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“Cryptocurrency ownership in Canada declined last year due to stringent regulations and falling market prices, according to a study by the Bank of Canada. Despite the decline, the motivation behind Bitcoin interest remains primarily investment-oriented, with crypto acquisition occurring predominantly via mobile and web applications.”

The bankrupt cryptocurrency exchange FTX seeks to exclude its Dubai affiliate from U.S.-based bankruptcy proceedings. The Dubai unit, though financially stable, appears inactive before the bankruptcy and has no prospects of recovery. Its dismissal would protect creditors and expedite cash distribution, raising questions about companies protecting employees during bankruptcy. The global crypto community watches, wondering if such operations are reliable in crisis.

Presidential hopeful Ron DeSantis pledges to halt the “war on Bitcoin and cryptocurrency” if elected President, criticizing the current administration’s approach to digital assets. DeSantis equates potential US plans for a central bank digital currency (CBDC) to those in China, expressing mistrust over government control of finances and stifling economic freedom.

The crypto market recently experienced a plunge, with Bitcoin dipping around 2%, amidst political and lawsuit shocks. The SEC has accused Richard Heart, Hex creator, of selling unregistered securities worth $1 billion, causing the HEX price to plummet. This has led to increased anxiety in the crypto community, with investors also watching out for potential regulations. Meanwhile, the IRS has issued a ruling requiring US taxpayers to add crypto staking rewards to their annual income. Despite the challenges, crypto enthusiasts see potential in the top 15 digital assets for 2023, but caution and thorough research are advised.

In an unfolding narrative around Apple and its App Store guidelines, questions arise about whether these constraints are hampering blockchain technology and non-fungible tokens (NFTs). With inconsistencies in their approach to crypto applications, the company is accused of stifling potential while ensuring a prolonged revenue stream.

The SEC and Binance have united against an intervention by entity Eeon in an ongoing lawsuit, arguing that Eeon’s intervention doesn’t meet legal prerequisites. This unusual alliance adds a new dimension to the case and may influence future relationships between crypto businesses and regulators.

In the rising decentralized finance (DeFi) sphere, MakerDAO, a project on the Ethereum blockchain, halted additional lending to a tokenized credit pool in the Centrifuge protocol owing to a concerning trend of $2.1 million in loan defaults. The move alleviated communal concern despite the unfortunate circumstances provoking the decision.

“Hong Kong’s burgeoning crypto scene is likely a reflection of mainland China’s strategic interest in Web3, despite official anti-crypto stance. This reveals a notable contradiction and raises questions about China’s potential flexibility towards cryptocurrencies, and its intent to challenge US tech dominance with blockchain technology.”

“The Ripple’s XRP token case indicates the evolving complexities in blockchain regulations, with the token classified as a non-security for digital asset exchanges but not for institutional investors. This dual classification signifies future regulatory challenges, but also presents opportunities for increased investor protection and transparency in the crypto sector.”

The U.S. SEC is launching a thorough examination of new Bitcoin ETF proposals by Wise Origin, WisdomTree, VanEck, Invesco Galaxy, and ARK 21Shares. This process could bring more stability and security to the crypto market, but simultaneously threatens the optimism surrounding the future of Bitcoin ETFs due to possible tighter regulations. Despite this, the agreement between Coinbase and Cboe indicates market resilience in face of regulatory scrutiny.

“Binance, a prominent crypto exchange, recently dismissed over a third of its workforce amidst legal investigations by the SEC. This move is seen as a strategic pivot aimed at maintaining ‘talent density’ and ensuring agile operations within the company. It raises questions about the impact of regulatory scrutiny on crypto businesses and the future of Binance.”

“The US Senate Finance Committee has sought input from the digital asset community on tax challenges linked to cryptocurrencies.The senators expressed concerns about unclear classifications under the Internal Revenue Code for cryptocurrencies, leading to taxation challenges. The letter highlights concerns including “wash sales” in volatile crypto markets.”

“Crypto regulation remains a hot topic with structural flaws and potential benefits. The Bank for International Settlements criticizes crypto’s viability in the monetary system, while the UK Treasury suggests a five-year regulatory reprieve could benefit digital assets. However, controversies arise with technological advancements and perceived threats to decentralization principles by some pilots of Central Bank Digital Currency. Meanwhile, jurisdiction disputes in crypto markets begin.”

“Valkyrie Digital Assets, together with BlackRock and Fidelity, is making a fresh attempt to secure SEC approval for a Bitcoin ETF. Their new application suggests a significant potential partnership with Coinbase for a surveillance-sharing agreement to deter market manipulation. The ETF listing platform is slated to be Nasdaq.”