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carlp • Jan 30, 2024, 10:10 am EST

Hong Kong SFC Receives Its First Application for a Spot Bitcoin ETF

Hong Kong’s Emerging Role in Cryptocurrency Investments Harvest Fund Management, a notable investment manager, has officially applied for a spot Bitcoin (BTC) Exchange-Traded Fund (ETF) with the Securities and Futures Commission (SFC) of Hong Kong. This initiative positions Hong Kong as a potential frontrunner in the ecosystem, reflecting a level of institutional involvement comparable to the United States. The submission of this application signals Hong Kong’s growing ambition to establish itself as a central hub for crypto-based financial products. The willingness of the SFC to entertain the idea of multiple Bitcoin ETFs could revolutionize investor engagement in the cryptocurrency market,

2 minutes

johnd • Jan 25, 2024, 2:11 pm EST

EFF and 110+ NGOs Challenge the UN’s Cybercrime Treaty

The Electronic Frontier Foundation (EFF) and 110 other groups have united to convey to the United Nations that they are unhappy with a proposed treaty on cybercrime. Since May 2021, countries in the United Nations have been working together to create a set of rules for dealing with cybercrime. If these rules are accepted by all the countries in the UN, it would be the first time the UN would have a firm agreement on how to handle cyber issues. This agreement could become a definitive set of rules worldwide, helping countries work together to stop and investigate cybercrime and

2 minutes

Noel Hernandez • Jan 17, 2024, 9:53 am EST

Venezuela’s Petro Cryptocurrency: A Failed Experiment

The Venezuelan government’s ambitious project, the petro cryptocurrency, has ended abruptly. The petro, once heralded as a groundbreaking solution to circumvent US financial sanctions, has failed in its mission and fallen victim to a major corruption scandal. With great expectations, the petro was launched in 2018, touted as a digital currency backed by Venezuela’s abundant oil reserves. However, the initiative was suspended on January 15, signaling the end of a controversial chapter in Venezuela’s economic history. This decision has had little impact on citizens like Isabela, whose elderly parents received meager petro pensions. The impracticality of the currency, which had to be

2 minutes

Kenneth Shortrede • Jan 15, 2024, 12:35 pm EST

Argentina’s Journey into Financial Innovation: Embracing Bitcoin and Economic Freedom

Argentina has recently made a significant advancement in financial modernization with the establishment of its first Bitcoin rent contract. In the first move of its kind, a rental agreement in the city of Rosario was established to be paid in Bitcoin every month, for the equivalent of 100 USD at the time of each transaction. This groundbreaking initiative follows President Javier Milei’s recent policy, which permits contractual agreements in any chosen currency or commodity, whether traditional options like dollars or more unconventional ones like Bitcoin, other cryptocurrencies, oil, or even milk gallons – symbolizing absolute freedom for the individuals. Under

3 minutes

johnd • Jan 11, 2024, 1:01 pm EST

Spot Bitcoin ETFs to Trade on US Markets: What Happens Now?

The U.S. Securities and Exchange Commission (SEC) has recently approved the listing of spot Bitcoin Exchange-Traded Funds (ETFs) What can we expect moving forward?

3 minutes

satoshin • Jan 2, 2024, 2:51 pm EST

New Crypto Tax Reporting Requirements Now in Effect

Effective January 1, 2024, new crypto tax reporting obligations have been implemented as part of the Infrastructure Investment and Jobs Act passed by Congress in November 2021. These new obligations require that any receipt of cryptocurrency transactions totaling $10,000 or more must be reported to the IRS within 15 days. Non-compliance with this rule is considered a felony. This new requirement is cumulative, meaning that multiple transactions that together amount to $10,000 cannot avoid the reporting rule. The challenge for crypto holders is the lack of a clear process for compliance. The current IRS form for cash transactions does not

2 minutes

johnd • Jan 1, 2024, 9:51 am EST

Additional Charges Against SBF Dropped

The US Federal Government has opted not to pursue a second trial against Sam Bankman-Fried, the former head of cryptocurrency exchange FTX. Prosecutors have dropped six charges against the scammer including campaign finance violations and conspiracy to commit bribery charges. The development follows the first criminal trial where Bankman-Fried was found guilty on multiple counts, including wire fraud and conspiracy to commit financial fraud. The decision was made by U.S. District Judge Lewis Kaplan who claimed that much of the evidence relevant to the additional charges was already presented during Bankman-Fried’s initial trial. In that month-long trial, which featured the

2 minutes

jennyl • Dec 29, 2023, 9:53 am EST

Bitcoin Day Naples, FL, January 20th 2024

On January 20th, Naples, Florida, will host Bitcoin Day Naples, an event that promises to be a comprehensive exploration of Bitcoin. Byte Federal is proud to be a sponsor of the one day conference. This event distinguishes itself as more than a typical gathering; designed as a deep dive into the intricacies of Bitcoin, its technology, and its role in the financial revolution. “BitcoinDay Naples is an opportunity to increase your understanding of Bitcoin, connect with experts and influencers, and play a part in the sound money revolution,” highlight the organizers. The event will feature a series of intriguing panels

2 minutes

satoshin • Dec 19, 2023, 10:48 am EST

The ETF Paradigm Shift: Grayscale’s Vision

In a recent interview on CNBC, Michael Sonnenshein, the CEO of Grayscale Investments, discussed the potential introduction of a spot Bitcoin Exchange-Traded Fund (ETF) in the United States, which has been a highly anticipated development in the cryptocurrency investment space. Unlike its more speculative counterparts, a spot Bitcoin ETF would be backed directly by the cryptocurrency, offering a more tangible and secure investment option. Sonnenshein projected that the approval of a regulated Bitcoin ETF could unlock approximately “$30 trillion worth of advised wealth,” signaling a significant opportunity for institutional investors and financial advisors. The approval of such an ETF could represent a significant shift in how Bitcoin is perceived by the financial industry, transitioning from a high-risk, speculative asset to a legitimate investment option. While the discussions around approving a spot Bitcoin ETF are still ongoing, experts believe its approval could profoundly impact the market, ushering in a new era of financial innovation and institutional involvement.

3 minutes

arusso • Dec 13, 2023, 1:32 pm EST

Senator Warren’s Unyielding Quest to Over-regulate Crypto

Senator Elizabeth Warren’s legislative proposal, the “Digital Asset Anti-Money Laundering Act,” has garnered attention and controversy. The bill, supported by additional co-sponsors, seeks to extend Bank Secrecy Act requirements to various participants in the crypto sector. While the intention is to combat illicit finance, critics argue that the proposed measures are overly broad and could stifle innovation and privacy within the blockchain ecosystem. The bill’s focus on surveillance measures has raised practical and constitutional concerns, with some suggesting that it may not effectively address cryptocurrency’s real challenges and opportunities. As the debate around crypto regulation intensifies, it is clear that a nuanced approach is needed to strike the right balance between consumer protection, innovation, and privacy within the crypto industry.

3 minutes