Do you want to stay up to date with the latest news in the crypto world? In this brief summary, we present the most outstanding news of the week so that you do not miss any relevant information. Continue reading and enter this exciting universe full of possibilities!
For example, the week was marked by contrasting news in the world of cryptocurrencies. On the one hand, we saw significant advances in institutional adoption and regulation, while, on the other, the risks associated with this market and the need for greater supervision became evident.
Detroit: Pioneer in municipal payments with cryptocurrencies
According to an announcement from the Detroit Treasury Office, by mid-2025, Detroit will become the largest city in the United States to accept payment of municipal taxes and fees with cryptocurrencies. It will do so through a “secure payment platform managed by PayPal.”
🔥AMAZING🔥
🇺🇸Detroit, Michigan is BECOME the largest US city to accept Bitcoin?src=hash&ref_src=twsrc%5Etfw”>#Bitcoin and cryptocurrencies for paying taxes 🥳🔥
The tide of #BTC It has only just begun 🌊🌊 pic.twitter.com/Oyy4VMmJbW
— Healthy Pockets (@healthy_pockets) November 7, 2024
Detroit Mayor Mike Duggan indicated that the city is building a technological environment that empowers residents and entrepreneurs. “We are excited to be one of the first major cities in the United States to explore the civic applications of Blockchains and allow residents to use their cryptocurrencies as a payment option.”
Additionally, Detroit said it is inviting Blockchain entrepreneurs and innovators to “submit their ideas for civic Blockchain applications” to Justin Onwenu, the city’s director of entrepreneurship and economic opportunities.
12 years in prison for Bitfog creator Roman Sterlingov
Roman Sterlingov, the founder of Bitcoin Fog has been sentenced to 150 months in prison for laundering tens of millions of dollars.
According to the United States Department of Justice (DOJ), Bitcoin Fog served as a crucial conduit for criminals seeking to conceal the origin of their illicit profits.
In this regard, Deputy Attorney General Lisa Monaco said: “Roman Sterlingov thought he could use the shadows of the Internet to launder hundreds of millions of dollars in Bitcoin without getting caught. But he was wrong.”
For his part, FBI Deputy Director Paul Abbate highlighted the agency’s commitment to pursuing cybercriminals and stated: “FBI cyber personnel remain relentless in pursuing criminals who take advantage of technology to carry out out and facilitate illegal activities.
Ramiro Marra, a new ally of cryptocurrencies
The member of the Council of Economic Advisors of the President of Argentina, Javier Milei, Ramiro Marra, showed his interest in Bitcoin and stated that the digital currency is more than a financial investment.
This is what the deputy of the City of Buenos Aires for La Libertad Avanza (LLA) expressed through his personal X account: «Bitcoin is more than an investment: it is financial freedom and a way to protect our money from state manipulation. . In a world where political power always tries to intervene, Bitcoin is the currency of those who value independence.
Bitcoin is more than an investment: it is financial freedom and a way to protect our money from state manipulation.
In a world where political power always tries to intervene, $BTC It is the currency of those who value independence. 🌐
RT and like if you bank
— Ramiro Marra (@RAMIROMARRA) November 5, 2024
In reality, this new statement reaffirms the position of the legislator, who has been a constant defender of cryptocurrencies, recognizing their potential to revolutionize traditional financial systems and offer greater transparency in transactions.
Novogratz: “Trump’s election was the most important day for cryptocurrencies”
Galaxy Digital CEO Mike Novogratz described Donald Trump’s re-election as a massive moment for cryptocurrencies.
Specifically, he commented on the positive effect that Trump’s victory could have on the future of the Cryptocurrency industry, calling it the “biggest day for cryptocurrencies,” despite his open support for Trump’s rival, Vice President Kamala. Harris.
JUST IN: 🇺🇸 Mike Novogratz says after Trump’s win, he sees a “substantial shift in the energy” of the crypto industry.
This will bring “hundreds of billions” into the ecosystem 🙌 pic.twitter.com/HAi4Q2MToC
— Bitcoin Magazine (@BitcoinMagazine) November 6, 2024
In fact, in reference to the controversial SAB 121 rule, which has been interpreted as a barrier for financial institutions to custody cryptocurrencies, Novogratz showed unwavering confidence by assuring that said regulation “will be repealed very quickly.” Anticipating a change in regulatory direction, Novogratz foresees a wave of institutional adoption of cryptocurrencies, triggering a “tsunami of participation” by traditional financial market players.
California seals the fate of BlockFi: It definitively revokes its license
The California Department of Financial Protection and Innovation (DFPI) revokes the California Financing Law (CFL) license of bankrupt cryptocurrency lender BlockFi, two years after its collapse. The DFPI itself decided to revoke it completely after discovering that the company had violated the CFL.
Today, we’re announcing we’ve revoked crypto lender BlockFi’s California Financing Law (CFL) license. BlockFi has agreed to a settlement that includes a revocation of its license and a cease-and-desist from harmful practices. More: https://t.co/gdi28TpY7H pic.twitter.com/S1uieLHbkP
— CA Department of Financial Protection & Innovation (@CaliforniaDFPI) November 8, 2024
This decision follows an investigation into the company’s business practices and a temporary suspension of BlockFi’s license in November 2022. As a result, BlockFi committed to stopping violations, stopping harmful behavior, and avoiding operating as a company. of this training.
The DFPI investigation also showed that the company violated some California financial laws. The most egregious were the lack of a process to assess borrowers’ ability to pay, charging interest before granting the loan, and failing to provide adequate credit counseling services to borrowers.
I end with this phrase from Confucius: “Tell me and I forget, teach me and I remember, involve me and I learn.”
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