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In a December 2024 livestream, Cardano founder Charles Hoskinson discussed governance challenges and strategic priorities for 2025, emphasizing the need for community accountability within the Cardano Foundation. He outlined plans for a community-approved constitution and an annual on-chain budget to support ecosystem growth, while expressing concerns over potential resistance from the Foundation. Despite governance hurdles, Hoskinson remains optimistic about Cardano's future, highlighting upcoming innovations like Bitcoin integration and the Midnight sidechain, which he predicts will significantly impact the ecosystem.
The EU's upcoming crypto regulations under the Markets in Cryptoassets (MiCA) framework will mandate the delisting of Tether's USDT from EU exchanges, raising concerns about liquidity fragmentation. This move could disrupt trading activities and increase costs for investors reliant on USDT, as many crypto assets are traded against it. While the European Central Bank notes a rise in crypto ownership, venture capital investment in European crypto startups has hit a four-year low, highlighting challenges in attracting innovation amid stricter regulations.
The implementation of the Markets in Crypto Assets (MiCA) regulation in the EU aims to enhance oversight of crypto transactions but risks diminishing Europe's competitive edge in the global market. Tether's delisting from European exchanges due to non-compliance with new regulations may limit liquidity and trading options, pushing investors towards the Euro. As the U.S. prepares for a pro-crypto administration, Europe faces challenges in maintaining its appeal as a crypto hub, with venture capital investments expected to decline significantly in 2024.
Copper Technologies, backed by Barclays, has withdrawn its application for a UK crypto license due to regulatory challenges, opting to focus on international markets under new CEO Amar Kuchinad. The firm is prioritizing growth in Switzerland, Hong Kong, and Abu Dhabi, where regulatory frameworks are more favorable. This decision follows the FCA's report indicating a high rejection rate for crypto firms, with 87% of applications facing withdrawal or rejection.
Customers of JPMorgan Chase, Wells Fargo, and Bank of America have lost $870 million to scammers on Zelle over the past seven years, prompting a lawsuit from the Consumer Financial Protection Bureau (CFPB). The CFPB alleges that the banks failed to protect consumers from fraud, inadequately investigated complaints, and often left victims without assistance. Zelle, co-owned by these banks, defends its practices, claiming to have robust reimbursement policies and asserting that the CFPB's lawsuit is politically motivated.
Haliey Welch, known as the Hawk Tuah girl, has emerged after a 372-hour silence to announce her cooperation with a law firm suing the creators of the failed HAWK meme coin, which collapsed shortly after launch. Despite her involvement as a face of the project, her spokesperson claims she had no control over it and received only a fixed sponsorship fee. The lawsuit, filed by 12 plaintiffs alleging over $151,000 in damages, does not list Welch as a defendant, a strategic decision by the law firm to expedite potential recovery for investors.
Luigi Mangione, charged with the murder of UnitedHealth Group CEO Brian Thompson, has been placed in the same Brooklyn jail as FTX founder Sam Bankman-Fried, who is serving a 25-year sentence for his role in the crypto exchange's collapse. Additionally, hip-hop artist Sean "Diddy" Combs, facing racketeering and sex trafficking charges, is also housed at the facility and has hired one of Bankman-Fried's lawyers for his appeal.
Natalia Ferrara, vice president of the Swiss Bank Employees Association, has called for the criminal prosecution of Credit Suisse's top management following a report on the bank's bankruptcy. She criticized the Federal Financial Market Supervisory Authority (Finma) for failing to fulfill its supervisory role, suggesting that its concessions since 2017 obscured the bank's instability. Ferrara also demanded the resignation of Finma's president, emphasizing the need for accountability in light of the mismanagement.
The EU's upcoming MiCA crypto regulations are reshaping the digital token market, particularly impacting stablecoins like Tether’s USDT, which many exchanges have delisted to comply. Experts warn that these regulations may reduce market liquidity and make the EU less appealing to traders, as USDT is crucial for transactions and cross-border transfers. While Circle has secured the necessary e-money license, Tether has not, potentially leading to its removal by the end of the year, amid concerns over illegal activities associated with USDT.
A parliamentary inquiry has concluded that Credit Suisse's management is primarily responsible for the bank's collapse, while the Swiss financial regulator, Finma, faced criticism for its ineffective oversight. The report highlights the bank's history of scandals and regulatory failures, recommending enhanced powers for Finma to prevent future crises.
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