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USDT’s market cap fell from $138.8 billion on Dec. 30, 2024, to a weekly low of $136.9 billion on Jan. 1, CoinGecko data shows.
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Copper withdrew its application to register with the UK’s Financial Conduct Authority on Dec. 20, saying it will shift focus to foreign hubs under its new CEO, the firm confirmed to Cointelegraph on Friday.
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Copper Technologies, a cryptocurrency custody firm backed by British multinational bank Barclays, has withdrawn its crypto license application in the United Kingdom.
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A16z has been one of the largest investors in the crypto industry, funding hundreds of startup firms, including Maker, Solana, Avalanche, Aptos, EigenLayer, Lido, Nansen, OpenSea, Coinbase and more.
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The crypto company said it is “very optimistic” about the forthcoming government’s pro-crypto political stance, something the crypto industry has considered lacking under the current administration.
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The CFTC also won an order granting summary judgment on all counts, finding defendant Seneca Ventures to be a fraudulent Ponzi-like scheme involving purported investment in crypto, derivatives and misappropriation of funds through a carbon offset program.
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“This year, the federal district court denied the former CEO’s motion to dismiss, holding in the CFTC’s favor on numerous significant legal questions,” the CFTC said, adding that the litigation is ongoing.
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Among other significant CFTC crypto cases, the agency mentioned charging Voyager’s former CEO, Stephen Ehrlich, with commodity pool fraud and registration failures.
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In a settlement against crypto exchange Binance, its founder and former CEO Changpeng Zhao and other executives, the CFTC recovered $150 million from Zhao and $1.35 billion in civil monetary penalties. The court also ordered Binance to pay $1.35 billion in disgorgement.
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The cases are ongoing against other defendants, including FTX co-founder Gary Wang, former Alameda co-CEO Caroline Ellison, and, in a separate action, former FTX co-owner Nishad Singh, the agency said.
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The CFTC’s case against FTX involved fraud claims against the exchange, its sister firm Alameda Research, and several executives, including founder Sam Bankman-Fried. The settlement ordered $8.7 billion in restitution and $4 billion in disgorgement, making it the largest recovery in the agency’s history.
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The FTX case accounted for $12.7 billion in CFTC restitution and disgorgement, becoming the “largest recovery for victims and sanctions in CFTC history.”
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The recovery came mostly from the agency’s crackdown on crypto exchange FTX, which collapsed in November 2022.
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The record amount comprised $2.6 billion in civil monetary penalties (CMP) and $14.5 billion in disgorgement and restitution, the CFTC said on Dec. 5.
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The United States Commodity Futures Trading Commission (CFTC) announced a record-breaking $17.1 billion in monetary relief for fiscal year 2024, largely driven by enforcement actions involving cryptocurrency cases.
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“I’ve liked crypto for a very long time,” Cramer said on his show. “Mostly because I know there’s a huge constituency of investors who want to buy something that can protect them from our government’s busted budget.”
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Some users quickly suggested he should only make negative points about crypto, in line with the internet’s “inverse Cramer” effect concept.
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“I think Bitcoin, Ethereum and maybe even some other cryptocurrencies deserve a spot in your portfolio,” he said. “Maybe one day, if the deficit gets under control, I’ll change my tune.”
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In a Nov. 26 edition of CNBC’s Mad Money, Cramer endorsed owning crypto as a hedge against a ballooning deficit as US debt climbs over $36 trillion.
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