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Standard Chartered’s involvement is notable given Hong Kong’s unique monetary system. Unlike a traditional central bank, the HKMA does not issue currency. Instead, Hong Kong dollars are issued by HSBC, Bank of China (Hong Kong) and Standard Chartered under the HKMA’s oversight.
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The group plans to apply for a license from the Hong Kong Monetary Authority (HKMA), the city’s de facto central bank.
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However, it remains to be seen whether or not the incoming Attorney General of the United States, Pam Bondi, takes enforcement action against Trump or the memecoin, Lesperance added.
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“Given that TRUMP can be easily purchased by foreign individuals or governments, this would appear to be a violation of this clause,” the attorney said.
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Attorney David Lesperance told Cointelegraph that the President-elect's memecoin launch violates stipulations in the United States Constitution designed to prevent foreign influence over US government officials. Lesperance explained:
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Cryptocurrency researcher Steno Research expects USDC’s circulating supply to more than double during 2025, reaching highs of around $100 billion.
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The UAE has no shortage of regulatory bodies shaping its crypto sector. With five regulators now available for companies seeking virtual asset services, businesses can align with the legal environment best suited to their offerings. Regulatory arbitrage available within the UAE is a feature, not a bug, but this feature needs to be navigated intelligently, bearing in mind the overarching federal regulations.
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President-elect Donald Trump’s plan to establish a strategic Bitcoin reserve in the United States has fueled enthusiasm and debate, with rumors now that six other international governments are looking to emulate the US, including Russia, Japan and Thailand. Such a bold move signaled that top-tier governments now consider Bitcoin strategic holdings rather than fringe experiments.
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“We believe this case highlights the urgent need for bespoke crypto legislation to address the shortcomings that are causing confusion and uncertainty for Australian crypto investors and businesses,” Kraken said. “We believe these rulings significantly hamper growth in the Australian economy.”
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“We appreciate the court recognized our compliance efforts, but are disappointed with the outcome of this case,” a Kraken spokesperson told Cointelegraph.
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The penalty is less than the $12.8 million sought by the Australian Securities and Investments Commission (ASIC), which Nicholas described as “excessive.” Still, it exceeded Bit Trade’s request to limit the fine to $2.5 million, which the judge deemed “insufficient.”
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In a Dec. 12 judgment, Justice John Nicholas ordered Bit Trade, which operates Kraken Australia, to pay the fine within 60 days and cover court costs. The court found that Bit Trade failed to comply with design and distribution obligations and acted as a credit facility without a license.
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XRP has fallen almost 18% since hitting its yearly high on Dec. 3, but traders still hope for a strong rebound. Their optimism may be tested if Bitcoin dominance continues to increase, a crypto analyst said.
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“This MSI indicator turned bearish in mid-October, but the Trump election win has (rightly) spurred a strong rally,” he said.
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The next two to three months may see a troublesome trading environment return, Coutts said, adding that Bitcoin lags liquidity changes by around two months.
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“The macro and liquidity dashboard shows unequivocally sustained bearish momentum for most metrics,” he said, alongside liquidity data.
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Coutts said that the model helped him call both the start and end of the last Bitcoin bear market in 2022.
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His findings came amid flash intraday volatility for BTC/USD, which printed a “Darth Maul” candle and wiped out hundreds of millions of dollars of both long and short positions in a snap $10,000 correction.
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Bitcoin could well make further gains in this bull market, but the next three months may mark a pause for the party. Coutts said liquidity conditions, as expressed by his Bitcoin MSI macro model, suggest pain may come next.
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Bitcoin is on “borrowed time” as global liquidity conditions turn against crypto and risk assets, new analysis warned.
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