Bitcoin News and Finance: What You Need to Know

Prominent crypto companies and leaders have contributed to a war chest to support pro-crypto candidates in the 2024 elections, amassing $78 million to date. “The U.S. cannot afford to continue taking a back seat on the global stage. Regulatory overreach (esp from the SEC) is actively moving the U.S. in the wrong direction,” said Ripple’s CEO. “The crypto industry has a large war chest now to elect pro-crypto candidates in 2024,” stated the CEO of crypto exchange Coinbase. The U.S. Cannot Afford to Continue Taking Back Seat on Global Stage Fairshake, a federal independent expenditure-only political action committee (super PAC), announced Monday that crypto and blockchain leaders have amassed $78 Million “for Fairshake Super PAC and its affiliates to support pro-innovation and pro-crypto leadership going into 2024 congressional elections.” Fairshake is registered with the Federal Election Commission (FEC) and supports candidates solely through its independent activities. The announcem...

Grayscale Investments expects the approval of spot bitcoin exchange-traded funds (ETFs) by the U.S. Securities and Exchange Commission (SEC) to allow the $30 trillion advised wealth market to gain exposure to bitcoin. “I do think there is a lot of optimism in the market,” said the crypto asset manager’s chief executive. “I think a lot of investors are adding bitcoin to their portfolios.” Grayscale’s CEO Sees Much Optimism in the Market The CEO of crypto asset manager Grayscale Investments, Michael Sonnenshein, discussed his perspective on bitcoin and the market’s expectations regarding the potential approval of spot bitcoin exchange-traded funds (ETFs) by the U.S. Securities and Exchange Commission (SEC) in an interview with CNBC and Bloomberg on Monday. “If you look back at this year, the price appreciation you’ve seen in bitcoin has really been driven by both the macro and micro forces,” he told CNBC. “On the macro front, inflationary pressure [and] rising rates have caused inves...

The Ethereum Proof of Work (ETHW) core development organization has been dissolved to help the protocol achieve full autonomy. In late November, the ETHW team pleaded for $200,000 in funding to maintain servers and recruit part-time engineers. ETHW Core team’s development approach has been criticized. Upholding PoW as the Chain’s Consensus On Dec. 18, the Ethereum Proof of Work (ETHW) core development organization was dissolved to help the protocol achieve full autonomy. A statement released by an ETHW core team member said the decision, which allows ETHW to operate independently without the Core’s support, followed “in-depth discussions and [was] based on a majority consensus.” Explaining the rationale behind the decision, the ETHW core team claimed that this has been its commitment since forking from the Ethereum blockchain in September 2022. Besides the dissolution, the core team also resolved to uphold proof of work “as the underlying consensus for the chain” as well as mainta...

As the crypto market navigates through a transformative era, Coinbase’s 2024 Crypto Market Outlook provides insights and predictions. The report, encompassing data up to November 30, 2023, delves into pivotal crypto market shifts and institutional practices. Coinbase’s 80-Page 2024 Crypto Market Outlook Suggests Brighter Days for Digital Assets Coinbase’s comprehensive 80-page report indicates that the total crypto market capitalization doubled in 2023, signaling an end to the crypto winter and the onset of a transition phase. Despite past challenges, the market’s remarkable recovery and sustained development underline the resilience and staying power of cryptocurrencies. “What’s clear, however, is that in spite of the hurdles directed towards the asset class, the developments we witnessed over the past year have defied expectations,” the Coinbase 2024 report notes. “They are evidence that crypto is here to stay. The challenge now is to seize the moment and build something better....

An executive at trillion-dollar asset manager firm Franklin Templeton expects bitcoin to become “something that every treasury needs to hold.” She believes that “every country is going to have to hold some reserves,” emphasizing that the cryptocurrency is “working its way increasingly into the traditional banking ecosystem as just a foundational part of that system.” Kaul: Bitcoin Could Be Used as Base Unit of International Trade Franklin Templeton’s senior vice president and head of Digital Asset and Industry Advisory Services, Sandy Kaul, discussed the future outlook for bitcoin in an interview with Natalie Brunell, published Thursday. Before joining Franklin Templeton, Kaul held positions at Shearson Lehman Brothers, Citi, and Goldman Sachs Asset Management. A global leader in investment management with a presence in over 150 countries and serving millions of clients, Franklin Templeton reported $1.37 trillion in assets under management at the end of September. The asset manager...

As the year winds down, cryptocurrency investors can combine tax-loss harvesting with cryptocurrency donations to charities, a move that optimizes tax benefits while supporting worthy causes. Embrace Year-End Tax Strategy With Charitable Giving Twist As the end of the year rapidly approaches, crypto investors are not only focusing on tax-loss harvesting but also exploring the benefits of charitable contributions in cryptocurrency. This strategic approach allows investors to potentially reduce their tax liabilities while supporting charitable causes. The concept of tax-loss harvesting in the crypto realm involves selling digital assets at a loss to offset capital gains taxes. This method can be particularly advantageous given the volatility and potential for significant price fluctuations in the crypto market. Investors can offset capital gains or reduce ordinary income by up to $3,000 annually in the U.S., with the ability to carry forward any additional losses. In parallel, donat...

PRESS RELEASE. Renowned Italian football goalkeeper Gianluigi Buffon has recently confirmed his strategic investment in OQtima , an innovative online trading company, marking a significant departure from traditional sponsorship deals. Buffon’s active involvement in OQtima signifies a profound collaboration between the realms of professional sports and financial trading platforms. This move establishes a new era where sports legends become not only brand ambassadors but key stakeholders and strategic partners in the financial sector, thereby revolutionizing the landscape of partnerships. A New Age For Partnerships In a groundbreaking development at the crossroads of finance and sports, partnerships between online trading platforms, cryptocurrency exchanges, and sports icons are undergoing a transformative shift. Many trading platforms and cryptocurrency exchanges are increasingly partnering with sports legends like Buffon, Lionel Messi, Cristiano Ronaldo, and more due to their res...

On Dec. 18, 2023, a colossal cache of dormant bitcoins stirred after remaining inactive for eight years and ten months. The whale transferred 2,101 bitcoins, originating from 2015, now valued at $88.55 million, utilizing the prevailing BTC exchange rates. $88M Worth of Bitcoin Moved by Long-Dormant Whale On Feb. 17, 2015, a substantial accumulation of dormant bitcoins was first recorded. This stash came to life after eight years and ten months on a Monday, with the whale from past years moving 2,101 BTC valued at $88.55 million at block height 821,802. The transfer originated from the BTC address “ 1DJs7 ,” a movement that was detected by btcparser.com. Back in 2015, when 1DJs7 initially received the 2,101 BTC from “ 1CJee ,” the total value stood at $510,543, with each bitcoin priced at $243 . The wallet 1CJee had acquired these bitcoins a year earlier, on August 7, 2014, sourcing them from two separate addresses. Fast-forward to the present, this long-inactive P2PKH addres...

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...