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.
Judge cancels ex-Celsius exec sentencing after Alex Mashinsky plea deal
Roni Cohen-Pavon, the former Chief Revenue Officer of the crypto lending platform Celsius, will not face sentencing on December 11 due to a development involving former CEO Alex Mashinsky and U.S. prosecutors.
In a December 9 filing with the U.S. District Court for the Southern District of New York, Judge John Koeltl approved a request from U.S. Attorney Damian Williams to postpone Cohen-Pavon’s sentencing. The delay is intended to allow Cohen-Pavon to provide information potentially relevant to Mashinsky’s sentencing scheduled for April 2025.
Judge Koeltl has ordered both parties to provide an update on April 18, ten days after Mashinsky’s hearing. The court will then decide whether Cohen-Pavon will serve prison time following his guilty plea to four felony charges.
The postponement follows Mashinsky’s unexpected decision on December 3 to plead guilty to two charges as part of an agreement with prosecutors. If sentenced to the maximum penalty, Mashinsky could face up to 30 years in prison, served consecutively.
Both Mashinsky and Cohen-Pavon were indicted in July 2023 on charges related to misleading Celsius users and engaging in price manipulation for personal profit. Cohen-Pavon, outside the U.S. at the time of the indictment, initially pleaded not guilty before changing his plea.
Microsoft shareholders vote ‘no’ on Bitcoin reserve
During Microsoft’s annual meeting on December 10, shareholders rejected a proposal to include Bitcoin (BTC) on the company’s balance sheets.
The National Center introduced the resolution for Public Policy Research (NCPPR), a Washington, D.C.-based pro-free-market think tank. The organization presented the proposal as a strategic move to enhance shareholder value through profit diversification.
The NCPPR submitted a pre-recorded video to support its case, which was played during the meeting. The video began with the statement, “Microsoft can’t afford to miss the next technology wave, and Bitcoin is that wave,” and included extensive charts and data to highlight the potential benefits of holding Bitcoin.
The group argued that adopting Bitcoin could generate trillions in value for the company and reduce risks for shareholders. Despite their assertions, the proposal did not gain approval from the shareholders.
In latest shakeup, Interchain Foundation acquires Skip to refocus Cosmos Hub at ecosystem’s core
The Cosmos ecosystem is undergoing a major transformation.
On Tuesday, the Interchain Foundation (ICF), the primary development organization for Cosmos, announced its acquisition of blockchain solutions provider Skip, now rebranded as Interchain Inc. This move aims to centralize product development and unify the Cosmos ecosystem. It also represents a shift from decentralized leadership, as co-founder Ethan Buchman steps down from his leadership role within the Swiss non-profit. The acquisition positions the ICF to refocus on growth and strengthen the Cosmos Hub as the ecosystem’s central component.
ICF President Josh Cincinnati described the development as a pivotal moment. In a statement to The Block, he said, “The acquisition of Skip marks a transformative moment for the Interchain Foundation and Cosmos. By aligning with Skip’s unparalleled execution and their rapport with the broader ecosystem, we are re-envisioning how the ICF works. This is a seismic shift — not just in structure, but in our commitment to realizing the Cosmos vision with renewed purpose and focus by bringing the beating heart of Cosmos — its Hub and the Stack — together.”
Cosmos, known for its focus on blockchain interoperability, has faced challenges with fragmentation and differing visions for its future. Historically, the ICF has employed a decentralized development model, relying on various individuals and organizations, referred to as "stewards," to build and maintain critical components of the network. This new approach signals a significant change in strategy for the ecosystem.
Microsoft Shareholders Vote Down Bitcoin Treasury Proposal
Microsoft is unlikely to join the growing list of corporations holding Bitcoin (BTC) after its shareholders voted against a proposal to explore such an investment.
The proposal, titled "Assessment of Investing in Bitcoin," was introduced by the National Center for Public Policy Research. The think tank suggested that Microsoft allocate 1% of its total assets to Bitcoin as a hedge against inflation. Bloomberg data indicates that Microsoft currently holds $78.4 billion in cash and marketable securities on its balance sheet.
Last month, Microsoft’s board of directors recommended shareholders vote against the proposal, and the preliminary vote results were announced shortly after the company’s annual meeting concluded.
After the announcement, Microsoft’s stock (MSFT) remained relatively stable, trading at $446, unchanged from earlier. Meanwhile, Bitcoin prices, which had already been under pressure, experienced a further decline, dropping 4% over the past 24 hours to $95,700.
Russian Lawmaker Proposes Creating Strategic Bitcoin Reserve: Report
A member of the Russian parliament has proposed the establishment of a strategic Bitcoin (BTC) reserve to mitigate the impact of international sanctions on the country, according to a report by the state-owned news agency RIA on Monday.
Anton Tkachev, a deputy from the New People party—founded in 2020 and holds 16 out of 450 seats in the State Duma—urged Finance Minister Anton Siluanov to evaluate the feasibility of creating a strategic Bitcoin reserve. Tkachev suggested this would be similar to the state reserves maintained in traditional currencies.
The proposal argues that such a reserve could strengthen Russia's financial stability against the challenges posed by sanctions, inflation, and the volatility of currencies like the Chinese yuan, U.S. dollar, and euro, which the country currently holds.
“In conditions of limited access to traditional international payment systems for countries under sanctions, cryptocurrencies are becoming virtually the only instrument for international trade,” Tkachev stated in the proposal.
The idea mirrors a strategy previously suggested by U.S. President-elect Donald Trump to establish a strategic Bitcoin reserve to address national debt pressures and preserve value.
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