“The Terrorist Financing Prevention Act of 2023, introduced by the Senators, aims to prevent Foreign Terrorist Organizations and their financial enablers, including those using digital assets, from accessing U.S. financial institutions, imposing sanctions and strict regulations to counteract these activities,” the bill reads.
“The 2023 bitcoin rally unfolded in five phases: starting with a reaction to inflation trends, followed by a banking crisis response, a surge due to BlackRock’s ETF filing, a boost from Federal Reserve policy shifts, and finally, developments in SEC regulations regarding bitcoin ETFs, “Markus Thielen, Matrixport’s head of research, wrote in a new report.
“We have to decide if there’s a place for a smart wallet, a much cheaper version that an iPhone user could use as a secondary device. We haven’t seen a ton of signal whether that’s a compelling enough thing to sell 50,000 units,” he said, saying that this was the magic number to determine the success of the phone.
“It’s nothing short of embarrassing that Gary Gensler, the SEC chair, couldn’t even confirm in front of Congress whether Ethereum is a regulated security,” Ramaswamy said. “This is another example of the administrative state going too far.”
As unconfirmed transactions on the Bitcoin blockchain rise, Luke Dashjr, a prominent developer pledges that Ordinal Inscriptions are a ‘bug’ that will be fixed.
“Looking ahead as we approach 2024, we envision a transformative impact where compliant blockchain-based operations by institutions will drastically increase in volume – and this is what we have been preparing since the inception of Flowdesk,” Guilhem Chaumont, CEO and co-founder of Flowdesk, said in a release.
Institutional traders and whales, or large holders of bitcoin, were skeptical about altcoins, the report says, with the data showing a general decline in altcoin holdings among traders despite a brief rise in May. A notable decrease started in August, particularly among institutions, reflecting a cautious stance towards these more volatile assets.
“Bitcoin ordinals is not only a breakthrough for bitcoin utility, but also a hub that brings communities together,” he said in an interview by email. “Communities like Stacks, BSV, Rootstock, and even Starkware, which don’t usually interact with each other, are all exploring ways to get involved and build on Ordinals Protocol – everyone found a common ground and wants a piece of it.”
The problem with ICOs, however, is that the majority, under current interpretations of the law, were flagrant violations of securities rules.
“Those who act as salesmen, brokers, dealers or agents, representatives, promoters, recruiters, influencers, endorsers, and enablers of Binance in selling or convincing people to invest in its platform within the Philippines, even through online means, may be held criminally liable under Section 28 of the Securities Regulation Code,” it said in the notice, warning of fines of 5 million Philippine Pesos ($90,000) or up to 21 years in jail.
“The state powers centralization, and collaboration is achieved through threats of violence,” he wrote. “A problem for the financial and political establishment was that the intermediaries facilitating flows into and out of the industrial revolution named blockchain were not run by members of their class.”
“At present, we can confirm that the losses are about $26 million in crypto assets, and despite it being a sizable amount, Kronos remains in good standing. All losses will be covered internally, and no partners will be affected,” the firm later posted on X.
“Based on all the relevant facts, including Mr. Zhao’s voluntary self-surrender, his intent to resolve this case, and the sizable bail package he proposed, Judge Tsuchida found that Mr. Zhao presents no risk of flight, even while residing in the UAE,” last week’s filing said.
Lucy Hu, a senior analyst at Metalpha, told CoinDesk that the new peak in mining difficulty, driven by the recent price surge and the halving’s proximity, will lead to the dominance of advanced rigs like the Antminer S21, benefiting firms with the latest equipment.
The attack targeted KyberSwap’s liquidity pools (LPs). The DEX, which had a total value locked (TVL) of around $80 million before the attack, now just has $7.78 million.
Earlier this month, the Montenegro High Court upheld the four-month prison sentence of Kwon and his associate Han Chang-Joon for document falsification, rejecting their appeal and deeming the sentence appropriate, with Kwon facing potential extradition to South Korea or the U.S. after serving his sentence in Montenegro, CoinDesk reported.
Since yesterday, Coinbase’s reserves have increased by around 12,000 BTC, while Binance’s have decreased by 5,000 BTC, the research firm wrote in a recent note.
On-chain data shows that the attacker is stealing funds mostly in Ether, wrapped ether (wETH) and USDC. The attacker has also hit multiple cross-chain deployments of KyberSwap, taking over $20 million on Arbitrum, $15 million from Optimism and $7 million from Ethereum.
As of writing, BTC traded close to $36,400, having tanked over 4.5% to $35,700 Tuesday. BNB changed hands at $234, recovering from the overnight low of $223, CoinDesk data show. Both currencies, however, were still down 3.3% and 11.5% on a 24-hour basis, nursing hangover from Tuesday’s events, which saw Binance agree to a $4.3 billion settlement for violating sanctions and money-transmitting laws. Binance’s founder CZ pleaded guilty and stepped down as CEO in what’s called one of the largest corporate penalties ever, CoinDesk previously reported.
As the Monday business day in the U.S. dragged on and backroom corporate politics continued, the Yes side went as low as 18 cents by mid-day before rising back up to 50 cents, then hovering between 48 and 53 as the afternoon wore on. Later, it flipped again in late American hours as Bloomberg published its story.
Over the last few months, the NEAR Foundation’s NEAR token has also seen a series of positive headlines, likely increasing investor interest to counterbalance the SEC’s allegations. As CoinDesk recently reported, NEAR rallied following its partnership announcement with Nym Technologies, aimed at integrating Nym’s privacy infrastructure into the Near ecosystem to enhance user privacy for NFTs, DeFi, and dApps.
Sam Altman, the former CEO of OpenAI, Greg Brockman, the company’s co-founder and president, and other former staff members will be joining Microsoft, the software giant’s CEO Satya Nadella said in a post on X.
Another contract asks if Altman would be criminally charged by Nov. 30, with Yes currently trading at 1 cent. A report from Axios, citing a leaked memo, says that Altman’s firing “was not made in response to malfeasance or anything related to our financial, business, safety, or security/privacy practices.”
Avalanche’s native token AVAX and Near Protocol’s NEAR held early solid Friday as the broader market trimmed gains from early this week, taking cues from equities.
“We’re aiming to empower bitcoin holders to engage with key DeFi primitives, such as trading, along with more sophisticated applications like lending and borrowing,” Jonathan Covey, a core contributor to ZetaChain, said in an interview with CoinDesk. By allowing bitcoin to be used with Sushi, it goes beyond its traditional use case as just a store of value, he said.
Menon mentioned how Project Guardian, led by MAS and industry partners, is tokenizing foreign exchange, bonds, and funds to enhance global liquidity, streamline cross-border transactions, and improve operational efficiency in financial markets, with trials by major global banks.
Hong Kong and Singapore are the usual destinations for crypto fund headquarters in Asia.
Jason Fang, managing partner and co-founder at Sora Ventures, disagrees, picking Taipei as the place to open a new office and run the fund from and host the next iteration of its Sora Summit conference, which takes place on Dec. 16 during the Taiwan Blockchain Week.
Fang says that the only crypto companies that really only need to be in these cities are exchanges, because of the legal clarity. It’s not the case for venture capital firms.
“A lot of these exchanges looked into areas like Hong Kong and Singapore, where regulation is a lot more black and white, which actually protects the exchange,” he said.
Taiwan doesn’t have the same sort of strict regulations and licensing.
“In Taiwan, we don’t have any restrictions in terms of any exchanges. So, you can have anything you want. There are no restrictions, and you don’t need a VPN to run anything,” he continued.
Fang says this is important because, as a VC, he is working on the bleeding edge of tech and exploring new segments that aren’t yet regulated. If he were licensed under Hong Kong or Singapore’s law there would be plenty of restrictions on what he can invest in, or say.
“Sora Ventures invests in forward-thinking, innovative areas often beyond current regulatory scope – ventures that are ahead of their time and not yet on regulators’ radar,” he said.
Fang has plenty of experience in Hong Kong.
Way back in 2018 – an eon ago in crypto years – Sora Ventures hosted its inaugural Sora Summit in Macau, a Chinese autonomous territory best known for its casinos.
A young Sam Bankman-Fried was in attendance, and the conference left such a positive impression on him he canceled his return ticket to the U.S. and stayed in nearby Hong Kong to plot how to bring Alameda Research (and later FTX) to Asia, eventually opening an office for this hedge fund in the city, so he recalled in his trial.
Crypto of the current year looks much different than in 2018. Beijing’s attitude towards it has changed, and running a digital assets fund in Shanghai isn’t the best idea from a compliance perspective.
Developing drugs on Bitcoin
Central to crypto’s thesis is revolutionizing finance through decentralization, taking out rent-seeking intermediaries. DeFi, or decentralized finance, with all its flaws and epic hacks, is the synthesis of this, linking up parties and counterparties with efficiency that only smart contracts can provide.
Decentralized Autonomous Organizations, or DAOs, are like the corporations of DeFi – a series of smart contracts that emulate an organization with roles, titles, and rewards.
But what if these DAOs could be used to do more than create the next pepecoin?
One incarnation might include DeSci – or decentralized science – hacking together answers to medical problems by building drugs via DAOs and not big pharma.
“Another category that we’re extremely bullish on, but again, a very, very early narrative, is decentralized science,” Fang said. “Science, in general, is a much larger industry that can be disrupted.”
Fang’s vision is to reduce the obstacles in drug development over time. Through DeSci he says the community can better reward scientists who make meaningful, real-world contributions, rather NFTs of frogs and monkeys.
The idea, he says, is over the course of the coming years, and the goal is to be able to shrink a bottleneck for drug development while compensating scientists well for their time.
Coinbase CEO Brian Armstrong is also a believer in DeSci and will be keynoting Sora Summit to promote ResearchHub, a platform he co-founded that rewards researchers with cryptocurrency for sharing their work and advancing science.
Everything is so damn centralized
Sora’s DeSci ambitions, like everything else it is investing in, are based on the Bitcoin blockchain.
There’s a whole DeSci universe out there, and Sora isn’t the first to make moves in this space.
But it’s the first to do it completely on Bitcoin.
Fang views centralization in the crypto industry as a significant risk, particularly in its potential to stifle innovation and create vulnerabilities in blockchain projects.
“Solana, for example, has a Solana Ventures or the Solana Foundation,” he said. “The majority of their development that’s going on is basically invested by these two companies, which is basically a centralized entity.”
“If one of those two things vanishes, they’re f—d,” he continued.
Bitcoin, he says, will walk a very different path because miners – as decentralized as you can get – are the ones benefiting from development in bitcoin utility thanks to the higher fees and are, in turn, funding it.
And a strong mining industry strengthens the decentralization and security of the network, like a sort of flywheel.
“Miners are way richer than Solana Foundation,” he says.
The exchange’s valuation in the $110 million round was less than half of its previous $14 billion valuation, according to the report.
“Recent extreme market volatility showed Arbitrum is still the lead performer in the L2 race, capturing six times the 24-hour trading volume of Optimism, and 25 times that of Base,” Ben Yorke, WOO Ecosystem VP said in a note shared with CoinDesk, referring to layer-2 blockchains. “That said, what’s clear is that Ethereum is still ultimately the end boss, overseeing more than twice the volume of all Layer 2 scaling solutions combined – driven in part by the volatility surrounding Blackrock’s apparent filing for an ETH ETF.”