Good Morning Crypto Enthusiasts!

Glad to have you back for another edition of the UseTheBitcoin.com newsletter.

1. Trump to Fire SEC Chair Gary Gensler: At the Bitcoin 2024 conference in Nashville, former President Donald Trump announced plans to remove SEC Chair Gary Gensler if he wins the upcoming presidential election.

2. Sen. Lummis Bitcoin Supply Purchase Proposal: Senator Cynthia Lummis proposed a bill at the Bitcoin 2024 conference for the US government to acquire 5% of the world's Bitcoin supply, creating a strategic reserve.

3. Casper Network Security Breach: Casper Network experienced a security breach, leading to a temporary suspension of all operations to address the issue.

4. Crypto Hacker Faces 3.5 Years in Prison: UK hacker Elliot Gunton was sentenced to three and a half years in prison for a phishing scam that compromised over 500 Coinbase accounts, stealing more than $900,000.

5. 💡Feature of the Day - Citron Crypto-Skeptic Fraud Charges: Andrew Left, founder of Citron Research, faces securities fraud charges for allegedly making misleading stock recommendations, earning him $16 million.

   
   All this and more in today’s headlines!

📰 News Highlights:

Trump to Fire SEC Chair Gary Gensler [Source][Source][Source][Source]

During the Bitcoin 2024 conference in Nashville, Tennessee, former President Donald Trump laid out his plans for crypto policies if he wins the November presidential election against Vice President Kamala Harris.

Trump addressed a crowd of Bitcoin enthusiasts, promising to remove SEC Chair Gary Gensler on his first day in office. He proposed appointing a "Bitcoin and crypto presidential advisory council" to establish a comprehensive regulatory framework within 100 days.

Trump's speech was well-received, as many industry leaders have criticized Gensler for the SEC's enforcement actions against crypto firms like Ripple, Coinbase, and Binance.

Trump emphasized his commitment to halting any development of a US central bank digital currency (CBDC), stating, "There will never be a CBDC while I’m president of the United States."

The Republican candidate also announced plans to stop the government from selling any of the 213,000 Bitcoin it holds from prior enforcement actions.

Former National Security Agency contractor Edward Snowden also addressed attendees virtually, warning that politicians often have their own interests in mind while seeking votes from the crypto community.

Sen. Lummis Bitcoin Purchase Proposal [Source][Source][Source]

At the Bitcoin 2024 conference in Nashville, Tennessee, US Senator Cynthia Lummis introduced a bill proposing that the US government acquire 5% of the world's Bitcoin supply to create a "strategic Bitcoin reserve."

The proposal involves purchasing one million Bitcoin, valued at approximately $68.1 billion, to be held for at least 20 years as a strategy to reduce national debt and preserve value against inflation.

Lummis's plan would involve transferring the 210,000 Bitcoin already held by the government into a reserve stored in geographically diverse vaults. She argued that this move would protect against the devaluation of the US dollar, receiving a positive reaction from conference attendees.

Her speech followed a keynote by former President Donald Trump, who outlined his own pro-crypto policies, including making the US the "crypto capital of the world."

Casper Network Security Breach [Source][Source]

Casper Network, known for its decentralized applications platform, experienced a security breach, prompting a temporary halt of all operations to contain the issue.

The breach was discovered by the Casper team, who immediately collaborated with validators to suspend the network, ensuring that no transactions could be processed until the vulnerability was addressed.

The Casper Association, Casper Labs, and the validator community are working together to resolve the breach. An official statement from Casper Network confirmed that the breach has been contained and the cause identified.

Efforts are now focused on examining and resolving all aspects of the breach to prevent future incidents. At block 3,329,418, era 14544, validators halted transactions, effectively freezing network activity.

Crypto Hacker Faces 3.5 Years in Prison [Source][Source][Source]

UK hacker Elliot Gunton has been sentenced to three and a half years in prison for a phishing scam that compromised over 500 Coinbase accounts in 2018 and 2019, stealing more than $900,000.

Gunton, who was 17 and 18 at the time, used dummy websites to capture login details, directing users to fake Coinbase login pages to steal their credentials.

Judge Alice Robinson of Norwich Crown Court described the crime as "highly sophisticated," involving significant planning and technical expertise.

This is not Gunton's first offense; he was previously sentenced for stealing personal data from TalkTalk customers and hacking high-profile Instagram accounts. In addition to his prison sentence, Gunton was ordered to repay £407,359 ($524,700).

💡 Feature of the Day: 

Citron Crypto-Skeptic Fraud Charges [Source][Source][Source]

Andrew Left, founder of short-selling firm Citron Research, faces securities fraud charges for allegedly making misleading stock recommendations that netted him $16 million.

The SEC claims Left used social media and TV appearances to manipulate stock prices, creating a false perception of his company's trading activities. If convicted on all 18 fraud-related charges, Left could face up to 25 years in prison.

Left's indictment comes two years after he publicly denounced the crypto industry as fraudulent. The SEC alleges that between March 2018 and December 2023, Left engaged in illegal trades involving 26 companies, including Nvidia, American Airlines, Alibaba, Meta, and X (formerly Twitter).

The Department of Justice has also filed a criminal case against Left, accusing him of securities fraud and lying to federal law enforcement about hedge fund compensation.

😂 Crypto Meme of the Day: 

And that’s it for this today.

See you all tomorrow’s edition!

Jonathan Gibson
UseTheBitcoin.com