Here are some of the major developments in the world of crypto over the past few days.
Donald Trump aspires to become the United States the world's cryptocurrency capital. The former president made these and other promises during a lecture at the Bitcoin 2024 conference in Nashville, Tennessee, on July 27. One of his main pledges was that if he is reelected, the United States will not sell its present Bitcoin holdings.
According to reports, the US government possesses 212,847 Bitcoin as of April 2024. The overall value as of July 28 is at $14.4 billion. Part of those cash came from the Bitfinex bitcoin exchange. In 2022, the US government seizes 94,636 BTC from hackers who stole 119,754 BTC from an exchange in 2016.
While the investigation and legal procedures are still pending, the situation is still uncertain. Trump has stated that he intends to keep all of the government's Bitcoin which probably means he won't sell it to make quick money. There's no proof that he will disobey the court's orders to return the money. Trump said that it would be his administration's policy to keep Bitcoin.
BlackRock, the New York-based asset management, noted an increase in crypto fraudsters targeting its iShares Bitcoin and Ether investor base and issued a warning about social media impersonators. On 29 July, BlackRock issued a warning about social media frauds mimicking the company and proposing investment opportunities.
Scammers imitating BlackRock are aggressively pursuing cryptocurrency exchange-traded funds (ETF) investors on numerous social media sites. It is important to emphasize that BlackRock never approaches customers via social media networks to collect cash or propose investments.
BlackRock's iShares Bitcoin Trust (IBIT) has amassed $19.7 billion in the seven months since its inception on January 11. It is presently the top in terms of overall inflows with more investments than the other nine US-approved spot BTC ETF providers combined. Mitchnick noted that he expects investors to dedicate around 20 per cent of their crypto assets to ETH.
The Swiss Financial Market Supervisory Authority (FINMA) has recommended new standards for stablecoin issuers to improve regulatory monitoring and mitigate financial risks. This measure addresses worries about stablecoins and their influence on regulated institutions. As stablecoins connected to existing currencies gain popularity they face increased worldwide scrutiny for potential illegal activity.
According to FINMA, the stablecoin issuer is classified as a financial intermediary under Anti-Money Laundering legislation and must, among other things, verify the identity of the stablecoin holder as the customer in accordance with the applicable obligations (Art. 3 AMLA) and establish the identity of the beneficial owner (Art. 4 AMLA).
FINMA allows stablecoin issuers to avoid obtaining a banking license provided they satisfy specific criteria. The stablecoin sector has experienced exponential expansion in recent times, reaching an unprecedented market capitalization in 2023. In response, global regulators are hastening to establish guidelines for this rapidly evolving sector.