Are you curious about the latest in the crypto world? Here’s a rundown of today’s key trends and events affecting Bitcoin prices, blockchain technology, DeFi, NFTs, Web3, and crypto regulations.
Trump's crypto advocacy steers businesses away from traditional treasury assets
The pro-cryptocurrency stance of U.S. President-elect Donald Trump is encouraging small businesses to consider allocating a portion of their financial reserves to Bitcoin, challenging the dominance of traditional assets. This shift highlights a growing interest in Bitcoin as a more robust hedge against inflation.
In the past month, biotech companies such as Enlivex Therapeutics (ENLV), Acurx Pharmaceuticals (ACXP), and Hoth Therapeutics (HOTH) have announced plans to allocate up to $1 million each in Bitcoin as part of their treasury reserves.
These decisions reflect Bitcoin’s increasing appeal among corporate treasurers as a viable financial instrument. In a world marked by economic uncertainty, geopolitical tensions, and fiscal challenges, Bitcoin is emerging as an attractive alternative to conventional assets such as government bonds and cash reserves.
IcomTech promoter sentenced to 10 years in prison
David Brend, convicted of conspiracy to commit wire fraud for promoting the cryptocurrency mining and trading firm IcomTech, has been sentenced to 10 years in prison.
During a hearing on December 2 in the United States District Court for the Southern District of New York, Judge Jennifer Rochon ordered Brend to serve 120 months at the Federal Prison Camp in Pensacola, Florida. Additionally, he has been directed to pay $40,000 in forfeiture and is required to surrender to prison authorities on December 16.
This sentencing follows a similar case involving Gustavo Rodriguez, another IcomTech promoter, who was sentenced to eight years in prison by Judge Rochon just a month earlier. The judge emphasized that these severe sentences aim to deter fraudulent activities within the cryptocurrency space.
“David Brend and Gustavo Rodriguez were integral to the IcomTech Ponzi scheme — Rodriguez as the mastermind behind its deceptive website, and Brend as the front-facing salesman who promoted the fraudulent enterprise,” stated the court.
XT.COM’s Robust Response to Abnormal Wallet Asset Transfers
XT.COM, a prominent cryptocurrency exchange, recently experienced an incident involving an unusual transfer of assets from its platform wallet. Demonstrating a strong commitment to security and user trust, XT.COM promptly implemented decisive measures to protect its platform and safeguard user interests.
This article highlights the actions undertaken by XT.COM to address the situation, maintain transparency, and enhance its infrastructure to mitigate future risks.
Upon detecting the abnormal activity, XT.COM immediately isolated the affected systems. This critical action effectively prevented further unauthorized access or potential data breaches, ensuring the issue was contained before it could escalate further.
Putin Says No One Will Be Able to Ban Cryptocurrencies: State Media
Russian President Vladimir Putin has stated that no authority has the power to ban Bitcoin or other cryptocurrencies, emphasizing their inevitable development, according to a report by the RIA news agency.
"Who can ban Bitcoin? Nobody," Putin remarked during an investment conference in Moscow on Wednesday. "And who can prohibit the use of other electronic payment methods? Nobody. These are emerging technologies, and regardless of what happens to the dollar, these tools will continue to evolve. Everyone aims to reduce costs and enhance reliability," he explained.
This statement comes shortly after Putin signed legislation classifying digital currencies as a form of property for foreign trade settlements under an experimental legal framework, marking a notable move in cryptocurrency regulation.
The measure aligns with Russia's broader strategy to counter Western sanctions imposed in response to its invasion of Ukraine. These sanctions, including those from the United States, have prompted Russia to legalize the use of cryptocurrencies for cross-border payments, although their use as legal tender within the country remains prohibited.
REX launches crypto stock income ETF
Asset manager REX Financial has introduced an exchange-traded fund (ETF) aimed at generating income through the writing of options on cryptocurrency stocks, according to an announcement made on September 18.
The REX Crypto Equity Premium Income ETF employs a "covered call" strategy, which involves holding a portfolio of 25 cryptocurrency-related stocks while writing out-of-the-money options on these holdings to earn income from the premiums.
The ETF includes stocks listed on the BITA Crypto Assets & Digital Payments Index, covering companies involved in crypto mining, trading, custody, blockchain technology development, and the creation of digital payment solutions, as stated by REX.
"Cryptocurrency is transforming financial ecosystems, and we are applying our targeted covered call strategy to the sector’s most disruptive companies," said Greg King, CEO of REX Financial, in a statement.
Commentaires