Gary Gensler, the SEC Chair, described the crypto industry as a “Wild West” during his tenure, emphasizing enforcement against bad actors and filing over 100 cases. He highlighted the SEC's mission to protect investors and ensure market transparency, while also addressing climate risk disclosures. With Gensler set to step down in 2025, Paul Atkins has been nominated as his successor, potentially signaling a shift towards a more lenient regulatory approach for digital assets.
A judge has dismissed James Howells' lawsuit against Newport City Council, which sought access to a landfill where he claims a hard drive containing 7,500 bitcoins, valued at over £600 million, was discarded in 2013. The court ruled there were no reasonable grounds for the claim, and Howells plans to appeal to the Supreme Court. Despite the setback, he remains determined to recover his lost cryptocurrency, which could be worth £1 billion by next year, but without legal access to the landfill, retrieval remains uncertain.
Wisconsin Representative Bryan Steil has been appointed chair of the Subcommittee on Digital Assets, Financial Technology, and Artificial Intelligence, succeeding Arkansas Representative French Hill. Hill will now lead the full House Financial Services Committee, focusing on establishing a regulatory framework for digital assets in 2025. Steil, who has been in Congress since 2019 and reported no crypto investments, received significant support from the crypto-backed PAC Fairshake during his reelection campaign.
Coinbase is under scrutiny from the CFTC following a subpoena related to its association with Polymarket, a crypto prediction market platform. The CFTC is investigating Polymarket's operations, likening them to gambling, amid a broader crackdown on decentralized betting platforms. This comes as regulatory tensions rise in the crypto sector, with significant changes anticipated under the incoming Trump administration, which has shown strong support for cryptocurrency.
Leah Wald, CEO of Sol Strategies, expressed skepticism about the imminent approval of a Solana ETF in the US, citing regulatory hurdles and the need for education on Solana's unique features. She believes Canada may approve a Solana ETF first, given its history of leading in ETF innovations. Wald also noted that while a change in SEC leadership could foster a more crypto-friendly environment, a cautious approach is essential to understand the risks and merits of crypto assets.
Jeremy Hogan has characterized the January 15 filing in the Ripple vs. SEC case as a routine procedural step with minimal impact on the case's outcome. He remains optimistic about a potential settlement under new SEC leadership, possibly by mid-2025, which could reshape cryptocurrency regulation in the U.S. A favorable ruling for Ripple may redefine security classifications and encourage a more balanced regulatory approach.
Bryan Steil has been appointed chair of the House Financial Services Committee’s Subcommittee on Digital Assets, overseeing regulations for digital assets and emerging technologies. He advocates for legislation that balances innovation with investor protection, supporting initiatives like FIT-21 and SAB 121 to create clear regulatory frameworks and unify digital asset policies. Steil has criticized the SEC's current regulatory approach, arguing it hinders innovation and job growth in the U.S.
UBS Group is reportedly nearing a settlement that could cost hundreds of millions of dollars due to alleged violations by Credit Suisse related to a prior agreement with the U.S. Justice Department. The case involves U.S. clients who evaded taxes.
Justice Minister Beat Jans urged the media to advocate for their interests amid challenges like cost-cutting, fake news, and AI. He emphasized the importance of serious journalism, warning against prioritizing profit over quality, and called for a counter-movement against misinformation, highlighting the need for financial support through neighboring rights.
The rise of neo-imperialism is marked by aggressive territorial ambitions from major powers like the USA, China, and Russia, with the potential for annexations driven by resource interests and strategic locations. As the UN's influence wanes, the role of artificial intelligence in warfare and geopolitical maneuvering raises ethical concerns, echoing historical precedents of power leading to downfall. The looming return of Donald J. Trump to power signals a new era of North American dominance, potentially reshaping global dynamics.
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