SEC rejects Kryptoin Spot Bitcoin ETF proposal

The US Securities and Exchange Commission (SEC) has rejected investment firm Kryptoin’s proposal for a spot bitcoin exchange-traded fund (ETF). The decision comes roughly five weeks after SEC had rejected VanEck’s application for a spot bitcoin ETF. However, the move was expected, as SEC Chair Gary Gensler has indicated his preference for a bitcoin futures ETF over an ETF that holds bitcoin itself. 

Crypto prices today: Bitcoin, Solana falls; Cardano, XRP rises

Bitcoin is currently trading lower by 1.9% at $48,216. Solana has fallen heavily by 4.38% to $177.7. Meanwhile, Cardano and XRP are trading higher by 2.69% and 2.26%, respectively, over the last day. The global crypto market cap stands at $2.25 trillion, a 1.74% decline over the previous day.

India ends Winter Session of Parliament with no crypto bill in sight

The Government of India was slated to introduce new regulations for cryptocurrency during the Winter Session of Parliament, which kicked off on November 29. The session ended yesterday, and the crypto bill did not make it to the table. As per reports, the government is gathering feedback on international regulations for the cryptocurrency sector.

China’s state-run media agency to issue NFTs

China’s state-run press agency Xinhua plans to issue a series of non-fungible tokens (NFTs) for free on Christmas Eve. Xinhua’s NFT drop will include 11 different collections of photojournalism (numbered to 10,000 copies each) and one “special edition” collection recording “many precious historical moments of 2021.” Xinhua has tapped the country’s government-authorized Zxchain to mint these collectibles. Zxchain is the blockchain of social media giant Tencent.

Criminal gang member jailed after laundering $2.6 million for Bitcoin ATM fraudsters

Bazyli Rymarz (22), who laundered £2 million ($2.6 million) for a group that defrauded victims using cryptocurrency ATMs, has been jailed for 5 years. He was convicted of money laundering. Similarly, convicted terrorist Khuram Iqbal, a 29-year-old British national, has been jailed for 16 months after trading cryptocurrencies on the dark web, as per the BBC. 

Donald Trump calls crypto ‘dangerous’ even as wife launches NFT

Former US President Donald Trump renewed his criticism of cryptocurrency in an interview on Fox Business this week, calling it a “very dangerous thing.” His comments come just days after his wife, Melania Trump, launched her first NFT (a cryptographic token that represents ownership of digital artwork). Her NFT is on the Solana blockchain and can only be purchased with SOL.

Wall Street financial advisor LionTree explores crypto payments

LionTree, a popular financial advisor and investment banking firm, is looking into cryptocurrencies as a payment option. In its year-end letter, Chairman and CEO Aryeh Bourkoff talks about crypto as a potential tool for empowering individuals and explores some of the biggest trends in crypto, such as decentralized finance (DeFi) and nonfungible tokens (NFTs).

HSBC and IBM create successful multi-ledger CBDC demo

HSBC and IBM announced the successful test of an advanced token and digital wallet settlement between two central bank digital currencies, or CBDCs, in a cloud environment. The experiment consisted of transactions between CBDCs, eBonds, and forex. 

‘I’m a huge believer in crypto technology,’ says former US SEC chair

Jay Clayton said that cryptocurrencies have numerous purposes and are connected to a variety of industries, and the SEC should be in charge of regulating only those sectors that are linked to it.

Russia on the verge of imposing ban on Crypto

Russia’s Central Bank is reportedly planning to ban crypto investments. The Bank is now holding serious discussions with the key players.

SHIB accepted by VR World

VR World,  the largest virtual reality experience center in North and South America has announced that it will accept the meme coin as a payment method on its platform.

 

Crypto prices bounce back after Fed signals interest rate hikes

The Federal Reserve indicated it would start phasing out its pandemic stimulus program (in which it bought bonds to increase the money supply) quicker than it had planned. The Fed also said it plans to raise interest rates at least three times in 2022. The crypto market has bounced back on the news. Bitcoin surged from below $47,000 to nearly $49,000. Ethereum is currently trading at $4,048, up 4.7% from yesterday.

FED’s Powell doesn’t think crypto risks financial stability

Federal Reserve Chairman Jerome Powell said that he doesn’t view cryptocurrencies as a “financial stability concern”. He stated that crypto does not pose a risk to the American economy, but could be a risk to investors. If stablecoins (cryptos pegged to traditional currencies) were associated with one of the “very large tech networks that exist, crypto payment systems and values could scale up,” said Powell.

Centre may not introduce Crypto Bill in ongoing Winter Session: Report

As per reports, the Centre’s proposed bill on cryptos is unlikely to be brought in the ongoing session of the parliament. Ahead of the Winter Session, the Centre had listed the Cryptocurrency and Regulation of Official Digital Currency Bill, 2021, on the official website of the Lok Sabha. Details of the proposed bill had revealed that the suggested regulations will ‘outlaw all private cryptocurrencies’ in India.

UK ad regulator bans Coinbase, Papa John’s, eToro crypto ads

The United Kingdom’s Advertising Standards Authority (ASA) has banned 7 crypto-related promotions as part of a wider focus on potentially harmful crypto ads. The ASA has targeted crypto promotions from Coinbase Europe, eToro, Papa John’s, Luno Money, Exmo Exchange, Payward, and Coinburp. All seven ads were “banned for irresponsibly taking advantage of consumers’ inexperience and for failing to illustrate the risk of the investment,” the ASA said. 

Crypto ban tough to impose: Geeta Gopinath

International Monetary Fund (IMF) chief economist Gita Gopinath said that cryptocurrencies pose a challenge to emerging economies that have checks on capital flows and foreign exchange. She called for a coordinated global action for regulating them, while suggesting that a ban may be tough to impose.

Michael Jordan joins Web3 via Solana App for Athletes

Michael Jordan and son Jeffrey have revealed HEIR, a Web3 fan engagement platform built on Solana. Jordan revealed plans to launch a fan engagement app platform. The platform is designed to link professional athletes with their most ardent supporters. HEIR has raised $10 million in seed funding and will launch in 2022.