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At the Bitcoin MENA conference in Abu Dhabi, SkyBridge Capital founder and former White House Communications Director Anthony Scaramucci made a bold prediction: China will re-enter Bitcoin by the end of 2025.  Speaking with conviction at the ADNEC Centre on December 10, Scaramucci laid out his forecast: “Now that the United States is open to this idea, I think it would be impossible to suggest that other countries wouldn’t do the same thing. I’m sitting here today in December 2024. I’ll make a prediction here: By this time next year, the Chinese will be back in the Bitcoin game.”  Picks for you Crypto trader makes $77 million on a $3k investment 1 hour ago Quantum computing fears liquidate $1.6 billion of crypto trades in a day...

1. Lan Foan: Plans to Significantly Increase Debt Ceiling to Aid in Local Debt Resolution link On October 12, Chinese Minister of Finance, Lan Foan, announced during a press conference at the State Council Information Office that the government plans to significantly raise debt limits in a one-time adjustment to restructure local governments’ hidden debts, enhancing efforts to mitigate their financial risks. These policies, pending the completion of legal procedures, represent the most extensive debt relief measures introduced in recent years. The initiative will greatly ease the financial burdens on local governments, freeing up more resources to support economic development. In addition to accelerating the implementation of existing policies, the Ministry of Finance will introduce a package of targeted incremental measures aimed at stabilizing growth, expanding domestic demand, and mitigating risks in the near future. Special government bonds will be issued to bolster the capital of ...

Several leaders in the crypto space are criticizing the US Securities and Exchange Commission (SEC) and its Chair Gary Gensler for issuing non-fungible token (NFT) marketplace OpenSea with a Wells Notice . OpenSea’s CEO Devin Finzer shared in an Aug. 28 X post that the regulator warned the company of a potential enforcement action. It remains unclear whether the SEC will actually pursue legal action against OpenSea.  This is one of the few times the agency has considered labeling an NFT as an unregistered security. SEC Criticized For Its Ongoing Attack Against The Crypto Space Shortly after Finzer posted about the Notice on X, several industry leaders criticized the SEC for its continued attack against companies operating in the crypto space. The chief legal and policy officer at the Crypto Council for Innovation (CCI), Ji Kim, called the SEC’s assertion that NFT platforms should be considered securities exchanges “legally flawed” and “utterly r...

South Korea’s Financial Services Commission (FSC) is weighing a new proposal that would require crypto executives to obtain regulatory approval before taking up a role. In a document published on its official website on Feb. 5, the FSC says it is working on a set of new improvements that would require new executives of crypto businesses to obtain regulatory approval s before taking up a position. While specific details of the proposed initiative remain pending revision by the Ministry of Government Legislation, it is understood that the amendments are anticipated to come into effect by the end of Q1, 2024. This regulatory move extends beyond crypto though, reflecting the FSC’s broader aim to assert increased authority over the financial market. FSC Chair Lee Bok-hyun emphasized a commitment to cracking down on lax risk management practices, stating that authorities “will not tolerate practices of passing on risks to consumers and society by privatizing short-term pro...

Coinbase CLO Paul Grewal slammed the U.S. GAO’s crypto report as ‘shoddy work,’ accusing it of sensationalizing crypto’s role in sanctions evasion. Coinbase‘s Chief Legal Officer Paul Grewal has publicly criticized the U.S. Government Accountability Office’s (GAO) recent crypto report, accusing it of clickbaiting the topic of crypto usage in sanctions evasion. Grewal, who joined Coinbase in 2020, highlighted in an X thread several shortcomings in the GAO’s analysis and questioned the taxpayer funds allocated to what he called “shoddy work.” Zero comparative analysis performed. Heck, zero analysis whatsoever performed. Instead they harangue an industry that spends millions and millions to follow the law. Ask yourself— why? https://t.co/a7VKV0vKR4 — paulgrewal.eth (@iampaulgrewal) January 22, 2024 The Coinbase CLO particularly expressed dissatisfaction with the GAO’s approach, stating, “zero comparative Analysis...

During a recent speech, deputy Treasury secretary Wally Adeyemo urged Congress to support the Biden administration’s efforts to tackle the illicit use of crypto . Adeyemo’s latest call to action comes in the wake of concerns that militant groups like Hamas are exploiting digital currencies to fund their activities. At the Securities Industry and Financial Markets Association’s annual event in Washington, Adeyemo articulated Congress’s need to empower the administration with greater regulatory authority over the crypto sector. He underscored the urgency of this matter by referencing the alleged use of crypto currencies by Hamas, particularly following the Oct. 7 attack on Israel. Adeyemo’s remarks signal a clear intent for legislative action, as he noted, “There are places where we think Congress needs to act.” He further highlighted the ongoing efforts of the Treasury Department to work in tandem with legislators. He called upon the crypt...

European crypto exchange Bitstamp is leaving the Canadian market, saying it will discontinue its services in Canada starting January 2024. Cryptocurrency exchange Bitstamp is withdrawing from Canada starting January 2024 as the country imposed stricter rules on crypto companies. In a commentary to media on Oct. 10, Bitstamp’s U.S. CEO Bobby Zagotta said the exchange will discontinue offering services in Canada “starting Jan. 8, 2024.” While the exact reason for the exit is unknown, Zagotta noted it was “not a decision we took lightly.” “We hope to be able to serve Canada again at some point in the future.” Bobby Zagotta, Bitstamp’s U.S. CEO Bitstamp has become the latest crypto trading platform to leave Canada, following other companies such as Binance, Paxos, DyDx, Bybit, and OKX. The exodus comes after the Canadian Securities Administrators (CSA) set a deadline for crypto businesses to register with the local regulators. Yo...

Gary Gensler, Chair of the SEC, testified before a Senate Committee regarding his view on crypto and the regulator’s general oversight. On Sep. 12, the US Securities and Exchange Commission (SEC) Chair Gary Gensler appeared before a Senate Banking Committee chaired by Senator Sherrod Brown to testify on his commission’s regulatory oversight and Gensler’s stand on the crypto industry. Sen. Brown opened with scorching remarks about the crypto industry, noting that there are a few millions in losses every day caused by fraudsters and a lack of transparency. “The problems we saw at FTX are everywhere in crypto”, said Brown, referring to FTX’s $8 billion implosion in November 2022 due to risky bets and commingling of customer funds. When asked by the Senate Banking Committee Chair whether compliance with existing financial laws could save American investors from billions lost to crypto fraud, Gensler replied saying:  “If they were to live up to the investor protection b...

The crypto mining industry is getting a dedicated lobby group aimed at opening up discussions with lawmakers in Washington. The United States crypto mining industry is getting a new lobby ing group , with one of its biggest goals to dispel misconceptions about its sustainability from policymakers.  Launched on Aug. 15, the Digital Energy Council said its aim is to advance policies that encourage the growth of digital asset mining and energy development. DEC founder and President Thomas Mapes told Cointelegraph it was “long overdue” for digital asset miners to have a unified voice in Washington. Its official first member association solely focused on the intersection of digital asset mining and energy ️ policy at the federal level, look forward to working with digital asset and energy leaders check it out: https://t.co/kBFRkXHTNy https://t.co/kzNhtfxYZi — Tom Mapes (@tommapes88) August 16, 2023 Mapes previously served as the director of energy at the Chamber of Digital Comm...

The controversial crypto project’s new sign-ups have dwindled and numbers pale in comparison to the 2 million sign-ups before the launch of the project. The controversial crypto project Worldcoin was launched for the public on July 24, making way for customers to scan their iris at designated locations in 20 countries and receive 25 Worlcoins (WLD) the native token of the project.  The project debuted on the back of 2 million pre-signups but the interest seems to have faded after the actual launch. On that first day, users seemed keen, with Hong Kong seeing the highest number of signups.  The city offered three designated spots called Orbs, where users ; irises are scanned and they're offered a “world ID.” According to a report published by South China Morning Post, the three designated locations in Hong Kong each saw about 200 signups on the first day, making it the highest number of signups across the 20 countries included in the launch. Heatherm Huang, one of the Orb operato...

The crypto lender has proposed converting all its altcoin holdings into Bitcoin and Ethereum to quell growing regulatory concerns and maximize the value of its assets. Defunct crypto lender Celsius has revised its bankruptcy filing, awaiting approval from a bankruptcy court in New York after a successful acquisition deal with the Fahrenheit crypto consortium. The crypto lender filed its reorganization plan on June 15. Under the revised plan, Celsius will convert all altcoins from customers, with the exception of “Custody and Withhold accounts,” to Bitcoin (BTC) and Ether (ETH) starting from July 1. Celsius will be selling all altcoins from all customers (except Custody and Withhold accounts) starting July 1st and will be convert ing them into Bitcoin and Ethereum. — Celsians (@CelsiansNetwork) June 15, 2023 The new reorganization plan proposes to deal with the claims of retail borrowers through the “Set Off Treatment.” The term “Set Off” refers to comparing losses against pr...

The U.S. House Committee explores blockchain and Web3’s future as industry leaders testify on democratizing the internet and regulatory challenges. The United States House of Representatives Energy and Commerce Committee’s Subcommittee on Innovation, Data and Commerce gathered to discuss blockchain technology and the future of Web3 on June 7. Crypto industry members, including Polygon Labs president Ryan Wyatt and several legal experts, appeared before the committee to engage in what transpired to be a constructive dialogue.  This meeting was held just after the SEC announced back-to-back lawsuits against major crypto exchanges Binance and Coinbase. In Wyatt’s testimony, he discussed the potential of blockchain technology and its value to users, and the benefits of building a healthy and well-regulated blockchain ecosystem in the United States. Wyatt began by addressing the fundamental problem blockchains solve — the “value extraction” problem on the internet. He explained that in...

Kevin O'Leary believes U.S. Senators are “fatigued” and “pissed” at the cryptocurrency industry for having to deal with one blowup after another. Shark Tank investor and venture capitalist Kevin O’Leary has urged crypto exchanges to “get on board with regulation” if they want to “stay out of the way” of Gary Gensler and the United States Securities Exchange Commission (SEC). In a Feb. 20 interview with TraderTV Live, O’Leary said that U.S. lawmakers are “fatigued” over crypto collapses and that they’re only going to get more ruthless if companies continue to not comply: “You got to get on board with regulation, you got to stay out of the way of Gensler at the SEC and other regulators. Those hombres [men] in Washington are not happy. FTX poked the bear, the bear is awake, and it is pissed.” “These senators are really fatigued, they’re really tired of gathering every six months when the next crypto company blows up and goes to zero,” he said, adding “because they’re totally unregu...

NFT trademark filings by companies aren’t just a marketing stunt. According to a trademark lawyer, they have to use what’s in the application. Crypto proponents would be wise to keep their eyes on nonfungible token (NFT) and metaverse trademark applications this year, which are “reliable signals” of future-use plans. Speaking to Cointelegraph, intellectual property lawyer Michael Kondoudis said while many people may think big corporations are just jumping onto the NFT trend as a novelty, “it is not possible” to register a trademark in the United States with no intention to use it. Despite a relatively low cost for filing an application — ranging from $250 to $350 per class of goods/services — Kondoudis explained when a company submits a trademark application, it requires a sworn statement that the applicant has a “bona fide” intent to use the mark in the future for the listed products and services. He noted, however, that these applications “undergo substantive review” and may be reje...

The exchanges are yet to finalize a potential merger, with WonderFi releasing a public statement in response to market speculation and a surging share price. Crypto exchange WonderFi, which is backed by crypto investor and billionaire Kevin O’Leary, has confirmed it is in preliminary discussions with fellow Canadian crypto exchange Coinsquare for a possible merger. In a statement on Jan. 12, WonderFi responded to a Bloomberg report suggesting the two exchange s were in "advanced merger talks " to "create a Canadian crypto giant." WonderFi clarified that the discussions were "preliminary" at this stage, adding that it cannot guarantee that an agreement will be reached. Cast your vote now! "In response to the press speculation, the Company acknowledges that it has held preliminary discussions with various third parties with respect to both potential acquisitions and the Company being acquired, which is consistent with past practice and the Company...