Crypto Crackdown Refocused: FBI, DOJ Zero In On Bad Actors, Not Code Creators
A federal judge dismissed a lawsuit in late March that sought clarity on whether publishing a crypto-based crowdfunding tool counted as money transmission — and that dismissal is now at the center of a debate over whether recent statements from the Justice Department mean anything in practice. Related Reading: Bitcoin ETF Inflows Hit Over $820 […]
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The fundamental assumption of any blockchain, whether public or private, is that 51% of actors are honest. For this assumption to hold, there must be decentralization (a sufficiently large number of individual/entity actors to such extent that exercising direct influence on 51% of actors is unfeasible) in four key aspects: developers, miners/stakers, exchanges/businesses, and media platforms. To place weight on their influence is difficult due to the balance of power between these four fundamental pillars. We can say, however, that developers, who write the rules by code, have slightly....
Blockchain allegedly eliminates the need for trust — but how far is this notion actually true, or helpful? Crypto community members will likely be familiar with mantras such as "Don't trust, verify!" or the "law of code." Both refer to the promises of greater transparency and audibility and to a technology that offers to replace fallible, corruptible powerful actors with an actually functional rules-based order, secured through deterministic computation. The desire to dispense with the need to trust third-party actors is a mainstay with many cryptocurrency creators and users. Bitcoin....
Ethereum is the most recent asset caught in the path of the bulldozing machine that is China’s crackdown on crypto and crypto-related activities. When the country had begun to crackdown on mining earlier in the year, much focus had been placed on bitcoin given that it was the most popular cryptocurrency in the market. And […]
Wu also pitched Singapore, where his current company Matrixport is based, as a strong contender to serve as "a hub for crypto innovations." Jihan Wu, crypto billionaire and the co-founder and ex-CEO of Bitcoin (BTC) mining giant Bitmain, believes that the current wave of regulatory interventions in the crypto industry may be “a good thing in the long term.”Speaking to CNBC during the Asia Tech x Singapore conference this week, Wu noted that the sector had already grown almost to “a trillion dollar market cap industry,” with over 10% of United States citizens having some involvement with....
A defunct Russian bitcoin exchange has released its source code to the bitcoin community amid the country's perceived crackdown on digital currency. The exchange, which made the announcement via the Bitcoin Talk forum and Reddit, says it is seeking to help the global bitcoin market evolve by allowing other companies to integrate its software. Its three founders had self-funded the platform's year-long production process, spending approximately $100,000 to reach an alpha version. However, faced with Russia's increasingly hostile regulatory climate, the team decided to abandoned their launch....