Coinbase CEO calls on countries to establish Bitcoin reserves

January 17, 2025 Coin Telegraph

Bitcoin

Brian Armstrong has reportedly discussed potential policy issues related to cryptocurrencies with US President-elect Donald Trump.

Brian Armstrong, CEO of US-based cryptocurrency exchange Coinbase, has endorsed plans for global leaders to create Bitcoin strategic reserves.

In a Jan. 17 blog post on “economic freedom,” Armstrong said cryptocurrencies were ”the next chapter capitalism,” offering suggestions for policymakers to integrate digital assets into their economies in 2025.

The Coinbase CEO’s ideas included crypto-friendly laws, government efficiency, special economic zones, and the establishment of a Bitcoin (BTC) reserve as a hedge against inflation.

“The next global arms race will be in the digital economy, not space,” Armstrong speculated. “Bitcoin could be as foundational to the global economy as gold and will become central to national security in a world where holdings of Bitcoin can shift the balance of power among nation-states.”

Despite End-of-Year Uptick, Gary Gensler’s SEC Cut Down Crypto Sanctions by 30% in 2024: Report

US Senate Banking Committee chair says crypto framework will be a priority

January 15, 2025 Coin Telegraph

Coin Telegraph

With a Republican majority having taken control of the US Senate in January, Tim Scott said the Banking Committee would have an “open-minded environment” for digital assets.

Republican Senator Tim Scott, recently elected chair of the US Senate Banking Committee, announced that developing a regulatory framework for digital assets would be one of the body’s priorities in the 119th Congress.

In a Jan. 15 notice, Senator Scott said the Banking Committee intended to focus on policies for financial inclusion that “create opportunity” in the US. The committee’s list of priorities included affordable housing, economic national security, oversight and digital assets.

“Under Chair Gensler, the SEC refused to provide clarity to the cryptocurrency industry, which has forced projects overseas,” said Scott. “Moving forward, the committee will work to build a regulatory framework that establishes a tailored pathway for the trading and custody of digital assets.”

Despite End-of-Year Uptick, Gary Gensler’s SEC Cut Down Crypto Sanctions by 30% in 2024: Report

NYDFS launches exchange program with Bank of England on crypto expertise

January 13, 2025 Coin Telegraph

Bank of England

The New York regulator’s Transatlantic Regulatory Exchange program would allow the NYDFS to exchange senior staff experienced in digital assets with those at the Bank of England.

New York Department of Financial Services (NYDFS) Superintendent Adrienne Harris announced an exchange program that will allow the regulator to learn more about how foreign agencies handle issues with emerging payments and digital assets.

In a Jan. 13 notice, Harris said the Transatlantic Regulatory Exchange (TRE) would begin with an exchange of senior staff experienced with digital assets between the NYDFS and Bank of England. According to the NYDFS superintendent, the program was “critical for regulatory harmonization.”

Exchange program announcement. Source: NYDFS

Despite End-of-Year Uptick, Gary Gensler’s SEC Cut Down Crypto Sanctions by 30% in 2024: Report

Crimeware-as-a-service: A new threat to crypto users

January 13, 2025 Coin Telegraph

caas

Crimeware-as-a-service fuels cybercrime in crypto. Explore its impact, tactics used and key steps to safeguard your wallets and transactions.

Crimeware-as-a-service (CaaS) involves experienced criminals selling their tools and services to less experienced offenders for a price. This model resembles software-as-a-service (SaaS), where the provider gives access to the software to the subscriber. In the case of crimeware-as-a-service, the SaaS model has reshaped itself in the context of cybercrime.

In the early days of cybercrime, cybercriminals mostly worked alone or in small groups, playing with technology and trying to sneak into people’s bank accounts or emails for personal gains and fun. Criminals generally used email to send viruses and commit scams.

Despite End-of-Year Uptick, Gary Gensler’s SEC Cut Down Crypto Sanctions by 30% in 2024: Report

Blender and Sinbad operators face US money laundering charges

January 10, 2025 Coin Telegraph

Coin Telegraph

Two Russian nationals face charges of conspiracy to commit money laundering and operating an unlicensed money-transmitting business, while one remains at large.

The US Justice Department has indicted three Russian nationals alleged to have committed money laundering due to their involvement in operating cryptocurrency mixers Blender.io and Sinbad.io.

In a Jan. 10 notice, US authorities said a federal grand jury in the Northern District of Georgia returned an indictment for Roman Vitalyevich Ostapenko, Alexander Evgenievich Oleynik and Anton Vyachlavovich Tarasov.

The indictment alleged that the crypto-mixing services operated by the three men allowed criminals to launder funds “stolen from victims of ransomware, virtual currency thefts, and other crimes,” according to US Attorney Ryan Buchanan.

Despite End-of-Year Uptick, Gary Gensler’s SEC Cut Down Crypto Sanctions by 30% in 2024: Report

SOL rebounds above $200, Aave deposits hit $33.4B record: Finance Redefined

January 3, 2025 Coin Telegraph

SOL rebounds above 0, Aave deposits hit .4B record: Finance Redefined

Aave deposits $33.4B record

Growing investor optimism in anticipation of Trump’s inauguration is inviting new capital into the market, which pushed Aave deposits to a new all-time high.

The beginning of 2025 brought renewed excitement to crypto investors, boosting Solana’s price back above the $200 psychological mark despite $55 million worth of potential selling pressure from Pump.fun.

In the wider crypto space, investor enthusiasm is growing in anticipation of United States President-elect Donald Trump’s upcoming inauguration, and the Aave lending platform’s net deposits have surpassed record highs of the 2021 bull market.

Solana’s price rose about 10% to more than $200 following a $55 million transfer from Pump.fun’s fee account to the Kraken cryptocurrency exchange.

Despite End-of-Year Uptick, Gary Gensler’s SEC Cut Down Crypto Sanctions by 30% in 2024: Report

Blockchain Association sues IRS over crypto broker rules

December 28, 2024 Coin Telegraph

Blockchain Association

The lawsuit alleges that the IRS’ latest rulemaking exceeds the agencies’ statutory authority and violates the Administrative Procedure Act.

The Blockchain Association is pushing back against the latest cryptocurrency regulatory move of the United States Internal Revenue Service (IRS) with a joint lawsuit.

On Dec. 27, the IRS issued final regulations requiring brokers to report digital asset transactions, expanding existing reporting requirements to include front-end platforms, such as decentralized exchanges (DEXs).

Set to take effect in 2027, the rules mandate that brokers disclose gross proceeds from sales of cryptocurrencies and other digital assets, including information regarding taxpayers involved in the transactions.

Despite End-of-Year Uptick, Gary Gensler’s SEC Cut Down Crypto Sanctions by 30% in 2024: Report

Confirmed Bitcoin payments hit yearly low due to holiday illiquidity

December 27, 2024 Coin Telegraph

Bitcoin

Metrics like the number of confirmed payments can be used to gauge investor activity on the Bitcoin network.

Daily Bitcoin payments have sunk to a yearly low, illustrating the period of illiquidity characteristic of the holiday season.

Confirmed Bitcoin (BTC) payments sank to 623,434 on Dec. 26, marking the lowest point of the year, according to data from blockchain.com

Confirmed Bitcoin payments per day. 1–year chart. Source: Blockchain.com

Despite End-of-Year Uptick, Gary Gensler’s SEC Cut Down Crypto Sanctions by 30% in 2024: Report

Ethereum shorter gains $1.1M on 50X leverage in 2 days

December 26, 2024 Coin Telegraph

Ethereum shorter gains .1M on 50X leverage in 2 days

Coin Telegraph

Beyond the $1.1 million unrealized profit, the trader earned over $680,000 worth of funding fees on his short position, ripe for liquidation above $4,750.

A cryptocurrency trader is up over $1.1 million on an Ether position within two days after strategically positioning for the current crypto market correction.

A savvy crypto trader generated over $1.1 million worth of profit on his Ether (ETH) short position, which involves “borrowing” the underlying cryptocurrency from a broker, selling it at the current price, and then repurchasing it once the price falls — a strategy used by traders to bet on the price decline of an asset.

The trader opened the 50x leveraged short position when Ether was trading at $3,428, shorting a total of 19,186 Ether worth over $64.5 million as of 10:56 am in UTC on Dec. 26, according to blockchain data from Hypurrscan.

Despite End-of-Year Uptick, Gary Gensler’s SEC Cut Down Crypto Sanctions by 30% in 2024: Report

Avalanche raises $250M ahead of Avalanche9000 launch

December 12, 2024 Coin Telegraph

Avalanche

The locked-token sale saw participation from more than 40 companies.

Layer-1 blockchain Avalanche announced the closure of a $250 million private locked-token sale led by Galaxy Digital, Dragonfly, and ParaFi Capital on Dec. 12.

More than 40 companies joined the token sale including SkyBridge, SCB Limited, Hivemind, Big Brain Holdings, Hypersphere, Lvna Capital, Republic Capital, Morgan Creek Digital, FinTech Collective and others.

The raise comes ahead of the launch of the “Avalanche9000” network upgrade, purported to be the most significant upgrade in Avalanche’s history.

Cryptocurrencies