BITCOIN

Over seven years ago, on April 30, 2016, the first decentralized autonomous organization (DAO) emerged, marking a significant shift in the digital world. However, just three months later, a cyberattack brought it down, leading to its unfortunate collapse. Today, the landscape has transformed dramatically, with numerous DAOs thriving, and 179 treasuries surpassing $1 million. In total, these organizations hold $18 billion in assets, both liquid and vested. As of 2023, the top five DAO treasuries alone hold $11 billion, spread across various token assets. 2023’s Leading DAOs Various sectors in the world of digital assets have been hit by the crypto winter but decentralized autonomous organizations (DAOs) have seen growth. In essence, a DAO stands as a digital governance model, orchestrated by smart contracts, with decisions documented on a blockchain. With 179 DAO platforms overseeing assets surpassing $1 million, the following is an overview of the top five DAOs as they stand in 2023

America’s securities regulator has been urged to decide if it will approve a plan to transform Celsius Network into a bitcoin mining firm. The proposal seeks to repay customers of the bankrupt cryptocurrency lender with both crypto assets and stock in a new publicly traded mining entity. New York Judge Hopes for Expedited SEC Decision on Celsius’ Repayment Proposal Judge Martin Glenn, who oversees the bankruptcy of Celsius , has called on the U.S. Securities and Exchange Commission (SEC) to quickly decide whether it will authorize the company to transform itself into a crypto mining firm, Bloomberg reported. During a court hearing on Monday, Glenn told a lawyer representing the regulator that he hopes the SEC will expedite the decision-making process because Celsius and its creditors have quickly moved through Chapter 11. The judge was quoted as stating: The SEC will make whatever decision it believes is the correct one. I just hope the process will move forward, so if there are

U.S. Securities and Exchange Commission (SEC) Chair Gary Gensler has wished Bitcoin’s white paper a happy anniversary. In addition to his playful remark about Bitcoin creator Satoshi Nakamoto dressing up in a Halloween costume, Gensler issued a stern warning to crypto firms, emphasizing the importance of complying with securities laws. SEC Chair Gary Gensler’s Message on the Bitcoin White Paper’s 15th Anniversary The chairman of the U.S. Securities and Exchange Commission (SEC), Gary Gensler, has wished Bitcoin’s white paper a happy anniversary. In a post on social media platform X on Tuesday, the regulator wrote: “Happy 15th anniversary to Satoshi’s famous white paper that started crypto.” He also attempted to make a humorous remark regarding Bitcoin creator Satoshi Nakamoto’s Halloween costume, asking whether we would be able to tell if Satoshi dressed up as himself for Halloween. Gensler ended his post with a trick-or-treating message for crypto firms. “Any crypto companies tha

British banking giant Standard Chartered-owned crypto custody firm Zodia is launching services in Hong Kong. “The Hong Kong government and the regulators see digital assets as the future and also want Hong Kong to be a hub,” the crypto firm’s CEO emphasized. Zodia has already expanded into three other Asian markets. Standard Chartered’s Zodia Expanding Into Hong Kong Zodia Custoday, a crypto custody firm owned by Standard Chartered, Northern Trust, and Japan’s SBI, is launching services in Hong Kong, CNBC reported Sunday. The company is based in London and registered in the U.K. with the Financial Conduct Authority (FCA), in Ireland with the Central Bank of Ireland (CBI), and in Luxembourg with the Commission de Surveillance du Secteur Financier (CSSF). Julian Sawyer, the CEO of Zodia, explained that Hong Kong is a market where institutional demand for crypto is stronger than retail demand, making it the ideal market for her company. The executive added: The Hong Kong government

Rich Dad Poor Dad author Robert Kiyosaki has recommended an investment allocation that he says may help you survive the greatest crash in world history. Noting that financial experts have promoted a 60/40 portfolio allocation of stocks and bonds, he stressed that people with this allocation will be the “biggest losers.” Robert Kiyosaki’s Recommended Investment Allocation The author of Rich Dad Poor Dad, Robert Kiyosaki, has shared an investment allocation that he believes will help investors weather the upcoming financial crash, which he has warned will be the worst in world history. Rich Dad Poor Dad is a 1997 book co-authored by Kiyosaki and Sharon Lechter. It has been on the New York Times Best Seller List for over six years. More than 32 million copies of the book have been sold in over 51 languages across more than 109 countries. The famous author wrote on social media platform X Sunday: “Ship of Fools. Forever and ever financial experts have promoted the idea ‘Smart Investors

Global asset management firm Alliancebernstein’s research arm expects the U.S. Securities and Exchange Commission (SEC) to approve its first spot bitcoin exchange-traded fund (ETF) in early January 2024. Noting that the regulator “has been actively responding with edits/comments on the ETF applications,” the firm’s analysts said: “The probability of an approval by the Jan. 10 due date looks highly likely.” Spot Bitcoin ETF Approval ‘Highly Likely’ in January Bernstein Research, a subsidiary of global asset management firm Alliancebernstein, expects the U.S. Securities and Exchange Commission (SEC) to approve its first spot bitcoin exchange-traded fund (ETF) in January next year. A memo from Bernstein Research sent to Thestreetcrypto reads: A bitcoin ETF in early Jan is now looking like a ‘done deal.’ The memo explains that the market was waiting to see if the SEC would “ appeal against the Grayscale verdict.” The largest crypto asset manager, Grayscale Investments, is seeking

Recent insights reveal that a solo miner successfully mined block 814,308 employing a mere 11 petahash per second (PH/s) of mining power. This feat was achieved through Solo Ckpool, a service for solo miners endowed with lower hashrates or older, less efficient hardware. Solo Miner Finds Another Block in 2023; Unveils Unpredictable Vein of Bitcoin Mining The realm of solo miners—entities mining bitcoin without the support of behemoth pools—has witnessed the discovery of several blocks this year. On October 28, 2023, Con Kolivas, a developer who manages Solo Ckpool announced that a lone bitcoin miner discovered block 814,308 wielding 11 PH/s of hashpower. Unlike the colossal BTC mining pools that share the spoils of most of today’s block discovery, unique platforms like Ckpool are engineered to empower solo miners to carve their path independently. Although Ckpool boasts 3.1 exahash per second (EH/s) of hashpower, the scenario morphs when a solo miner strikes gold by mining a blo

Welcome to Latam Insights, a compendium of Latin America’s most relevant crypto and economic news during the last week. In this issue: Argentina prepares for a run-off election with crypto on the agenda, Colombia works to formulate a digital peso, and Prosegur will build a crypto-secure bunker in Brazil. Argentina Will Face a Run-off Election With Crypto on the Agenda The first round of the presidential election in Argentina determined that Javier Milei, the libertarian candidate, and Sergio Massa, the current economy minister, will be facing a run-off election that has a crypto element to it. While Milei has repeatedly proposed the elimination of the Central Bank of Argentina and the adoption of the dollar as legal tender in the country as the main points of his hypothetical administration, Massa recently discussed the creation of a national digital currency, which would be used by his administration to reduce tax costs and curbing tax evasion by bringing more of the Argentine ec

Germans can now order a “crypto stamp” that will feature images of historical buildings rendered by artificial intelligence (AI). The stamp, to be released by Deutsche Post in November, is already available for pre-order and will come in both physical form and as a non-fungible token (NFT). Germany’s First NFT Stamp Shows an AI Interpretation of the Brandenburg Gate in Berlin Deutsche Post, part of the DHL Group and successor to the former state German mail authority Deutsche Bundespost, is preparing to issue an official crypto stamp. It will come as a physical stamp and as a blockchain-based digital version, or NFT. Both the original stamp and access information for the tokenized stamp will be included in a booklet that can be ordered since mid-October, BTC Echo reported. “The offer is very well received and exceeds our expectations,” a spokesperson told the German crypto news outlet. A total of 250,000 copies will be issued, the Deutsche Post representative said, noting that t

The U.S. Securities and Exchange Commission (SEC) reportedly wants Ripple to pay a $770 million penalty for violating securities laws. Crypto lawyer John Deaton explained that the securities regulator is “pissed and embarrassed” after it lost several legal battles against the crypto firm. SEC Wants $770M From Ripple Crypto lawyer John Deaton detailed on social media platform X Wednesday that the U.S. Securities and Exchange Commission (SEC) is demanding a $770 million penalty from Ripple for violating securities laws. The SEC is pursuing this penalty after losing several legal battles against Ripple. Last week, the regulator dropped charges against Ripple CEO Brad Garlinghouse and co-founder Chris Larsen. Earlier this month, District Judge Analisa Torres rejected the agency’s bid to appeal her ruling regarding XRP . Deaton opined: The SEC is pissed and embarrassed and wants $770M worth of flesh. “What people need to understand is that the penalty phase is like a second case r

Billionaire Elon Musk has revealed that he is turning his social media platform X, formerly Twitter, into an all-encompassing financial platform. “When I say payments, I actually mean someone’s entire financial life … If it involves money. It’ll be on our platform,” he claimed, emphasizing: “You won’t need a bank account.” Elon Musk’s Plan for X Elon Musk, CEO of Tesla and Spacex and owner of social media platform X (formerly Twitter), revealed to X employees in an all-hands call on Thursday that he is transforming X into a financial hub for users, The Verge reported, citing an audio recording of the meeting it had obtained. Noting that he expects financial and payment features to launch on X by the end of 2024, Musk claimed that people will be surprised with “just how powerful it is.” The billionaire described: When I say payments, I actually mean someone’s entire financial life … If it involves money. It’ll be on our platform. Money or securities or whatever. So, it’s not just

Economist Peter Schiff has warned that the U.S. dollar will tank, taking the U.S. economy and the American standard of living down with it. Noting that everyone who owns U.S. dollars could “get destroyed,” he cautioned: “We are getting very close to a crash in Treasuries. That means the party will finally come to an end. The truth will be laid bare as the day of reckoning arrives with a vengeance.” Peter Schiff on Treasuries Crashing, US Dollar Tanking Economist and gold bug Peter Schiff warned about the state of the U.S. economy and the collapse of the U.S. dollar again this week. “We are getting very close to a crash in Treasuries. That means the party will finally come to an end. The truth will be laid bare as the day of reckoning arrives with a vengeance,” he wrote on social media platform X Wednesday. The economist stressed: The dollar will tank, taking the U.S. economy and the American standard of living down with it. “U.S. Treasuries are now the ultimate risk asset, as l

Binance’s General Manager for Central and Eastern Europe, Kyrylo Khomiakov, will take responsibility for Central Asia as well. His promotion comes after the crypto exchange’s top executives in the region left the company last month, part of a string of executive exits at Binance this year. Kyrylo Khomiakov to Manage Binance’s Business in 14 Markets in Central and Eastern Europe and Central Asia Binance, the largest digital assets exchange by daily trading volume, has appointed Kyrylo Khomiakov as its new regional head for Central and Eastern Europe (CEE) and Central Asia. Until now he was Binance’s General Manager for CEE. Khomiakov will manage the company’s teams, focus on enhancing products and services and optimizing user experience to grow its business, a press release detailed. He will also oversee Binance’s marketing strategy and contacts with governments. “Having Kyrylo, who possesses a deep understanding of these local markets and plays an integral role in the Binance org

Two U.S. lawmakers have asked the U.S. Department of Justice (DOJ) to consider criminal charges against Binance and Tether, alleging that the two crypto platforms were used to fund Hamas. “We urge the Department of Justice to carefully evaluate the extent to which Binance and Tether are providing material support and resources to support terrorism through violations of applicable sanctions laws and the Bank Secrecy Act,” the lawmakers stressed. Lawmakers Concerned About Binance and Tether The office of U.S. Senator Cynthia Lummis (R-WY) announced Thursday that the senator from Wyoming and U.S. Representative French Hill (R-AR) have sent a letter to U.S. Attorney General Merrick Garland urging the Department of Justice (DOJ) “to swiftly investigate Binance and Tether.” They alleged that the two cryptocurrency platforms have been used to fund Hamas and “have a history of allowing illegal activity to occur.” Lummis is a member of the Senate Banking Committee while Hill is the chair of

A new law that gives law enforcement agencies greater powers to seize, freeze, and recover crypto assets has entered into force in the U.K. The law introduces provisions for police to “seize crypto assets more easily and convert them into money before a forfeiture hearing has taken place,” the British government explained, adding: “In exceptional circumstances, there will also be a power to destroy seized cryptocurrency.” Economic Crime and Corporate Transparency Act 2023 The U.K. government announced Thursday that the Economic Crime and Corporate Transparency Act 2023, which aims to “fight fraud, counter corruption, and bolster legitimate business,” has received Royal Assent. After being introduced to Parliament in September 2022, the bill underwent a year of debate and amendments before receiving Royal Assent and becoming law. The Economic Crime and Corporate Transparency Act introduces powers that will allow British authorities to “proactively target organized criminals and othe

The U.S. Securities and Exchange Commission (SEC) is currently considering between eight and 10 bitcoin exchange-traded fund (ETF) applications, according to SEC Chairman Gary Gensler. He insisted that “the vast majority of crypto assets likely meet the investment contract test, making them subject to the securities laws.” SEC Chair Gary Gensler on Spot Bitcoin ETFs U.S. Securities and Exchange Commission (SEC) Chairman Gary Gensler said Thursday that the regulator has eight to 10 spot bitcoin exchange-traded fund (ETF) applications under review. The SEC has not yet approved a spot bitcoin ETF, even though the agency has greenlighted several ETFs linked to bitcoin futures contracts. Regarding bitcoin ETF decisions, the SEC chairman stated: They’ll come potentially to the five-member commission. I’m not going to prejudge them but I don’t have anything on timing. They all have various different filing dates. Gensler did not specify the eight to 10 spot bitcoin ETF applications t

Prosegur, a Spain-based security company, will build a secure bunker to offer custody services for institutional crypto users in Brazil. The bunker, to be located in Sao Paolo, will be monitored 24 hours a day and will apply various defensive measures in case of an invasion by attackers. Prosegur to Build Crypto Custody Bunker in Brazil Prosegur, a security and custody company , announced that it will build a crypto-secure bunker to provide custody services in Brazil. The Sao Paolo bunker will implement security measures to prevent attackers from accessing the safeguarded resources. Jose Angel Fernandez Freire, executive president of Prosegur Crypto, detailed the protective measures that its bunker embeds. The facility will be watched by six security cameras in two different surveillance centers, incorporating a fog generator that will fill the space of the crypto bunker in less than 30 seconds in case of invasion, leaving potential attackers trapped. On how the bunker is structur

Recently, the top three bitcoin mining rig manufacturers unveiled a group of next-generation products with efficiency ratings of less than 20 joules per terahash (J/T) and powerful hashrates. In total, Bitmain, Canaan, and Microbt released seven new devices. The following provides a look at the machines’ current profitability using prevailing BTC exchange rates. A Look at the Current Estimated Profits of the Latest Bitcoin Mining Machines Three of the world’s largest bitcoin mining machine producers have recently released new products, and these machines will likely benefit BTC ’s total hashrate. Bitcoin’s price is hovering above the $34,000 range, and the current hash price in terms of a terahash per second on a daily basis equates to $0.0736 . This means that under current market conditions, all seven miners announced by Microbt, Bitmain, and Canaan are profitable if a miner is paying $0.07 per kilowatt-hour (kWh). Of course, that doesn’t include the upfront cost to purchase any

Britain’s Financial Conduct Authority (FCA) has issued hundreds of alerts regarding companies “illegally promoting crypto assets to U.K. consumers.” The regulator also highlighted several “common issues” with crypto promotions it has identified since it imposed stricter marketing rules earlier this month. U.K.’s Financial Watchdog Vows to Remove ‘Illegal’ Crypto Marketing Content Businesses that wish to promote crypto assets in the U.K. are now required by law to register with the FCA and obtain authorization or use the services of a firm authorized to approve marketing materials. The obligation, part of new rules introduced in June, was enforced on Oct. 8. Since then, the financial regulator has been supervising crypto companies for their compliance with the new regime that was supposed to provide consumers with sufficient information to understand what they are investing in and be properly warned about the relevant risks. On Wednesday, the FCA said it had identified three commo

Bitcoin ( BTC ), the leading crypto asset by market cap, has captured considerable attention within the realm of digital currencies, demonstrating robustness and a pronounced market dominance. As it currently stands, its value hovers slightly beneath the $34,000 mark. The latest bitcoin price prediction report from finder.com sheds light on anticipated future developments, as construed by industry specialists. 31 Fintech and Crypto Experts Forecast Bitcoin’s Future Prices The report , entitled “Bitcoin to Hit $87,000 by 2025,” offers an in-depth exploration of bitcoin’s potential price trajectories, synthesizing perspectives from 31 experts and panelists within the sector. Within the context of the report, panelists deliberate on the prospect of a spot bitcoin exchange-traded fund (ETF) receiving approval. A substantial 47% of these experts express the belief that such an endorsement could catapult bitcoin to unprecedented highs. Furthermore, approximately 60% of participants antic

On October 13, 2023, California enacted the Digital Financial Assets law. This law is California’s first comprehensive framework for regulation of digital asset markets, and some of its provisions may sound familiar to those versed in the state’s money transmitter licensing requirements. Under this new law, on and after July 2025, crypto companies and everyone else will need, in addition to other criteria, a license to operate or hold themselves out as being able to operate digital financial asset business activity, with or on behalf of California residents. The following editorial was written by guest authors Wyatt Noble and Michael Handelsman for Kelman.Law Key Definitions Before diving into the key provisions of the Digital Financial Assets law , it’s important to understand exactly what some of its key terms mean, what they cover, and what they don’t. Under the law, “digital financial asset” means digital mediums of exchange, units of account, or stores of value. However, “di