The year is indeed ending with a bang! The industry has moved on. Political conversations have ended, and things are settling on several fronts.
The headlines:
- Grayscale launched two new trusts;
- Texas could soon get a Bitcoin reserve (of sorts);
- Vanguard is still anti-crypto;
- Could Google’s new quantum chip end crypto as we know it? (read on to find out);
- Plus, the Brooklyn DA shut down 40 fake NFT websites (more on that later);
- And much more!
As always, these are your decentralized diaries!
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Bitcoin is at $103k (as of 12/16/24)
The Bulls are set for a rebound this week. Bitcoin prices moved from a $94,321.25 low to a $106,488.24 high. Bitcoin is currently at $103,861.79.
The altcoins are set for a boom period, too.
Ethereum (ETH) is at $3,893.51, Solana (SOL) at $215.73, Avalanche (AVAX) at $48.48, Chainlink (LINK) at $29.47, Polkadot (DOT) at $8.67, and Uniswap (UNI) at $16.31.
Grayscale Introduced Investment Trusts for Optimism and Lido DAO
According to a December 12 press release, premier crypto asset manager Grayscale announced that the Grayscale® Optimism Trust and the Grayscale® Lido DAO Trust are open for public subscriptions.
Eligibility requirements include a $300k net annual income and a $1 million minimum net worth.
Polygon Revealed a Bold DeFi Yield Proposal
Mainstream Ethereum Layer 2 network Polygon took steps to change the DeFi space with a daring proposal that could shake the segment up. In a December 12 X/Twitter post, Morpho Labs co-founder Paul Frambot unveiled a proposal to unlock up to $1.3 billion of stablecoins on its Proof of Stake (PoS) network bridge.
Consequently, the measure could provide up to $50 to $60 million in yields at prevailing rates.
Capitol Hill is Ready for Pro-Crypto Laws in 2025
Congress looks set to help shape the crypto industry per legislation, with lawmakers indicating immediate action by hitting the ground from day one of the new session. Following his confirmation as the Chair of the House Financial Services Committee, Rep. French Hill (R, 2nd District, Arkansas) indicated that he would bring crypto bills to the front burner during his tenure.
Additionally, in a recent CNBC interview, Hill identified solving the issues in the digital asset industry as one of his primary goals.
Texan Lawmakers Introduced a Bitcoin Reserve Bill
Similarly, Texan legislators put forward a state-managed Bitcoin reserve bill. Rep. Giovanni Capriglione presented legislation enabling the Lone Star state to collect taxes, fees, and donations in Bitcoin and hold the proceeds in Bitcoin for at least five years.
The legislative proposal focuses on creating a reserve via inflows, not direct Bitcoin purchases.
A Texan Court Sentenced a Man to Two Years for Crypto Tax Evasion
An Austin, Texas, Court redefined the crypto tax conversation with a two-year prison sentence for Frank Richard Ahlgren III, a resident who allegedly falsely reported Bitcoin capital gains between 2017 and 2019.
Ahlgren reportedly underreported $3.7 million in gains he made from Bitcoin sales. Additionally, he made approximately $650,000 in profit between 2018 and 2019 and failed to report the sales in his filings.
Vanguard Maintained its Anti-Crypto Position
ETF behemoth Vanguard continued to push against the digital assets industry by iterating its well-known anti-crypto stance. According to a December 13 Asian Financial Review report, Vanguard’s Asia-Pacific business CIO Duncan Burns indicated that Bitcoin hasn’t found its footing as an investment asset.
Furthermore, Burns contextually referred to digital assets as a ‘weak’ investment class.
Google’s New Quantum Chip Heightened Crypto Concerns
Alarmists raised concerns about Bitcoin’s vulnerability to brute-force attacks following the recent introduction of Google’s new ‘Willow’ quantum chip. Willow is currently capable of calculations faster than the current supercomputers, with a 10-septillion-year jump (higher than the age of the Universe).
Several experts allayed fears, revealing that Bitcoin and similar up-to-date encrypted ecosystems are safe now.
Bitmain Introduced its American Production Line
Premier crypto mining equipment maker Bitmain revealed the launch of its United States assembly line. The move comes amid rising Sino-American geopolitical tensions and several delays in the importation of equipment at Customs.
The Customs and Border Protection (CBP) agency had previously delayed and held back Bitmain’s shipments.
The CFTC Took Legal Action Against a Washington Pastor Over $6 Million Crypto Ponzi Scheme
Alarmingly, the CFTC took enforcement actions against Obando Pinillo, a Pasco, Washington-based pastor. According to a December 10 press release, the regulator accused Pinillo of allegedly defrauding at least 1,515 people in a crypto Ponzi scheme worth at least $5.9 million.
Furthermore, the CFTC alleges that Pinillo also targeted other Spanish-speaking individuals, with the scheme promising up to 34.9 in monthly returns.
Brooklyn’s DA Shut Down 40 Fake NFT Platforms
Scammers continued to find new ways to defraud victims. This time, an 85-year-old victim lost $135,000 to the operators of a fake NFT website.
The victim reportedly minted art on a platform miming the OpenSea NFT marketplace.
After trying to withdraw $300,000 in false profits, the victim sent $135,000 to the criminals as upfront withdrawal fees. The Brooklyn District Attorney’s Office took action against the platform and several others.
Additionally, Brooklyn’s DA Eric Gonzalez revealed similar incidents, announcing the shutdown of a 40-website ecosystem of fake NFT websites.
