🇳🇬 Nigeria's Proposed Investments and Securities Bill: A Step Towards a Cleaner Crypto Sector

📰 Nigeria's proposed Investments and Securities Bill (ISB) 2024 has garnered support from crypto industry players who believe it could improve the sector's reputation. The bill suggests imposing jail terms of up to 10 years and fines of $12,000 for operators of Ponzi schemes, aiming to combat fraud in the digital asset space.

💬 Nathaniel Luz, CEO of Flincap, emphasized the importance of the bill, stating,

It’s one way to clear out bad actors from the industry so we can have a vibrant finance and investment ecosystem.

Another industry advocate, Ophi Rume, expressed that the law could deter potential scammers by making them think twice before exploiting crypto investing.

📉 Despite being a major player in the global crypto market, Nigeria has struggled with a reputation for scams. The absence of strict laws against investment fraud has allowed Ponzi schemes to proliferate, often with the involvement of celebrities endorsing fraudulent digital assets. Rume noted that the bill's enactment could help shift the narrative that crypto is synonymous with Ponzi schemes.

📈 The Securities and Exchange Commission (SEC) of Nigeria believes that passing the bill would not only enhance investor confidence but also promote transparency and modernize the country's financial markets. While some concerns have been raised by the Central Bank of Nigeria (CBN) and the Finance Ministry, Senator Osita Izunaso praised the bill's potential to boost Nigeria's capital competitiveness if approved.

🚀 Howard Lutnick: A Game Changer for U.S. Cryptocurrency Policy

🌟 President-elect Donald Trump has nominated Howard Lutnick, CEO of Cantor Fitzgerald, as the next Secretary of Commerce. Lutnick is known for his leadership in traditional finance and his progressive views on cryptocurrencies. He sees bitcoin as a transformative asset that could reshape the global financial system.

💰 Under Lutnick's leadership, Cantor Fitzgerald has ventured into the digital asset sector, acting as a custodian for tether’s reserves and launching a $2 billion bitcoin financing initiative. This initiative aims to bridge traditional finance and digital currencies. Lutnick predicts that within five years, major U.S. banks will incorporate BTC into their services, highlighting his vision for mainstream adoption of digital assets.

📈 Lutnick’s appointment could indicate a shift in U.S. economic policy towards greater acceptance of cryptocurrencies. He advocates for treating bitcoin as a commodity, similar to gold, which could influence future regulatory frameworks. He stated,

Bitcoin should trade the same as gold everywhere in the world without exception and without limitation.

🔄 As Commerce Secretary, Lutnick’s approach to cryptocurrency regulation could redefine U.S. engagement with this rapidly evolving sector. His combination of Wall Street expertise and crypto advocacy could lead to policies that balance growth, regulation, and global competitiveness in the digital era.

🌍 Trump aims to position the U.S. as a global leader in the cryptocurrency sector. His proposed policies include establishing a national bitcoin reserve and appointing crypto-friendly regulators. This favorable stance has already impacted the market, with BTC prices reaching new highs and boosting optimism among crypto investors.

⚖️ BTC and XRP Challenge Securities Classifications: A Call for Regulatory Clarity

🗣 John E. Deaton, a prominent figure in the cryptocurrency community, has voiced strong objections against the equation of crypto assets with securities in investment contract cases. In a recent statement on social media, he criticized the Financial Industry Regulatory Authority (FINRA) for its new guide on classifying crypto assets as securities, asserting that

the underlying asset utilized in an ‘investment contract’ is never itself the security.

📜 Deaton, an attorney specializing in cryptocurrency law, gained recognition for representing XRP holders in the SEC’s lawsuit against Ripple Labs. He illustrated his point by citing various examples where physical or tangible items have been marketed within investment contracts but remain distinct from securities. He stated,

Gold has been packaged, marketed, offered and sold in an investment contract (security) but it still remained gold that could be melted into jewelry and never itself a security.

He further emphasized that bitcoin (BTC), GRAM tokens, and XRP have also been part of investment contracts yet are not securities themselves.

⚖️ Deaton pointed out that courts have ruled that XRP is not inherently a security. He referenced the case of SEC v. Ripple, where Judge Torres stated that

although XRP could be offered as a security under certain circumstances … XRP itself is not a security.

This highlights the ongoing debate within the cryptocurrency community regarding the classification of digital assets.

📢 Gary Gensler, Chair of the U.S. Securities and Exchange Commission (SEC), has classified bitcoin as a commodity but has been non-committal about ether’s status. This lack of clarity has fueled ongoing discussions about the appropriate regulatory approach for ethereum and other digital assets.

📝 Deaton urged SEC leadership to address the misrepresentation of crypto assets. He stressed the importance of distinguishing between the underlying assets and the contracts used to market them, calling for regulators to provide clear guidelines and avoid categorizing all assets within such arrangements as securities.

🚀 Iran's Digital Rial: A Step Towards Financial Modernization

🇮🇷 Iran's Central Bank is set to launch the digital rial, a central bank digital currency (CBDC), aimed at enhancing payment systems and improving international financial ties despite ongoing sanctions. Governor Mohammad Reza Farzin emphasized the significance of this move during the 11th annual conference on modern banking and payment systems, marking it as a pivotal moment in the country's financial evolution.

🗣 Farzin stated,

Developing innovative banking systems is a central bank’s responsibility worldwide, and we are determined to fulfill this duty in Iran.

He also acknowledged the importance of the conference in shaping banking policies, assuring that the insights gained would influence future strategic decisions.

💳 The digital rial has already undergone a pilot program on Kish Island since June, allowing users to conduct transactions through digital wallets without relying on physical cash or bank cards. This currency is designed to function independently of traditional bank accounts, enabling direct transfers between users and streamlining payment processes.

🌍 Addressing the challenges posed by sanctions, Farzin mentioned the implementation of the “ACU-MIR” system, which facilitates financial transactions with countries like India and Pakistan. He noted,

Sanctions remain a significant hurdle, but we’ve made notable strides in recent years … We’ve replaced SWIFT with this platform and strengthened our ties with BRICS.

🤝 Furthermore, efforts are underway to integrate Iran’s Shetab network with Russia’s MIR system to enable cross-border payments. Farzin revealed,

Recently, Shetab connected with Russia’s MIR, and several banks are now operational on the system.

Future plans include allowing Russian tourists to use Iran’s payment systems this winter and providing Iranian tourists access to Russian point-of-sale systems by 2025. Farzin expressed optimism about these initiatives as crucial steps towards enhancing international financial integration.

💰 Ethena's USDE Surges: A Shift in the Stablecoin Landscape?

📈 The stablecoin market is experiencing significant growth, with Ethena's yield-bearing token, USDE, recently reaching a valuation of over $4.12 billion. This positions USDE as the fourth-largest stablecoin after Sky’s DAI, Circle’s USDC, and Tether’s USDT. USDE maintains its peg through a combination of spot crypto holdings and short positions in margined perpetual contracts.

💸 Holders of USDE benefit from funding rates linked to perpetual contracts and staking rewards on the Ethereum network. As of November 28, 2024, the annual percentage yield (APY) stands at an impressive 29%, significantly higher than its competitors. This attractive APY has led to a surge in holders, pushing USDE's supply to an all-time high of $4.12 billion across 19,174 unique addresses.

🔍 In contrast, competitors like Circle’s USDC offer a modest 4.7% APY when stored in a Coinbase Wallet, while Sky’s USDS provides an 8.5% APY. However, USDE's APY is approximately 6.17 times higher than USDC’s, 3.41 times higher than USDS’s, and 3.87 times higher than Blast’s USDB which offers a 7.5% APY.

📊 It's important to note that USDE's distribution is highly concentrated; the top 100 addresses control 99.72% of the supply. Most of this supply is not used for transactions but is held to earn staking rewards, indicating that USDE is primarily utilized for yield generation rather than for payments. Since its inception, USDE has recorded only 686,155 transfers.

💱 On the other hand, USDC has a broader reach and is actively used for transactions despite offering lower yields. Circle’s USDC boasts a market valuation of $39.32 billion, significantly surpassing Ethena’s USDE. Meanwhile, Sky’s USDS has a market cap of $911 million and USDB holds a market cap of $411 million.

🔄 Ethena’s USDE illustrates a shift in the stablecoin market where some users prioritize high-yield opportunities over transactional capabilities. This trend suggests a diversification in stablecoin usage, with USDE’s appeal linked to its attractive APY.

🤔 While transactional leaders like USDC and USDT continue to dominate in terms of accessibility and flexibility, USDE’s strategy seems to cater to yield seekers, especially in bullish market conditions. However, the critical question remains: can USDE sustain its attractiveness amidst growing competition and changing market dynamics?

💰 Michael Saylor Critiques Berkshire Hathaway's Cash Strategy and Advocates for Bitcoin

📉 Michael Saylor, co-founder of Microstrategy, recently criticized Warren Buffett's cash management strategy during an interview. He pointed out that Berkshire Hathaway's massive $325 billion cash reserve generates a meager 3% after-tax yield while incurring a 15% cost of capital. This results in a 12% negative real yield that erodes $32 billion in annual shareholder value. Saylor emphasized,

That $325 billion is destroying $32 billion a year. They are destroying $3 billion a month in capital.

💡 Saylor advocates for bitcoin as a treasury asset, arguing it offers protection against inflation and currency debasement. He encourages companies with excess cash to consider it in their treasury strategy. However, he acknowledges that each business has unique financial goals and risk tolerances.

📊 Microstrategy has been aggressively accumulating bitcoin, with holdings reaching 386,700 BTC. Saylor speculated that even traditionalists like Warren Buffett could be persuaded to adopt BTC. He stated,

I’d be willing to bet you that if I had an hour alone with Buffett in a calm environment, I’d walk out and he would say this bitcoin thing is a pretty good idea. Charlie [Munger] would have liked it. We’re going to buy some.

🤝 Saylor also expressed his willingness to advise others who hold significant cash reserves without exploring alternatives like bitcoin. He said,

I’m happy to go visit anybody that has a hundred billion of cash that’s sitting and burning $10 billion of shareholder value a year. I will go visit you and provide you with all of the information you need in order to be convinced that you should flip to the bitcoin standard.

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🔄 Foundry Restructures: Job Cuts and AI Spin-off

💼 Foundry, a prominent player in the bitcoin mining sector, has recently reduced its workforce by nearly a third (27%) as part of a larger restructuring initiative. This decision affects more than half of the laid-off employees based in the U.S. CEO Mike Coyler confirmed the layoffs, leaving the company with a total of 200 employees.

As part of this realignment, we made the difficult decision to reduce Foundry’s workforce, resulting in layoffs across multiple teams. We’re grateful for the contributions of all our employees, including those impacted by these changes

the miner reportedly said.

🔄 The layoffs are part of Foundry's ongoing restructuring process, which also includes spinning off its artificial intelligence (AI) division, Bittensor, into a new subsidiary called Yuma. This move aims to refocus on Foundry's core business of bitcoin mining and site operations.

📉 Before the official confirmation of the layoffs, a report from Blockspace estimated that up to 60% of employees might be affected. However, Foundry disputed this figure and also denied rumors about shutting down its hardware and ASIC repair business lines, clarifying that it is merely deprioritizing the hardware segment.

📈 Interestingly, Foundry's decision comes at a time when other crypto mining stocks like Marathon Digital Holdings, Hut 8 Mining, and Riot Platforms are experiencing growth in stock prices and revenue. This is despite the recent Bitcoin halving event that reduced the block reward to 3.125 BTC.

🔄 Additionally, Foundry's parent company, DCG, is undergoing its own restructuring efforts following the bankruptcy of its subsidiary Genesis. DCG had invested heavily in Genesis to repay creditors but faced a dispute over a $1.7 billion loan. This issue was resolved in August, with DCG agreeing to pay Genesis $482.5 million in cash and cryptocurrency.

🚀 Ripple's Race to Launch Its U.S. Dollar-Pegged Stablecoin

⏳ Ripple is in a race against time to launch its highly anticipated U.S. dollar-pegged stablecoin, Ripple USD (RLUSD), by the end of the year. The company's Chief Technology Officer, David Schwartz, expressed cautious optimism about meeting this timeline during The Block’s Emergence crypto conference in Prague. Although there were speculations about a launch on December 4, Ripple clarified that it is still in discussions with the New York Department of Financial Services (NYDFS). Schwartz stated,

I’m still hopeful that we’ll launch by the end of the year.

🌐 The stablecoin, first announced in April, is designed to operate on both the XRP Ledger and Ethereum networks. Since August, Ripple has been testing the stablecoin extensively and has built a wide network of partners. Key exchanges supporting the launch include Uphold, Bitstamp, Bitso, Moonpay, Independent Reserve, Coinmena, and Bullish. Market makers B2C2 and Keyrock will provide liquidity to ensure stable trading conditions.

🎄 However, Schwartz acknowledged potential challenges as the holiday season approaches. He mentioned,

The annoying part for us is we’re getting close to the holidays, and we have partners that want to hit the ground running.

📜 Regulatory compliance is also a critical factor in the stablecoin’s rollout. Schwartz explained,

There’s a lot of moving parts involved, and the big one is the stablecoin is launched through a New York state trust, and it’s regulated by the New York State Department of Financial Services.

He noted that the NYDFS is conducting a thorough review of Ripple’s processes and compliance. Schwartz concluded,

Very much looking forward to having the launch headaches behind us, but we will get there.

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💰 El Salvador's $3 Trillion Gold Discovery: A Shift Towards Bitcoin?

🌍 El Salvador's recent discovery of potential gold reserves valued at $3 trillion has ignited discussions about mining practices, sustainability, and the country's future in cryptocurrency. President Nayib Bukele emphasized the transformative potential of these untapped resources, suggesting that responsible mining could significantly boost the nation's economy. He proposed lifting the 2017 ban on metallic mining, viewing it as an obstacle to harnessing the country's natural wealth.

📊 Bukele referenced studies indicating that only 4% of El Salvador's mining areas have been explored, revealing approximately 50 million ounces of gold worth $131 billion. He believes that full exploration could increase this value to over $3 trillion. He stated, ^^We’ve also found gallium, tantalum, tin, and many other materials needed for the 4th and 5th industrial revolution.^^ While supporters see this as a game-changer, critics raise concerns about environmental impacts. Bukele argued for sustainable mining practices to balance economic gains with ecological preservation.

💎 El Salvador's position as the first country to adopt bitcoin as legal tender adds a unique layer to this gold discovery. Pierre Rochard from Riot Platforms pointed out, ^^El Salvador discovered $trillions of gold deposits that when mined will massively dilute the above-ground supply of gold.^^ Bukele agreed, saying, ^^We’ll dilute that thing like there’s no tomorrow.^^

📈 Bitcoin advocate Max Keiser suggested leveraging the gold reserves to invest in bitcoin. He proposed selling convertible preferred shares to finance substantial bitcoin purchases, arguing that bitcoin's increasing dominance over gold makes it a more valuable long-term investment. He remarked on X, ^^El Salvador should monetize this $3 trillion in gold by selling a series of 0% convertible preferreds (a la Saylor) and buy as much bitcoin as possible under $200,000.^^ Keiser noted that while the perceived value of gold is high, its future worth may be significantly lower, making a strategic shift towards bitcoin a wiser choice.

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💰 Bitcoin Investor Sentenced for Tax Evasion on $3.7 Million Gains

👨‍⚖️ Frank Richard Ahlgren III, an early bitcoin investor from Austin, Texas, was sentenced to two years in prison for evading taxes on $3.7 million in cryptocurrency profits. The U.S. Department of Justice (DOJ) announced that Ahlgren falsely reported his capital gains from bitcoin sales on his tax returns.

📈 Ahlgren began investing in bitcoin in 2011 and purchased approximately 1,366 bitcoins through Coinbase in 2015. Despite making significant profits from these investments, he failed to report over $650,000 in bitcoin sales during 2018 and 2019. The DOJ highlighted that Ahlgren's intentional deception towards his accountant and the IRS led to his two-year sentence.

🔍 The investigation revealed that Ahlgren employed various deceptive tactics to conceal his cryptocurrency transactions. He used mixers, multiple wallets, and cash exchanges to obscure his sales. In 2014, he even blogged about using mixers for anonymity in bitcoin dealings. These actions, along with misreporting a $3.7 million bitcoin sale in 2017, resulted in over $1 million in tax losses.

⚖️ U.S. District Court Judge Robert Pitman imposed additional penalties on Ahlgren, including one year of supervised release and $1,095,031 in restitution to the United States. Acting Special Agent in Charge Lucy Tan of IRS-Criminal Investigation stated,

This case demonstrates that no one is above the law…whether it involves dollars, pesos, or cryptocurrency.

🔗 This case highlights the IRS's increasing ability to trace cryptocurrency transactions. The prosecution was led by Assistant Chief Michael C. Boteler and Trial Attorney Mary Frances Richardson, with support from IRS Criminal Investigation and the Texas Office of Attorney General.

🍕 Rethinking Bitcoin Units: A Proposal by Synonym CEO

🤔 John Carvalho, the CEO of Synonym, has proposed a significant change in how we refer to the smallest units of Bitcoin, known as "satoshis" or "sats." In a recent Bitcoin Improvement Proposal (BIP), he suggested that these units be renamed simply to "bitcoin." Carvalho argues that the current terminology creates confusion and adds unnecessary cognitive load for users.

By redefining the smallest unit as ‘one bitcoin,’ this BIP aligns user perception with the protocol’s true nature,”

Carvalho explains. He believes this change would enhance educational clarity and improve the user experience. However, he acknowledges that implementing this shift would be a radical move that could take over a year to fully transition. To ease this process, interim measures would be put in place, such as displaying both the old and new configurations.

💼 Interestingly, Synonym’s Bitkit wallet already adopts this proposed "integer-only" approach. As the price of Bitcoin continues to rise, making it increasingly difficult for individuals to purchase a whole unit, Carvalho's proposal gains traction. If predictions hold true and Bitcoin reaches a million-dollar value in the coming years, switching between bitcoin and sats could become cumbersome.

😄 However, not everyone is on board with Carvalho's idea. Some in the Bitcoin community have mocked the proposal.

Hey, I’ve got this great idea! Instead of one pizza with eight slices, let’s just call each slice a pizza,”

podcast host Stephan Livera quipped on social media. He humorously suggested that if Carvalho's idea were implemented, one would need to order "eight pizzas instead of one" when ordering a pizza with slices.

🤷‍♂️ While Carvalho's proposal aims to simplify the understanding of Bitcoin's structure, it also highlights the ongoing debate within the community about how best to communicate and educate users about cryptocurrency.

📈 Multi-Year Crypto Boom: The Forces Driving Unstoppable Growth

🔮 Matt Hougan, the chief investment officer at Bitwise Asset Management, remains optimistic about the long-term prospects of cryptocurrency despite recent market volatility triggered by the Federal Reserve's announcements. In a recent social media thread, he emphasized that broader trends supporting crypto are still intact, even with bitcoin dipping below $100K.

📉 Hougan acknowledged the Fed's decision to reduce its 2024 rate cut projections from four to two, stating,

Crypto’s in a multi-year bull market. 50bps of projected rate cuts won’t change that.

He noted that while the Fed's announcement led to a sharp pullback in risk assets—with the S&P 500 falling 3% and the Russell 2000 Small Cap Index dropping 4.4%—he does not see this as a shift in the bullish trend for cryptocurrency.

📊 The market reaction was swift, particularly for bitcoin, which experienced a significant drop exacerbated by leveraged trading dynamics. Hougan explained,

This being crypto, however, the initial pullback wasn’t the end of the story. Leverage is a fact of life in crypto, and when there are sharp pullbacks in the market, levered positions get stopped out.

He pointed out that $600 million of leveraged long positions were liquidated during this market event.

🚀 Despite this immediate volatility, Hougan described the downturn as a mere "hiccup" and argued against the notion of a broader trend reversal. He stated,

The Fed is less relevant to crypto than it has been in the past. Crypto now has internal momentum, and nothing about today’s announcement interrupts the mega-trends.

📈 Several factors contribute to this long-term momentum, according to Hougan. These include a pro-crypto shift in Washington policy, increasing institutional adoption and ETF flows, and significant technological advancements in the programmable blockchain space. He also pointed to a technical indicator of resilience:

Bitcoin’s 10-day exponential moving average ($102K) is still above its 20-day exponential moving average ($99K). This simple measure has historically been quite telling on market trends.