Julian Assange, the former Wikileaks editor-in-chief, has secured a plea deal, with his sentence commuted to time served. He is now set to travel to Saipan before returning to Australia. Despite his release, the financial burden remains, with his fiancée, Stella Assange, disclosing that the cost of his journey to freedom is estimated at $520,000. The family is urgently appealing for funds to cover travel and recovery expenses.
To help raise these funds, a BTCPay Server has been set up, enabling donations through Bitcoin or the Lightning Network. Assange’s brother, Gabriel, confirmed the platform, allowing secure, decentralised contributions. Julian’s connection to Bitcoin is long-standing, having been part of the cryptocurrency’s history, including discussions with its creator, Satoshi Nakamoto, regarding its use for Wikileaks when PayPal froze their accounts.
As Assange embarks on the next chapter of his life, the Bitcoin community continues to rally behind him, with a recent donation of 8 Bitcoins (around $500,000) further showcasing the role of cryptocurrency in supporting his cause.
PayPal is enhancing its cryptocurrency offerings to include business account holders, enabling them to use digital assets in everyday transactions. The new service, however, will not be available for businesses in New York at the launch. Since 2020, PayPal and its subsidiary Venmo have allowed consumers to buy, sell, and hold cryptocurrencies like Bitcoin and Ethereum. Now, with the demand from merchants for similar access, PayPal is facilitating transfers of cryptocurrencies to external wallets, allowing businesses to send and receive digital tokens on blockchain networks.
This significant development means that US merchants can now handle digital currencies much like traditional money, with PayPal acting as a bridge between conventional finance and the expanding world of cryptocurrency. In August 2023, PayPal took a further step by launching its stablecoin, PayPal USD, which debuted on the Ethereum blockchain. Backed by US dollar deposits and short-term Treasuries, PayPal USD has already seen substantial usage, particularly after its expansion to the Solana blockchain.
Since May, the weekly transaction volume of PayPal USD has surged to over $500 million, compared to $150 million previously. Currently, the total supply of PayPal USD across Solana and Ethereum has reached $534 million, with a distribution of 74% on Ethereum and 25% on Solana. With these advancements, PayPal is poised to significantly influence how businesses integrate cryptocurrency into their operations.
Binance has unveiled a pre-market trading service, allowing users to trade new tokens before they officially list on the spot market. The pre-market option will include select tokens from Binance’s Launchpool, where participants can farm new coins by locking BNB and First Digital USD.
The new feature allows users to trade tokens early, meeting user demand and extending the lifecycle of token projects on Binance. Vishal Sacheendran, head of regional markets at Binance, emphasised that this launch aims to enhance the platform’s ecosystem by offering more utility to its global user base.
The service will come with standard spot trading fees and will conclude four hours before the tokens are officially listed. While available in most regions where Binance operates, some jurisdictions may face restrictions due to regulatory requirements.
TrueCoin and TrustToken have settled charges with the SEC over an unregistered offering of investment contracts between November 2020 and April 2023. The companies promoted their TrueUSD stablecoin and decentralized finance platform TrueFi as safe investments, which the SEC later deemed misleading.
The SEC complaint, filed on 24 September, stressed the importance of proper company registration for investor protection. Despite this, some within the crypto industry, including former SEC staff, have criticised the agency’s approach, calling its regulatory tactics unclear and excessive. This case adds to the ongoing tension between the SEC and the crypto sector.
Without admitting wrongdoing, both companies agreed to pay a combined fine of $163,766, with TrueCoin facing an additional $340,930 in penalties. The crypto industry has spent over $7 billion in SEC fines since 2013, with penalties rising sharply in recent years.
Vice President Cevdet Yilmaz has confirmed that Turkey will not impose a tax on crypto or stock trading profits this year. The government had considered introducing such a tax but is now focusing on reducing existing tax exemptions instead, giving investors a clearer picture of the country’s financial policies.
The idea of a tax on crypto and stock profits was initially postponed in June after a decline in Turkey’s stock market. The government’s new strategy aims to refine its current tax regulations, concentrating on narrowing tax exemptions rather than implementing new taxes.
The decision offers temporary relief to investors in Turkey’s financial markets, especially those using crypto and stocks to safeguard against inflation. While other nations, including the UK and Japan, evaluate how to tax digital assets, Turkey’s approach leaves room for potential policy shifts in the future.
In a remarkable turn of events for Bitcoin, approximately 20,000 new millionaires have emerged this year, bringing the total number of wallets holding at least $1 million to around 110,388. The increase reflects an 18% rise in wealthy Bitcoin holders, signalling a strong performance for the cryptocurrency. The surge in millionaires has been linked to significant price movements, particularly following speculation regarding Jeff Bezos’ rumoured $8 billion Bitcoin investment.
Bitcoin’s price has experienced substantial growth throughout 2024, starting at $42,300 and climbing to $63,591, representing over a 50% increase. Notably, the cryptocurrency reached a peak of $73,000 in mid-March, with a 7.8% rise in September alone. This impressive performance has been fuelled by robust market demand and key financial announcements, including anticipated interest rate cuts from the U.S. Federal Bank.
The positive trends extend beyond just millionaires. The number of Bitcoin wallets holding at least $100 has surged from 19.8 million to 21.6 million this year, while those with a minimum balance of $1,000 increased from 8.9 million to 10.37 million. Additionally, high-value accounts, including those with at least $10,000, rose significantly from 2.72 million to 3.43 million, showcasing broad participation in the Bitcoin market.
As the market continues to expand, Bitcoin’s appeal is evidently on the rise, with more investors benefiting from its increasing value. The growing number of wallets accumulating substantial amounts of Bitcoin underscores the cryptocurrency’s strengthening position within the global financial landscape.
Societe Generale has partnered with Bitpanda to integrate crypto and stablecoins into the global financial system. The collaboration focuses on the mainstream adoption of Societe Generale-FORGE’s euro-denominated stablecoin, EUR CoinVertible (EURCV). The partnership is seen as a pivotal move towards establishing stablecoins as an essential element in modern finance, according to Jean-Mark Stenger, CEO of Societe Generale-FORGE.
As the Markets in Crypto-Assets (MiCA) bill prepares for full implementation on 30th December, both companies aim to position EURCV as a regulated, reliable digital currency for European users. Lukas Enzersdorfer-Konrad, Deputy CEO of Bitpanda, highlighted that regulated stablecoins will serve as a crucial link between traditional finance and the burgeoning crypto landscape.
Stablecoins play a vital role in facilitating access to digital assets, with the new EURCV set to be listed on the Bitpanda trading platform. With Societe Generale being one of the largest banking groups globally, holding over $1.7 trillion in assets, this partnership marks a significant step towards the evolving relationship between traditional finance and cryptocurrencies.
As the MiCA bill aims to establish a comprehensive regulatory framework for the crypto industry in the European Union, experts acknowledge that its success may depend on overcoming technical complexities and fostering international cooperation.
Caroline Ellison, former CEO of Alameda Research, has been sentenced to two years in prison for her involvement in the collapse of the cryptocurrency exchange FTX. The case, one of the largest financial scandals in US history, saw Ellison plead guilty to fraud charges and cooperate extensively with authorities to secure the conviction of FTX founder Sam Bankman-Fried, who received a 25-year prison sentence.
Ellison’s legal team had requested time served and supervised release, emphasising her crucial role in helping federal investigators uncover the misuse of billions in customer funds. However, District Judge Lewis A. Kaplan, while acknowledging her cooperation, ruled that Ellison must still serve time and forfeit around $11 billion.
Her cooperation with prosecutors has been central in exposing the FTX scandal, but the court concluded that her involvement in the mismanagement of funds warranted a prison sentence, drawing attention from legal experts and the broader crypto community.
Donald Trump made headlines on Wednesday by becoming the first US president, past or present, to publicly use Bitcoin. During a visit to PubKey, a cryptocurrency-themed bar in Manhattan, Trump completed a Bitcoin transaction with the help of the bar’s staff, purchasing burgers ahead of a rally in Long Island. His public use of the Bitcoin network has further solidified his engagement with the crypto industry.
This appearance follows his recent support for World Liberty Financial, a new crypto project involving Trump and several of his children. The project, which formally launched earlier this week, plans to issue a governance token called WLFI. Trump’s involvement in the crypto space has grown significantly in recent months, as he seeks the industry’s backing in his third run for president.
Trump has been vocal in his promise to make the US the ‘crypto capital of the planet,’ as he courts the digital asset sector in his campaign. His ongoing efforts to align with the crypto community signal a strategic push to secure their support ahead of the 2024 election.
Kamala Harris has made her first public comments on cryptocurrency during her US presidential election campaign. Speaking at a Wall Street fundraiser on 22 September, Harris pledged to encourage investment in AI and digital assets while ensuring consumer protection. She also emphasised the need for consistent regulations to create a safe business environment. This marks a shift in Harris’ campaign, with many speculating on how her approach to crypto would differ from President Joe Biden’s.
Harris’ remarks have drawn attention from the crypto industry, with some viewing her comments as a positive step. However, critics, such as crypto legal experts, are wary of her focus on consumer protection, noting that it could be used to stifle the sector. Coinbase’s policy chief acknowledged Harris’ statement as significant but suggested it was less forward-thinking than Donald Trump’s pro-crypto stance. Trump, who has embraced the industry by releasing NFTs and backing his family’s crypto platform, has vowed to overhaul the current regulatory framework if elected.
Crypto has become a key issue in the upcoming election, with both Harris and Trump vying for the support of the industry. National polls show the two candidates running neck-and-neck, with Harris leading Trump by a slim margin of 2.9 percentage points.
