Author: Max Bauer
The Securities and Exchange Commission’s (SEC) lawsuit against Cumberland DRW, a prominent crypto trading firm, has sent ripples through the industry. The case, which alleges that Cumberland DRW operated as an unregistered dealer in securities, is seen by many as a “warning shot” to other crypto market players, particularly those with traditional finance ties. The SEC’s action against Cumberland DRW, a subsidiary of the established commodities trading firm DRW, marks a significant escalation in its crackdown on the crypto industry. While the agency has previously targeted major crypto exchanges like Binance and Coinbase, this latest lawsuit highlights the SEC’s growing…
Italy is set to significantly increase the capital gains tax on Bitcoin, raising it from 26% to 42%. This move is part of the government’s efforts to finance costly election promises while reducing the fiscal deficit. Prime Minister Giorgia Meloni’s cabinet approved the tax hike, citing the growing popularity of Bitcoin and other cryptocurrencies. Deputy Finance Minister Maurizio Leo stated during a conference call on Wednesday that the “phenomenon is spreading.” While Italy is joining a growing number of countries implementing stricter regulations on cryptocurrencies, the effectiveness of such measures remains uncertain. India’s imposition of hefty digital-asset levies two years…
The disgraced founder of Terra, Do Kwon, has reportedly been able to make several crypto payments from a Montenegro prison despite authorities taking months to seize his crypto wallet login details and various electronic devices. Do Kwon Allegedly Made At Least Two Cryptocurrency Transactions in Prison According to a report by Portal ETV, Do Kwon was arrested in Montenegro on March 23, 2023, but his electronic devices weren’t handed over to the investigating judge until June of that year. This delay, combined with alleged failures in security protocols, may have allowed Kwon to maintain control of his crypto assets. Two…
Cryptocurrency journalist Eleanor Terrett has shared new insights into the ongoing legal battle between Ripple Labs and the U.S. Securities and Exchange Commission (SEC). According to Terrett, Ripple’s Chief Legal Officer, Stuart Alderoty, provided her with an update on the appeals timeline. The SEC is expected to file Form C, which will outline its appeal plans, by tomorrow. Ripple will then have 14 days to respond with its own Form C, detailing its cross-appeal. Both parties will subsequently agree on a briefing schedule. Alderoty anticipates that the SEC will take the full 90 days to file its first brief, which…
JPMorgan analysts, who have historically maintained a cautious stance on the cryptocurrency market, have shifted their outlook to bullish for 2025. The analysts, led by managing director Nikolaos Panigirtzoglou, cited a combination of factors that could drive further growth in the digital asset space. One key factor driving JPMorgan’s bullish sentiment is the emergence of the “debasement trade.” As geopolitical tensions rise and the U.S. election approaches, investors may turn to alternative assets like gold and bitcoin to hedge against economic instability. The analysts believe that a potential Trump win could reinforce this trend, with tariffs and expansionary fiscal policy…
Federal Reserve Bank of San Francisco President Mary Daly reaffirmed on Tuesday that monetary policy is still working to bring inflation pressures down, even after last month’s rate cut. In a speech prepared for an event at New York University, Daly stated that the half percentage point cut in the federal funds rate target implemented in September was a “right-sizing” of the policy stance. While acknowledging the progress made in curbing inflation, she emphasized that the Fed is not letting go of its restrictive monetary policy. “Even with this adjustment, policy remains restrictive, exerting additional downward pressure on inflation to…
TikTok, the popular social media platform, is facing allegations of operating as an unlicensed cryptocurrency exchange in the United Kingdom. A former compliance consultant for a leading private bank has sent a letter to the Financial Conduct Authority (FCA) outlining these claims. The letter asserts that TikTok’s virtual currency system, which rewards users with tokens for engaging with content, can be indirectly exchanged for fiat currency. This, according to the consultant, makes TikTok subject to the FCA’s anti-money laundering (AML) and terrorist financing regulations. “TikTok via its rewards program is facilitating money transmission to [money service businesses] and exchanging, or…
According to information on the SEC’s official website, Canary has filed for a Litecoin (LTC) ETF. You can review the official document here. The proposed ETF, Canary Litecoin ETF, would provide investors with exposure to LTC, a decentralized digital asset that operates on the Litecoin Network. LTC can be used to pay for goods and services or can be converted to fiat currencies. The ETF’s prospectus outlines the key features of LTC, including its historical development, use cases, and trading markets. It also details the operations of the Litecoin Network, which is decentralized and operates on a proof-of-work model. The…
The Bitfinex Alpha analysis report has revealed that Bitcoin’s recent decline was primarily driven by significant spot selling, resulting in a drop of over 11% from its September high. However, the selling pressure has since eased, and the cryptocurrency has shown signs of recovery. The report highlighted the importance of the realized price of Bitcoin short-term holders, which currently stands near $65,000. If Bitcoin can successfully break above this level, it could signal further bullish momentum. Conversely, failure to break through this resistance may lead to a retest of lower support levels, potentially around $59,000 or even $55,000. Despite the…
Cryptocurrency analysis firm QCP Capital is pointing to a potential historical parallel between Bitcoin’s recent price surge and the upcoming US presidential election. In a market update today, QCP Capital highlighted Bitcoin’s jump from $62,000 to $65,000, triggering the liquidation of approximately $80 million in leveraged BTC and ETH positions. While the firm acknowledges several potential factors contributing to the rally, they draw attention to the timing, noting the striking similarity to price action observed in the lead-up to the 2016 and 2020 US presidential elections. In both instances, Bitcoin experienced a period of relative stagnation before surging dramatically in…