News

According to ShibDaily, the U.S. Department of Justice (DOJ) is reportedly preparing to request a federal judge to mandate Google to divest its Chrome web browser as part of an antitrust case. This move aims to dismantle Google's dominance in the browser market and create a more competitive environment for other companies. In August 2024, federal judge Amit Mehta ruled against Google's search monopoly, stating that the company has acted to maintain its monopolistic status. This development is the latest in the DOJ's ongoing antitrust proceedings against Google, following a $700 million settlement in a separate lawsuit that required app developers to use Google's payment system on the Google Play Store.The DOJ's request extends beyond the Chrome browser, targeting Google's Android operating system and its activities in artificial intelligence, with the goal of reducing the company's influence across these key markets, as reported by Bloomberg. The antitrust lawsuit, initially filed in October 2020 by the DOJ and 11 state attorneys general, seeks to prevent Google from employing anticompetitive and exclusionary practices to maintain its monopolies in the search and search advertising sectors, which allegedly harm competition. The complaint accuses Google of using anticompetitive tactics that disadvantage competitors and consumers, stifling innovation and limiting opportunities for new entrants in the market.A monopoly in the Google Chrome browser could have significant consequences for competition, innovation, and consumer choice. One major concern is the potential for biased search results, where a dominant search engine might prioritize its own products and services, thereby limiting visibility for competitors and reducing consumer access to diverse information sources. Additionally, advertising costs could be impacted, as a monopoly allows the dominant player to set higher prices for search ads, which can burden businesses, particularly smaller ones, and lead to increased costs for consumers.Data privacy is another critical issue, as a monopolist can collect and exploit vast amounts of user data, raising concerns about surveillance and potential misuse of personal information. In response, DOJ officials plan to request Judge Mehta to require Google to license search results and data from its Chrome browser. They also intend to ask the court to grant websites more control over preventing their content from being scraped by Google's artificial intelligence tools. Antitrust laws, such as the Sherman Antitrust Act of 1890, play a vital role in curbing monopolistic practices in the tech industry, particularly in the search engine market, by enforcing rules that promote fair competition.

According to CoinDesk, U.S. President-elect Donald Trump is considering Howard Lutnick, CEO of Cantor Fitzgerald, for the position of Commerce Secretary. Lutnick, known for his enthusiasm for cryptocurrency, has been a key figure in managing Tether's (USDT) substantial U.S. Treasury holdings. While initially a contender for the Treasury Secretary role, recent reports indicate that Lutnick's prospects for that position have diminished, leading to his potential nomination for the Commerce role.Cantor Fitzgerald, under Lutnick's leadership, has established itself as a significant player in the financial sector, particularly in the bond market. The firm is recognized as a primary dealer, allowing it to trade directly with the Federal Reserve. Since 2021, Cantor Fitzgerald has been involved in the cryptocurrency space, assisting Tether with its U.S. Treasury reserves and launching a bitcoin financing business with an initial $2 billion in funding. Lutnick has publicly expressed his support for bitcoin, distinguishing it from other cryptocurrencies and advocating for its treatment as a commodity to minimize regulatory oversight.Lutnick, a long-time associate of Trump and a New Yorker, is currently serving as co-chair of Trump's transition team. His firm, Cantor Fitzgerald, has a storied history, having lost 658 employees during the 9/11 attacks, which led to a shift towards electronic trading. This transition reflects a broader trend on Wall Street, where traditional financial practices are increasingly being challenged by innovations in cryptocurrency and blockchain technology.

According to BlockBeats, a U.S. court has announced a delay in the verdict date for the case involving former President Donald Trump and the alleged hush money payments. Originally scheduled for November 19, the decision has been postponed to November 26. This case has drawn significant public attention due to its implications for Trump's legal and political future.The postponement comes amid ongoing legal proceedings and discussions surrounding the case. The delay allows for additional time to review evidence and arguments presented by both the prosecution and defense teams. The case centers on allegations that Trump made payments to silence individuals regarding personal matters during his presidential campaign, which has raised questions about campaign finance violations and ethical conduct.Observers are closely watching the developments, as the outcome could have far-reaching consequences for Trump's potential candidacy in future elections. The legal team representing Trump has consistently denied any wrongdoing, arguing that the payments were personal transactions unrelated to campaign activities. As the new verdict date approaches, both sides are preparing to present their final arguments in court.The delay in the verdict date underscores the complexity and high stakes of the case, which continues to capture national and international interest. Legal experts suggest that the outcome could set a precedent for how similar cases are handled in the future, particularly concerning the intersection of personal conduct and political campaigns. As the legal proceedings unfold, the public remains attentive to the implications of the court's eventual decision.

According to Odaily, the Central Bank of Brazil (BCB) has initiated the second phase of its Drex Central Bank Digital Currency (CBDC) pilot. This phase emphasizes the development of trade finance solutions utilizing blockchain technology and oracles. The initiative brings together major players such as Microsoft, Chainlink, and Banco Inter to collaborate on exploring automated trade settlements.The Drex CBDC pilot aims to leverage cutting-edge technology to enhance the efficiency and security of trade finance processes. By integrating blockchain and oracle solutions, the project seeks to streamline operations and reduce the complexities associated with traditional trade finance systems. This collaboration marks a significant step forward in Brazil's efforts to modernize its financial infrastructure and embrace digital currency innovations.The involvement of prominent technology and financial institutions underscores the potential impact of this initiative. Microsoft and Chainlink bring their expertise in blockchain and oracle technologies, while Banco Inter contributes its financial industry insights. Together, they aim to create a robust framework for automated trade settlements, potentially setting a precedent for future CBDC implementations worldwide. As the pilot progresses, it will provide valuable insights into the practical applications of blockchain in central banking and trade finance.

According to Foresight News, Blockchain Association Executive Director Kristin Smith has called on SEC Chairman Gary Gensler to immediately cease enforcement actions against cryptocurrency companies. Smith advocates for a focus on a structured transition that would allow Gensler's successor to implement a regulatory framework aligned with congressional intent and market realities. She highlighted that the U.S. Securities and Exchange Commission's (SEC) regulatory actions have resulted in American companies incurring over $400 million in legal defense costs. This figure underscores the excessive regulation of the crypto industry during Gensler's tenure. A recent poll conducted by the Blockchain Association and HarrisX reveals that two-thirds of voters support Congress, rather than unelected regulatory bodies, in establishing rules for the cryptocurrency market. It is noteworthy that the crypto industry targeted by the SEC represents only 0.25% of the global market. However, the enforcement actions have led to the migration of innovation, job opportunities, and economic development overseas.

According to Foresight News, former NBA star Shaquille O'Neal has agreed to a $11 million settlement in a lawsuit involving Astral NFTs and Galaxy tokens. The settlement covers the plaintiffs' legal fees and provides cash payments to NFT and token purchasers. The agreement is pending approval from a judge.Previously, Foresight News reported that O'Neal faced a lawsuit for promoting cryptocurrencies. The class-action lawsuit, filed in a federal court in Florida, accused O'Neal of endorsing unregistered Astral tokens, which allegedly violated securities laws. The lawsuit claimed that O'Neal repeatedly promoted Astrals NFTs on his various social media accounts, leading to a significant decline in the value of the related tokens and NFTs.

According to BlockBeats, a federal court in the Northern District of California has ruled that Lido DAO can be classified as a general partnership under state law. This decision dismisses Lido's claim that it is not a legal entity, setting a precedent for how profit-driven decentralized autonomous organizations (DAOs) are treated legally.The court further determined that identifiable participants in Lido DAO are involved in managing its operations, meaning they cannot evade responsibility through its decentralized structure. Court documents indicate that Paradigm Operations, Andreessen Horowitz, and Dragonfly Digital Management are accused of being general partners due to their alleged active participation in Lido's governance and operations.Miles Jennings, the general counsel and head of decentralization at a16z crypto, expressed concern over the ruling, stating that it deals a significant blow to decentralized governance. He highlighted that, according to the decision, any involvement in a DAO, even something as minor as posting on a forum, could be enough to hold DAO members accountable for the actions of other members under general partnership laws.

According to Odaily, former Acting Comptroller of the Currency under the Trump administration, Brian Brooks, is reportedly exploring opportunities in various financial institutions, excluding the Commodity Futures Trading Commission (CFTC). This information was shared by FOX Business journalist Eleanor Terrett on social media platform X, citing sources familiar with the matter.In addition to the CFTC, the United States hosts several other key financial regulatory bodies. These include the Securities and Exchange Commission (SEC), the Federal Deposit Insurance Corporation (FDIC), the Office of the Comptroller of the Currency (OCC), the Financial Industry Regulatory Authority (FINRA), the Financial Stability Oversight Council (FSOC), and the Federal Reserve. Brooks's consideration of roles within these institutions highlights the dynamic landscape of financial regulation and the potential for experienced leaders to influence policy and oversight across different sectors.Brooks's tenure as Acting Comptroller was marked by significant regulatory initiatives, and his potential involvement in other financial regulatory bodies could bring a wealth of experience and insight. As the financial industry continues to evolve, the roles and responsibilities of these regulatory agencies remain crucial in maintaining stability and fostering innovation. The exploration of such positions by seasoned professionals like Brooks underscores the ongoing need for leadership that can navigate the complexities of financial oversight and regulation.

According to Odaily, Kraken's UK Managing Director, Bivu Das, has forecasted that 2025 will be a pivotal year for cryptocurrency adoption. Das anticipates that the number of UK residents who have used or are currently using digital assets will exceed 17 million, representing approximately 25% of the country's total population. He suggests that the volatility of established cryptocurrencies like Bitcoin will decrease, even as their prices continue to rise due to increasing institutional demand.Das also predicts a growing interest among UK workers in pursuing careers within the cryptocurrency industry. In response to this trend, universities are expected to introduce specialized courses in cryptocurrency to nurture the next generation of talent. Furthermore, Das highlights a significant development in the financial sector, noting that UK pension funds are allocating 3% of their portfolios to Bitcoin for the first time. This move signals that London's financial district is poised to embrace digital assets, setting the stage for broader acceptance and integration of cryptocurrencies in the UK's financial landscape.

According to Odaily, the Swiss Financial Market Supervisory Authority (FINMA) has identified digital assets as a high-risk area for money laundering in its latest risk monitoring report. The report highlights the vulnerabilities of digital assets, noting their use in financial crimes such as sanction evasion. It underscores the importance of robust regulatory oversight to mitigate these risks.The report points out that cryptocurrencies, particularly stablecoins, are increasingly associated with money laundering and other illegal activities, including sanction evasion and darknet transactions. This trend has heightened concerns among financial regulators. FINMA stated that it has implemented measures targeting institutions to reduce the money laundering risks associated with digital assets.Swiss financial intermediaries offering crypto-related services are now under stricter scrutiny to manage these risks. FINMA added that inadequate risk mitigation in this sector could endanger individual institutions and pose reputational risks to the entire Swiss financial industry.

According to Odaily, Russia's Ministry of Finance introduced a draft amendment on Monday, proposing a 15% tax on cryptocurrency earnings. This initiative is part of a broader effort to regulate cryptocurrency mining and trading activities. The proposed changes aim to reshape the tax framework for cryptocurrency miners, impacting their income, expenses, and related infrastructure.Under the proposed amendment, income from mined tokens will be taxed at market value upon receipt. Miners will be allowed to deduct operational expenses, ensuring a balanced tax calculation. Additionally, cryptocurrencies will be classified as property for taxation purposes. The new framework also eliminates the value-added tax (VAT) on cryptocurrency transactions, aligning the taxation of income from these transactions with that of securities trading.The proposed regulations also impose obligations on operators of mining infrastructure. These operators will be required to inform tax authorities about individuals using their facilities for mining activities. However, the specific data that needs to be disclosed remains unclear.

According to Odaily, recent data from Polymarket indicates that the probability of former Federal Reserve Governor Kevin Warsh being appointed as the U.S. Treasury Secretary by Donald Trump has risen to 46%, making him the leading candidate. In comparison, the likelihood of Scott Bessent receiving the appointment has decreased to 27%, while Howard Lutnick's chances have fallen to 9%. The total amount wagered on this event has surpassed $2 million.Previously, sources familiar with the matter revealed that Trump's team is in favor of Kevin Warsh for the Treasury Secretary position, and discussions are ongoing. This development highlights the significant interest and speculation surrounding the potential appointment, as evidenced by the substantial betting activity on Polymarket. The outcome of this appointment is eagerly anticipated, given its potential impact on U.S. economic policy and financial markets.

According to CoinDesk, the U.S. Commodity Futures Trading Commission (CFTC) is embroiled in a legal dispute with prediction market operator Kalshi over the regulation of election betting. Kalshi contends that only Congress has the authority to ban election betting, not the CFTC. This argument was presented in a recent court filing as part of an ongoing legal battle. Last September, the CFTC attempted to prevent Kalshi from listing event contracts that allowed traders to bet on political party control of the House or Senate following the November elections. The regulator claimed these contracts constituted "gaming" and were "unlawful under state law," deeming them "contrary to the public interest." Kalshi responded by suing the CFTC in the District of Columbia, arguing that the agency overstepped its statutory authority and violated the Administrative Procedure Act (APA) by attempting to ban election prediction markets. In its latest filing, Kalshi criticized the CFTC's interpretation of "gaming," describing it as arbitrary and lacking statutory basis. The District Court sided with Kalshi, with Judge Jia Cobb granting summary judgment in favor of Kalshi and rejecting the CFTC's broad interpretation of the Commodity Exchange Act (CEA). Cobb's decision vacated the CFTC's order blocking Kalshi's contracts. Following Cobb's ruling, the CFTC sought a stay of the order while it appealed, but Cobb declined. The regulator then approached a U.S. federal appeals court to temporarily block the election-related contracts, but the court unanimously denied the CFTC's emergency motion, citing a lack of concrete evidence that election contracts could harm the public interest. The CFTC is now officially appealing Cobb's ruling, aiming to expand the definition of gaming to include "political contests," which would effectively ban election betting if successful. In its brief filed on Friday, Kalshi reiterated its arguments from the lower court, urging the appellate court to uphold Cobb's ruling. Kalshi's lawyers argued that the CFTC's decision to prohibit its contracts exceeded its statutory authority, emphasizing that Congress has not authorized the CFTC to ban election prediction markets. The CFTC's response to Kalshi's brief is expected by December 6.

According to Cointelegraph, a coalition of eighteen U.S. states has initiated legal action against the Securities and Exchange Commission (SEC) and its Chair, Gary Gensler, accusing the agency of "gross government overreach" in its dealings with the cryptocurrency sector. The lawsuit claims that the SEC has overstepped its bounds by attempting to usurp regulatory authority from the states through its enforcement actions against various crypto entities. The states involved in the lawsuit include Kentucky, West Virginia, Iowa, Texas, Mississippi, Ohio, Montana, Nebraska, Tennessee, Wyoming, among others. In another development, the New York State Supreme Court has ruled in favor of Greenidge Generation, allowing the company to continue its Bitcoin mining and power generation operations at its New York facility. This decision also permits Greenidge to reapply for and potentially renew its Clean Air Act Title V Air Permit, which was previously denied by the Department of Environmental Conservation (DEC) in June 2022. While the court upheld the DEC's authority to deny the permit under state climate laws, it criticized the DEC for acting capriciously. However, it noted that Greenidge failed to prove that the DEC engaged in improper policymaking. Meanwhile, Joe Lubin, CEO of Consensys, expressed optimism about the future of crypto regulation under the administration of President-elect Donald Trump. Lubin suggested that the ongoing legal battles between the SEC and crypto companies might diminish, with many cases potentially being dismissed or settled. He emphasized that while not all cases may be resolved, the industry could save significant financial resources as it progresses. Lubin also remarked on the Trump administration's proactive approach, describing Trump as a "pretty good politician" who is adept at capturing and advancing prevailing trends. Additionally, Scott Hartman, a U.S. prosecutor from New York, indicated a potential reduction in the number of crypto-related cases pursued by his office. Speaking at the Practicing Law Institute’s 56th Annual Institute on Securities Regulation event on November 15, Hartman noted that fewer resources are being allocated to crypto cases in the Southern District of New York. He acknowledged the presence of numerous significant fraud cases but highlighted that their regulatory partners are increasingly active in the cryptocurrency space.

According to BlockBeats, on November 18, Bitwise Chief Investment Officer Matt Hougan shared insights regarding the challenges faced by financial advisors in investing in cryptocurrencies. Hougan highlighted that regulatory issues consistently emerge as the primary concern for advisors each year. This persistent regulatory uncertainty is a significant factor influencing their hesitance to invest in the crypto market. Hougan emphasized that the recent election could potentially alter the landscape for cryptocurrency investments. He suggested that the election results might lead to changes in regulatory frameworks, which could, in turn, impact the crypto industry significantly. As regulatory clarity improves, it is anticipated that there will be a substantial influx of institutional capital into the cryptocurrency market in the coming months. The statement underscores the importance of regulatory developments in shaping the future of cryptocurrency investments. Financial advisors and institutional investors are closely monitoring these changes, as they could pave the way for increased participation in the crypto space. The potential for a wave of institutional capital highlights the growing interest and confidence in cryptocurrencies as a viable investment option, contingent upon clearer regulatory guidelines.

According to Odaily, analysts at TD Securities have indicated that the future of the global interest rate market is largely dependent on the actions of the Federal Reserve. The firm anticipates further interest rate cuts by the Federal Reserve, which is expected to lead to a decline in yields on U.S. Treasury bonds as well as other bond yields.In a recent report, TD Securities analysts stated, "We anticipate that as the easing cycle progresses, the pricing of the Federal Reserve's long-term policy will become more moderate, and the impact of declining Treasury yields will extend to other developed markets' bond markets." This outlook suggests that the Federal Reserve's monetary policy decisions will play a crucial role in shaping the trajectory of interest rates globally, influencing not only the U.S. market but also having a ripple effect on international bond markets.The expectation of further rate cuts aligns with the broader economic strategy to stimulate growth and manage inflation. As the Federal Reserve navigates its policy decisions, the global financial markets remain attentive to the potential implications for interest rates and bond yields. The anticipated adjustments in the Federal Reserve's policy are likely to have significant consequences for investors and economies worldwide, highlighting the interconnected nature of global financial systems.

According to ShibDaily, South Korea is intensifying its regulatory measures on cryptocurrency by empowering exchanges to freeze transactions and seize digital assets for unpaid taxes. A recent amendment to the Virtual Asset User Protection Act grants cryptocurrency exchanges the authority to immediately block deposits and withdrawals. This change, motivated by concerns over hacking, money laundering, and fraud, allows exchanges to act swiftly in urgent situations, freezing funds without prior notice to users. The Financial Supervisory Service (FSS) approved this industry request, recognizing the necessity for rapid intervention in certain circumstances. However, the FSS emphasized that advance notice should remain the standard practice, urging exchanges to carefully assess the urgency of each situation before implementing a freeze without prior notification. This new authority extends beyond merely monitoring activity; exchanges can now actively intervene, freezing funds and preventing transfers if they suspect illegal activity or violations of terms of service. Concurrently, the city of Paju has taken decisive action to collect unpaid taxes by seizing cryptocurrency assets from delinquent taxpayers. This move highlights South Korea’s commitment to integrating the cryptocurrency market into the existing tax system. City officials have issued virtual asset transfer and sale notices to 17 individuals with unpaid local taxes totaling 124 million won. If these taxes are not paid by the end of the month, the city plans to transfer the virtual assets, amounting to 50 million won, to the city’s account and sell them. This action sets a precedent for other jurisdictions within South Korea, demonstrating that cryptocurrencies, despite their decentralized nature and perceived anonymity, are not exempt from government oversight and taxation. South Korea has long been a hub for cryptocurrency activity, both in terms of adoption and regulation. These latest developments reflect the country’s ongoing efforts to balance fostering innovation with mitigating the risks associated with digital assets. The interplay between these two imperatives will continue to shape the future of the crypto market in South Korea and potentially influence regulatory approaches globally. The long-term consequences of these new measures, both positive and negative, remain to be seen. However, it is evident that South Korea is determined to assert its authority over the cryptocurrency market within its borders. The effectiveness and fairness of these new regulations will be closely scrutinized by investors, industry participants, and regulators worldwide.

According to Odaily, South Korea's ruling party, the People Power Party, has proposed delaying the implementation of a virtual asset tax by two years. Party whip Choo Kyung-ho announced this proposal during a meeting of the National Assembly's highest committee, emphasizing the need for a system that investors can reasonably accept. The government and the ruling party are working on amending the Income Tax Act to postpone the tax, originally set to take effect in January next year, to 2027. However, the opposition from rival parties casts uncertainty over whether the amendment will pass in the full session of the National Assembly.Choo Kyung-ho further stated that legislative support is necessary to alleviate investor concerns about recent financial market volatility and uncertainty. He argued that abolishing the financial investment income tax is the government's minimal commitment to reducing market uncertainty, urging the National Assembly to address the issue promptly. This stance comes amid criticism from the opposition, with Democratic Party spokesperson Noh Jong-myun labeling the delay in the virtual asset tax plan as "unacceptable." The debate highlights the ongoing tension between the need for regulatory frameworks and the desire to foster a stable investment environment in South Korea.

According to Odaily, the city of Paju in Gyeonggi Province, South Korea, has announced plans to directly sell virtual assets belonging to individuals with outstanding local tax debts. A city government official stated that notifications have been sent to 17 individuals who collectively owe 124 million Korean won in local taxes. If these debts are not settled by the end of the month, the virtual assets will be seized.The city has identified and secured the virtual assets of these tax delinquents through cryptocurrency exchanges. Should the taxpayers fail to pay their dues by the specified deadline, the seized cryptocurrencies will be sold to recover the owed taxes. This marks the first instance of a local government in South Korea directly selling virtual assets to address tax arrears, setting a precedent for similar actions in the future.

According to Odaily, the Nigerian Securities and Exchange Commission (SEC) has introduced a draft of the '2024 Investment and Securities Bill' aimed at imposing stringent penalties on individuals convicted of Ponzi scheme crimes. The proposed legislation suggests a maximum fine of $12,000 (20 million Naira) or a 10-year prison sentence for offenders.This initiative is seen by some in the cryptocurrency community as a significant step towards curbing fraudulent activities that exploit the term 'cryptocurrency' to deceive investors. By targeting these malicious actors, the bill is expected to contribute to the purification of the industry, fostering a more secure environment for legitimate investments. The move underscores Nigeria's commitment to strengthening its financial regulatory framework and protecting investors from scams that have plagued the market.The proposed penalties reflect the Nigerian government's determination to deter financial crimes and enhance the integrity of its financial markets. As the country continues to embrace digital currencies and blockchain technology, the introduction of such measures is crucial in maintaining investor confidence and ensuring the sustainable growth of the sector. The bill's emphasis on severe repercussions for Ponzi scheme operators highlights the importance of safeguarding the interests of investors and promoting transparency within the financial ecosystem.