Stay in the loop with our weekly crypto digest as we get you up to speed on the hottest trends and events in the crypto space.
Here’s what happened in crypto this week:
Pennsylvania Passes Bitcoin Rights Bill To Protect Rights To Self-Custody And Use Bitcoin As A Payment Method
Pennsylvania has taken a significant step toward providing regulatory clarity for digital assets, becoming the latest state to pass a bill establishing guidelines for Bitcoin and other cryptocurrencies.
The state’s House of Representatives recently passed House Bill 2481, known as the “Bitcoin Rights Bill,” which protects residents’ rights to self-custody digital assets, enables using Bitcoin as a legal payment, and outlines taxation rules for Bitcoin transactions. The bill sailed through with overwhelming bipartisan support, securing 176 votes in favor and just 26 against.
After the upcoming election, the bill will advance to the Republican-led Pennsylvania Senate, and if approved, it will be sent to Governor Josh Shapiro for final approval.
Microsoft Shareholders To Vote On Bitcoin Investment Proposal
Microsoft shareholders are set to vote on whether the tech giant should consider adding Bitcoin to its balance sheet. As revealed in an October 24th filing with the US SEC, this decision will be made during a meeting scheduled for December 10th. The proposal, titled ‘Assessment of Investing in Bitcoin,’ has been put forward to certain shareholders for consideration.
Despite the proposal, the Microsoft board has recommended that shareholders vote against it. The board stated they had already evaluated various investable assets, including Bitcoin. The recommendation is detailed in Item 5 of the filing, where the board advises against the Bitcoin investment.
US DOJ Investigates Tether (USDT) Over ‘Possible’ Violations Of Sanctions And Anti-Money-Laundering Rules
According to The Wall Street Journal, the United States Justice Department has launched a criminal investigation into USDT stablecoin issuer Tether to determine whether the company violated anti-money laundering rules and sanctions. The criminal investigation is also looking into whether third parties have used USDT to fund illegal activities such as the drug trade, terrorism, hacking, and money laundering.
Tether CEO Paolo Ardoino quickly reacted to the news, stating that they had told the Wall Street Journal that there was no indication that the crypto firm was under investigation.
Emory University Publicly Reports It Owns Bitcoin ETFs
According to an SEC filing dated October 25th, Emory University reported owning $15,082,241 worth of shares (2,678,906 shares) of Bitcoin exchange-traded funds (ETFs) as of September 30th.
This highlights a growing trend among institutional investors embracing digital assets, particularly crypto ETFs. Moreover, it became the first US university to report its exposure to Bitcoin.
Robinhood Launches Prediction Market In The US
Robinhood is launching its event contracts market to capitalize on certain events, such as the November 5th US elections.
The new prediction markets platform offers events contracts that let customers trade on the outcomes of specific events. Its highlight upon its recent rollout is the contest between former President Donald Trump and Vice President Kamala Harris to determine President Joe Biden’s successor.
VanEck Predicts Bitcoin Will Be Worth $3 Million And Used As A Global Reserve Asset By 2050
Matthew Sigel, head of digital assets research at VanEck, projects that Bitcoin could hit $3 million by 2050 as it becomes a widely accepted and valuable reserve asset. He envisions Bitcoin as a global reserve asset with a 2% central bank allocation.
VanEck based its forecast on the assumption that Bitcoin could transform into a global reserve asset comparable to gold. Currently, Bitcoin is perceived mainly as a store of value and a speculative asset. However, according to the investment company, over the next thirty years, Bitcoin could gain more trust and adoption from individual investors, institutions, and states.
President Biden Thanks Nigerian President For Binance Exec’s Release
US President Joe Biden credited Nigerian President Bola Ahmed Tinubu’s leadership for securing the release of Tigran Gambaryan from Nigerian custody on humanitarian grounds, according to a statement from the White House that recounted the main themes of the call.
Gambaryan, a former agent for the US Internal Revenue Service and Binance’s head of financial crime compliance, and another Binance executive, Nadeem Anjarwalla, were detained after arriving in Nigeria in February amid accusations of Binance making illegal transaction profits locally. Criminal charges were filed against them on February 28th. Anjarwalla later escaped from custody on March 22nd.
While being detained in a Nigerian prison, Gambaryan’s family said he suffered from intense pain from a herniated disc and was unable to walk. He also had pneumonia and malaria. Charges were later dropped on October 23rd.
Coinbase CEO Brian Armstrong Says The Next US SEC Chair Should Issue Apology To The American People
Coinbase CEO Brian Armstrong expressed that the next head of the US Securities and Exchange Commission should apologize to Americans for the agency’s harm to the crypto sector.
Armstrong highlighted a series of conflicting statements made by the SEC over the years, criticizing the agency’s inconsistent positions on whether digital assets, including Bitcoin, qualify as securities and if the SEC can regulate crypto exchanges.
Armstrong argued that the agency’s approach has caused confusion and undermined trust in regulatory clarity for digital assets.
Canary Capital Group Files Form S-1 For A Solana ETF
Canary Capital recently submitted a filing for a Solana exchange-traded fund (ETF) with the US SEC, marking the firm’s second venture into the expanding landscape of crypto ETFs. This move comes amid a series of Canary Capital’s crypto ETF filings.
It can be recalled that the firm also filed for a Litecoin ETF on October 15th. The LTC ETF filing, submitted via Form S-1, highlights a significant departure from the trend of focusing predominantly on major assets, such as Bitcoin and Ethereum, which have historically dominated ETF applications.
This filing followed Canary Capital’s recent application for an XRP ETF on October 8th. Notably, the XRP ETF submission was among the first of its kind, closely following Bitwise’s similar move as it explored adding XRP to its suite of crypto products. This has also gained considerable attention across the crypto community, raising discussions about the growing institutional interest in altcoins beyond the standard choices.
Florida’s Chief Financial Officer Proposes The Creation Of A State Bitcoin Stockpile For Retirees
Florida’s Chief Financial Officer and Fire Marshal, Jimmy Patronis, has recommended that state retirement fund managers examine Bitcoin as a potential investment for the state’s portfolio, reflecting a trend among the states exploring Bitcoin for diversification.
In an October 29th letter addressed to Chris Spencer, Executive Director of the Florida State Board of Administration (SBA), Patronis described Bitcoin’s potential as a stabilizing asset, often called “digital gold.”
He requested a report on the feasibility, risks, and potential benefits of including digital assets in Florida’s retirement fund portfolio, with findings due by March 4th, 2025.
Final Thoughts
So that’s it for this week!
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Have a fantastic week ahead!
