Category Archives: Cryptocurrency

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

Read the original:
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

Go here to see the original:
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

Read more from the original source:
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

Read more from the original source:
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

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

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.

We are having trouble retrieving the article content.

Please enable JavaScript in your browser settings.

Thank you for your patience while we verify access. If you are in Reader mode please exit andlog intoyour Times account, orsubscribefor all of The Times.

Thank you for your patience while we verify access.

Already a subscriber?Log in.

Want all of The Times?Subscribe.

Read this article:
This Man Did Not Invent Bitcoin - The New York Times

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.

See the original post here:
Bringing clarity to cryptocurrency - Washington Times

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.

See the original post here:
Cryptocurrency Market News: Tornado Cash Developer Sentenced to Over 5 Years in Prison - Investopedia

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.

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

State Alabama Alaska Arizona Arkansas California Colorado Connecticut Delaware Florida Georgia Hawaii Idaho Illinois Indiana Iowa Kansas Kentucky Louisiana Maine Maryland Massachusetts Michigan Minnesota Mississippi Missouri Montana Nebraska Nevada New Hampshire New Jersey New Mexico New York North Carolina North Dakota Ohio Oklahoma Oregon Pennsylvania Rhode Island South Carolina South Dakota Tennessee Texas Utah Vermont Virginia Washington Washington D.C. West Virginia Wisconsin Wyoming Puerto Rico US Virgin Islands Armed Forces Americas Armed Forces Pacific Armed Forces Europe Northern Mariana Islands Marshall Islands American Samoa Federated States of Micronesia Guam Palau Alberta, Canada British Columbia, Canada Manitoba, Canada New Brunswick, Canada Newfoundland, Canada Nova Scotia, Canada Northwest Territories, Canada Nunavut, Canada Ontario, Canada Prince Edward Island, Canada Quebec, Canada Saskatchewan, Canada Yukon Territory, Canada

Zip Code

Country United States of America US Virgin Islands United States Minor Outlying Islands Canada Mexico, United Mexican States Bahamas, Commonwealth of the Cuba, Republic of Dominican Republic Haiti, Republic of Jamaica Afghanistan Albania, People's Socialist Republic of Algeria, People's Democratic Republic of American Samoa Andorra, Principality of Angola, Republic of Anguilla Antarctica (the territory South of 60 deg S) Antigua and Barbuda Argentina, Argentine Republic Armenia Aruba Australia, Commonwealth of Austria, Republic of Azerbaijan, Republic of Bahrain, Kingdom of Bangladesh, People's Republic of Barbados Belarus Belgium, Kingdom of Belize Benin, People's Republic of Bermuda Bhutan, Kingdom of Bolivia, Republic of Bosnia and Herzegovina Botswana, Republic of Bouvet Island (Bouvetoya) Brazil, Federative Republic of British Indian Ocean Territory (Chagos Archipelago) British Virgin Islands Brunei Darussalam Bulgaria, People's Republic of Burkina Faso Burundi, Republic of Cambodia, Kingdom of Cameroon, United Republic of Cape Verde, Republic of Cayman Islands Central African Republic Chad, Republic of Chile, Republic of China, People's Republic of Christmas Island Cocos (Keeling) Islands Colombia, Republic of Comoros, Union of the Congo, Democratic Republic of Congo, People's Republic of Cook Islands Costa Rica, Republic of Cote D'Ivoire, Ivory Coast, Republic of the Cyprus, Republic of Czech Republic Denmark, Kingdom of Djibouti, Republic of Dominica, Commonwealth of Ecuador, Republic of Egypt, Arab Republic of El Salvador, Republic of Equatorial Guinea, Republic of Eritrea Estonia Ethiopia Faeroe Islands Falkland Islands (Malvinas) Fiji, Republic of the Fiji Islands Finland, Republic of France, French Republic French Guiana French Polynesia French Southern Territories Gabon, Gabonese Republic Gambia, Republic of the Georgia Germany Ghana, Republic of Gibraltar Greece, Hellenic Republic Greenland Grenada Guadaloupe Guam Guatemala, Republic of Guinea, Revolutionary People's Rep'c of Guinea-Bissau, Republic of Guyana, Republic of Heard and McDonald Islands Holy See (Vatican City State) Honduras, Republic of Hong Kong, Special Administrative Region of China Hrvatska (Croatia) Hungary, Hungarian People's Republic Iceland, Republic of India, Republic of Indonesia, Republic of Iran, Islamic Republic of Iraq, Republic of Ireland Israel, State of Italy, Italian Republic Japan Jordan, Hashemite Kingdom of Kazakhstan, Republic of Kenya, Republic of Kiribati, Republic of Korea, Democratic People's Republic of Korea, Republic of Kuwait, State of Kyrgyz Republic Lao People's Democratic Republic Latvia Lebanon, Lebanese Republic Lesotho, Kingdom of Liberia, Republic of Libyan Arab Jamahiriya Liechtenstein, Principality of Lithuania Luxembourg, Grand Duchy of Macao, Special Administrative Region of China Macedonia, the former Yugoslav Republic of Madagascar, Republic of Malawi, Republic of Malaysia Maldives, Republic of Mali, Republic of Malta, Republic of Marshall Islands Martinique Mauritania, Islamic Republic of Mauritius Mayotte Micronesia, Federated States of Moldova, Republic of Monaco, Principality of Mongolia, Mongolian People's Republic Montserrat Morocco, Kingdom of Mozambique, People's Republic of Myanmar Namibia Nauru, Republic of Nepal, Kingdom of Netherlands Antilles Netherlands, Kingdom of the New Caledonia New Zealand Nicaragua, Republic of Niger, Republic of the Nigeria, Federal Republic of Niue, Republic of Norfolk Island Northern Mariana Islands Norway, Kingdom of Oman, Sultanate of Pakistan, Islamic Republic of Palau Palestinian Territory, Occupied Panama, Republic of Papua New Guinea Paraguay, Republic of Peru, Republic of Philippines, Republic of the Pitcairn Island Poland, Polish People's Republic Portugal, Portuguese Republic Puerto Rico Qatar, State of Reunion Romania, Socialist Republic of Russian Federation Rwanda, Rwandese Republic Samoa, Independent State of San Marino, Republic of Sao Tome and Principe, Democratic Republic of Saudi Arabia, Kingdom of Senegal, Republic of Serbia and Montenegro Seychelles, Republic of Sierra Leone, Republic of Singapore, Republic of Slovakia (Slovak Republic) Slovenia Solomon Islands Somalia, Somali Republic South Africa, Republic of South Georgia and the South Sandwich Islands Spain, Spanish State Sri Lanka, Democratic Socialist Republic of St. Helena St. Kitts and Nevis St. Lucia St. Pierre and Miquelon St. Vincent and the Grenadines Sudan, Democratic Republic of the Suriname, Republic of Svalbard & Jan Mayen Islands Swaziland, Kingdom of Sweden, Kingdom of Switzerland, Swiss Confederation Syrian Arab Republic Taiwan, Province of China Tajikistan Tanzania, United Republic of Thailand, Kingdom of Timor-Leste, Democratic Republic of Togo, Togolese Republic Tokelau (Tokelau Islands) Tonga, Kingdom of Trinidad and Tobago, Republic of Tunisia, Republic of Turkey, Republic of Turkmenistan Turks and Caicos Islands Tuvalu Uganda, Republic of Ukraine United Arab Emirates United Kingdom of Great Britain & N. Ireland Uruguay, Eastern Republic of Uzbekistan Vanuatu Venezuela, Bolivarian Republic of Viet Nam, Socialist Republic of Wallis and Futuna Islands Western Sahara Yemen Zambia, Republic of Zimbabwe

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