Crypto News Highlights (15th to 19th January 2024)
Here are the top stories that happened in crypto this week.
SEC Extends Deadline for Fidelity's Ethereum ETF Decision
The U.S. Securities and Exchange Commission (SEC) has decided to extend its deadline for reviewing Fidelity's proposed spot Ethereum Exchange-Traded Fund (ETF) until March 5. The SEC stated that it needs more time to thoroughly evaluate the proposed rule change and the associated concerns. Analysts anticipate significant developments in late May that could impact the final decision.
Gensler's Views on Ethereum Clarified Through 2018 Video
A recently surfaced video from 2018 reveals SEC Chair Gary Gensler's explicit statement that Ethereum is "not a security" in the eyes of the SEC. This contrasts with his tenure as SEC chair, during which he has refrained from clarifying whether Ethereum should be classified as a security or a commodity. The video provides insights into Gensler's historical perspective on Ethereum.
SEC Consents to Delay in Terraform Case Amid Extradition Proceedings
The SEC has agreed to a delay in the trial related to crypto fraud charges against Terraform co-founder Do Kwon. The trial, initially scheduled for January, may now be postponed until April 15 to accommodate ongoing extradition proceedings in Montenegro. Kwon and Terraform Labs are accused of involvement in a multi-billion dollar crypto asset securities fraud, leading to the collapse of TerraLuna and TerraUSD in May 2022.
Crypto Crime Witnesses 29% Decrease in 2023
According to an upcoming report by blockchain analysis firm Chainalysis, crypto-related scams and illicit activities decreased by nearly 29% in 2023 compared to the previous year. The report highlights a total stolen cryptocurrency value of $24.2 billion in 2023, down from $39.6 billion in 2022. Notably, the decline is attributed to a decrease in scams, with stablecoins emerging as the preferred choice for illicit transactions.
Elon Musk's Continued Crypto Holdings and Plans for X Platform
Tesla CEO Elon Musk recently disclosed that he still possesses a significant amount of Dogecoin, emphasizing his ongoing support for the meme cryptocurrency. Additionally, Musk mentioned that Spacex, his spacecraft manufacturing company, continues to hold a substantial amount of Bitcoin. Musk's commitment to Dogecoin aligns with Tesla and Spacex accepting the cryptocurrency for certain transactions.
Beyond crypto holdings, Musk provided insights into his social media platform, X, securing 12 money transmitter licenses. Musk envisions transforming X into a powerful financial platform, potentially integrating cryptocurrency. He emphasized that users on X won't require a traditional bank account for financial transactions, aligning with his broader vision for the platform.
Disclaimer: Â The information provided in this crypto news round-up is for informational purposes only and should not be considered financial or investment advice. Obiex will not be held liable for your investment decisions.
