All articles tagged with #cryptocurrency industry
The crypto industry has donated over $26 million to Trump's super PAC in 2025, highlighting a close relationship between Trump and the crypto sector, with the administration actively supporting and promoting crypto policies and growth.
The SEC has agreed to drop its nearly two-year lawsuit against Binance and its co-founder, marking a significant shift in its approach to crypto regulation, following previous enforcement actions and a settlement with the Department of Justice. The move is seen as a win for the crypto industry, reflecting a broader trend of regulatory backdowns under the current administration.
Bitcoin's market cap may reach $3 trillion post-halving, with varying opinions on its future value, including optimistic projections as high as $100K. The upcoming halving is expected to impact BTC's market dynamics, but opinions differ on whether it has already been priced in. ChatGPT suggests that factors such as institutional adoption, regulatory environments, and investor sentiment will also play a role in determining Bitcoin's future value. Ripple's CEO predicts a bright future for the cryptocurrency industry, with a potential global market capitalization exceeding $5 trillion, which could impact BTC's market share.
The Securities and Exchange Commission approved 11 spot bitcoin ETF applications, leading to a surge in the cryptocurrency industry. Grayscale Bitcoin Trust and Hashdex Bitcoin ETF experienced early gains before paring them, while BlackRock and Fidelity led trading volume among the newly-listed spot bitcoin ETFs. Bitcoin turned volatile, reaching as high as $49,000 before reversing its advance. Various issuers listed their bitcoin ETFs on different exchanges, with over $3.5 billion worth of shares traded. Despite a short-term decline in crypto-related stocks, experts anticipate significant price movement as institutional assets allocate to ETFs.
Senator Elizabeth Warren has targeted the cryptocurrency industry's employment of former defense, national security, and law enforcement officials, demanding details from Coinbase, the Blockchain Association, and Coin Center. Warren cited concerns over the industry's association with experts as it faces scrutiny for facilitating financial crime, including funding the recent Hamas attacks in Israel. She accused the industry of using the revolving door to give itself legitimacy while resisting regulations to restrict crypto's use in terror financing. Warren's move escalates her push for a crackdown on the industry, as she seeks bipartisan support for legislation imposing anti-money laundering safeguards. Crypto firms argue that the concerns are exaggerated and that former officials are hired to enhance legal compliance.
Three super PACs funded by leaders in the cryptocurrency industry are starting 2024 with a combined $78 million as they aim to influence the upcoming election cycle. Despite recent challenges, the cryptocurrency industry is determined to support pro-crypto candidates running for seats in the House and Senate. The super PACs, known as Fairshake, Protect Progress, and Defend American Jobs, have raised significant funds from influential players in the crypto space, including Andreessen Horowitz, Coinbase, and Ripple. While their specific endorsements for next year are unknown, the Fairshake super PAC has already spent over $1 million on television advertisements supporting lawmakers with a history of supporting the crypto industry, including House Financial Services Chairman Patrick McHenry.
Sam Bankman-Fried, the former billionaire and founder of cryptocurrency exchange FTX, has been found guilty of fraud and money laundering after a month-long trial in New York. The jury delivered a quick verdict, marking a significant downfall for Bankman-Fried, who now faces potential decades in prison. Prosecutors accused him of lying to investors and lenders, stealing billions of dollars, and contributing to FTX's collapse. Bankman-Fried's defense maintained his innocence, but the case went against him after former colleagues testified against him. The trial's outcome has implications for the crypto industry, which has faced scrutiny for criminal activity.
The UK government has confirmed plans to regulate the cryptocurrency industry and aims to introduce formal legislation for crypto activities by 2024. The proposed regulations would bring cryptoasset activities under the same rules that govern banks and other financial services firms. The government's plans include stricter rules for exchanges, custodians, and crypto lending companies, as well as measures to address market abuse and improve disclosure requirements. The UK aims to position itself as a global hub for cryptoasset technology and is ahead of other countries in the process of implementing formal laws for the crypto industry.
Binance, the largest cryptocurrency exchange, could potentially face fraud charges from the U.S. Department of Justice. However, prosecutors are considering alternatives such as fines and deferred or non-prosecution agreements due to concerns about the risk of a bank run similar to FTX's collapse. U.S. officials are worried that an indictment against Binance could have negative implications for the broader cryptocurrency industry. The price of Bitcoin and Binance's BNB token dropped following the report.
The US Supreme Court has ruled in favor of Coinbase in its first-ever opinion on a cryptocurrency case, halting court proceedings against the company in two California cases. The cases alleged that Coinbase failed to provide proper relief after users lost money and engaged in deceptive advertising. The court's decision grants Coinbase the same legal treatment typically given to all companies under the US Federal Arbitration Act of 1925, and affords the company the right to handle disputes through arbitration in lieu of lawsuits.
Google's generative AI platform, Bard, acknowledged the difficulty in predicting the outcome of the Ripple and SEC case but recognized the strength of Ripple's arguments and the significance of a favorable outcome for the crypto industry. Bard highlighted three key factors influencing a potential Ripple win, including the judge's interpretation of the Howey Test, Ripple's argument that XRP is not a security, and the SEC's handling of the case. The SEC presents a strong case, but Ripple's significant successes in the case thus far could secure a victory. The outcome of the case hinges on the judge overseeing the proceedings, and anticipation is building for the unsealing of documents related to Hinman on June 13.
Emails obtained by watchdog Protect the Public's Trust reveal that Sam Bankman-Fried and his now-bankrupt company FTX scored a meeting with the Federal Deposit Insurance Corporation (FDIC) in May 2022 and sought to influence the adoption of industry-friendly rules months before the exchange's collapse. FTX was on a lobbying spree to gain influence in Washington before its November 2022 collapse, which was due to it allegedly diverting customer funds to Alameda Research, a defunct-company Bankman-Fried co-founded. Bankman-Fried plead not guilty in January to a slew of criminal charges, including wire fraud and money laundering.