital currency, JPM coin, on Wednesday in an interview with Bloomberg on the sidelines of the Singapore Fintech Festival. Farooq expressed his optimism for JPM coin transactions to grow at least five to tenfold, emphasizing the potential for daily transactions with JPM coin to reach $10 billion within the next year or two. He opined: We really think it’s going to start taking off. JPMorgan described JPM coin as “a permissioned system that serves as a payment rail and deposit account l...

Fifty-eight U.S. lawmakers have probed President Joe Biden and Treasury Secretary Janet Yellen regarding Hamas’ digital asset operations, as well as whether the U.S. has had success in seizing illicit cryptocurrencies. Despite reports that terrorist groups have raised millions in crypto, the lawmakers stressed: “It remains unclear how much, if any, of the publicly identified digital assets are accessible to or remains in the possession of Hamas.” Lawmakers Want Answers From Biden, Yellen Fifty-eight U.S. lawmakers sent a bipartisan letter to President Joe Biden and Treasury Secretary Janet Yellen on Wednesday seeking answers regarding Hamas’ crypto operations, including the group’s “ability to utilize digital assets to finance its operations.” The fact-finding letter aims to help Congress gain a better understanding of Hamas’ use of cryptocurrencies. Noting that Congress needs “greater context around Hamas’s operations,” the lawmakers, including U.S. Representatives Tom Emmer (R-M...

U.S. presidential candidate Vivek Ramaswamy has unveiled his “Three Freedoms of Crypto” policy framework. He stated that as President, he will ensure that innovative sectors, including crypto, are “liberated from the shackles of the unconstitutional shadow government.” He expects to rescind most, if not all, of the U.S. Securities and Exchange Commission (SEC) regulations that apply to cryptocurrencies. Vivek Ramaswamy’s Crypto Policy U.S. presidential candidate Vivek Ramaswamy unveiled his cryptocurrency policy on Thursday. He wrote on social media platform X: Rolling out my ‘Three Freedoms of Crypto’ policy framework at the North American Blockchain Summit this morning in Texas. “Since the inception of crypto, the shadow government in the administrative state in Washington, D.C., and its cronies on Wall Street have tried to quash its rise. They have implemented policies through the *backdoor* using administrative rule-making and arbitrary enforcement that Congress never passe...

A critical vulnerability in early cryptocurrency wallets, identified by cybersecurity startup Unciphered, threatens billions of dollars in digital assets. Originating from a flaw in the BitcoinJS software used for wallet generation between 2011 and 2015, this issue exposes wallets to potential exploitation. Millions of users are being urged to transfer their assets to wallets generated with updated, secure software. Report Shows Early Crypto Wallets Exposed to Billion-Dollar Vulnerability Unciphered ‘s exhaustive 22-month investigation has unearthed a significant flaw in BitcoinJS, a widely used browser-based cryptocurrency wallet generation tool. This flaw stems from the SecureRandom function in the JSBN javascript library, compounded by weaknesses in major browsers’ Math.random implementations. This vulnerability, affecting wallets created from 2011 to 2015, makes them susceptible to attacks, with earlier wallets being more vulnerable. Unciphered disclosed that it has coordinate...

Ark Invest CEO Cathie Wood says the crypto ecosystem will be dominated by bitcoin and ether and will scale from about $1 trillion today to $25 trillion in 2030. “The regulatory breakthrough is very important to bring institutions online,” said the asset manager, emphasizing that the partnership between Blackrock, the world’s largest asset manager, and the Nasdaq-listed crypto exchange Coinbase “ is going to be very important.” Cathie Wood’s Crypto Market Outlook: $25T by 2030 Cathie Wood, the CEO and CIO of Ark Investment Management (Ark Invest), discussed the future outlook for the crypto industry and the potential approval of spot bitcoin exchange-traded funds (ETFs) by the U.S. Securities and Exchange Commission (SEC) in an interview with CNBC on Tuesday. Wood is optimistic about the SEC approving spot bitcoin ETFs, pointing to “significant” changes in the current regulatory landscape compared to a year ago. She mentioned, “The SEC actually asked us questions,” referring to Ark’...

The U.S. Securities and Exchange Commission (SEC) has published its latest enforcement results relating to crypto assets. “Fiscal year 2023 was another highly productive and impactful year for the SEC’s enforcement efforts relating to crypto asset securities,” the regulator described. “The investing public benefits from the Division of Enforcement’s work as a cop on the beat,” SEC Chairman Gary Gensler claimed. SEC’s FY 2023 Crypto Enforcement Actions The U.S. Securities and Exchange Commission (SEC) announced its enforcement results for the fiscal year 2023 on Tuesday. The securities regulator revealed that it filed 784 total enforcement actions, a 3% increase over fiscal year 2022. SEC Chair Gary Gensler commented: The investing public benefits from the Division of Enforcement’s work as a cop on the beat. Regarding crypto assets, the SEC stated: “Fiscal year 2023 was another highly productive and impactful year for the SEC’s enforcement efforts relating to crypto asset securit...

PRESS RELEASE. Polytrade , a leading real-world asset protocol, is taking a major step in its evolution, demonstrating its unwavering commitment to addressing the critical issues surrounding real-world assets. The platform is changing the way RWAs are aggregated and serves as a comprehensive solution for discovering, tokenizing, and facilitating liquidity for real-world assets. Though the supply of real-world assets has seen significant improvement in recent times, the challenge remains on the demand side. The real-world asset space needs a dedicated platform purpose-built to facilitate discovery, primary sales, and secondary liquidity. Polytrade is stepping up to fill this crucial void by building an RWA Marketplace, the foremost platform that solves these issues. Polytrade’s RWA Marketplace will serve as a dynamic hub where diverse assets find their value and participants can confidently interact in a secure environment. The marketplace shall have solutions not just for buyers, b...

The National Hockey League, the NHL Players’ Association, and the NHL Alumni Association have collaborated with the non-fungible token (NFT) firm Sweet to introduce NHL Breakaway, a digital collectibles platform. The NHL says the collectibles enable fans globally to collect, gift, trade, and showcase highlights and significant moments from NHL history. NHL Partners With Sweet; Launches New Digital Collectibles Experience for Fans According to the announcement on Wednesday, NHL Breakaway marks a new phase in the realm of sports digital collectibles. Sweet , in collaboration with the NHL and its associates, disclosed that it has leveraged the hockey league’s extensive highlight archives to develop an immersive experience for users. The platform allows fans to acquire packs that include highlights, uniquely packaged with various camera angles and the natural sounds of the game. Tom Mizzone, CEO of Sweet, commented on the collaboration: “In this groundbreaking partnership, we’re not j...

Over 40 countries have agreed to implement the crypto reporting framework developed by the Organisation for Economic Co-operation and Development (OECD) as mandated by the G20. The widespread, consistent, and timely implementation of this crypto reporting framework “will further improve our ability to ensure tax compliance and clamp down on tax evasion, which reduces public revenues and increases the burden on those who pay their taxes,” they said. 48 Jurisdictions Implementing OECD’s Crypto Reporting Framework Forty-eight jurisdictions, including more than 40 countries, issued a joint statement on Friday regarding the implementation of the Crypto-Asset Reporting Framework (CARF), developed by the Organisation for Economic Co-operation and Development (OECD), as mandated by the G20. The statement was jointly issued by Armenia, Australia, Austria, Barbados, Belgium, Belize, Brazil, Bulgaria, Canada, Chile, Croatia, Cyprus, Czech Republic, Denmark, Estonia, Finland, France, Germany,...

Rich Dad Poor Dad author Robert Kiyosaki has cautioned that fiat money is not safe, emphasizing that central banks are buying gold to save themselves. He urged investors to safeguard themselves against central bankers and reiterated his advice to invest in gold, silver, and bitcoin. Is Fiat Money Safe? Robert Kiyosaki Says ‘Hell No’ The author of Rich Dad Poor Dad, Robert Kiyosaki, has urged investors to protect themselves from central bankers, emphasizing that fiat money is not safe. Rich Dad Poor Dad is a 1997 book co-authored by Kiyosaki and Sharon Lechter. It has been on the New York Times Best Seller List for over six years. More than 32 million copies of the book have been sold in over 51 languages across more than 109 countries. The famous author wrote on X Saturday: Central banks like Fed are buying gold. Does this mean fiat money is safe? Hell no! “Central bankers are saving themselves from their own incompetence, that’s why they buy gold. Their job is to protect the ...

Shark Tank investor Kevin O’Leary, aka Mr. Wonderful, has cautioned that it could take another year and a half for the U.S. Securities and Exchange Commission (SEC) to approve a spot bitcoin exchange-traded fund (ETF). He emphasized that we will not see a spot bitcoin ETF in the U.S. until there is a crypto exchange that’s compliant with the SEC. Kevin O’Leary’s Spot Bitcoin ETF Prediction Shark Tank investor Kevin O’Leary, the chairman of O’Leary Ventures, discussed the potential approval of spot bitcoin exchange-traded funds (ETFs) by the U.S. Securities and Exchange Commission (SEC) at the Benzinga Fintech Deal Day & Awards on Monday. O’Leary believes that increased regulatory clarity is necessary for the SEC to approve a spot bitcoin ETF. He explained that a spot bitcoin ETF needs a transparent and compliant crypto exchange to confirm the spot market pricing daily, emphasizing that the SEC will not approve one until there is such an exchange. He predicted: There’s not g...

In a recent interview, Adrian Day, CEO of Adrian Day Asset Management, shared his insights, positing a looming economic downturn in the U.S. Day critically analyzed the Federal Reserve’s actions, explaining their expected impacts on the nation’s economy. Adrian Day: Recession Looms Like an Oncoming Train On November 8, 2023, Adrian Day the founder and CEO of Adrian Day Asset Management spoke with Michelle Makori, the lead anchor and editor-in-chief at Kitco News at the New Orleans Investment Conference 2023. During the interview , Day voiced concerns about the U.S. economy’s trajectory towards recession , deeming it “inevitable” due to the delayed repercussions of monetary policy tightening. He noted the historical sequence where recessions ensue rate hiking cycles, highlighting that the average delay from rate hikes’ commencement to recession onset spans approximately 22 months. This perspective indicates that the U.S. might not yet have fully grappled with the Federal Reserve’s m...

João Pedro Nascimento, president of the Brazilian Securities and Exchange Commission (CVM), believes that drex, the Brazilian central bank digital currency (CBDC), will “kill” many cryptocurrencies. While established cryptocurrencies like bitcoin and ethereum will keep being used in the country, drex will impact the adoption of smaller and less-known crypto projects, Nascimento stated. CVM President: Brazilian CBDC Drex to End Lesser Cryptocurrencies The Brazilian government has high hopes for the future of drex, the Brazilian central bank digital currency (CBDC). João Pedro Nascimento, the head of the Brazilian Securities and Exchange Commission (CVM), stated that the issuance of drex will kill many cryptocurrencies due to several factors. During a financial symposium, Nascimento stated that while larger and already established cryptocurrencies will be safe, drex will sip away attention from lesser-known cryptocurrency projects by offering many of their functionalities in just on...

The world’s largest asset manager, Blackrock, has outlined why the U.S. Securities and Exchange Commission (SEC) “must” approve spot Ethereum exchange-traded funds (ETFs). Nasdaq, which has filed with the SEC to list and trade shares of Blackrock’s spot ether ETF, believes that approval of a spot ETH ETF would be “a major win for the protection of U.S. investors” in the crypto space. Blackrock Argues SEC ‘Must’ Approve Spot Ether ETF Blackrock, the world’s largest asset manager, has argued that the U.S. Securities and Exchange Commission (SEC) must approve spot ether exchange-traded funds (ETFs) like the one it seeks to launch. Nasdaq Stock Market filed with the SEC to list and trade shares of Blackrock’s spot ether ETF called “Ishares Ethereum Trust” last week after the asset manager registered the fund with Delaware’s Division of Corporations. In its SEC filing , Nasdaq Stock Market LLC detailed that the sponsor of Blackrock’s spot ether ETF is Ishares Delaware Trust Sponsor LL...

Welcome to Latam Insights, a compendium of Latin America’s most relevant crypto and economic news during the last week. In this issue: The Central Bank of Brazil confirms that unlicensed exchanges can still operate in the country; El Salvador will integrate Lightning Network transactions in its Chivo ATM network; and Trubit raises $6.25 million to expand crypto adoption in Latam. Central Bank of Brazil Clarifies Exchanges Still Don’t Need Licenses to Operate The Central Bank of Brazil issued a statement clarifying the state of the cryptocurrency regulation in the country regarding the operation of unlicensed exchanges. In its 40,874 communication, the bank revealed that the conditions and deadlines for virtual assets services providers (VASPs) to adapt to Brazil’s cryptocurrency law would be established in a normative act later. Furthermore, João André Calvino Marques Pereira, head of the financial system regulation department of the bank, revealed that crypto platforms can still ...

Rumors circulated on Monday that Blackrock, the world’s largest asset manager, has registered to launch an XRP exchange-traded fund (ETF), following its registration of a spot ether ETF. However, Blackrock quickly denied the rumor, confirming that it has not filed to launch an XRP exchange-traded product. Blackrock Hasn’t File to Launch XRP ETF As enthusiasm for cryptocurrency exchange-traded funds (ETFs) grows, rumors spread on social media Monday that Blackrock, the world’s largest asset manager, had registered a spot XRP ETF called “Ishares XRP Trust.” However, several people soon debunked the rumor, including Bloomberg Senior ETF Analyst Eric Balchunas, who alerted his followers on social media platform X that the news is false, citing confirmation from Blackrock. He wrote that “some whacko must have added” the fake information using Blackrock executive names. The fake news sent the price of XRP soaring 7% before losing all of its gains. In September, rumors circulated ...

Amidst the global wave of new retail investment, France’s Autorité des Marchés Financiers (AMF) has observed a significant uptick in the number of individuals holding crypto assets. A study conducted by the AMF, supported by the Technical Support Instrument of the EU, reveals that as of 2023, 9% of French adults own crypto assets. Young French Investors Favor Crypto Over Stock Market, AMF Study Shows The AMF survey , which included over a thousand new retail investors in France, shows that 24% of French adults have investments in various financial instruments. Among these, a notable proportion has invested in cryptocurrencies. While traditional investments continue to dominate portfolios, the inclination towards crypto assets, especially among the youth, highlights a generational shift in investment preferences and the progressive adoption of digital finance solutions in the country. The profile of these new investors is younger and more diverse than ever before, with an average a...

Binance CEO Changpeng Zhao (CZ) has shared a story of how executives of a Binance client were abducted and forced to empty their crypto wallets. CZ detailed how the cryptocurrency exchange was able to track the transactions and freeze over 94% of the stolen funds. CZ Shares Story of How Binance Freezes Stolen Funds Binance CEO Changpeng Zhao (CZ) shared a story of how the crypto exchange froze stolen funds on social media platform X Friday. Noting that the event was real, he explained that executives of a client were abducted while on a business trip in Montenegro. Emphasizing that they were forced to empty their crypto wallets, CZ said the executives suffered a total loss of about $12.5 million. Zhao detailed that Binance investigated the on-chain activities of the crypto transactions and reached out to its partners to freeze the wallet with stolen funds. He revealed that all the funds were taken in tether ( USDT ) and transferred to a Tron wallet. According to CZ, Binance managed...

Global investment bank JPMorgan has warned investors that U.S. crypto regulations are unlikely to ease, even though the Securities and Exchange Commission (SEC) has lost several recent court cases against crypto firms. “It is far from clear that the regulatory tightening of the crypto industry will lessen significantly going forward given how unregulated this industry is,” said JPMorgan’s analysts. JPMorgan Sees Continued Crypto Regulatory Tightening JPMorgan’s analysts explained in a note last week that cryptocurrency regulations in the U.S. are unlikely to ease even after the U.S. Securities and Exchange Commission (SEC) lost several legal battles against crypto firms. Citing optimism in the crypto space regarding the approval of spot bitcoin exchange-traded funds (ETFs) by the SEC, the JPMorgan analysts cautioned that a spot bitcoin ETF approval does not signal a complete regulatory shift toward the crypto industry. Citing two legal cases where the courts ruled against the secur...

Local reports suggest that Bithumb, a prominent crypto exchange in South Korea, is contemplating a public listing in 2025. Insider information indicates that Bithumb is considering a debut on Kosdaq and might transition to the Korea Exchange (KOSPI) platform in the future. Bithumb Targets Kosdaq Listing; Chooses Samsung Securities as Its Fund Manager According to Edaily , a South Korean news outlet, Bithumb could pursue an initial public offering (IPO) by 2025. Yoo Kyung Lim, a journalist, noted that the exchange’s potential IPO strategy is seen as an ambitious effort to surpass Upbit’s market supremacy. Upbit currently holds an 85% share of South Korea’s cryptocurrency trading market. The briefing highlights Lee Jung-hoon’s comeback as the major stakeholder on Bithumb’s board, with a focus on fortifying the firm’s governance. Sources close to the situation reveal that Bithumb has appointed Samsung Securities as its fund manager, with IPO preparations already underway. The exchan...