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For some executives, any change in policy from the US government could be apparent through actions from the Securities and Exchange Commission. Under SEC Chair Gary Genser and his predecessor Jay Clayton, the commission filed several enforcement actions against US crypto firms over allegations of unregistered securities offerings, including against Ripple and Coinbase.
Australian national Craig Wright, who for years falsely claimed to be Bitcoin creator Satoshi Nakamoto, has been given a one-year suspended sentence in the United Kingdom for contempt of court.
The legislation will regulate digital asset transactions while focusing on financial stability and Anti-Money Laundering (AML) measures to create a transparent and legally secure framework for businesses and investors working with digital assets.
A dedicated working group is finalizing the draft legislation to legalize crypto operations, which, according to Getmantsev, should be ready for the first parliamentary reading in the first quarter of 2025.
Today in crypto, falling Bitcoin dominance hints at an altcoin rally in December, spot Ether ETFs reached a new record for daily inflows, and Curve and Elixir joined forces to expand DeFi access for BlackRock’s tokenized money market fund.
Ripple CEO Brad Garlinghouse has frequently praised Switzerland for its pro-crypto stance. The famously pro-crypto city of Lugano, Switzerland, hosts the annual Plan B Forum, and the city of Zug is home to the Ethereum Foundation and numerous blockchain companies.
Dennis Porter, co-founder of the Satoshi Action Fund and founder of Satoshi Action Education, took part in the preparation of the proposal for the report. Porter was also instrumental in the drafting of the so-called “Bitcoin rights” legislation that passed in the US state of Pennsylvania in October.
According to Bitcoin Trainer, the Government Council said that energy use in Bern Canton is an international, not local, issue since the region exports energy. In addition, energy consumption from other types of data centers is growing and energy storage technology is developing. Moreover, Bitcoin mining is subject to market trends, and Bitcoin is not legal tender, so it is not under the control of the Swiss National Bank.
The proposal to commission the report was introduced in March as one of several initiatives the parliamentary group has advanced. In September, the Government Council recommended against the proposal. Canton member of parliament Samuel Kullmann said in an X post:
The report will consider where excess energy could be sourced in the canton, potential collaboration with Swiss Bitcoin miners and the potential for Bitcoin mining to add stability to the electricity grid.
The report was proposed by the multiparty Bitcoin Parliamentary Group, consisting of 23 members. It passed by a vote of 85 to 46.
The parliament of the Swiss canton of Bern has passed a motion to commission a report on Bitcoin mining. The canton’s Government Council, its executive authority, has already voiced its opposition to the report — and Bitcoin mining — but supporters are calling this a victory.
The bridge may be a first step toward providing DeFi applications that are secured by Bitcoin, according to the underlying protocol’s specifications.
A Cardano-Bitcoin bridge based on the Grail protocol was announced by a development team backing Cardano in October.
The partnership also aims to facilitate education campaigns about cryptocurrency and blockchain in the football community.
“Engaging with a crypto partner ensures Watford stays competitive in exploring emerging revenue streams,” he added.
The collaboration aligns with Watford FC’s positioning itself as a tech-savvy football club, increasing the club’s visibility in the crypto market, O’Brien said.
The Cointelegraph partnership marks the next chapter in Watford FC’s crypto journey. By leveraging Cointelegraph’s platform, the club aims to boost its presence in the crypto space.
Lummis’ announcement comes as BTC hit another all-time high and nears the $100k milestone. By pursuing a Bitcoin policy, the Federal Reserve can also benefit from higher returns. Bitcoin is a “gold standard in digital assets, and setting up a strategic reserve can help the country’s financial strategy.
Lummis is one of the most outspoken supporters of Bitcoin and cryptocurrencies and pushed for the Bitcoin bill in the Senate. As a long-time crypto holder and upporter, the senator admitted owning five BTCs and putting them in a trust.
Lumis admitted that she met with incoming US President Donald Trump about the Bitcoin proposal. Under the newest Lummis plan, the gold certificates held at a dozen Federal Reserve banks can be converted to their current fair market value. The proceeds from the sale of the certificates, pegged at 1970s prices, can be used to buy BTC.
The planned Bitcoin strategic fund combines some long-term investment phases carried out over several years. The Treasury purchases 200k Bitcoin yearly under the Bitcoin Act 2024 for five years with at least retaining the digital assets for 20 years.
To ensure fairness and transparency, the government shall implement a Proof of Reserve System, where the goverment will publish audited quarterly reports. If other agencies have BTC holdings, these will be consolidated under the proposed Strategic Reserve.
A provision is also for the usage of the reserved BTC as a safe financial mechanism that will enable the agencies to use BTC as long-term assets. Moreover, the government will establish a decentralized storage network that can protect the assets against vulnerablities and risks.
Like most financial policies, the Lummis plan has its critics. According to Avik Roy of the Foundation for Research on Equal Opportunity (FREOPP), Lummis’ sugestion to create a Bitcoin reserve will not necessarily help the country solve its debt woes.