Bitcoin News and Finance: What You Need to Know

The head of the International Monetary Fund (IMF) has called for clear crypto regulations worldwide, cautioning that high crypto adoption could undermine macro-financial stability. “Our goal is to make a more efficient, interoperable, and accessible financial system by providing rules to avoid the risks of crypto, and infrastructure by leveraging some of its technologies,” she stressed. IMF on Crypto Adoption and Financial Stability International Monetary Fund (IMF) Managing Director Kristalina Georgieva called for the establishment of clear regulations and robust infrastructure worldwide to mitigate the risks associated with crypto assets at an international conference in Seoul on Thursday. The two-day conference, titled “Digital Money: Navigating a Changing Financial Landscape,” was jointly hosted by the IMF, the Bank of Korea, the Korean Ministry of Economy and Finance, as well as the Korean Financial Services Commission. The IMF chief cautioned: The challenge is that high cry...

A finance professor at Georgetown University has urged the U.S. Securities and Exchange Commission (SEC) to avoid micromanaging the creation/redemption process for spot bitcoin exchange-traded funds (ETFs). While the SEC proposed the cash creation method, applicants like Blackrock and Fidelity have advocated for the in-kind creation method. “Now that the Commission has seemingly become comfortable with allowing spot bitcoin ETFs to trade in the U.S., it should not squander this positive development by forcing a suboptimal product (cash-only creation/redemption) to come to market,” said the professor. Georgetown Professor Urges SEC to Let Spot Bitcoin ETFs Use In-Kind Creation Method James Angel, an Associate Professor of Finance at Georgetown University, penned a letter to the U.S. Securities and Exchange Commission (SEC) on Tuesday regarding all proposals for spot bitcoin exchange-traded funds (ETFs) that the regulator has received. Professor Angel specializes in the market structu...

U.S. Securities and Exchange Commission (SEC) Chairman Gary Gensler has revealed that the regulator is taking a new look at spot bitcoin exchange-traded fund (ETF) applications based on recent court rulings. “We had in the past denied a number of these applications, but the courts here in the District of Columbia weighed in on that,” Gensler explained. Gensler: ‘We’re Taking a New Look’ The chairman of the U.S. Securities and Exchange Commission (SEC), Gary Gensler, answered some questions regarding spot bitcoin exchange-traded fund (ETF) applications in an interview with CNBC on Thursday. “We have, I think, between eight and a dozen filings … that’s going through the process right now,” Gensler explained, emphasizing that as the chairman of the SEC, he’s not going to prejudge any particular filing. According to public records, there are currently 13 spot bitcoin ETF applications pending at the SEC. “As you might know, we had in the past denied a number of these applications, but ...

In the IRS’s list of top 10 criminal cases for 2023, cryptocurrency frauds are featured, ranging from multi-million dollar tax evasions to elaborate money laundering schemes. Crypto Scams Among Most Significant Financial Crimes in IRS Criminal Investigation’s 2023 Report The IRS Criminal Investigation (CI) division has released its annual list of the top 10 criminal cases for the year 2023 , highlighting a significant focus on cryptocurrency-related crimes. The list, which was announced on the IRS website and IRS CI’s social media platforms, includes a variety of financial crimes ranging from international tax fraud to massive Covid-19 relief scams. CI Chief Jim Lee underscored the range and complexity of this year’s cases, emphasizing the billions of dollars involved and the global impact of these crimes. “From international tax schemes to multi-level marketing involving cryptocurrency, our investigators have skillfully unraveled some of the most intricate financial frauds,” said ...

Coinbase International is launching spot crypto trading for non-U.S. customers. “The launch and expansion of spot trading on Coinbase International Exchange will occur over several phases,” Coinbase detailed. “Our primary focus at the outset will be to build liquidity and create a robust foundation. In the coming months, we plan to expand the product to include retail users, additional assets, and features that enable new trading strategies and enhance capital efficiency.” Coinbase International’s Crypto Spot Trading Cryptocurrency exchange Coinbase (Nasdaq: COIN) announced Wednesday that Coinbase International Exchange is launching spot markets. The announcement explains: The launch and expansion of spot trading on Coinbase International Exchange will occur over several phases. “Our primary focus at the outset will be to build liquidity and create a robust foundation. In the coming months, we plan to expand the product to include retail users, additional assets, and features th...

U.S. Securities and Exchange Commission (SEC) Chairman Gary Gensler has affirmed that the securities regulator acts according to its authorities and how the courts interpret them. This includes how the agency plans to deal with spot bitcoin exchange-traded fund (ETF) applications, he noted. Gensler also confirmed that SEC staff has been meeting with various spot bitcoin ETF issuers regarding their filings. SEC Chair: We Do Things According to Our Authorities The chairman of the U.S. Securities and Exchange Commission (SEC), Gary Gensler, answered a few questions regarding cryptocurrency and spot bitcoin exchange-traded fund (ETF) applications in an interview with Bloomberg on Wednesday. The brief interview happened after the SEC voted to expand central clearing to overhaul the $26 trillion Treasury market. Gensler acknowledged that SEC staff has engaged with various issuers of spot bitcoin ETFs regarding their applications. When asked if this increased level of engagement indicat...

Crypto asset manager Bitwise has unveiled 10 crypto predictions for 2024 that include bitcoin trading over $80,000, setting a new all-time high. The firm also estimates that spot bitcoin exchange-traded funds (ETFs) could capture $72 billion in assets under management. In addition, the asset manager expects Ethereum revenue to more than double to $5 billion as users flock to crypto applications. Bitwise’s 10 Crypto Predictions Crypto asset manager Bitwise published a report titled “The Year Ahead: 10 Crypto Predictions for 2024” on Tuesday. Bitwise, the creator of crypto index fund BITW, offers a suite of crypto-focused equity and futures exchange-traded funds (ETFs), as well as investment products that span bitcoin, ethereum, decentralized finance (defi), and non-fungible tokens (NFTs). “2023 was a very good year for crypto. But we think 2024 is going to be even better,” Bitwise said. Its first prediction, which concerns the price of bitcoin, states: Bitcoin will trade above $8...

U.S. Treasury Secretary Janet Yellen believes that inflation has come down meaningfully but there’s still further to go for the Federal Reserve to achieve its 2% inflation target. She noted that the central bank has two risks to manage. “One is that inflation doesn’t come down back to their target as they envisioned, and the other is that the economy becomes too weak,” she detailed. Yellen Discusses U.S. Economy U.S. Treasury Secretary Janet Yellen discussed the state of the U.S. economy in an interview with CNBC on Wednesday as the Federal Reserve left interest rates unchanged for the third consecutive time. While stating that “Inflation has come down meaningfully,” Yellen cautioned: “There’s further to go for the Fed to achieve its 2 percent objective, but I think we’re on a path, and you can see a consistent pattern in inflation coming down over time.” The U.S. November Consumer Price Index rose 3.1% on an annual basis. Regarding whether the U.S. economy will slide into a rece...

The Federal Reserve’s most recent session of the Federal Open Market Committee (FOMC) wrapped up, leaving interest rates as they were. The market, expecting rate reductions in 2024 and influenced by Fed Chair Jerome Powell’s dovish stance, reacted positively. This uplift was evident in the rise of U.S. stocks, the crypto economy, and precious metals like gold and silver. Federal Reserve Maintains Current Rates, Eyes Potential Reductions in 2024 Following the FOMC’s latest announcement , financial benchmarks displayed a bullish trend. Major U.S. stock indices saw substantial growth, mirroring the market’s upbeat mood post-meeting. The crypto sector also rallied, recording a significant 3.66% increase, with bitcoin ( BTC ) ascending 4%. Moreover, traditional safe-haven assets like gold and silver rose by 2.41% and 4.48%, respectively, reflecting a widespread optimistic response to the Fed’s decision. In his comments after the meeting, Powell discussed the present economic situat...

The Indian government has responded to questions during a parliamentary session regarding crypto regulation in India. The government emphasized the valuable guidance provided by the IMF-FSB synthesis paper presented at the G20 summit, noting that this paper offers a framework for both G20 and non-G20 nations to develop “clearer policies on crypto assets.” Government Provides Indian Crypto Framework Progress Update The Indian government provided some answers on Monday regarding cryptocurrency regulation in India. The Indian government has been grappling with the question of crypto regulation since July 2019, when a draft bill was introduced. Parliament Member Rajeev Shukla asked the Minister of Finance in Rajya Sabha, the upper house of India’s parliament, whether the government “intends to take further measures to provide for effective regulation of crypto assets in the country in sync with the New Delhi Leaders’ Declaration adopted by the G20 countries.” Minister of State in th...

Asset management firm Vaneck has predicted that bitcoin’s price will reach an all-time high on Nov. 9, following a “combative election that saw Donald Trump win 290 electoral votes and regain the presidency, raising optimism that the SEC’s hostile regulatory approach will be dismantled.” Vaneck further predicted that Satoshi Nakamoto could be named Time Magazine’s “Man of the Year” if bitcoin hits $100K by next December. Bitcoin’s Next All-Time High Prediction Asset management firm Vaneck has predicted that “bitcoin will make an all-time high” in the fourth quarter of next year. This is one of the firm’s 15 crypto predictions for 2024. “In the second half of 2024, bitcoin will climb a presidential-sized wall of worry,” Vaneck described. “The percentage of the global population voting in legislative and presidential elections will hit an all-time high above 45% in 2024. This high level of important elections augurs high volatility and the prospect of significant changes. More speci...

The U.S. Securities and Exchange Commission (SEC) has held multiple meetings with spot bitcoin exchange-traded fund (ETF) issuers regarding their applications. “The SEC is busier than Santa’s elves,” said a Bloomberg ETF analyst, noting that Blackrock, the world’s largest asset manager, recently met with the SEC three times. More Spot Bitcoin ETF Issuers Meeting With SEC The U.S. Securities and Exchange Commission (SEC) recently held meetings with four different issuers regarding their spot bitcoin exchange-traded fund (ETF) filings. Bloomberg analyst James Seyffart shared on social media X Tuesday that Blackrock, the world’s largest asset manager, returned to the SEC on Monday for the third time in recent weeks to discuss its spot bitcoin ETF application. He noted that the securities watchdog also held meetings with Fidelity Investments , Franklin Templeton, and Grayscale Investments. According to meeting memorandums posted on the SEC website, Grayscale and Franklin Templeton met ...

The International Monetary Fund (IMF)’s first deputy managing director has warned of the risk of Cold War II. Noting that in the Cold War, it was the U.S. and the Soviet Union, the IMF official stressed that now it is the U.S. and China. “If fragmentation deepens, we could find ourselves in a new Cold War,” she cautioned. IMF Official Warns of Cold War II International Monetary Fund (IMF) First Managing Deputy Director Gita Gopinath discussed “Cold War II” in her speech on Monday at the 20th World Congress of the International Economic Association in Colombia. The IMF official began by stating that she believes we are “at a turning point.” She then discussed whether we are “on the brink of Cold War II,” citing historian Niall Ferguson’s argument that it has already begun. She analyzed the “parallels and differences between the Cold War and today” to explore this question, adding: In the Cold War it was U.S. and Soviet Union, now it is U.S. and China. But the stage on which these ...

U.S. Senator Elizabeth Warren’s bill to crack down on crypto’s use in illicit finance has gained more support among lawmakers. “The Treasury Department is making clear that we need new laws to crack down on crypto’s use in enabling terrorist groups, rogue nations, drug lords, ransomware gangs, and fraudsters to launder billions in stolen funds, evade sanctions, fund illegal weapons programs, and profit from devastating cyberattacks,” said Senator Warren. Elizabeth Warren’s Crypto Bill Gains More Support U.S. Senator Elizabeth Warren (D-MA) announced on Monday “an expanded coalition of Senate support” for her bipartisan Digital Asset Anti-Money Laundering Act . Senators Raphael Warnock (D-GA), Laphonza Butler (D-CA), Chris Van Hollen (D-MD), John Hickenlooper (D-CO) and Ben Ray Luján (D-NM) have joined the bill as cosponsors. The Digital Asset Anti-Money Laundering Act “would mitigate the illicit finance risks that crypto poses by closing loopholes and bringing the digital asset eco...

Skybridge Capital founder Anthony Scaramucci has predicted a multi-trillion-dollar future for bitcoin, independent of the U.S. Securities and Exchange Commission (SEC)’s spot bitcoin exchange-traded fund (ETF) decision. He also urged Senator Elizabeth Warren to learn more about Bitcoin and expressed optimism that JPMorgan CEO Jamie Dimon “will change his tune about bitcoin” as regulations evolve. Scaramucci Sees Bitcoin as a Multi-Trillion-Dollar Asset Skybridge Capital founder Anthony Scaramucci discussed a variety of topics in an interview with Bloomberg on Monday. While anticipating spot bitcoin exchange-traded fund (ETF) approvals in the first or second week of January, Scaramucci acknowledged the possibility of delays or rejections due to SEC Chair Gensler’s influence. However, “I don’t really think it’s going to matter,” he stressed, elaborating: I think the exponential growth of wallets, and the exponential adoption of bitcoin globally, is going to push prices higher into ...

Former U.S. President Donald Trump has launched a new digital trading card collection, the Mugshot Edition, and this is the first time he is also offering physical cards. Buyers who purchase 47 of these Mugshot Edition cards will receive a scrap of the suit Trump wore for his mugshot photo, along with an invitation to a gala dinner at his Mar-a-Lago home. Donald Trump’s Mugshot Digital Trading Card Collection Former U.S. President Donald Trump announced on his social media platform Truth Social Tuesday the launch of his new digital trading card collection, citing the success of his previous non-fungible token (NFT) collections. Trump wrote: Due to the great excitement and success of my previous Trump digital trading cards, we’re doing it again — The Mugshot Edition, available right now. “Plus, buy 47 cards and get a piece of the suit I wore for the ‘Mugshot Photo,’ and also get an invite to a gala dinner with me at Mar-a-Lago! Don’t wait, they’ll go fast (I believe!),” Trump em...

The U.S. Securities and Exchange Commission’s former head of internet enforcement has warned that the newly unsealed Department of Justice (DOJ) filing should “signal the end of Binance.” Additionally, he noted that the SEC has heightened its legal action against the crypto exchange. “To me, it’s only a matter of time before the entire Binance plea deal collapses, resulting in additional charges for Binance, additional charges for CZ, and new charges against anyone else,” he stressed. ‘It’s Only a Matter of Time Before the Entire Binance Plea Deal Collapses’ Former U.S. Securities and Exchange Commission (SEC) official John Reed Stark shared his predictions regarding crypto exchange Binance in a lengthy post on social media platform X Saturday. Stark is currently president of cybersecurity firm John Reed Stark Consulting. He founded and served as chief of the SEC Office of Internet Enforcement for 11 years. He was also an SEC enforcement attorney for 15 years. The ex-SEC official ...

Rich Dad Poor Dad author Robert Kiyosaki has warned that the biggest crash in history may be starting. Emphasizing that the U.S. banking system is bankrupt, he warned that the S&P 500 will be next to collapse, which will “toast millions” of U.S. retirement plans. There’s “no time to play Russian Roulette with your life,” he stressed. ‘No Time to Play Russian Roulette With Your Life’ The author of Rich Dad Poor Dad, Robert Kiyosaki, has doubled down on his greatest crash warning. 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. He wrote on social media X Sunday that bank credit just sold off like in 2008. “This may be the start of the biggest crash in history,” he warned, cautioning that there’s “no time to play Russian Roulette with your life.” In a follow–up post on X, Ki...

Lawyer John Deaton claimed U.S. Senator Elizabeth Warren has violated her oath as a member of the Senate Banking Committee. Deaton alleges that Warren, tasked with overseeing the U.S. Securities and Exchange Commission (SEC), “conspired” with close friend and SEC Chair Gary Gensler, providing him with pre-arranged questions and suggested answers for a Senate hearing. ‘Elizabeth Warren Violated Her Oath’ John Deaton, a well-known lawyer in the crypto community, slammed U.S. Senator Elizabeth Warren (D-MA) on social media platform X on Saturday, accusing her of violating her oath as a senator overseeing the U.S. Securities and Exchange Commission (SEC). Deaton’s post was in response to a shared Fox News video clip that presented evidence suggesting that Senator Warren coached SEC Chair Gary Gensler in preparation for a 2021 Senate hearing. Emails obtained from Warren’s office by the Heritage Foundation Oversight Project revealed that her economic advisor sent Gensler a list of ques...

The World Gold Council (WGC) is anticipating a flat demand for the precious metal in the expected case of a “soft landing” scenario. However, the institution states that a recession is still not off the table, given that the U.S. Federal Reserve has managed only to pull off two soft landings in nine tightening cycles. World Gold Council Examines Gold Demand in Various Scenarios The World Gold Council (WGC) has released its 2024 Gold Outlook report , which examines the possible behavior of the gold markets for next year. According to the institution, the most likely scenario, expected by the markets due to the prediction of growth ahead, is a U.S. economy “soft landing,” forecasting that the Federal Reserve will be able to lower inflation without setting up a decline in the country’s economy. Gold would not be favored in this scenario, as investors historically have favored bonds and stocks instead. However, a soft landing, albeit expected, is still not sure to happen. According to ...

During Q4 of 2023, the stablecoin supply available to invest in crypto assets was $3.8 billion. This is the first time the net supply of the top five stablecoins has turned positive in nearly two years. In 2023, zero-knowledge (ZK) technology became one of the most consistent talking points in the crypto space. Stablecoin Inflows Outpacing Outflows After six consecutive quarters of negative net supply, the top five stablecoins recorded a positive net supply of $3.8 billion in Q4, according to a new study by Binance. The last time the stablecoin supply was positive was in Q1 2022 when it exceeded $17 billion. As explained in the study report , stablecoin supply indicates the amount of capital that is ready and available to buy crypto assets. The study data shows that Q2 2022 had the largest negative net supply of $15.6 billion, while Q3 of the same year had the lowest negative net supply during the period. However, since the last quarter of 2022 when it topped $9.9 billion, the stab...