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The Consumer Federation of America reported that cryptocurrency scams and cybercrimes resulted in estimated losses of $80.7 billion, with investment fraud being the largest category at $8.6 billion. The FBI's complaint center recorded over 1 million complaints, totaling $20.9 billion in losses.
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The American Federation of Teachers has raised concerns about the Responsible Financial Innovation Act, warning it could expose pensions to fraud and unsafe assets. AFT President Randi Weingarten stated the bill would remove current safeguards for crypto assets and traditional securities.
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SEC chair Paul Atkins stated that certain ICOs should be considered non-securities transactions, falling outside the SEC's jurisdiction. Atkins proposed a token taxonomy categorizing crypto into four groups, with three not deemed securities.
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An application for a Bitcoin-focused ETF, the Nicholas Bitcoin and Treasuries AfterDark ETF, was filed with the SEC by Tidal Trust II. The ETF aims to mirror Bitcoin's overnight returns by investing in futures contracts and options on indices.
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Tempo, a blockchain by Stripe and Paradigm, launched its public testnet, welcoming developers to build on the network. The network, with input from global firms like OpenAI and Visa, offers features like dedicated payment lanes and stablecoin-native gas for transactions.
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Zooko Wilcox, founder of Zcash, has joined Cypherpunk Technologies Inc. as a strategic advisor, leading to a surge in the company's stock price. Cypherpunk aims to develop self-sovereign digital systems focused on privacy and freedom, following the footsteps of other crypto treasury firms.
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JPMorgan analysts believe that despite recent fears and a 9% decline in Bitcoin's price, a prolonged downturn or "crypto winter" is not imminent. They noted a decrease in trading volumes but highlighted the resilience of stablecoins.
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Sen. Cory Booker expressed concerns over the potential expansion of presidential power to fire commissioners from agencies like the SEC and CFTC at will. He emphasized the importance of appointing Democrats to ensure a balanced and fair regulatory environment for the crypto market structure bill.
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Aleo network's foundation announced the launch of a new privacy-focused stablecoin, USDCx, in partnership with Circle's xReserve platform. The token aims to provide secure global payroll payments and remittances while protecting user data. The mainnet launch is expected by the end of January.
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A hacker stole over $440,000 in USDC by tricking a wallet owner into signing a malicious "permit" signature, leading to a surge in phishing losses. Permit-based scams exploit Ethereum's permit function, granting attackers access to users' ERC-20 tokens.
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Bitwise's $1.25 billion Bitwise 10 Crypto Index Fund (BITW) has been approved by the SEC to trade on NYSE Arca, becoming the second U.S.-listed multi-asset crypto index fund. This fund offers exposure to top cryptocurrencies like Bitcoin, Ether, Solana, and XRP, attracting institutional capital into crypto indices.