United States Senator Cynthia Lummis expressed assist for President-elect Donald Trump’s proposal for a Bitcoin (BTC) reserve after Trump gained the 2024 US presidential elections on Nov. 5.
Lummis, a Wyoming Republican and robust crypto advocate, highlighted her intention to pursue the laws within the Senate, suggesting the US purchase 1 million BTC — about 5% of its provide — and maintain it for not less than 20 years.
This initiative builds on Trump’s concept that the federal government ought to maintain, quite than liquidate, its seized Bitcoin belongings. The proposal comes as Republicans put together for Senate majority management.
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California revokes BlockFi’s license amid chapter proceedings
California’s Division of Monetary Safety and Innovation (DFPI) completely revoked the lending license of BlockFi, a cryptocurrency lender that declared chapter two years in the past.
This choice adopted an investigation revealing violations of the California Financing Regulation, together with insufficient evaluation of debtors’ compensation capability, deceptive mortgage disclosures and early curiosity fees earlier than mortgage disbursement.
BlockFi agreed to the revocation in addition to to stop unsafe practices. Though fined $175,000, the fee was waived to prioritize shopper repayments amid BlockFi’s chapter.
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FTX’s Caroline Ellison receives jail sentence for function in Alameda Analysis
Caroline Ellison, former CEO of Alameda Analysis, is ready to start a two-year jail sentence after pleading responsible to a number of counts of fraud and cash laundering tied to FTX’s collapse.
Her sentencing follows in depth testimony that implicated her ex-colleague, Sam Bankman-Fried, throughout his prison trial. Regardless of dealing with intense media scrutiny and public criticism since 2022, Ellison’s case has highlighted the authorized fallout of FTX’s downfall.
Different implicated executives, together with Gary Wang, are awaiting sentencing as effectively. Wang not too long ago requested the decide to not sentence him to any jail time.
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Crypto.com faces regulatory warning in Poland
Poland’s Monetary Supervision Authority (KNF) issued a public warning relating to Crypto.com, stating that the platform isn’t registered as a digital asset service supplier beneath Polish legislation.
The regulator emphasised potential dangers to customers, urging them to train warning when utilizing unregistered providers. The motion was a part of rising regulatory scrutiny because the European Union prepares for its complete Markets in Crypto-Belongings (MiCA) rules, aiming to carry extra stringent oversight to the crypto sector.
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