News Headlines (24th JAN 2024)

Japanese congressmen Masaaki Taira and Hideto Kawasaki would like to carve out policies for Web3 in the nation, they said in an interview with CoinDesk Japan on Wednesday.

The country has been looking at different ways to regulate Web3. In April 2023, the Liberal Democrat Party’s Web3 project team (web3PT) released a whitepaper and committed to having discussions “with the aim of developing various Web3 projects using blockchain technology,” a blog post said.

A Colorado pastor facing civil fraud charges related to his cryptocurrency business admitted to pocketing $1.3 million but says he used part of it for a biblically ordained home remodel.

Eli Regalado and his wife, Kaitlyn Regalado, are being sued in Denver District Court by Colorado Securities Commissioner Tung Chan, who accused the couple of targeting Christians to invest in their cryptocurrency INDXcoin, despite it being “illiquid and practically worthless,” according to a press release from the Colorado Department of Regulatory agencies.

Crypto lending firm Abra — allegedly insolvent since March 2023 — entered a settlement in principle with the Texas State Securities Board (TSSB). The company will return assets invested by the state’s citizens.

On Jan. 22, the TSSB released the final confirmation of the settlement. According to the document, Abra “began winding down U.S. retail operations” and will notify clients with more than $10 in their balances so they can withdraw their assets in seven days. The unclaimed assets will be converted to fiat currency and directed to remaining Texas investors.

According to CoinDesk, the 1993-released DOOM game is now available and stored on the Dogecoin network, thanks to a relatively new protocol that allows developers to store large amounts of data on a blockchain. Developer @minidogeart, who put the game on Dogecoin, announced the launch, stating that the game is now inscribed on the Dogecoin blockchain forever. The game’s deployment on Doginals fetches all of its gaming data entirely from the data stored on the Dogecoin network, without relying on any other sources outside of the network.

Tornado Cash co-founder Roman Storm is readying for what he considers a major precedent-setting trial in the United States. Storm, who faces multiple charges including money laundering and violating the International Emergency Economic Powers Act, articulated his resolve to mount a “strong defense” in his upcoming September 2024 trial. This statement was made in a Jan. 22 video post on X.

Storm, along with his alleged co-conspirator Roman Semenov, was indicted in August 2023. After his arrest, Storm was released on a $2 million bond. Storm has resolutely declared his innocence by pleading not guilty to the charges levied against him.

Crypto whales, entities with ample token holdings, appear to be snapping up bitcoin (BTC) at cheaper prices as the leading cryptocurrency continues to slide in the aftermath of the recent U.S. spot ETFs debut.

bitcoin has dropped nearly 19% to $39,770 since the spot ETFs began trading in the U.S. on Jan. 11, CoinDesk data show.

That has some crypto whales bargain-hunting bitcoin on digital assets exchange Bitfinex, one of the top 10 exchanges by trading volumes. Bitfinex whales are notorious for making waves in the market.

The Avalanche Foundation has revealed its eligibility criteria for deciding which meme coins to include in its portfolio after announcing its $100 million Culture Catalyst Program late last month.

The criteria are meant to parse out tokens that “show stability, growth potential, and a commitment to fair practices,” the Foundation said. Among them are requirements for a “fair launch” that doesn’t reserve any tokens for the founders, and a low supply concentration among crypto whales.

“The purpose of disclosing the eligibility criteria here is to enunciate the Foundation’s values and provide direction to the community,” the Avalanche Foundation wrote in a Tuesday blog post.

The Federal Court of Canada has ruled an emergency law that gave the Canadian government power to stop the flow of funds and crypto to protesting truckers was unreasonable and unconstitutional.

In a Jan. 23 decision, Justice Richard Mosley concluded, “There was no national emergency justifying the invocation of the Emergencies Act and the decision to do so was therefore unreasonable.”

In February 2022, Prime Minister Justin Trudeau’s government used the law for the first time to freeze funds, including cryptocurrencies, donated to truckers protesting COVID-19 restrictions, which the court found was unconstitutional.

According to Foresight News, cryptocurrency lending institution Nexo is seeking $3 billion in compensation from Bulgarian authorities following the conclusion of an investigation. In December 2023, the Bulgarian authorities concluded their investigation into the crypto lending platform Nexo without finding any criminal evidence.

Nexo had been under investigation by the Bulgarian authorities, but the case was closed without any charges being filed against the company. As a result, Nexo is now seeking compensation for the damages it claims to have suffered during the investigation process. The $3 billion compensation claim is a significant amount and highlights the impact that regulatory scrutiny can have on businesses operating in the cryptocurrency space.

Crypto trading platform published its annual Crypto Market Sizing Report on Monday. The firm explained that the number of crypto owners globally has notably risen despite several macro headwinds, including monetary tightening by Western central banks to curb inflation, ongoing conflicts in Europe and the Middle East, and the pandemic’s lingering impacts. detailed:

Global cryptocurrency owners increased by 34% in 2023, rising from 432 million in January to 580 million in December.

Specifically, “Bitcoin (BTC) owners grew by 33%, from 222 million in January to 296 million in December, accounting for 51% of global owners” and “Ethereum (ETH) owners grew by 39%, from 89 million in January to 124 million in December, accounting for 21% of global owners,” the report states.