A recent survey conducted by The Harris Poll and commissioned by Digital Currency Group (DCG) reveals that cryptocurrency is emerging as a critical issue among voters in key swing states. Over 20% of respondents from states like Michigan, Ohio, and Pennsylvania demand more discourse on digital assets from political candidates ahead of the 2024 elections. […]
Bitcoin News
The Eroding State of Privacy in the Crypto World
The balance between privacy and regulatory compliance in the crypto world is increasingly threatened as high-profile cases, such as the sanctions against Tornado Cash and the legal troubles of Samourai Wallet, come to the fore, prompting a robust response from the community and its leaders. Crypto’s Battle for Privacy Intensifies in Face of Regulatory Clampdown […]
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Venezuelan State Oil Company to Accelerate USDT Adoption for Settlements; Tether Vows to Uphold OFAC Sanctions
PDVSA, the state-owned Venezuelan oil company, would be preparing to migrate more of its payments portfolio to USDT, a dollar stablecoin, to avoid being affected by the restitution of U.S. sanctions. Reuters reported that the company started receiving payments in USDT last year and will accelerate its adoption. Tether, nonetheless, stated it will uphold OFAC […]
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While Some Think Bitcoin’s 12th-Largest Wallet Hides a Nation State, Onchain Data Shows an Exchange
This week, the crypto community on social media has once again been buzzing about a bitcoin wallet called ‘Mr 100’ following a significant deposit of 100 bitcoin on April 10, 2024. Despite numerous assertions that the wallet is associated with the South Korean cryptocurrency exchange Upbit, a faction continues to believe that it is owned […]
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Ethereum Foundation Receives Confidential State Inquiry, Removes Warrant Canary Icon From Github Repo
The Ethereum Foundation has reportedly received a “voluntary enquiry from a state authority,” according to a note added to the group’s Github page. State Actors Have Contacted the Ethereum Foundation; SEC Reportedly Investigating On Wednesday, March 20, 2024, the crypto community discussed a message posted to the Ethereum Foundation’s Github repository which also features a […]
Bitcoin News
CBDC Anti-Surveillance State Act Back in the Senate
The CBDC Anti-Surveillance State Act has been reintroduced in the Senate with the support of five U.S. senators. “As Americans face the prospect of an increasingly weaponized government, ensuring financial privacy is pivotal,” said one senator who supports the bill. A central bank digital currency (CBDC) “would open the door for the federal government to […]
Bitcoin News
Tradestation Settles With SEC and State Regulators for $3 Million
Tradestation has reached a settlement with the Securities and Exchange Commission (SEC) and state regulatory bodies, agreeing to pay million in fines for offering an unregistered crypto asset lending product to U.S. investors, a move that promised interest earnings on deposits without proper registration. Tradestation Settles SEC and State Charges for Million Tradestation […]
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Federal Reserve Ends Enforcement Action Against FTX-Connected Farmington State Bank
The Federal Reserve terminated its enforcement action against Washington-based Farmington State Bank, previously known as Moonstone Bank and linked to FTX’s Alameda Research.
Federal Reserve Terminates Enforcement Action of FTX-Linked Farmington Bank
The Federal Reserve Board has officially concluded its enforcement actions against Farmington State Bank and its parent company, FBH Corporation. This termination marks the end of a scrutinized period for the Washington-based bank, once intertwined with the now-defunct cryptocurrency exchange FTX.
Farmington State Bank, previously operating under the moniker Moonstone Bank, found itself at the center of regulatory oversight following its association with FTX’s trading arm, Alameda Research. The Federal Reserve’s decision to terminate the enforcement action comes after the bank completed its wind-down plan, effectively ceasing its banking operations.
The enforcement action, initiated in July 2023, aimed to ensure the orderly wind-down of Farmington’s operations, safeguarding the interests and deposits of its customers. The Federal Reserve in the recent announcement stated:
The Board’s enforcement action…ensured the bank’s operations would wind down in a manner that protected the bank’s depositors. Farmington has completed its wind down plan and no longer functions as a bank.
This move also coincides with the termination of two long-standing enforcement actions against BNP Paribas, showing the Federal Reserve’s willingness to close regulatory chapters with institutions that have complied with mandated corrective measures.
The link between Farmington Bank and the volatile world of cryptocurrency trading came under scrutiny after it received approximately .5 million from Alameda Research through FBH Corporation in March 2022. The collapse of FTX in November 2022 prompted a re-evaluation of Farmington’s engagement in the crypto space, with the bank expressing its intent to revert to its role as a community bank.
Do you think the Federal Reserve did a good job of handling Farmington State Bank? Share your thoughts and opinions about this subject in the comments section below.
‘Blockchain Basics Act’ Introduced in Missouri Takes the Bitcoin Regulation Battle to State Level
The Blockchain Basics Act, introduced recently into the Missouri State House, seeks to guarantee crypto-related rights, including self-custody, transacting, mining, and staking, to the state’s people. Proposed by Rep. Phil Christofanelli, the bill aims to take the crypto legislation fight to the state level, according to Dennis Porter, CEO and co-founder of the Satoshi Action Fund.
‘Blockchain Basics Act’ Proposes to Guarantee Crypto Rights at a State Level in Missouri
The fight for crypto legislation clarity is changing. A new bill, the “Blockchain Basics Act” (HB2107), introduced in Missouri’s State House, seeks to guarantee a series of cryptocurrency rights to the people of Missouri.
Introduced by Rep. Phil Christofanelli on December 27, the bill protects the right of Missouri’s citizens to the custody of their cryptocurrency assets, the right to exert cryptocurrency mining activities without restrictions, the right to transact and make payments with crypto, and eliminates state capital gains taxes for transactions under 0.
The act, currently in its second reading by the House, is part of a new strategy to focus crypto regulation efforts in a different state-level direction. According to Dennis Porter, co-founder and CEO of the Satoshi Action Fund, a non-profit that works with lawmakers to issue crypto-friendly regulations, this might be the way of winning “the battle for bitcoin adoption.”
Porter, who supports this act, stated that the federal road might not be the best option for establishing a legal basis for Bitcoin adoption, comparing this situation with what has happened in the cannabis regulation field. He explained :
Consider how cannabis won the public and legal debate… The cannabis industry didn’t win over the Feds. They fought in the states and cannabis is now legal in 75% of the USA! You and I can win the battle for Bitcoin adoption by following the same strategy!
Although Porter recognized that passing this bill in Missouri would be an “uphill battle,” he stressed this was just the beginning and that many similar bills might be introduced in other states in the coming days.
What do you think about the “Blockchain Basics Act” introduced in Missouri? Tell us in the comments section below.
Reports State at Least $1.7B Was Lost in Hacks and Exploits During 2023
Several reports that have recently surfaced have revealed the extent of losses that crypto platforms and users faced during 2023 as a product of exploits and hacks. TRM Labs’ latest report states that the number ascended to .7 billion, while De.fi, another Web3 security firm, states that this number reaches higher, to billion.
Reports Share the Extent of Damage Caused by Hacks and Exploits in 2023
At the end of 2023, several reports have surfaced estimating the funds lost due to hacks and exploits during the year. In its latest report, TRM Labs, a blockchain security analytics firm, states this number reached .7 billion by mid-December, with the top ten hacks netting 70% of the funds stolen.
Incidents classified as “infrastructure attacks,” which include stealing private keys that give hackers access to a crypto project’s servers or using software to steal funds, contributed almost 60% of the numbers reported.
While .7 billion might seem astronomical, it is less than half of the billion that criminals stole last year, aided by a 0 million mega hack against the Axie Infinity linked Ronin bridge. Comparatively, the most significant incidents during this year, which involved Euler Finance, Multichain, and Poloniex, only contributed approximately 0 million each to this number.
TRM Global Head of Policy and Government Affairs Ari Redbord acknowledged the work behind this improvement. He stated:
The global focus on cybercrime is likely to, at least in part, mitigate some of the activity which is critical in order for the overwhelmingly lawful ecosystem to grow.
Nonetheless, De.fi, another Web3 cybersecurity group, puts 2023’s loss even higher, reaching billion. De.fi stated this number stood as a “testament to both the ongoing vulnerabilities and the strides made in addressing them, even as interest in the space was relatively muted by the ongoing bear market in the first half of the year.”
What do you think about the at least .7 billion stolen in hacks and exploits during 2023? Tell us in the comments section below.