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Bitcoin Falls Below $94,000 With 2.76% Daily Decline

According to BlockBeats, Bitcoin's price has dropped below $94,000, currently trading at $93,800. This marks a 2.76% decrease over the past 24 hours.
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Do Kwon's U.S. Fraud Trial Tentatively Set For January

According to CoinDesk, the criminal fraud trial of Terraform Labs co-founder and former CEO Do Kwon in the United States is tentatively scheduled for January next year. This timeline allows both prosecutors and Kwon's defense team sufficient time to examine the extensive six-terabyte data expected to be revealed during the discovery phase. During an initial hearing in Manhattan, lead prosecutor Jared Lenow informed the court of anticipated delays due to difficulties in accessing encrypted information and unlocking four cell phones provided by Montenegrin authorities following Kwon's extradition to the U.S. on December 31st. Additionally, the government faces the task of translating the extracted material from Kwon's native Korean language. District Judge Paul Engelmayer of the Southern District of New York humorously remarked on the volume of data, suggesting it would require a U-Haul to transport it to the court. Engelmayer noted that scheduling a trial over a year from the initial conference is unprecedented in his judicial career. He instructed Kwon's lead attorney, Michael Ferrara of Hecker Fink LLP, to consult with Kwon, who is currently held without bail in a local correctional facility after spending 22 months in custody in Montenegro, about the possibility of an earlier trial date. The defense has been given one week to request an earlier date in 2025. Last week, Kwon pleaded not guilty to a nine-count indictment, which includes charges of securities fraud, wire fraud, commodities fraud, and money laundering conspiracy related to the $40 billion collapse of the Terra/LUNA ecosystem in 2022. In 2023, Kwon and his company faced civil fraud charges from the U.S. Securities and Exchange Commission and were found guilty by a New York jury. They were ordered to pay $4.5 billion in penalties and disgorgement, with Kwon personally responsible for $200 million. Terraform Labs has since filed for bankruptcy. The next status conference in the case is set for March 6 at 11 a.m. Eastern Time.
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CFTC's Future Role In Cryptocurrency Oversight

According to CoinDesk, the U.S. Commodity Futures Trading Commission (CFTC) is anticipated to play a more significant role in cryptocurrency trading oversight, a vision strongly supported by its outgoing chief, Rostin Behnam. Behnam, who will step down on January 20, emphasized the importance of this role during his final public address at the Brookings Institution. He highlighted that cryptocurrency issues have been a central focus throughout his tenure. Behnam expressed concerns over the lack of federal legislation, which he believes is leading to increased instances of fraud, market abuse, and potential threats to financial stability. He warned against leaving large areas of finance unregulated, drawing parallels to past financial crises. Behnam urged innovators in the digital asset space to prioritize investor protection, as many investors are eager to include digital assets in their portfolios. He advocated for a regulatory approach that integrates financial innovations into a framework of compliance and consumer protection, rather than relying solely on enforcement. This stance contrasts with that of Gary Gensler, the chairman of the Securities and Exchange Commission (SEC), who has been criticized for his enforcement-driven approach. Gensler, who will also step down on January 20, defended his strategy in a Bloomberg TV interview, stating that enforcement is effective in addressing non-compliance in the crypto sector. Behnam has consistently differed from Gensler on crypto regulation, particularly regarding the sufficiency of current laws for sector oversight. As President-elect Donald Trump prepares to appoint new leadership, he has nominated former SEC Commissioner Paul Atkins to replace Gensler at the SEC. However, a successor for Behnam at the CFTC has not yet been announced. The future may see the CFTC assuming a more authoritative position over crypto trading, potentially surpassing the SEC's current role.
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