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Today's Top Crypto Headlines:
Kamala Harris on Crypto | cbBTC Concerns | Crypto Investor Fraud | BlackRock's Spot Bitcoin ETF and more...
King Fatrick Gil Añasco
September 23, 2024
Good Morning Crypto Enthusiasts!
Glad to have you back for another edition of the UseTheBitcoin.com newsletter.
Kamala Harris on Crypto: U.S. Vice President Kamala Harris has publicly voiced support for digital assets, while emphasizing the importance of consumer protections.
Coinbase cbBTC Concerns: Coinbase’s Chief Legal Officer Paul Grewal addressed concerns about its new cbBTC product, clarifying that users would be fully reimbursed in case of Bitcoin losses due to malicious activity, though not for fees or complex trading losses.
$36M Crypto Investor Fraud: New York resident William Koo Ichioka has been fined $36 million by a federal judge for defrauding crypto investors in a scheme that spanned five years.
💡Feature of the Day - BlackRock's Spot Bitcoin ETF: The SEC has granted approval for BlackRock’s iShares Bitcoin Trust (IBIT) to list and trade options for its spot Bitcoin ETF.
All this and more in today’s headlines!
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📰 News Highlights:
In a first for her campaign, U.S. Vice President Kamala Harris has spoken publicly about cryptocurrency, pledging support for digital assets while stressing the need for consumer protections.
This is an important and constructive statement from @KamalaHarris.
It’s not nearly as forward leaning as the concrete and visionary positions taken by @realDonaldTrump, but it’s still notable because:
- she recognizes digital asset innovation as being important and on par… x.com/i/web/status/1…— Faryar Shirzad 🛡️ (@faryarshirzad)
9:27 PM • Sep 22, 2024
At a Manhattan fundraiser on Sept. 22, Harris highlighted the role of emerging technologies like artificial intelligence and digital assets in driving U.S. competitiveness.
This is encouraging. Regardless of outcome in November, this should be the last anti-crypto administration.
The Trump approach will be different than the Harris approach, and staffing plays a big role in both cases. But the direction of travel for crypto in the US is clear 📈
— Alexander Grieve (@AlexanderGrieve)
8:15 PM • Sep 22, 2024
“We will encourage innovative technologies like AI and digital assets while protecting our consumers and investors,” she stated.
This is progress and progress is good…
…but “while protecting our consumers and investors” could mean a lot of things.
The anti-crypto army uses “consumer protection” as a smoke screen to conceal their attempts to destroy our industry.
I, for one, want to see policy details.
— Jake Chervinsky (@jchervinsky)
11:41 PM • Sep 22, 2024
Harris’ comments mark a shift in the Democratic Party's stance on crypto, as her predecessor, President Joe Biden, has been perceived as less crypto-friendly.
However, crypto enthusiasts remain cautious, as Harris also emphasized the need for clear regulatory frameworks.
Coinbase’s Chief Legal Officer, Paul Grewal, addressed recent concerns about the terms of service for its new cbBTC product, confirming that users would be fully reimbursed in case of Bitcoin losses due to malicious activity.
I was reading cbBTC's user agreement, and came across this red flag:
If @coinbase loses the underlying BTC backing cbBTC, Coinbase's legal liability to you changes to where they no longer owe you full value of what you had, but a proportional share of whatever BTC is left
— Pledditor (@Pledditor)
11:09 AM • Sep 22, 2024
This response came after fears were raised regarding the possibility of Coinbase offering only partial refunds under certain conditions.
I always enjoy some Sunday am contract law. You’re right . It’s a limitation on liability that’s pretty basic: we aren't liable for more than the BTC we lose. This language also makes clear the custodial relationship which it x-references.
— paulgrewal.eth (@iampaulgrewal)
3:27 PM • Sep 22, 2024
Grewal clarified that while Coinbase will compensate for Bitcoin losses, users will not be reimbursed for fees or losses resulting from complex trades or leveraged positions.
Yes, everyone should take a close look at the new setup. It's why we did a 60 day announcement - to allow sufficient due diligence time.
We recognize the community wants to know about JS involvement in anything, even though he doesn't have the ability to move funds. That's… x.com/i/web/status/1…
— Mike Belshe (@mikebelshe)
5:06 PM • Aug 10, 2024
Launched on Sept. 12, cbBTC is a tokenized version of Bitcoin available to users in the U.K., U.S. (except New York), Australia, and Singapore.
The popularity of cbBTC follows controversy surrounding BitGo’s Wrapped Bitcoin (WBTC) product and Tron founder Justin Sun’s involvement in the project.
A federal judge has ordered New York resident William Koo Ichioka to pay a $36 million fine for defrauding crypto investors in a five-year scheme.
Federal Court Orders New York Man to Pay Over $36 Million for Forex and Digital Asset Fraud:
— CFTC (@CFTC)
5:24 PM • Sep 20, 2024
According to a Sept. 20 statement by the Commodity Futures Trading Commission (CFTC), Ichioka promised investors high returns but used their funds to finance a lavish lifestyle.
Former San Francisco Resident Sentenced To Four Years In Prison For Crimes Related To “Ichioka Ventures” Cryptocurrency Fraud Scheme
ow.ly/VRhY50QqaKc— FBI SanFrancisco (@FBISanFrancisco)
10:24 PM • Jan 11, 2024
The court ruling demands that $31 million be returned to the victims, with an additional $5 million civil penalty.
Ichioka began the fraudulent operation in 2018, luring investors with promises of 10% returns every 30 business days.
While some of the funds were invested in crypto and foreign currencies as promised, Ichioka allegedly misused a significant portion for personal expenses, including rent, luxury vehicles, and jewelry.
💡 Feature of the Day:
The U.S. Securities and Exchange Commission (SEC) has granted approval for BlackRock’s iShares Bitcoin Trust (IBIT) to list and trade options for its spot Bitcoin exchange-traded fund (ETF).
The new options listing, approved on an accelerated basis, will be available through Nasdaq ISE, LLC.
8+ months after spot bitcoin ETFs launched…
Options trading has now been approved.
Better late than never.
— Nate Geraci (@NateGeraci)
9:17 PM • Sep 20, 2024
Industry analysts have welcomed the approval, with ETF Store President Nate Geraci stating that it will increase liquidity and attract larger investors to Bitcoin ETFs.
I'm assuming others will be approved in short order. Huge win for the the bitcoin ETFs (as it will attract more liquidity which will in turn attract more big fish). This is nice surprise re timing but not a shocker as @JSeyff and I gave 70% odds of approval by end of May.
— Eric Balchunas (@EricBalchunas)
9:28 PM • Sep 20, 2024
Bloomberg’s senior ETF analyst Eric Balchunas also expects similar approvals for other ETFs, marking a significant step for the wider adoption of Bitcoin as a mainstream financial asset.
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