U.S. Senator Cynthia Loomis expresses support for President-elect Donald Trump’s Bitcoin proposal (Bitcoin) is retained after Trump wins the 2024 US presidential election on November 5.
Lummis, a Wyoming Republican and a staunch advocate of cryptocurrencies, emphasized her intention to push the legislation in the Senate, proposing that the United States purchase 1 million BTC (about 5% of its supply) and hold it for at least 20 years.
The move builds on Trump’s idea that the government should hold rather than liquidate its seized Bitcoin assets. The proposal comes as Republicans prepare to take majority control of the Senate.
California revokes BlockFi’s license amid bankruptcy proceedings
The California Department of Financial Protection and Innovation (DFPI) has permanently revoked the lending license of cryptocurrency lender BlockFi, which declared bankruptcy two years ago.
The decision comes after an investigation revealed violations of the California Financing Code, including inadequate assessments of borrowers’ ability to repay, misleading loan disclosures and early interest charges before loans were disbursed.
BlockFi agrees to rescind and cease unsafe practices. Despite being fined $175,000, the payment was waived in order to prioritize repaying consumers during BlockFi’s bankruptcy.
FTX’s Caroline Ellison jailed for involvement in Alameda Research
Former Alameda Research CEO Caroline Ellison will be sentenced to two years in prison after pleading guilty to multiple fraud and money laundering charges related to the collapse of FTX.
Her sentencing comes amid extensive testimony given during the criminal trial of former colleague Sam Bankman-Freed, who was implicated in his actions. Ellison’s case highlights the legal ramifications of FTX’s collapse, despite facing intense media scrutiny and public criticism since 2022.
Other executives involved, including Wang Jiali, are also awaiting sentencing. king Recently asked the judge He was not sentenced to any jail term.
Crypto.com faces regulatory warning in Poland
The Polish Financial Supervisory Authority (KNF) issued a public warning against Crypto.com, saying that the platform was not registered as a virtual asset service provider in accordance with Polish law.
The regulator highlighted the potential risks for users, urging them to exercise caution when using unregistered services. The move is part of increased regulatory scrutiny as the European Union prepares to enact comprehensive Markets in Crypto-Assets (MiCA) regulations aimed at tighter regulation of the crypto industry.
