Senator Lummis pushed crypto plans forward after Trump’s victory: Legislation passed
United States Senator Cynthia Lammis On November 5, Trump announced his support for a Bitcoin (BTC) reserve for President-elect Donald Trump after he wins the 2024 US presidential election.
Lummis, a Republican from Wyoming and a strong crypto advocate, expressed her desire to pursue legislation in the Senate, which would require the United States to hold 1 million BTC – about 5% of the supply – and for at least 20 years.
This initiative builds on Trump's idea that the government should hold seized Bitcoin assets instead of liquidating them. The proposal comes as Republicans prepare for Senate majority control.
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California has revoked BlockFi's license in bankruptcy proceedings.
The California Department of Financial Protection and Innovation (DFPI) has permanently revoked the lending license of BlockFi, a cryptocurrency lender that declared bankruptcy two years ago.
This decision follows an investigation that revealed violations of the California Financing Act, including inadequate assessments of borrowers' ability to pay, misleading loan statements and prepayment of interest payments.
BlockFi agreed to the cancellation as well as to stop the dangerous practices. Despite being fined $175,000, payments were suspended to prioritize payments to users in the Blockchain bankruptcy.
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FTX's Caroline Ellison received a prison sentence for her role in the Alameda investigation.
Former Alameda Research CEO Caroline Ellison is set to serve two years in prison after pleading guilty to multiple counts of fraud and money laundering related to the FTX collapse.
Her sentencing followed extensive testimony from her former colleague, Sam Bankman-Fried, at the criminal trial. Despite intense media scrutiny and public criticism since 2022, the Ellison case highlighted the legal fallout of FTX's failure.
Other accused executives, including Gary Wang, are also awaiting sentencing. Wang recently asked the judge not to sentence him to any prison time.
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Crypto.com faces regulatory warning in Poland.
The Polish Financial Supervisory Authority (KNF) has issued a public warning regarding Crypto.com, stating that the platform is not registered as a virtual asset service provider under Polish law.
The regulator emphasized the potential risks to users, urging them to be careful when using unregistered services. The move was part of a move to increase regulatory oversight as the European Union prepares for the Common Markets in Crypto-Assets (MiCA) regulation, aiming to bring tighter control over the crypto sector.
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