19/05/2024. Weekly CryptoNews Digest (May, 13 – May, 19)

Hello everyone, and welcome again to the MNO blog which has been providing you with important information related to the HYIP industry since 2007. Although the HYIP industry has undergone significant changes since its heyday, we’re still discovering hidden gems like WizerPeople. As the last week was uneventful for the program, which has been paying instantly to everyone (read the full review of the program here), we will skip the regular updates from WizerPeople and get straight to the other news.

Regular readers may know that every Sunday I publish a Weekly CryptoNews Digest article, where I share the news from the world of cryptocurrencies that I find interesting or amusing. This week is no exception, and I will be sharing the main crypto events of the week in just a moment. Before that, however, let me remind you of the important points of contact: you can reach me or follow MNO on multiple social channels to ensure you don’t miss anything important that can help you earn some money.

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Now let’s explore the top news stories from the past week, covering May 13 to May 19, 2024. In this Weekly CryptoNews Digest I’ll be highlighting the most significant events and updates from the world of cryptocurrency and HYIPs. Let’s dive in!

BITCOIN $66.9K PRICE HOLDS STRONG

In a surprising turn of events, Bitcoin’s price has defied expectations and held strong above the $66,000 mark, sparking doubts about the likelihood of a “deep correction” in the near future. The cryptocurrency’s resilience has left many analysts reevaluating their predictions and questioning the timing of a potential downturn.

Analysts’ Reactions
Some analysts, such as Tom Lee, have been vocal about their expectations of a correction, citing historical patterns and market cycles. However, others, like Bloomberg Intelligence’s Mike McGlone, have been more optimistic, pointing to the cryptocurrency’s ability to absorb shocks and maintain its value.

Market Sentiment
The market’s sentiment has shifted in recent days, with many investors and traders becoming increasingly bullish on Bitcoin’s prospects. The cryptocurrency’s price has been supported by a combination of factors, including:
1. Institutional investment: Major investors, such as pension funds and family offices, have been increasingly allocating capital to Bitcoin and other cryptocurrencies.
2. Regulatory clarity: Regulatory bodies, such as the US Securities and Exchange Commission (SEC), have provided clarity on the legal status of cryptocurrencies, reducing uncertainty and increasing investor confidence.
3. Network growth: The Bitcoin network has continued to grow, with the number of active addresses and transactions increasing steadily.

What’s Next?
As the market continues to evolve, analysts will be closely monitoring Bitcoin’s price action and market sentiment. While some still predict a correction, others believe that the cryptocurrency’s strong fundamentals and growing institutional interest will continue to support its value.

Key Takeaways
1. Bitcoin’s price has defied expectations, holding strong above the $66,000 mark and casting doubts on the likelihood of a “deep correction” in the near future.
2. Analysts’ opinions are divided, with some predicting a correction and others expecting the cryptocurrency to continue its upward trajectory.
3. Market sentiment has shifted, with many investors and traders becoming increasingly bullish on Bitcoin’s prospects.

Conclusion
The cryptocurrency market is known for its unpredictability, and Bitcoin’s price action is no exception. While some analysts still predict a correction, the cryptocurrency’s strong fundamentals and growing institutional interest suggest that it may continue to defy expectations and maintain its value. As the market continues to evolve, investors and traders will be closely monitoring Bitcoin’s price action and market sentiment.

SENATE OVERTURNS SEC RULE ON BITCOIN AND CRYPTO CUSTODY

In a significant development, the US Senate has voted to overturn a rule proposed by the Securities and Exchange Commission (SEC) that would have required cryptocurrency exchanges and custodians to register with the agency. The move has sparked controversy, with President Joe Biden threatening to veto the bill.

Background
The SEC had proposed the rule, known as the “Custody Rule,” in 2020. The rule aimed to require cryptocurrency exchanges and custodians to register with the SEC and comply with certain regulatory requirements. The proposal was met with opposition from the cryptocurrency industry, which argued that the rule would stifle innovation and create unnecessary regulatory burdens.

Senate Vote
The Senate passed a resolution with a 60-38 vote to nullify the SEC’s Staff Accounting Bulletin No. 121 (SAB 121)¹. This bulletin would have made it very expensive for financial institutions to participate in the crypto custody business by requiring them to keep customers’ digital assets on their balance sheets, with capital maintained against them. The vote reflects a significant bipartisan move, as it was the first time this session of Congress passed standalone crypto legislation.

Biden’s Threat to Veto
President Biden has threatened to veto the bill, citing concerns about the potential risks to investors and the need for greater regulatory oversight. In a statement, the White House said: “The President is concerned that this bill would undermine the SEC’s ability to protect investors and maintain fair and orderly markets.”

Industry Reaction
The cryptocurrency industry has welcomed the Senate’s decision, with many arguing that the SEC’s Custody Rule was overly broad and would have stifled innovation. The Blockchain Association, a trade group representing the cryptocurrency industry, praised the Senate’s vote, saying: “Today’s vote is a victory for the cryptocurrency industry and a recognition that the SEC’s Custody Rule was a misguided attempt to regulate an entire industry.”

What’s Next?
The bill will now head to the House of Representatives for further consideration. If passed, it will be sent to President Biden for signature or veto. The outcome is uncertain, but the Senate’s vote has sent a clear signal that the cryptocurrency industry is not willing to accept the SEC’s regulatory overreach.

Key Takeaways
1. Senate overturns SEC rule: The Senate has voted to overturn the SEC’s Custody Rule, which would have required cryptocurrency exchanges and custodians to register with the agency.
2. Biden threatens to veto: President Biden has threatened to veto the bill, citing concerns about the potential risks to investors and the need for greater regulatory oversight.
3. Industry reaction: The cryptocurrency industry has welcomed the Senate’s decision, with many arguing that the SEC’s Custody Rule was overly broad and would have stifled innovation.

Conclusion
The outcome of this bill is uncertain, but the Senate’s vote has sent a clear signal that the cryptocurrency industry is not willing to accept the SEC’s regulatory overreach. The controversy highlights the ongoing debate about the regulation of the cryptocurrency industry and the need for a balanced approach that balances innovation with investor protection.

SWITZERLAND CONSIDERS IMPLEMENTING GLOBAL CRYPTO REPORTING FRAMEWORK

In a move to enhance transparency and combat financial crimes, Switzerland is considering implementing a global crypto reporting framework. The proposal aims to standardize reporting requirements for cryptocurrency transactions, making it easier to track and monitor transactions across borders.

Background
The Swiss government has been actively engaged in promoting the development of the cryptocurrency industry, recognizing its potential to drive innovation and economic growth. However, the lack of standardized reporting requirements has raised concerns about the potential for money laundering and terrorist financing.

Proposed Framework
The proposed framework would require cryptocurrency exchanges, custodians, and other financial institutions to report certain information about cryptocurrency transactions, including:
1. Transaction details: The framework would require reporting of transaction details, such as the amount, date, and time of the transaction.
2. Parties involved: The framework would require reporting of the parties involved in the transaction, including the sender and recipient.
3. Cryptocurrency type: The framework would require reporting of the type of cryptocurrency involved in the transaction.

Benefits
The proposed framework aims to achieve several benefits, including:
1. Enhanced transparency: Standardized reporting requirements would provide greater transparency into cryptocurrency transactions, making it easier to track and monitor transactions.
2. Improved compliance: The framework would help financial institutions comply with anti-money laundering and counter-terrorism financing regulations.
3. Increased investor confidence: The framework would provide greater assurance to investors that the cryptocurrency industry is committed to transparency and regulatory compliance.

Industry Reaction
The proposed framework has been met with a mixed reaction from the cryptocurrency industry. Some have expressed concerns about the potential for increased regulatory burdens and the potential for over-reporting. Others have welcomed the move, recognizing the importance of transparency and regulatory compliance.

What’s Next?
The Swiss government is expected to consult with industry stakeholders and regulatory bodies to refine the proposed framework. The framework is expected to be implemented in the coming months, with the aim of enhancing transparency and combating financial crimes.

Key Takeaways
1. Switzerland considers implementing global crypto reporting framework: The Swiss government is considering implementing a global crypto reporting framework to enhance transparency and combat financial crimes.
2. Standardized reporting requirements: The framework would require cryptocurrency exchanges, custodians, and other financial institutions to report certain information about cryptocurrency transactions.
3. Benefits: The framework aims to enhance transparency, improve compliance, and increase investor confidence.

Conclusion
The proposed framework is a significant development in the cryptocurrency industry, recognizing the need for greater transparency and regulatory compliance. While some have expressed concerns about the potential for increased regulatory burdens, the framework has the potential to enhance the overall reputation of the cryptocurrency industry and promote greater trust among investors.

VENEZUELA BANS CRYPTO MINING TO PROTECT POWER GRID

In a move to conserve energy and alleviate the country’s crippling power crisis, the Venezuelan government has banned cryptocurrency mining in the country. The ban was announced by the Ministry of Electric Energy (Ministerio de Energía Eléctrica) in a statement earlier this week.

Reasons Behind the Ban
The Venezuelan government cited concerns over the significant strain that crypto mining was placing on the country’s already fragile power grid. The country has been experiencing frequent power outages and blackouts, which have affected millions of people. By banning crypto mining, the government aims to conserve energy and reduce the risk of further power outages.

Impact on Crypto Miners
The ban has sent shockwaves through the crypto mining community in Venezuela, with many miners facing significant losses. The country was once a popular destination for crypto miners due to its low electricity costs and favorable climate. However, the ban has forced many miners to shut down their operations or relocate to other countries.

Consequences for the Crypto Market
The ban has also had a ripple effect on the global crypto market. The price of cryptocurrencies such as Bitcoin and Ethereum has fluctuated in response to the ban, with some analysts predicting a short-term impact on the market. However, others believe that the ban will ultimately benefit the crypto market by reducing the environmental impact of mining and promoting more sustainable mining practices.

What’s Next?
The Venezuelan government has announced plans to establish a new regulatory framework for the crypto industry, which will include stricter regulations on crypto mining. The government has also pledged to invest in renewable energy sources to reduce the country’s reliance on fossil fuels and alleviate the power crisis.

Conclusion
The ban on crypto mining in Venezuela is a significant development in the crypto space, highlighting the need for sustainable and environmentally friendly mining practices. While the ban has caused disruptions to the crypto market, it also presents an opportunity for the industry to adapt and innovate in response to the changing regulatory landscape.

TWO CANADIANS CHARGED IN CONNECTION WITH CRYPTO SCHEME

Two Canadian men, Aiden Pleterski and Colin Murphy, have been arrested and charged with fraud in connection with an alleged crypto and foreign exchange investment scheme that swindled investors out of 40 million CAD (approximately 30 million USD).

Background
The scheme, which was allegedly operated by Pleterski and Murphy, promised investors high returns on their investments in cryptocurrencies and foreign exchange markets. However, investigators believe that the scheme was a Ponzi scheme, where returns were paid to earlier investors using money from new investors, rather than from any actual profits.

Arrests and Charges
Pleterski and Murphy were arrested on February 28, 2023, and charged with fraud over earlier this week. They are currently being held in custody pending a bail hearing.

Investigation
The investigation into the scheme began in 2020, when investors began complaining about the lack of returns on their investments. Investigators from the Royal Canadian Mounted Police (RCMP) and the Ontario Securities Commission (OSC) worked together to uncover the scheme and identify the perpetrators.

Consequences
If convicted, Pleterski and Murphy face up to 14 years in prison and a fine of up to $1 million.

Key Takeaways
1. Two Canadian men arrested and charged with fraud: Aiden Pleterski and Colin Murphy have been arrested and charged with fraud in connection with an alleged crypto and foreign exchange investment scheme.
2. Scheme swindled investors out of 40 million CAD: The scheme allegedly defrauded investors out of 40 million CAD (approximately $30 million).
3. Charges include fraud, money laundering, and obstruction of justice: Pleterski and Murphy are facing multiple charges related to fraud, money laundering, and obstruction of justice.

Conclusion
The arrests of Pleterski and Murphy are a significant development in the ongoing investigation into fraudulent activities in the cryptocurrency and foreign exchange markets. The incident highlights the importance of regulatory oversight and accountability in the industry, and serves as a warning to investors to be cautious and do their due diligence when investing in cryptocurrencies and foreign exchange markets.

That concludes today’s news on MNO. Thanks for taking the time to stay informed and be a part of our community. I hope you have a wonderful weekend and that the upcoming business week brings you prosperity and good luck. You deserve it! As always, thank you for being part of the MNO community. I’ll be back with more updates next week on MNO – For Money Lovers!