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Regulators also identified serious deficiencies in Upbit’s customer verification processes, such as accepting photocopied ID cards instead of originals and approving submissions with key identification details obscured.
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Tether’s competitors are working to push the world’s largest stablecoin issuer out of the crypto market, according to the company’s CEO, Paolo Ardoino.
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After the token’s collapse on Feb. 15, Milei issued a statement on X, noting that he was not aware of the details of the project when he endorsed it and that he has “no connection whatsoever” with the “private enterprise” that launched the token.
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https://warpcast.com/isabe4olria/0x4128f71c
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Rombolá also said his firm is preparing a class-action suit for people who might have invested in the token and lost money.
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In a Feb. 16 statement to X, Rombolá, who is also a member of the Argentine political party Unión Cívica Radical, said he had reported Milei for alleged “fraud, negotiations incompatible with public office, price manipulation and financial crimes.”
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Bukele has been on a mission to rebrand his small, struggling nation as a hub for cryptocurrency and tourism. In 2021, he made headlines by pioneering Bitcoin as legal tender, a bold move that placed the country at the forefront of the crypto revolution. His administration has also strategically boosted El Salvador’s Treasury reserves with regular Bitcoin purchases, which now total $650 million worth.
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“I personally believe that this year—and the years to come, but especially this one with Trump’s inauguration—will be very significant for Bitcoin and the entire ecosystem,” Bukele declared during a press conference on Jan. 14. He predicted a “likely exponential” revaluation of Bitcoin and a “friendlier ecosystem” ahead.
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Previously, President Trump has taken credit for Bitcoin’s historic run, citing his long-standing support and promotion of the cryptocurrency’s use in the US market. Still, El Salvador is already feeling tangible benefits from the rise in its price.
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The idea of a strategic Bitcoin reserve received support from both sides of the political aisle, including from Democratic Representative Ro Khanna, the first Democratic lawmaker to back a Bitcoin reserve.
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With bipartisan support, the bill could be accepted during the next four years. “State-level momentum is building, with initiatives such as Pennsylvania’s Bitcoin Strategic Reserve Act serving as a model for broader adoption,” Plotnikova said.
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The Bitcoin reserve proposal is gaining significant support thanks to Trump’s victory in the November election and the incoming Republican Party Senate majority, according to Anastasija Plotnikova, co-founder and CEO of Fideum.
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Known as one of the most anticipated crypto-related bills — the Bitcoin Act championed by Wyoming Senator Cynthia Lummis — proposes the creation of a strategic Bitcoin reserve.
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Bitcoin may be adopted as a savings technology by the United States government during the next four years under the incoming administration of President-elect Donald Trump.
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In 2024, global cryptocurrency adoption surged as Bitcoin broke price records and governments began integrating crypto into their financial frameworks. From Bitcoin’s historic milestones to Europe’s regulatory strides, 2024 set the stage for crypto’s mainstream integration.
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According to the IRS’ estimations, between 650 and 875 estimated DeFi brokers and up to 2.6 million US taxpayers will be affected by these final regulations.
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The IRS’ rules will apply to digital asset sales starting in 2027. Brokers will need to begin collecting and reporting the necessary data for digital asset transactions starting in 2026.
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The IRS’ new definition of “broker” includes DeFi trading front-ends, which do not effectuate transactions, wrote Marisa Coppel, Head of Legal, Blockchain Association, adding:
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Some legal experts consider the IRS’ new rules to be an infringement of the privacy rights of DeFi users.
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The ASIC stated in the filing that retail clients are entitled to stronger consumer protections and described Binance Australia Derivatives’ alleged misclassification as “woefully inadequate.”
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