Bipartisan Anti-Crypto Terror Financing Bill Heads to U.S. Senate

“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.

Matrixport’s $45K End of Year Target for Bitcoin Looks to Be Accurate

“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.

Future of Solana’s Hyped Saga Phone is “Under Internal Discussion” as Sales Figures Fail to Wow

“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.

Binance, SBF, ETH and Gensler Get Mentions at Republican Presidential Debate

“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.”

Flowdesk Picked by Forge to Become Marker Marker for Euro-Based Stablecoin

“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 Split Between Bitcoin, Ether: Bybit Research

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.

NFT Prices Are Still Lagging Behind Ether’s Gains

“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.”

Philippines Security Regulator Warns Binance Is Operating Without a License

“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.

U.S. Treatment of CZ, Binance Is ‘Absurd:’ Arthur Hayes

“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.”

Crypto Trading Firm Kronos Research Offers 10% Bounty to Hacker

“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.

Binance’s Changpeng ‘CZ’ Zhao is a Manageable Flight Risk: U.S. DOJ

“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.

Antminer, Foundry Battle in Hashrate War as Bitcoin ETF Nears

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.

Montenegro Court Approves Extradition of Do Kwon

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.

KyberSwap DEX Hacked for $48 Million, Attacker Teases Negotiations

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.

Bitcoin and BNB Recovery as Binance Plea Seen Boosting Spot ETF Odds

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.

Polymarket Traders Betting on Sam Altman’s Fate Have Become Bipolar

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.

Tokens In SEC’s CrossHairs Are Posting Double Digit Year-To-Date Returns

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.

OpenAI CEO Drama Makes a Market for Blockchain Betters

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.”

Bitcoin Is Coming to Sushi as DeFi Platform Expands to ZetaChain

“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.

‘Cryptocurrencies Have Failed the Test of Digital Money,’ MAS’ Managing Director Says

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.

Sora’s First Summit Brought Sam Bankman-Fried to Hong Kong. Now, They’ve Got Their Eyes on Taipei.

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.

Grayscale Discount Continues to Narrow as Spot Bitcoin, Ether ETF Euphoria Works Through Markets

“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.”