Buckle up, crypto enthusiasts - the bull market is charging! From Wall Street to Main Street, Bitcoin is gaining intense traction. Increased adoption, potential Bitcoin spot ETF approval, a looming Bitcoin halving, and institutional recognition are fueling speculation of a brutal, record-shattering surge.
Although early 2023 was a bit of a rough patch for the crypto industry, analysts are still predicting continued growth, with nearly one billion users by 2024. Bitfinex reported that the number of global crypto owners has increased from 432 million at the start of 2023 to 575 million. Additionally, spot Bitcoin ETF issuers have been launching ads, with three in just two days, intensifying the crypto marketing competition.
But wait, there's more! Amidst this bullish frenzy, some intriguing stories are waiting to be discovered. Let's delve into the latest news you might have missed and explore the fascinating world of crypto beyond the headlines.
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TOP CRYPTO NEWS RECAP (DECEMBER 17–DECEMBER 23, 2023)
- Terraform Labs and SEC Agree to Confidential Filings in Civil Trial
- Bitcoin Miner Core Scientific Set to Emerge from Bankruptcy in January 2024
- BlackRock, Nasdaq, and SEC Discuss Spot Bitcoin ETF Application
- FTX Debtors Announce Global Settlement in Bankruptcy Proceedings
- Montenegro Court Cancels Extradition Approval for Terraform Labs Co-Founder Do Kwon
- SEC Delays Decision on Ethereum ETFs, Final Call in May
Terraform Labs and SEC Agree to Confidential Filings in Civil Trial
A federal judge has approved a protective order for confidential materials in the civil case between the SEC and Terraform Labs, accused of a multi-billion dollar crypto asset securities fraud. The order, agreed upon by both parties, restricts the disclosure of confidential materials, with all such filings sealed before the trial. Meanwhile, co-founder Do Kwon, currently in custody, awaits extradition.
The collapse of Terraform Labs and the SEC's charges in February alleged unregistered securities sales, with potential implications for the broader crypto industry's legal landscape, criticized for a "regulation by enforcement" approach.
Bitcoin Miner Core Scientific Set to Emerge from Bankruptcy in January 2024
Bitcoin mining giant Core Scientific, facing bankruptcy since December 2022, is poised to exit Chapter 11 in January 2024. CEO Adam Sullivan anticipates overcoming hurdles with a settlement involving convertible notes and stock distribution to shareholders.
The agreement includes relisting on NASDAQ, with shareholders receiving new shares at a 25:1 ratio. Despite inheriting significant debt in the process, the company plans continued growth in 2024. Core Scientific, once valued at $4.3 billion, faced challenges amid the crypto winter, rising energy prices, and bad debts, prompting the bankruptcy filing in 2022.
BlackRock, Nasdaq, and SEC Discuss Spot Bitcoin ETF Application
Representatives from BlackRock, Nasdaq, and the SEC met to discuss necessary rule changes for listing a spot Bitcoin ETF, particularly focusing on Nasdaq Rule 5711(d). The discussions revolved around regulatory guidelines, compliance measures, and surveillance mechanisms required for listing the iShares Bitcoin Trust. This marked the second meeting in December regarding the potential listing of a spot Bitcoin ETF.
FTX Debtors Announce Global Settlement in Bankruptcy Proceedings
Debtors for defunct cryptocurrency exchange FTX have reached a global settlement with the Joint Official Liquidators for the firm's Bahamian arm. The settlement aims to distribute funds to users and involves pooling assets with FTX Digital Markets. It offers a reimbursement plan for eligible users and treats FTT interests as equity. This marks a critical milestone in FTX's bankruptcy proceedings, following the collapse of the exchange in November 2022.
Montenegro Court Cancels Extradition Approval for Terraform Labs Co-Founder Do Kwon
The Montenegro appeals court has overturned the high court's decision to extradite Do Kwon, co-founder of Terraform Labs, to the U.S. or South Korea. The decision was annulled due to a significant violation of Montenegro's Criminal Procedure Code, and Kwon's defense successfully appealed the ruling.
The case will be retried in the Podgorica Basic Court. Kwon, accused of orchestrating a fraudulent scheme leading to significant market value loss, was arrested in Montenegro in March 2023.
SEC Delays Decision on Ethereum ETFs, Final Call in May
The United States Securities and Exchange Commission (SEC) has delayed its decision on several Ethereum exchange-traded funds (ETFs) to May 2024. The agency postponed the decision on the Hashdex Nasdaq Ethereum ETF, Grayscale Ethereum Futures ETF, VanEck spot Ethereum ETF, and the spot Ethereum ETF lodged by Cathie Wood’s ARK Invest and 21Shares. Despite approving Ethereum futures ETFs in the past, the SEC has yet to approve a spot or mixed-type product. The final decision date is expected in late May.
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