Bipartisan Consensus Emerges on Final Day of America Loves Crypto Tour

Coinbase CEO Brian Armstrong, Congressman Wiley Nickel (D-NC) emphasized the need for the United States to decisively lead on crypto policy in a bipartisan manner.

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Bi-Partisan Consensus Emerges on Final Day of America Loves Crypto Tour

The final event of the America Loves Crypto tour took place yesterday in Washington, D.C. as the country counts down to the 2024 election. Speakers including Coinbase CEO Brian Armstrong, ConSensys CEO Joseph Lubin, and Congressman Wiley Nickel (D-NC) addressed the maximum capacity crowd at the Black Cat music venue. The speakers largely agreed on [...]

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Bitcoin (BTC) Heads to Washington in July 2024

Bitcoin (BTC) is set to make a significant impact in Washington this July 2024, according to Grayscale's latest market commentary. (Read More)

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Crypto Super PAC uses $2.5M to support Washington, Michigan Democrats

A crypto PAC used roughly $1.5 million to fund a media buy for Democrat Emily Randall, while her rivals campaign manager criticized the move as having sold out the district.

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As D.C. Adopts Sound Money Principles, States Must Continue to Lead

Politicians in Washington D.C. warming to the idea of Bitcoin should not incite apathy from politicians and policy makers at the state level.

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US lawmakers meet with crypto advocates in DC roundtable

Anita Dunn, a senior adviser to Joe Biden, attended the roundtable in her personal capacity amid reports the US president was considering changing his position on crypto.

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3 ways traders can avoid trading tokens with manipulated volumes

Manipulated trading volumes are rampant on some crypto exchanges. Here are three ways to use data to avoid being washed out.

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Abra, CEO Barhydt settle with 25 US states over licensing violations

Other states can join in the settlement, which will see up to $82.1 million returned to customers.

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Failed House candidate and partner of ex-FTX exec starts crypto think tank

Contributions to Michelle Bonds 2022 congressional campaign were part of a criminal investigation into her partner, Ryan Salame.

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LEAKED: Biden Admin to Attend Bitcoin Roundtable With Key Congressional Officials in DC

The proposed meeting, led by U.S. Congressman Ro Khanna, is set to discuss how to keep Bitcoin and blockchain innovation inside the U.S.

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Changpeng Zhao teases writing project ahead of reporting to prison

On April 30, a judge sentenced the former Binance CEO to four months in federal prison but did not set a reporting date at his hearing.

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Policymakers, Industry Leaders To Gather in Washington, DC for Annual Bitcoin Policy Summit

Leading Bitcoin advocates, academics and a bipartisan coalition of United States policymakers are set to gather at the National Press Club Ballroom in Washington, DC for the second annual Bitcoin Policy Summit hosted by the Bitcoin Policy Institute (BPI). Bitcoin Magazine is partnering with BPI to host a live stream of the event on its [...]

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US Court Slaps UAE Crypto Firm CLS Global with $428K Fine for Wash Trading

The U.S. court has imposed a penalty of $428,000 on CLS Global for engaging in wash trading activities. Wash trading is the illegal practice of buying and selling the same asset to create the appearance of active trading and manipulate prices. This deceptive tactic is used to give the impression of high trading volume and [...]

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Changpeng Zhao could serve time in the same facility as crypto-anarchist Jim Bell

An expert in U.S. federal prisons suggested that the former Binance CEO, if sentenced to incarceration, could face the risk of theft and extortion from other inmates.

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Is the Hype OVER? NFT Sales Dip to $93.7M Or Is This Just the CALM Before the Storm?

The slump in the broader crypto market seems to also be affecting the NFT market, as sales volume for NFTs dropped by 4.38% in the last seven days to $93.6 million. Data from leading NFT analytics platform CryptoSlam showed a further decline in NFT sales volume from the previous week’s drop to $102.8 million. Sharp […]

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Exploring the Journey of Bybits Lost Ethereum through North Koreas Washing Machine

Bybit’s Ethereum Loss Linked to North Korea’s Money Laundering Schemes Recently, cryptocurrency exchange Bybit reported an unfortunate incident where a large sum of Ethereum was lost. The details of the incident revealed a connection to North Korea’s alleged involvement in various illicit activities, including money laundering. The timeline of events leading to Bybit’s loss of [...]

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Billion-Dollar Volumes and Then a Steep Drop Prompts Allegations of Wash Trading on Aevo

In response, Aevo says customers suddenly traded more on its decentralized exchange to try to get some of its airdrop.Source: CoinDesk

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Changpeng Zhao Was Aware of Wash Trading on Binance.US: Report

The US Securities and Exchange Commission (SEC) alleged Binance.US to have orchestrated wash trading in a lawsuit against the cryptocurrency exchange. Recently, a Wall Street Journal report revealed internal communications of the company, showing Binance’s Founder and CEO, Changpeng Zhao, was aware of the wash trading on the US arm.

“That was ourself, I think,” Zhao said in an internal message after the launch of Binance.US, which handled about $70,000 in trades in the first hour.

Binance.US Has Been Involved in Wash Trading

Wash trading is the practice of inflating the trading volumes of exchange by internally executing buy and sell orders. This creates a false impression of demand on the exchange, ensuring liquidity. Such practices are illegal, but many crypto exchanges, with little to no regulatory oversight, regularly inflate their trading volume. According to a study in the journal of Management Science, about 70 percent of the crypto trading volumes in the second half of 2019 came from wash trading.

In the lawsuit against Binance, its two US affiliates, and the CEO, Zhao, the SEC charged the exchange and other parties for wash trading on the US platform using dozens of user accounts that were held by Sigma Chain, a Swiss trading company controlled by Zhao.

Though the SEC did not specify any name of who might have conducted the wash trading, it highlighted that Zhao directed dozens of Binance employees to conduct Sigma Chain operations.

However, Binance denies the wash trading allegations.

“We strongly believe that the SEC’s allegations regarding wash trading are entirely unfounded, and based on a fundamental misunderstanding of the facts and a misapplication of the relevant law,” Binance's spokesperson said.

2/11 The SEC's allegations against Binance, https://t.co/BcnoGtsaNV, and CZ shook the industry. One notable accusation was their involvement in Wash Trading, particularly on BNB US. The trading vol of altcoins on Binance surpassed BTC and ETH, which is unusual for U.S. exchanges pic.twitter.com/mFvYVcq9vp

Wash Trading in Crypto

Wash trading has been rampant in crypto. Apart from Binance, other popular crypto exchanges have faced allegations of such illegal practices. In 2021, the US Commodities Futures Trading Commission (CFTC) slapped Coinbase with a monetary penalty of $6.5 million for inaccurate reporting as well as wash trading on its institutional platform.

Meanwhile, Binance has been facing a severe regulatory backlash in the US and abroad. It shuttered its derivatives operations in Australia following an investigation by the regulator, while in Europe, it deregistered entities in Cyprus and the UK and exited The Netherlands. The exchange is facing a probe in France for illegal operations and anti-money laundering violations.

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White House questions impact of AI surveillance on workers

Officials in Washington, D.C. said they would hold a listening session to understand the experiences of workers and the usage of AI surveillance in the workplace.

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SEC Sues Tron Founder Justin Sun for Market Manipulation and Offering Unregistered Securities

The U.S. Securities and Exchange Commission (SEC) has taken action against Justin Sun, the founder of Tron, and the Tron Foundation, issuing charges for offering unregistered securities and market manipulation. Additionally, a group of influencers have been charged by the organization for promoting tron without disclosing that they were being compensated for their endorsements. [...]

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