Showing posts with label bitcoin. Show all posts
Showing posts with label bitcoin. Show all posts

NO, Terrorists Do NOT Rely on Crypto For Funding - Don't Let Bad Journalists Say Otherwise...

 

Over the last week there has been a growing chorus of voices, particularly among certain US senators and congressmen, claiming cryptocurrency is being used to fund terrorism, supporting the likes of the Hamas organization and other terrorist groups. They are now calling for investigations into USDT issuer Tether and exchanges like Binance US. 

While we support investigating such allegations, it's equally important to for the industry to immediately shut down any attempts by established anti politicians to fabricate, or exaggerate the claims.

The allegations against Tether and Binance US stem from a Wall Street Journal report that claims these crypto entities facilitated transactions involving individuals and entities subject to U.S. sanctions. The report further suggests that Tether used U.S. bank accounts for potentially suspicious transactions.

If There's Proof,  It's Been Hard To Find...

Blockchain analysis company Elliptic says it has found no evidence to support the claims of The  Wall Street Journal. They argue that the data has been misinterpreted.

Binance and Tether are so sure the story is wrong that they are urging the U.S. government to verify the facts, saying the Wall Street Journal's report contained misleading statements. Both have unequivocally stated they operate under a strict zero tolerance policy when it comes to providing services to anyone linked to terrorism. 

If Shady Journalists and Politicians are Successful in Linking Crypto to Terrorism, We Could See A New Level Of Government Aggression.

The allegations that organizations like Hamas used crypto assets to raise funds before attacks in October have far-reaching implications. They not only affect the cryptocurrency sector but also muddy the waters when it comes to regulatory clarity for the crypto ecosystem in the United States.

No surprise, it's the usual crew of tech-illiterate politicians, the ones we've seen having over-emotional meltdowns during various capitol hill hearings on crypto, who are pushing this narrative now.

Led by Senators Elizabeth Warren and Sherrod Brown, the senators recently told the press they've written to the White House demanded answers about the role of cryptocurrencies in recent events, specifically attacks against Israel. They've also questioned the White House about its plans to prevent the use of cryptocurrencies for terrorist financing. 

What they're doing is obvious - making sure they can still say 'We never claimed crypto was being used to fund terrorism' - and instead they just 'asked what we can do to prevent that from happening' - fully aware that this advances a misconception that crypto is key to shutting down terrorism financing, all while lacking any supporting evidence.

What's ironic in all of this, is that traditional banks have had a long history of being caught, knowingly or unknowingly, moving funds for everything from terrorists to cartels. 

Where are those bankers today? Still fully operational and controlling billions.

ING helped Iran move billions while under sanctions, they paid $619 million in fines. Standard & Charterer's also paid fines of $340 million after hiding being caught hiding records of Iranian clients transactions.  Or HSBC who basically became the official bank of Mexican drug cartels - leading to a fine of 1.9 BILLION.

In Closing...

Instead of rushing to judgment, it's crucial to conduct thorough investigations and present concrete evidence The truth is, if there is any crypto being used to fund terrorists, there's no  signs any company has helped them, and the amount must be so small that it isn't enough for researchers to spot on the blockchain.

Therefore, we must openly refuse to accept more blame than banks whos violations involved MUCH larger amounts. 

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Author: Jules Laurent
Euro Newsroom Breaking Crypto News 

Crypto a Leader Among Industries 'Going Green' - As Miners Increase Energy Efficiency a MASSIVE 20X Since 2015...

 

Green bitcoin mining

In a significant stride towards sustainability, Bitcoin mining has witnessed a remarkable transformation. A recent study from the University of Cambridge reveals that the energy efficiency of Bitcoin mining has soared to be "20 times greater" than figures from 2015.

But what does "energy efficiency" mean in this context? Simply put, it's the ability to achieve the same output using less electricity. When applied to the realm of mining, there have been notable advancements in devices operating on the Proof of Work (PoW) algorithm. These devices can now mine more Bitcoins while consuming equal or even lesser energy.

In his presentation at the World Digital Mining Summit 2023, Alexander Neumüller, an esteemed researcher at the Center for Alternative Finance (CCAF), attributes this efficiency leap to technological innovations in the mining sector. These advancements have not only reduced electricity consumption but also bolstered the processing power of the Bitcoin network.

Highlighting the magnitude of this progress, Neumüller emphasized an astounding "20-fold increase" in Bitcoin mining's energy efficiency over the past eight years.

Historically, Bitcoin mining has been criticized for its hefty energy consumption, which many environmentalists claim leads to increased pollution. However, with the dual approach of enhancing energy efficiency and integrating renewable energy sources, the cryptocurrency industry is making strides towards a greener future.

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Author: Jules Laurent
European Newsroom

Bitcoin Rally Stalls After Breaking $30k, But Not For Long - The NEXT Rally's Trigger Already Spotted Ahead....

In a remarkable turn of events, Bitcoin suddenly went on the move, and smashed through the $30,000 barrier. This comes as traditional banking institutions that have dabbled or shown curiosity in crypto realm begin to make actual moves in to the space. 

This breakthrough is being hailed as a positive omen by investors and pundits alike, who are speculating that this could be the starting gun for a new Bitcoin rally.

BlackRock's Bitcoin ETF Proposal: A Potential Game Changer on the Horizon?

In related news, BlackRock, the world's most substantial asset manager, has been making waves with its proposal for a Bitcoin Exchange-Traded Fund (ETF). If given the green light, this could be a watershed moment for the cryptocurrency industry, potentially paving the way for more institutional investors to join the party. The proposal has ignited a flurry of speculation and debate within the financial community, with all eyes now on the regulatory authorities and their impending decision.

Bitcoin's Price Rally Levels Off - Just A Breather, Not a Full Stop..

Bitcoin is holding above the $30k mark so far, and that's about all it has done in the last 24hours.  But analysts overwhelmingly believe this is a pause rather than the end of the upward trend. While the digital currency has seen some turbulence in recent days, many are viewing these dips as attractive opportunities to buy. 

The overall sentiment remains bullish, with experts suggesting that the current market conditions could be the precursor to further gains in the near future.

Next Rally in Sight? Major Bank Forecasts a MASSIVE Multi-Trillion Market Shift Towards Crypto...

Adding fuel to the crypto fire, a major bank has dropped the bombshell that a market shift to the tune of $15 trillion could be on its way to Bitcoin and other leading cryptocurrencies such as Ethereum, BNB, XRP, Cardano, Dogecoin, Tron, Solana, and Polygon. This forecast underscores the growing acceptance of digital currencies as a bona fide asset class and their potential to revolutionise the global financial landscape.

Japanese banking giant Nomura's digital asset subsidary Laser Digital says a survey of professional investors managing almost $5 trillion show 96% want to invest in crypto.

In closing

As major financial institutions showing increasing interest in the crypto space is brining immediate demand, and adding overall legitimacy to Bitcoin's public image. On both fronts there's still a lot of room to grow - the rally has just begun.

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Author: Mark Pippen
London Newsroom
GlobalCryptoPressBreaking Crypto News


Congressional Bill Aims to FORCE the REMOVAL of "Tyrannical" SEC Chairman Gary Gensler, and Re-Structure The Entire Agency...

Congress VS Gensler

US Congressmen Warren Davidson and Tom Emmer (Republicans) officially presented the "SEC Stabilization Act" this week, a bill that would remove Chairman Gary Gensler and completely restructure the organization.

"Time for real reform and to fire Gary Gensler" Davidson said on Twitter as he announced the proposal.

Davidson is the vice chair of a new Congressional Subcommittee that focuses entirely on cryptocurrency and other finance-related technology, and he believes the SEC's current structure puts too much power in the hands of the Chairman, and when that position is filled by someone who then abuses that power or otherwise fails to lead the organization, there's no process to stop them before real economic damage is done - pointing to the current Chairman Gary Gensler as an example.

"U.S. capital markets must be protected from a tyrannical chairman, including the current one." Davidson said in a statement, adding that the bill will "ensure protections that are in the best interest of the market for years to come".

Gensler has by all accounts mismanaged the SEC, and that's not just bias coming from the crypto industry - more employees are quitting under him than any time in the previous decade...

Leading up to last week's actions against Coinbase and Binance, Brian Armstrong, CEO of Coinbase, had outlined multiple attempts over the span of 2 years to get simple answers from Chairman Gensler, disclosing full details of their business practices for review and requesting the SEC share any concerns - Coinbase was desperately trying to follow the rules.

Often, in the case of crypto, the existing old rules written long before crypto existed clearly do not fit the circumstances today. Until rules specifically addressing digital assets like crypto are officially created, the only source for an answer is the mind of the SEC Chair and what he believes applies and when.

Regardless of their repeated requests for answers, Coinbase was given the silent treatment until last week, when the SEC announced they were taking them to court...

A government agency designed to be an authority over businesses or people, trusted to fairly issue punishments for non-compliance, simply cannot operate the way the SEC has under Chairman Gensler.

Imagine this: you're driving somewhere that will be a 5-hour trip, you're on a highway 2 hours away from any major cities, and you realize it's been awhile since you've seen any signs showing what the speed limit is in this area. Noticing you're down to a quarter tank and your GPS saying you have 3 more hours ahead of you, you pull off the highway and into a gas station. As you fill your tank, a police officer pulls up to the pump next to you. You politely explain that you've been looking, but so far haven't seen any signs showing the speed limit for awhile, so you ask "What is the speed limit on the highway in this area?". The officer looks at you briefly, then begins the process of putting gas in his patrol car. "Excuse me?" you say, as he continues to act like you're invisible. You stand there confused as he finishes, opens his car door, sits down, starts the car, and drives away - no signs that he was rushing to respond to an emergency. You resume your trip going a reasonable 65mph when you see your car mirrors filled with red and blue lights, a police car is pulling you over. Now stopped on the side of the highway, you see the same officer from 15 minutes earlier at the gas station. The officer informs you that you will be receiving a speeding ticket for going 65 when the speed limit in this area is 55mph.

"If you had told me the speed limit when I asked, I wouldn't have been speeding for you to write me a ticket to begin with" you say as the officer hands the ticket to you and walks away.

This is how the SEC operates under Chairman Gensler's leadership, but the consequences of his actions are much larger than a speeding ticket as they affect countless people and businesses. Because while US companies are being pulled over and forced to deal with a cop that seemingly set them up, competitors from places like the United Arab Emirates, Taiwan, and some European nations have taken the lead after recently passing reasonable, clear guidelines for businesses in the crypto space to follow.

Claiming the SEC is mismanaged is a big claim to make, but some recent actions make the entire agency look so ridiculous it could only happen under a failing leadership.

In its oversight of Coinbase, the SEC massively contradicted itself with a series of unexplainable decisions...

As recently as 2021, the SEC reviewed Coinbase's entire business in detail before approving them to become a publicly traded company listed on the stock exchange. SEC approval is seen by investors around the world as an official stamp of approval that says, 'This is a legitimate American company, and the public can now invest in it'. 

Coinbase isn't doing anything today that it wasn't doing in 2021. Then, last week, according to the SEC, many of the coins Coinbase has been trading for years are actually illegal to trade in the US, calling them 'unlicensed securities'.

So the message the SEC just sent investors around the world is, "In 2021 we approved Coinbase to become a publicly listed company, allowing investors to purchase stock in the company.  Now that countless individuals, investment funds, companies, and retirement funds are invested - we're going to cause the stock to crash, as we take Coinbase to court over violations that began YEARS before we approved them."

We haven't yet heard how many other congress members support restructuring the SEC, over the next few weeks we should be able to get an idea of how much support the bill has, even if it doesn't pass it's shining a light on Gensler's mismanagement of the SEC

The SEC has declined to comment on the story.

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Author: Oliver Redding
Seattle Newsdesk  / Breaking Crypto News