a95103581

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United States lawmakers who benefitted from support from the cryptocurrency industry in their respective 2024 primaries or elections will soon be sworn into office for the 119th session of Congress.

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From a $6,600 individual contribution from Ripple co-founder Chris Larsen to Maryland Senator Angela Alsobrooks to more than $10 million from the Protect Progress PAC — also a Fairshake affiliate — to support Michigan Senator Elissa Slotkin, crypto money arguably influenced the composition of the next US Senate just as much if not more than other special interest groups.

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The composition of both chambers could affect legislation in 2025 on how to regulate crypto in the US through proposed bills like the Financial Innovation and Technology for the 21st Century Act (FIT21).

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In its heyday, FTX was one of the most prominent cryptocurrency exchanges in the world, bringing in millions of users from dozens of countries. That changed in less than a week in November 2022 after the firm reported liquidity problems and was forced to declare bankruptcy.

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Roughly a year after US Treasury officials added addresses associated with the cryptocurrency mixer Tornado Cash to the department’s list of sanctioned entities, authorities arrested Tornado Cash co-founder Roman Storm on money-laundering charges.

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Pertsev’s case moved forward; he was found guilty and sentenced to more than five years in prison in May 2024. As of January 2025, the Tornado Cash developer remains in custody as his lawyers prepare to appeal the conviction and sentence.

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David Carmona, the founder of the crypto Ponzi scheme IcomTech, has been held in US detention since his 2022 arrest and received a 10-year sentence from a federal judge in 2024.

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Despite a recommendation that he serve his time in a New York-area facility, Bureau of Prison records showed Carmona was housed at the Federal Correctional Institution in Ashland, Kentucky, as of December.

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Carmona was among the first of his IcomTech cohorts to ring in the New Year in prison. Two of the project’s promoters, Gustavo Rodriguez and David Brend, were also convicted for their roles in the scheme. A judge sentenced Rodriguez to eight years in prison, while Brend received 10 years. Brend reported to the Federal Prison Camp in Pensacola, Florida, on Dec. 16.

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Ilya Lichtenstein and Heather Morgan, the husband and wife behind laundering millions of dollars worth of Bitcoin from the 2016 hack of cryptocurrency exchange Bitfinex, have both been sentenced to prison.

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Ilya Lichtenstein and Heather Morgan, the husband and wife behind laundering millions of dollars worth of Bitcoin from the 2016 hack of cryptocurrency exchange Bitfinex, have both been sentenced to prison.

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Carmona was among the first of his IcomTech cohorts to ring in the New Year in prison. Two of the project’s promoters, Gustavo Rodriguez and David Brend, were also convicted for their roles in the scheme. A judge sentenced Rodriguez to eight years in prison, while Brend received 10 years. Brend reported to the Federal Prison Camp in Pensacola, Florida, on Dec. 16.

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Despite a recommendation that he serve his time in a New York-area facility, Bureau of Prison records showed Carmona was housed at the Federal Correctional Institution in Ashland, Kentucky, as of December.

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David Carmona, the founder of the crypto Ponzi scheme IcomTech, has been held in US detention since his 2022 arrest and received a 10-year sentence from a federal judge in 2024.

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After Donald Trump won the election on Nov. 5, pro-crypto Senator Cynthia Lummis said she would move forward with legislation for the US government to buy Bitcoin and hold it for at least 20 years.

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“If one country implements a Bitcoin strategic reserve, you can kiss goodbye to your 4-year cycles,” crypto analyst Tyler Durden said in a Dec. 17 X post.

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Meanwhile, the possibility of the incoming Trump administration creating a strategic Bitcoin reserve in the United States has the crypto industry speculating that the market narrative could move into uncharted territory.

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“In the less likely scenario that the extended 2017 cycle repeats with similar diminishing returns, Bitcoin could peak around $290,000 by early 2026,” they said.

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Bitfinex analysts said that if Bitcoin mirrors the 2021 cycle, with a roughly 40 percent increase above its moving averages, it could potentially “reach around $339,000.”

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Bitcoin author Andy Edstrom said on Dec. 16 that he is already “struggling to get used to the fact that $1,000 is less than a 1% move in Bitcoin’s price.”

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