Short news and events related to cryptocurrencies, from the UAE’s leadership in adopting decentralized finance (DeFi) in the MENA region to ranking cryptocurrency crimes as the second most common in Tehran’s Cyber Police (FATA) cases.
Brief News
SEC: The Crypto Industry Will Soon Face More Lawsuits
David Hirsch, head of the crypto enforcement division at the U.S. Securities and Exchange Commission (SEC), says that the wave of lawsuits against exchanges and DeFi projects is not over, as the agency views their activities as violating securities laws. He noted that the SEC has targeted several other businesses that operate similarly to Coinbase and Binance, stating, “We will continue to bring these charges.” Hirsch added, “DeFi projects will not escape the scrutiny of the enforcement division, and filing charges against them won’t deter us from continuing our work.”
Source: coindesk.com
CEO of OpenAI: Bitcoin Helps Combat Corruption
Sam Altman, CEO of OpenAI, said in a conversation on the “Joe Rogan Experience” podcast, “I’m excited about Bitcoin (BTC). I think the idea of having a global currency that is outside the control of any government is an incredibly logical and important step in the development of technology.” Altman, also the co-founder of WorldCoin, added that transitioning to a technology-driven world, including Bitcoin, could help reduce corruption. Although Rogan expressed skepticism about the cryptocurrency industry, he shared optimism about Bitcoin, stating that he believes it could become a stable global currency.
Source: cointelegraph.com
Cryptocurrency Crimes Rank Second in Tehran Cyber Police Cases
Davood Moazzami Goudarzi, head of Tehran Cyber Police (FATA), announced that most cases entering Tehran’s Cyber Police are related to economic and electronic banking crimes, with cryptocurrency-related crimes ranking second. He stated, “Although cryptocurrency crimes are fewer than economic and electronic banking crimes, the amounts involved are higher, and victims may lose their entire life savings in a single transaction.” Goudarzi explained, “Unfortunately, many cryptocurrency exchanges operate illegally, heavily advertising on social media, and people with idle capital, seeking quick returns, fall into the traps of these cyber scammers.”
Source: YJC (Young Journalists Club)
UAE Leads MENA Region in DeFi Adoption
A recent report by Chainalysis ranked the MENA (Middle East and North Africa) region as the sixth-largest economy in the global cryptocurrency industry. The study, conducted from July 2022 to June 2023, estimated that centralized exchanges in the region received approximately $389.8 billion in cryptocurrency. Chainalysis notes that this figure accounts for about 7.2% of the total global transaction volume during that period. According to the report, the UAE received nearly $35 billion in cryptocurrency transactions.
Source: cryptopotato.com
Central Bank Official: Purchasing Cryptocurrency on Local Platforms Considered Currency Outflow
In a tweet, Mohammad Reza Mani-Yekta, head of the Payment Systems Supervision Department at the Central Bank, referred to cases of currency outflow from the country and stated, “Purchasing foreign currency or cryptocurrency on domestic platforms” also counts as currency outflow. He added that, in general, purchasing cryptocurrency, whether stored in a personal wallet, on a local platform, or even on a foreign platform, constitutes currency outflow.
Source: Twitter
Coinbase Holds as Much Bitcoin as Satoshi Nakamoto
The Arkham platform claims to have obtained data showing that the American exchange Coinbase holds one million bitcoins, valued at $25 billion, in its wallets. This amounts to 5% of the cryptocurrency’s circulating supply and is approximately equal to the amount owned by Bitcoin’s anonymous creator, Satoshi Nakamoto. However, it is said that only $200 million worth of these bitcoins are owned by Coinbase itself.
Source: cointelegraph.com
Coinbase CEO Opposes AI Regulation
Brian Armstrong, CEO of Coinbase, opposed AI regulations, citing concerns about innovation and competition. He emphasized the need for progress in AI, particularly regarding national security. Armstrong’s stance is based on the belief that government oversight often leads to unintended consequences and, despite good intentions, hinders competition and innovation. He believes the industry would benefit more from decentralization and open-source technology.
Source: beincrypto.com
Bitcoin Recognized as a Digital Currency in Shanghai
Shanghai’s International People’s Court, in a report on the development of internet technologies, recognized Bitcoin (BTC) as a unique and non-replicable digital asset. The report highlighted several of Bitcoin’s features, including its scarcity and intrinsic value. It noted that it possesses key currency characteristics, such as scalability, ease of circulation, storage, and payment. The court’s recognition of Bitcoin as an asset class gives it and other cryptocurrencies more legitimacy in China. Despite the country’s ban on digital currencies, local courts are paying attention to legal arguments that define Bitcoin as personal property.
Source: cointelegraph.com
Ripple Labs Adds Senior White House Official to Its Leadership
Ripple Labs has brought in the expertise of a former senior White House official to lead its policy and government affairs. This strategic move follows Ripple’s dissatisfaction with the recent U.S. government policies regarding cryptocurrencies. Lauren Belive announced her new role as head of public policy and government affairs for Ripple in the U.S. on LinkedIn.
Source: dailycoin.com
SEC Chair: Crypto Industry Must Adhere to Commission Regulations
Gary Gensler, Chairman of the U.S. Securities and Exchange Commission (SEC), discussed his views on cryptocurrency regulation in his remarks to the House Financial Services Committee. Gensler believes cryptocurrencies should not be exempt from U.S. securities laws. He emphasized that in the 1930s when Congress drafted these laws, their scope could have been limited to traditional assets like stocks and bonds. However, Congress took a broader approach by including various financial instruments under the term “investment contracts.” Gensler argued that most digital tokens fall into this category, subjecting them to U.S. securities laws.
Source: dailycoin.com
CEO of Ripple: If We Stay United, We Can Defeat Regulatory Bullies
Ripple recently won a legal battle against the U.S. Securities and Exchange Commission (SEC), which sparked various developments in the cryptocurrency industry. Brad Garlinghouse, Ripple’s CEO, praised the Ripple community, crediting their passion and trust for this victory. Garlinghouse stated: “One thing I think we all learned is that it takes a united village to fight a bully and that united village defeated the bully.”
Source: dailycoin.com
Crypto Miners Can Utilize Green Power Market Capacity
Ali Naghavi, CEO of the Iran Energy Exchange, discussed the potential of the green power market, saying, “The green power market can supply the energy needed by industries during seasons with power shortages.” He further explained that the capacity to use renewable energy is now available for individuals, legal investors, and even crypto miners. Naqvi added that legally licensed crypto miners can procure electricity through the green power market.
Source: IRIB
Judge Rejects SEC’s Request for Appeal in Ripple Case
A U.S. judge has rejected the SEC’s request for an appeal regarding its loss against Ripple Labs. Judge Analisa Torres dismissed the request, arguing that the agency failed to demonstrate sufficient legal grounds or significant reasons for a difference of opinion. The next hearing on the remaining issues in the case is set for April 23, 2024.
Source: cointelegraph.com
Robert F. Kennedy Jr.: If Elected President, I Will Protect Bitcoin
Robert F. Kennedy Jr., a Democratic presidential candidate, emphasized his unwavering commitment to the cryptocurrency sector in an interview with Bitcoin Magazine. He vowed that if elected, he would protect Bitcoin, stressing its role in achieving financial freedom. Kennedy Jr. promised to safeguard this asset, ensure users maintain control of their wallets, and push for legislation that classifies cryptocurrencies as currency rather than commodities.
Source: dailycoin.com
Coinbase Chief: We Don’t Want the U.S. to Repeat Past Mistakes in Crypto Regulation
Paul Grewal, Coinbase’s Chief Legal Officer, expressed concern over the U.S.’s lagging behind in crypto regulation, which could lead to the loss of one million developer jobs and three million high-paying jobs abroad. Grewal warned that the crypto industry could face a fate similar to the U.S. semiconductor industry without timely regulation. He highlighted the significance of crypto, noting that more people in the U.S. own cryptocurrency than electric vehicles. Coinbase does not want the U.S. to repeat the same mistakes it made with other industries.
Source: cryptoslate.com
Circle: SEC Has No Legal Right to Regulate Stablecoins
USDC stablecoin issuer Circle refuted the SEC’s claim that most digital assets are securities. Court documents show that Circle argued in the SEC’s case against Binance that the agency does not have authority over stablecoins, as they are pegged to the dollar. Circle stressed that stablecoins do not meet the fundamental criteria of an investment contract, as they do not offer profits to buyers, and the issuer does not strive to increase their price. Therefore, the SEC lacks jurisdiction over these stablecoins.
Source: dailyhodl.com
Jefferies Group Analysts: U.S. Dollar May Fall Further
According to Forbes, analysts in the U.S. have predicted that digital assets like Ripple might attract attention from institutions and retail investors. Jefferies Group analysts warned that the U.S. dollar may fall further as the country struggles with its debt, which recently reached $33 trillion. Analysts suggested that the government might resume printing dollars to address the issue, potentially leading to a further decline in the currency. Investors may turn to digital assets to avoid exposure to the crisis.
Source: coinedition.com
A Few Steps Away From Selling Real Estate by Square Meter on the Exchange
Majid Eshghi, head of the Securities and Exchange Organization, announced that regulations for selling real estate by square meter will soon be approved. He stated that the Real Estate and Real Estate Investment Fund has been established, and in the past three months, pre-sales by square meter and forward contracts have been prepared. After the final review, the first board meeting will approve the regulations. This is one tool that will aid the housing supply sector.
Source: ISNA
Robert Kiyosaki: Cryptocurrencies Are the Future of Money
Robert Kiyosaki, author of the bestselling personal finance book Rich Dad, Poor Dad, once again stressed his negative view of the dollar and fiat currencies. He stated: “Cryptocurrency is the future of money. Fiat… aka fake money, is done!” Kiyosaki, who has disclosed owning some Bitcoin (BTC), views cryptocurrencies as protection against the erosion of value caused by inflation and government monetary policies.
Source: finbold.com
UK Moves Toward Passing Bill to Seize Stolen Crypto
Reports indicate that the UK is nearing the final approval of a bill to expand authorities’ powers to combat the illegal use of cryptocurrencies. The “Economic Crime and Corporate Transparency” bill, introduced in September, is moving through the final stages in the House of Lords. It focuses on seizing the monetary proceeds from fraud or other crypto-related financial crimes. The Financial Conduct Authority (FCA) has also recently expressed interest in collaborating with crypto firms to establish a regulatory framework for the industry.
Source: cointelegraph.com
Celsius Aims to Repay Over $2 Billion in Crypto to Creditors by Year-End
Celsius Network, a bankrupt digital asset company, plans to repay creditors using billions of dollars in digital assets before the year ends. Court documents in the U.S. bankruptcy case show that Celsius has submitted a restructuring plan to distribute at least $2.03 billion worth of crypto to creditors. If the plan is approved, customers could recover their lost funds before the year ends.
Source: dailyhodl.com
Matrixport: Bitcoin Is Better Than Digital Gold
Matrixport’s new report highlights Bitcoin’s superiority over gold as a store of value. The report states that given the current technological advancements, Bitcoin will play a role similar to gold as a reserve asset. According to the report, Bitcoin’s market value is approximately $540 billion, equivalent to 10.8% of the physical gold market’s value. Additionally, gold ETFs have a market value of around $200 billion. Matrixport believes that the SEC’s approval of a Bitcoin ETF could attract $20 to $30 billion in investment into the crypto market. Markus Thielen, head of research at Matrixport, noted: “Storing assets in the form of gold is not only outdated in the digital age but also comes with significant limitations.”
Source: coindesk.com
Cardano Founder: Sam Bankman Is One of the World’s Biggest Fraudsters
Charles Hoskinson, the founder of Cardano, likened Sam Bankman-Fried, former CEO of FTX, to Bernard Madoff, the mastermind behind the largest Ponzi scheme in history. Madoff, who defrauded approximately $64.8 billion over 15 years, was at one point the chairman of NASDAQ and died while serving a 150-year prison sentence in the U.S. Hoskinson remarked that the media’s attention to Bankman-Fried, despite evidence of his role in misusing and stealing FTX customer funds, reveals how corrupt the entire system has become.
Source: cointelegraph.com
