Category Archives: Cryptocurrency

Bitcoin Suffers Major Priced Drop As Iran Make Advances, New Cryptocurrency To Profit In BTC Red Sea  NewsBTC

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Bitcoin Suffers Major Priced Drop As Iran Make Advances, New Cryptocurrency To Profit In BTC Red Sea - NewsBTC

Russia will use cryptocurrency to handle backlogged payments to allies amid Western sanctions: reports  Fox Business

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Russia will use cryptocurrency to handle backlogged payments to allies amid Western sanctions: reports - Fox Business

Alabama begins grappling with how to use, regulate blockchain technology, cryptocurrency  AL.com

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Alabama begins grappling with how to use, regulate blockchain technology, cryptocurrency - AL.com

Who is Mike Belshe, the cryptocurrency executive hosting JD Vance fundraiser in Palo Alto?  The Mercury News

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Who is Mike Belshe, the cryptocurrency executive hosting JD Vance fundraiser in Palo Alto? - The Mercury News

Trump shifts stance on cryptocurrency to win over new bloc of voters and mega-donors  PBS NewsHour

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Trump shifts stance on cryptocurrency to win over new bloc of voters and mega-donors - PBS NewsHour

OPINION:

As the FTX collapse demonstrated in 2022, issuing and trading digital assetsincluding cryptocurrenciesneed clear rules of the road.

The regulatory gaps in the digital asset market must be filled by legislation, not by independent agencies ruling by enforcement. If Congress does not take action, Securities and Exchange Commission (SEC) Chairman Gary Gensler will continue to exercise broad authority over all digital assets.

Thats why we collaborated with House Financial Services Committee Chairman Rep. Patrick McHenry (R-NC) and House Agriculture Committee Chairman G.T. Thompson (R-PA) to craft our Financial Innovation and Technology for the 21st Century Act (FIT21), which crafts a fit for purpose regulatory framework for digital assets that protects consumers and investors while keeping innovation in the United States.

This type of committee collaboration is unprecedented and may be the most substantial piece of digital asset legislation in Congresss history. FIT21 directs the SEC and Commodity Futures Trading Commission (CFTC), along with the bank supervisors, on how to classify cryptocurrencies and other digital assets as securities or commodities.

Since our two committees passed FIT21 last summer, this bill has incorporated our members bipartisan priorities. We believe it fully responds to the Financial Stability Oversight Council (FSOC) and the Presidents Executive Order on Ensuring Responsible Development of Digital Assets.

Digital asset regulation is making further bipartisan strides in Congress. This past week, both the House and Senate sent the SEC and White House a clear, bipartisan message to nullify their SAB 121 rule, which is detrimental to consumer protection and yet another example of SEC Chair Genslers reckless rule-by-enforcement approach to cryptocurrency. Democrats in the House and Senate voted to roll back SAB 121, signaling that protecting consumers and preserving innovation in America are priorities for lawmakers on both sides of the aisle.

The FIT for the 21st Century Act is a pragmatic legislative solution that ensures both crypto-native and traditional finance companies can sensibly innovate in this market while establishing consumer protections that are currently clearly inadequate.

As Chairmen of the Digital Asset Subcommittees, we remain committed to passing our landmark legislation into law. This week, our historic bill heads to the House Floor, where it must pass to ensure America continues fostering innovation and remains a global tech and finance hub.

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Bringing clarity to cryptocurrency - Washington Times

For much of its existence, the cryptocurrency company nChain was governed by a golden rule of office politics: It was not a good idea to challenge Craig Steven Wright, the chief science officer.

At nChains London offices, Dr. Wright, an Australian computer scientist, was treated as a sort of philosopher king. He wore three-piece suits and drove a Lamborghini. A middle manager would tape Dr. Wrights ramblings about obscure technical matters and then share the recordings with a staff of researchers, who were instructed to turn his musings into patents.

In 2017, Martin Sewell, an nChain employee, circulated a skeptical memo documenting technical errors in a series of papers that Dr. Wright had published about economics and computer science. A manager called Mr. Sewell into his office and told him that he had to stop.

The deference to Dr. Wright was just this extraordinary arrangement, Mr. Sewell recalled. Like he was some sort of god of everything.

Indeed, Dr. Wrights authority rested on a claim to a kind of divine significance that he was the mysterious creator of Bitcoin, the original cryptocurrency.

In 2008, a person using the pseudonym Satoshi Nakamoto published a white paper explaining the basics of Bitcoin, a clever idea that eventually became the foundation of a multitrillion-dollar industry. Then, as abruptly as he had emerged, he vanished. Satoshi, whos known by his first name, controls an estimated 1.1 million Bitcoins, a $75 billion stash that has sat untouched for more than a decade.

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This Man Did Not Invent Bitcoin - The New York Times

The TDR Three Key Takeaways regarding Venture Capital and Cryptocurrency Startups:

The cryptocurrency industry attracted substantial venture capital funding despite regulatory uncertainty and market fluctuations. In the first quarter of 2024, venture capital investments in crypto surged to $2.4 billion, signaling renewed investor confidence in the sectors long-term potential.

According to the latest PitchBook report, the recovery in publicly traded tokens and the rise in institutional adoption are key factors driving the increase in venture capital funding. These trends will drive increased VC funding, stated PitchBook analyst Robert Le.

This influx of capital reflects a broader trend of growing interest in cryptocurrency startups. The emergence of meme coins, DeFi platforms, NFTs, and blockchain-based applications has not only expanded the markets appeal but also diversified investment opportunities. The ability of these innovative digital assets to generate substantial returns has made the crypto market an attractive option for investors looking to diversify their portfolios.

Despite its inherent volatility, the crypto markets potential for high returns continues to lure venture capitalists. The first quarter of 2024 saw a significant number of early-stage deals, which have become highly competitive. As Robert Le from PitchBook noted, The investment rounds have become highly competitive, especially at the early stages.

One important trend in the current venture capital landscape is the higher valuations being placed on early-stage deals compared to late-stage deals. This shift suggests that investors are betting on the future growth and success of new cryptocurrency startups. Le observed, This is compounded by the fact that early-stage deals are earning higher valuations than late-stage deals but we will see if this trend holds in the coming quarters.

The rise of decentralized finance platforms, which aim to recreate traditional financial systems in a decentralized manner, has been a significant driver of venture capital interest. DeFi platforms offer innovative solutions that challenge conventional banking and financial services, making them attractive investment opportunities. Similarly, NFTs have opened new avenues for digital ownership and monetization, further broadening the scope of the crypto market.

In addition to these technological advancements, the institutional adoption of cryptocurrencies is playing a crucial role in increasing investor confidence. Large financial institutions are increasingly integrating blockchain technology and digital assets into their operations, underscoring the legitimacy and potential of the crypto market.The first quarter of 2024 also saw the debut of several Bitcoin ETFs, which have contributed to renewed investor interest in the crypto sector. These ETFs provide a regulated and accessible way for investors to gain exposure to Bitcoin, further driving the flow of venture capital into the market. As the market matures, we can expect to see more sophisticated financial products and services emerge, further integrating cryptocurrencies into the global financial system. Want to keep up to date with all of TDRs research and news, subscribe to our daily Baked In newsletter.

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Venture Capital Pours $2.4 Billion into Cryptocurrency Startups in Q1 2024 - The Dales Report

Key Takeaways

This past week, a major conviction occurred in a crypto technology case, as a developer of privacy-preserving software was convicted for money laundering in the Netherlands. The CEO of digital asset manager Grayscale also resigned, and a report suggested the crypto industry could have a bigger political impact than ever through lobbying efforts.

Tornado Cash developer Alexey Pertsev was reportedly convicted of money laundering by a Dutch judge on Tuesday, and received a 64-month prison sentence.

An indictment revealed that between July 9, 2019, to Aug. 10, 2022, Pertsev consistently engaged in money laundering, and ignored suspect origins of illicit transactions on Tornado Cash.

Following the verdict, the 31-year-old Russian was taken into custody. Pertsev can appeal the sentence, but the time he has already spent in detention since his arrest in August 2022 will not be deducted from his prison term.

The case may influence upcoming trials of other Tornado Cash developers, including Roman Storm and Roman Semenov, who also face money laundering and sanctions violations charges in the U.S.

Grayscale CEO Michael Sonnenshein is stepping down, according to a release Monday. The company said Sonnenshein, who played a key role in the launch of spot Bitcoin exchange-traded funds (ETFs), is leaving the company to "pursue other interests."

Goldman Sachs Head of Strategy for Asset and Wealth Management Peter Mintzberg will take over the role on August 15. Mintzberg brings over 20 years of experience from roles at BlackRock, OppenheimerFunds, and Invesco. Until Mintzberg steps in, Grayscale CFO Edward McGee will serve as interim CEO.

Barry Silbert, CEO of Grayscale parent Digital Currency Group, praised Sonnenshein's leadership in transforming the Bitcoin Trust into an ETF. Earlier this year, Grayscale was among the firms that successfully listed a spot Bitcoin ETF in the U.S. after challenging repeated denials by the Securities and Exchange Commission (SEC).

The crypto industry is ramping up its lobbying efforts in Washington, aiming to influence the upcoming U.S. elections, CoinDesk reported.

By investing heavily in pro-crypto candidates, the industry is hoping to make progress in establishing a more favorable regulatory framework. Notably, crypto-focused political action committees (PACs) like Fairshake have raised substantial funds to support candidates sympathetic to crypto. These efforts have already impacted key races, reportedly helping thwart the re-election of Congresswoman Katie Porter, who has been critical of crypto.

Fairshake also contributes to party-affiliated PACs like Defend American Jobs and Protect Progress, and supports both Republican and Democratic candidates who back crypto-friendly policies.

U.S. lawmakers are preparing for a vote on the Financial Innovation and Technology for the 21st Century Act (Fit21), deemed crucial by major crypto companies for the future of the U.S. crypto industry.

Fit21 aims to establish safeguards against risky behavior and ensure consumer protection in cryptocurrency custody and bankruptcy, providing clearer guidelines for the industry. The upcoming vote could also determine whether the Commodity Futures Trading Commission (CFTC) will become a major crypto regulator, and delineate its jurisdiction from that of the SEC.

The Crypto Council for Innovation, which includes industry giants like Coinbase (COIN), Kraken, and Andreessen Horowitz, wrote a letter last week advocating for the bill, emphasizing the importance of the legislation for supporting the growth of digital assets and maintaining U.S. leadership in financial innovation.

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Cryptocurrency Market News: Tornado Cash Developer Sentenced to Over 5 Years in Prison - Investopedia

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Wealth of knowledge: Teen recognized for helping educate others about cryptocurrency - The Daily Reflector