Bitcoin News and Finance: What You Need to Know

The Republic of Palau has announced the launch of the second phase of its stablecoin project. Jay Hunter Anson, a member of the board of directors of Palau’s Ministry of Finance (MOF), declared that the new phase will focus on building a robust ecosystem, expanding accessibility and user participation with compliance in mind. Palau Launches Phase 2 of Palau Stablecoin (PSC) Pilot Jau Hunter Anson, member of the board of directors of the Ministry of Finance of Palau (MOF), revealed that the republic had officially launched the second phase of its stablecoin pilot. The initiative, which seeks to simplify transactions by providing a digital equivalent to the U.S. dollar, will now expand significantly, seeking to include more users and use cases through education initiatives. The announcement comes after the release of a report that declared the first phase of the pilot a success, based on the feedback provided by 200 users who completed over 700 transactions during this period. Anso...

Ripple has shared several crypto predictions for 2024. The firm’s chief legal officer expects the U.S. Securities and Exchange Commission (SEC) to continue its crackdown on the crypto industry. In addition, he foresees U.S. Congress disagreeing on the best course of action for crypto regulation, “leaving U.S. crypto firms stuck while the rest of the world makes significant positive strides.” Ripple’s 2024 Crypto Predictions Ripple Labs shared several crypto predictions for 2024 on social media platform X Friday. “We’ve asked leaders at Ripple to weigh in on what they think 2024 holds,” the company explained. The firm’s chief legal officer, Stuart Alderoty, made three predictions concerning crypto policy and U.S. crypto regulation. Firstly, he predicted: “In 2024, the last bit of the SEC’s misguided lawsuit against Ripple will finally come to an end.” However, he warned: The SEC’s campaign of regulation by enforcement will continue against other industry leaders. Secondly, he pr...

Tether, the stablecoin company, has confirmed it has collaborated extensively with a series of U.S government agencies, including the Department of Justice (DOJ), the Federal Bureau of Investigation (FBI), and the Secret Service. These team-ups are focused on making the stablecoin ecosystem safer for all participants and aiding law enforcement actions against bad actors. Tether Reveals FBI, DOJ, and Secret Service Ties In Unveiled Letters Tether, the company behind the issuance of USDT , has revealed its links with several U.S. government agencies. In a series of letters directed to Senator Cynthia Lummis, Tether highlights the collaboration relationship that the company has established with the U.S. Department of Justice (DOJ), the Federal Bureau of Investigation (FBI), and the Secret Service, aiming to “combat illegal activities and aid in fund recovery.” In a letter sent to Lummis on December 15, Tether CEO Paolo Ardoino states that the company had taken a proactive security sta...

Over the last ten years, Luke Dashjr has emerged as a key player in the realm of Bitcoin development and the network’s open-source software. His opposition to specific trends within the Bitcoin ecosystem has gained more attention lately. He has labeled Ordinal inscriptions and non-fungible tokens (NFTs) on the Bitcoin platform as detrimental to the protocol and akin to spam, which he believes has been curtailed since 2014. Just this week, he suggested that Antpool might be employing “covert” ASIC Boost techniques. Subsequently, he informed individuals that the Bitcoin community has the power to fire all miners “by changing to a different PoW algorithm.” Luke Dashjr Talks Ousting Miners and Covert ASIC Boost Use In recent weeks, Luke Dashjr, a prominent Bitcoin Core contributor and the brain behind Bitcoin Knots, has been particularly vocal. He re-entered the spotlight when his operated pool, Ocean Mining pool, confirmed it was filtering specific transactions, including Ordinal insc...

Global investment bank Goldman Sachs has advised investors against anticipating a sudden and immediate surge in the price of bitcoin upon the approval of spot bitcoin exchange-traded funds (ETFs) by the U.S. Securities and Exchange Commission (SEC). Nonetheless, Goldman Sachs highlighted that the “ability to actually transact a product that people are familiar with and can provide scale” is “very positive.” Goldman on Spot Bitcoin ETF Hype Global investment bank Goldman Sachs does not anticipate an immediate surge in BTC prices following the approval of spot bitcoin exchange-traded funds (ETFs) by the U.S. Securities and Exchange Commission (SEC), Mathew McDermott, head of the digital asset unit at Goldman Sachs, told Reuters this week. While emphasizing that he does not expect the approval of the ETF to trigger a “sudden immediate spike in liquidity and price,” the Goldman head of digital assets said it could attract new institutional investors to the asset class. He opined: Th...

The U.S. Securities and Exchange Commission (SEC) has rejected cryptocurrency exchange Coinbase’s petition for regulatory clarity in the crypto industry. SEC Chairman Gary Gensler backs his agency’s decision to deny Coinbase’s petition. In response, Coinbase has pursued legal action against the securities regulator to challenge this decision. Coinbase Challenging SEC’s Decision in Court The U.S. Securities and Exchange Commission (SEC) has denied Coinbase Global’s Petition for Rulemaking . The crypto exchange filed the petition in July last year, seeking regulatory clarity, including “potential rules to identify which digital assets are securities.” With no response from the SEC for 18 months, the crypto exchange escalated the matter to court, prompting the agency to respond with the denial on Friday. SEC Chair Gary Gensler issued a statement regarding the denial: I was pleased to support the Commission’s decision for three reasons. “First, existing laws and regulations apply ...

Blackrock, the world’s largest asset manager, has met with the U.S. Securities and Exchange Commission (SEC) for the fourth time recently to discuss its spot bitcoin exchange-traded fund (ETF) application. SEC Chairman Gary Gensler said this week that the securities regulator is “taking a new look” at spot bitcoin ETF filings. Blackrock Holds Another Meeting With SEC The expectation of the U.S. Securities and Exchange Commission (SEC) approving spot bitcoin exchange-traded funds (ETFs) has intensified this week as several spot bitcoin ETF issuers engage in discussions with the securities regulator regarding their applications. Notably, Blackrock, the world’s largest asset manager, has held its fourth recent meeting with the SEC concerning its spot bitcoin ETF proposal. According to a meeting memorandum dated Dec. 14, filed with the SEC, staff from the Office of the Chair met with three individuals from Blackrock. The memorandum details: “The discussion concerned the Nasdaq Stock ...

In the latest development, Safemoon, a crypto company, voluntarily initiated Chapter 7 bankruptcy proceedings in the District of Utah, as stated in their bankruptcy documentation. This action comes on the heels of the company’s founders facing indictment for securities fraud, wire fraud, and money laundering by the U.S. Securities and Exchange Commission and Department of Justice last month. Safemoon US Files Chapter 7; SFM Token Plummets On December 14, 2023, Safemoon US, LLC, the entity behind the safemoon.com website, lodged a Chapter 7 bankruptcy petition in Utah. This type of bankruptcy, often referred to as “liquidation,” necessitates selling the debtor’s nonexempt assets to settle debts with creditors. For a business such as Safemoon, Chapter 7 bankruptcy signifies halting all operations, while a court-appointed trustee manages the sale of the company’s assets to repay creditors. The bankruptcy submission, authorized by the chief restructuring officer, reveals that Safemoon...

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 ...