Uncategorized Archives - Page 16 of 131

WednesdayJun 05, 2024 9:00 am

Biden Vetoes Bill Seeking to Overturn SEC Guidance on Crypto Reporting

President Joe Biden has vetoed a measure aimed at overturning a contentious directive from the U.S. Securities and Exchange Commission (SEC) regarding the accounting practices for companies handling cryptocurrency assets. In a letter addressed to the House of Reps and published on the White House website, President Biden stressed his administration’s commitment to protecting investors and consumers, stating that appropriate safeguards are essential to leveraging the opportunities and benefits of cryptocurrency innovation. The measure in question sought to repeal the commission’s staff accounting bulletin, known as SAB 121, which has been a point of contention within the crypto sector. The…

MondayJun 03, 2024 9:00 am

Fake Google Chrome Extension Leaves Crypto Users Vulnerable

In February, a Binance trader by the handle “doomxbt” uncovered a significant issue when they observed losses amounting to $70,000 due to suspicious activity. The attacker had deposited these stolen funds into SideShift, a crypto exchange driven by artificial intelligence. It was revealed this week that the culprit might be identified, thanks to a phony Aggr app extension that was sold on the Google Chrome store. The fake Aggr software was made to collect all website cookies from users, in contrast to the real Aggr app, which provides expert trading tools, including on-chain liquidation trackers. This made it possible for…

FridayMay 31, 2024 9:00 am

Analysts Say Approval of Ethereum ETFs Could Trigger More Momentum for Cryptos

The U.S. Securities and Exchange Commission (SEC) recently announced that it had approved a regulation change allowing ether spot ETFs to be traded in the United States. Following the news, both Bitcoin and Ethereum prices saw a modest increase, with crypto-related stocks experiencing a notable rise. The commission approved eight Ethereum ETF applicants’ Form 19b-4, including those from major companies including Fidelity, BlackRock, Grayscale, VanEck, ARK Invest, Franklin Templeton and Invesco Galaxy. However, before these ETFs can officially launch, their S-1 registration declarations need to receive approval. The SEC didn’t specify when these forms would be approved or when trading…

WednesdayMay 29, 2024 9:00 am

Trump’s Campaign to Start Accepting Crypto for Campaign Contributions

The presidential campaign of Donald Trump has announced that it will start accepting crypto donations as part of its strategy to create a “cryptocurrency army” in the lead-up to election day. The campaign has set up a fundraising platform that enables any legally permissible donor to contribute to its political committees using a variety of cryptocurrencies accepted by the Coinbase exchange. This move not only emphasizes Trump’s position as a crypto-supportive candidate but also aims to attract a key demographic of young male voters that is increasingly engaged with digital currencies. The announcement coincided with the conclusion of Trump’s defense…

FridayMay 24, 2024 9:00 am

Senate Passes Measure to Revoke SEC’s Accounting Policy on Crypto

The U.S. Senate joined the House recently in attempting to repeal the U.S. Securities and Exchange Commission (Sec0 cryptocurrency policy, Staff Accounting Bulletin No. 121 (SAB 121). The senate passed the measure in a 60 to 38 vote, although President Joseph Biden has promised to veto the measure. Concerns remain in the crypto sector about banking constraints as President Biden argued that removing the rule could hinder efforts to protect investors and ensure the financial system’s stability. The resolution garnered support from a dozen Democrats who joined a majority of GOP lawmakers, surpassing the bare majority required for passage. It…

WednesdayMay 22, 2024 9:00 am

US Brothers Charged for Pulling Off a $25 Million Crypto Heist in 12 Seconds

Two brothers, Anton and James Peraire-Bueno, who attended one of the top U.S. universities, have been accused of stealing $25 million worth of crypto in a mere 12 seconds. They both face charges of money laundering and wire fraud. According to the U.S. Department of Justice (DOJ), this alleged theft is unprecedented. The brothers, who reportedly studied at MIT, are said to have executed their scheme in April last year. Lisa Monaco, the U.S. Deputy AG, stated that the brothers used a sophisticated and cutting-edge method to steal $25 million in Ethereum, planning the operation for months but completing it…

MondayMay 20, 2024 9:00 am

Biden Bans China-Backed Cryptocurrency Mining Company from Owning Land Near Missile Base in Wyoming

President Joe Biden recently issued an executive order preventing a Chinese-sponsored crypto-mining company from possessing land close to a nuclear missile facility in Wyoming. The order, aiming to safeguard national security, mandates the disposal of the property currently utilized as a cryptocurrency mining facility close to the Francis E. Warren Air Force Base. MineOne Partners Ltd., partially supported by Chinese investors, along with its associates, must also dismantle specific equipment on the premises. The order coincides with the U.S. administration’s plans to impose substantial tariffs on Chinese imports, including semiconductors, electric vehicles, medical supplies and solar products. Both Biden and…

FridayMay 17, 2024 9:00 am

Trump Wants to Use Crypto to Gain Edge over Biden

Donald Trump is once again breaking presidential ground: He stands to be the inaugural nominee of a major party that will actively seek the support of crypto traders, leaving certain Democrats unsettled. During a recent Mar-a-Lago event, Trump addressed crypto enthusiasts, asking them to vote for him because of what he termed the Biden administration’s strict regulations against the industry. Trump’s overt appeal to the cryptocurrency sector marks a notable shift from his earlier criticism during his initial term in office. However, the shift is consistent with the evolving stance of the GOP, which has grown increasingly receptive to digital…

WednesdayMay 15, 2024 9:00 am

FTX Reveals It Has More Than Needed to Repay Victims After Collapse

The collapsed crypto exchange FTX claims to have surplus funds exceeding the amounts required for reimbursing its customers. The company states that it expects to have up to $16.3 billion after selling its remaining assets to pay down its debt, which is estimated to be approximately $11 billion. The company’s new restructuring proposal assures nearly all of its clients will recover at least their entire losses incurred during FTX’s collapse in 2022. Earlier this year, Sam Bankman-Fried, one of FTX’s cofounders, received a 25-year prison sentence for deceiving investors and customers of the now-insolvent company. John Ray, FTX’s new CEO,…

MondayMay 13, 2024 9:00 am

US SEC Serves Robinhood Crypto with Wells Notice, Signaling Possible Enforcement Action

Robinhood Markets, a retail-trading platform, revealed that it had recently been served with an enforcement action notice from the U.S. Securities and Exchange Commission (SEC) regarding the cryptocurrency tokens traded on its platform. The notice, known as a “Wells notice,” is typically issued by the SEC as a precursor to potential enforcement actions, though it does not imply wrongdoing. The company’s chief legal, compliance and corporate affairs officer Dan Gallagher stressed the company’s confidence that the assets posted on its marketplace aren’t securities. He also noted that the company was ready to engage with the SEC to demonstrate the weakness…