Welcome to another edition of Crypto NFT Today! The past two weeks have been full of must-know events that’ll be defining points for the future of blockchain, cryptocurrency, and NFTs.

With President Biden blocking a Chinese bitcoin mine, Wells Fargo announcing new investments in ETFs, and more, there’s lots of essential news you should know about. So, let’s dive in and see what’s happening! 

President Biden Blocks Chinese Bitcoin Mine

On May 14, President Joe Biden issued a directive prohibiting a Chinese-backed cryptocurrency mining company from possessing land adjacent to a nuclear missile base in Wyoming, citing concerns about national security.

The directive mandates the sale of property utilized as a cryptocurrency mining facility near the Francis E. Warren Air Force Base. MineOne Partners Ltd., a company partially supported by Chinese investors, and its subsidiaries are instructed to dismantle specific equipment on the premises.

This action coincides with the United States’ plans to impose significant new tariffs on electric vehicles, semiconductors, solar equipment, and medical supplies imported from China.

Wells Fargo Announces Investments in ETFs

According to a regulatory disclosure, Wells Fargo & Company (WFC) has revealed its involvement in cryptocurrencies by investing in several Bitcoin exchange-traded funds (ETFs). This move reflects a growing interest in digital assets within the financial sector.

The disclosure indicates that Wells Fargo has acquired shares of Grayscale’s GBTC Bitcoin ETF, providing the bank with approximately $141,817 worth of exposure to the digital currency. Additionally, Wells Fargo has made a smaller investment of less than $1,200 in the ProShares Bitcoin Strategy ETF (BITO). This ETF enables investors to gain exposure to Bitcoin futures contracts, allowing them to speculate on the future price movements of the cryptocurrency.

Wisconsin Buys Blackrock Spot Bitcoin ETF

According to a filing, the U.S. state of Wisconsin acquired 94,562 shares of BlackRock’s iShares Bitcoin Trust (IBIT) in the first quarter, valued at nearly $100 million.

Following this news, Bitcoin experienced a 1% increase, currently trading at $61,957. However, it saw a 1.7% decline over the past 24 hours, coinciding with the release of new inflation data exceeding expectations during U.S. morning hours.

Wisconsin, which submitted its quarterly 13F report to the Securities and Exchange Commission (SEC) on Tuesday, becomes the first state to publicly disclose its bitcoin investment. Additionally, the state’s investment board bought shares of Grayscale’s Bitcoin Trust (GBTC) valued at approximately $64 million.

OKX Australia Launches

OKX, a cryptocurrency exchange, has launched its services in Australia, offering spot and derivatives trading options for local users.

This move follows OKX’s establishment of a Sydney office in May last year and marks the latest expansion into international markets, joining previous entries in countries like Turkey and Singapore.

OKX’s expansion into Australia reflects the growing interest in cryptocurrencies among Australians. Notably, the Australian Securities Exchange (ASX) is considering the potential introduction of Spot Bitcoin ETFs by the end of 2024.

Benzinga – by Benzinga Insights, Benzinga Staff Writer.

Over the past 24 hours, Litecoin’s (CRYPTO: LTC) price has fallen 3.08% to $78.86. This continues its negative trend over the past week where it has experienced a 3.0% loss, moving from $82.02 to its current price.

The chart below compares the price movement and volatility for Litecoin over the past 24 hours (left) to its price movement over the past week (right). The gray bands are Bollinger Bands, measuring the volatility for both the daily and weekly price movements. The wider the bands are, or the larger the gray area is at any given moment, the larger the volatility.

The trading volume for the coin has increased 2.0% over the past week while the overall circulating supply of the coin has increased 0.0% to over 74.53 million which makes up an estimated 88.73% of its max supply, which is 84.00 million. The current market cap ranking for LTC is #21 at $5.88 billion.

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This article was generated by Benzinga’s automated content engine and reviewed by an editor.

© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

Read the original article on Benzinga

In a recent development that will set the stage for a battle concerning cryptocurrency regulation, United States Senators Cynthia Lummis and Ron Wyden have penned a letter to Attorney General Merrick Garland, expressing their apprehensions regarding the Justice Department’s (DOJ) interpretation of money transmission licensing.

The letter, signed by both senators, raises concerns over the DOJ’s application of money transmission laws in the case against Roman Storm, the co-founder of crypto mixer Tornado Cash. Storm faces charges related to operating an unlicensed money transmission operation, among other serious allegations.

Central to the senators’ concerns is the discrepancy between the DOJ’s interpretation and established definitions outlined by the Bank Secrecy Act and the Treasury Department’s Financial Crimes Enforcement Network (FinCEN). According to Lummis and Wyden, non-custodial crypto service providers, like Tornado Cash, do not meet the criteria set forth in these definitions.

The senators argue that bitcoins and other cryptocurrencies have a clear, unilateral owner throughout the transaction process, eliminating any ambiguity regarding ownership. They assert that custody and control are the fundamental factors determining the occurrence of “acceptance and transmission” on crypto networks.

Highlighting FinCEN’s role as the primary interpretive authority on money transmission registration requirements, the senators caution against the DOJ’s broad application of its interpretation. They warn that such an approach could extend regulatory scrutiny to a wide array of services, including internet service providers and even the postal service.

Echoing similar sentiments, crypto advocacy groups filed a joint amicus brief in April with the Southern New York District Court, supporting Storm’s position. Storm’s legal team filed a motion to dismiss the charges in March, arguing that Tornado Cash did not meet the definition of a money transmission business.

However, prosecutors contend that Storm bears responsibility for operating Tornado Cash and allege that the service facilitated criminal activities. They accuse Storm of designing software that aided criminality and assert that Tornado Cash was involved in the transmission of funds derived from criminal offenses.

Storm, who was arrested in August on charges of sanctions violations, facilitating money laundering, and unlicensed money transmission, faces up to 45 years in prison if convicted. He has pleaded not guilty to the charges and is currently out on $2 million bail with travel restrictions.

The letter from Senators Lummis and Wyden underscores the growing debate surrounding cryptocurrency regulation in the United States and the reach of the SEC, highlighting the need for clarity and consistency in interpreting existing laws in the rapidly evolving crypto landscape. Perhaps a new administration will see this and force a clear outline so that compliance can be adhered to clearly by all in the industry as opposed to it being a guessing game.

Terry Jones
Digital Assets Desk