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News | Weekly Recap

UseTheBitcoin Weekly News Roundup (JUN 24th – JUN 28th, 2024)

Author

Rickie Sanchez

Tags

Reading time

5 mins
Last update

Author

Rickie Sanchez

Tags

Category

News / Weekly Recap

Reading time

5 mins
Last update

Author

Rickie Sanchez

Tags

Reading time

5 mins
Last update


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Weekly News Roundup

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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:

Spot Ethereum ETF Issuers Update Fees And Seed Investments In Latest Filings

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Various firms competing for a foothold in the spot Ethereum ETF market submitted amended registration statements, providing additional details on seed investments and fees as they await final approval from the US Securities and Exchange Commission (SEC).

It can be recalled that the SEC approved 19b-4 forms for eight Ethereum ETFs last month. Issuers still need their registration statements, S-1s, to become effective before they can begin trading.

Billionaire Michael Dell Posts Playful Tweet About Bitcoin

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Michael Dell, the CEO of Dell Technologies, recently engaged with the crypto community through a playful tweet by posting an AI-generated picture of the blue Muppet character Cookie Monster gobbling up Bitcoin.

The interaction began when Dell tweeted about the value of scarcity, which prompted a response from Michael Saylor of MicroStrategy emphasizing Bitcoin as “Digital Scarcity.”

It is worth noting that Dell is no stranger to Bitcoin. 

In 2014, he repeatedly tweeted that the computer giant had started accepting BTC for payments. However, Dell dropped support for Bitcoin in 2017 due to tepid demand.

Mt. Gox To Start Their Repayments In Bitcoin (BTC) And Bitcoin Cash (BCH) In July

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Defunct crypto exchange Mt. Gox announced that it will commence repaying creditors in Bitcoin (BTC) and Bitcoin Cash (BCH) starting next week after years of postponed deadlines.

The process will progress in stages, and Mt. Gox has requested creditors and other affected parties to remain patient as they execute the repayments progressively as per the exchange requirements.

Mt. Gox was once the world’s top crypto exchange, handling over 70% of all Bitcoin transactions in its early years. In early 2014, hackers attacked the exchange, losing an estimated 740,000 Bitcoins ($15 billion at current prices).

Japanese Investment Firm Metaplanet To Sell $6 Million Worth Of Bonds To Purchase Bitcoin

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Tokyo-based investment firm Metaplanet Inc. plans to issue 1 billion yen ($6.26 million) in bonds to raise money to buy Bitcoin.

According to a June 24th announcement, the company’s board has approved the bond sale, and the soon-to-be-acquired Bitcoin is intended for long-term holding.

The bonds will offer an annual interest rate of 0.5% to attract investors looking for stable returns while aligning with Metaplanet’s crypto strategy.

WikiLeaks Founder Julian Assange Flies Free After Plea Deal

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After enduring an extended legal battle that kept him in a UK jail for 12 years, Julian Assange, the co-founder of WikiLeaks, is now free. According to recent reports, he has reached a plea deal with the US Department of Justice and has left the UK on a private jet.

Crypto market experts believe that this move is mainly political and an attempt to sway crypto investors. Assange is quite a popular figure in the crypto space, and the release comes just ahead of the US 2024 Presidential Elections scheduled later this year.

Germany Sells 900 Bitcoins To Coinbase And Kraken

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A crypto wallet associated with the German Government (BKA) has attracted the attention of crypto sleuths after selling a substantial amount of Bitcoin. The wallet conducted three notable transactions on June 25th, collectively selling 900 BTC, valued at approximately $54 million.

For context, these Bitcoins were seized by German authorities from the operators of the film piracy website Movie2k.to. The Bitcoin, worth over $2 billion at the time, was obtained from nearly 50,000 BTC.

The BKA-managed wallet still retains a balance of 46,359 Bitcoins, as reported by Arkham Intelligence.

Congressman Matt Gaetz Introduces Bill That Would Allow Federal Income Taxes To Be Paid In Bitcoin

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Congressman Matt Gaetz has introduced a bill to allow federal tax payments in Bitcoin. The introduction of the bill aims to make Bitcoin a legitimate payment method for taxes right next to the US dollar.

If approved, the bill would amend the Internal Revenue Code of 1986, as the new payment method will need to be accommodated. However, certain challenges will still need to be tackled from a regulatory perspective.

Gary Gensler Says Ethereum ETF Process Is ‘Going Smoothly’

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Securities and Exchange Commission (SEC) Chair Gary Gensler says the process of launching the first spot Ethereum exchange-traded funds (ETFs) in the US is “going smoothly.”

However, the SEC Chairman did not comment on when his agency would approve Ethereum spot ETFs for trading, but analysts predict that it could be as soon as next week.

The agency is currently communicating with the issuers about their S-1 disclosure statements, which are largely considered a formality.

Ripple CEO Brad Garlinghouse Says Gensler Will Cause Biden To Lose The Election

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Ripple CEO Brad Garlinghouse slammed Gary Gensler for his recent slander about most crypto executives going to jail and tweeted that his approach to regulations would cause US President Jooe Biden to lose the upcoming elections.

During a recent interview with Bloomberg, The securities chairman said the crypto space is rife with non-compliance, which is evident in the number of crypto executives who are in jail or awaiting sentencing.

US Department Of State Announces $5 Million Bounty For OneCoin ‘Crypto Queen’

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The US Department of State increased its reward for the information of OneCoin founder Ruja Ignatova.

In an update to the Federal Bureau of Investigation (FBI) “ten most wanted fugitives” list, the State Department’s Transnational Organized Crime Rewards Program said it was willing to offer a $5 million reward for information concerning Ignatova’s whereabouts that will lead to her arrest and conviction.

Final Thoughts

So that’s it for this week!

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Have a fantastic week ahead!