As a seasoned researcher with over two decades of experience in the ever-evolving world of finance and technology, I find myself intrigued by these recent developments in the crypto sphere.
During the 2024 U.S. presidential elections, Senator Cynthia Lummis voiced her approval for President-elect Donald Trump’s plan to establish a Bitcoin reserve following his victory on November 5th.
Representative Lummis, a Wyoming Republican who strongly supports cryptocurrency, voiced her plans to introduce related bills in the Senate. This includes a proposal for the U.S. government to acquire approximately 1 million Bitcoins – which is around 5% of its total supply – and keep it undisturbed for at least 20 years.
Under this plan, the government would retain its confiscated Bitcoin holdings instead of selling them off, following a concept initially proposed by Trump. This suggestion arises as the Republican party gears up for potential control over the Senate.
California revokes BlockFi’s license amid bankruptcy proceedings
Permanently, California’s Department of Financial Protection and Innovation (DFPI) has withdrawn the lending permit from BlockFi, a cryptocurrency lending company that filed for bankruptcy about two years back.
After discovering breaches of the California Lending Regulations – such as insufficient evaluation of a borrower’s capacity to repay loans, deceptive loan terms, and accrual of interest prior to loan distribution – this action was taken.
As a crypto investor, I acknowledge that BlockFi has consented to the withdrawal of certain practices and has agreed to cease any actions deemed risky. Despite being fined $175,000, this penalty was waived in order to prioritize the repayment of consumers during BlockFi’s bankruptcy proceedings.
FTX’s Caroline Ellison receives prison sentence for role in Alameda Research
Caroline Ellison, the ex-CEO of Alameda Research, will start serving a two-year jail term following her admission of guilt for various fraud and money laundering charges associated with the downfall of FTX.
Her sentencing comes after extensive testimony that linked her former associate, Sam Bankman-Fried, during his court proceedings. Since 2022, she has been under intense media attention and public critique, yet her case underscores the legal consequences stemming from the collapse of FTX, which is becoming more prominent.
As a researcher, I find myself noting that other key figures, among them Gary Wang, are currently anticipating their sentencing. In a recent court hearing, Wang himself appealed for leniency, requesting that no imprisonment be part of his sentence.
Crypto.com faces regulatory warning in Poland
The Polish Financial Supervision Authority (KNF) has issued an announcement cautioning the public about using Crypto.com. According to KNF, this platform does not hold registration as a virtual asset service provider in accordance with Polish legislation.
The regulator emphasized potential risks to users, urging them to exercise caution when using unregistered services. The action was part of increasing regulatory scrutiny as the European Union prepares for its comprehensive Markets in Crypto-Assets (MiCA) regulations, aiming to bring more stringent oversight to the crypto sector.
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2024-11-11 22:09