By Jihoon Lee SEOUL, Feb 9 (Reuters) - South Korea's financial market watchdog said on Monday local exchange Bithumb's unintentional giveaway of more than $40 billion in bitcoin to customers raises the ​need for tougher regulations to address the vulnerabilities of cryptocurrencies. The cryptocurrency exchange said on Saturday ‌it had accidentally given away the bitcoin to customers as promotional rewards, triggering a sharp selloff on the exchange. Lee Chan-jin, governor ‌of the Financial Supervisory ...

Core Insights - The files related to Jeffrey Epstein reveal significant connections to the cryptocurrency industry, including investments and relationships with key figures and companies in the sector [1][2][3] Investment Activities - Epstein was an early investor in Coinbase, investing $3 million in 2014 when the company's valuation was approximately $400 million; Coinbase is now valued at $44 billion [4] - In 2018, Epstein sold about half of his investment back to Blockchain Capital [5] Regulatory Interests - Epstein sought clarification on Bitcoin regulation and taxes as early as 2018, suggesting the creation of a voluntary disclosure form for crypto gains to combat illicit activities [6] - He compared the handling of cryptocurrency to the internet, advocating for coordinated international agreements [6] Relationships with Key Figures - Epstein maintained communication with Brock Pierce, co-founder of Tether, discussing cryptocurrency and other topics after Epstein's 2008 conviction [7]

Core Viewpoint - Russia is set to implement cryptocurrency market regulations by June 2027, allowing both qualified and unqualified investors to participate under different rules [1][2]. Group 1: Regulatory Framework - The regulations will impose a cap of 300,000 rubles ($4,000) on retail investors' cryptocurrency purchases [2]. - Qualified investors will need to pass mandatory testing to understand cryptocurrency transaction risks, but they can purchase unlimited quantities of crypto assets, excluding anonymous ones [2]. - The framework will include penalties for illegal activities by intermediaries, akin to sanctions for illegal banking activities [3]. Group 2: Central Bank's Role - The Central Bank of Russia proposed a framework in December to legalize and regulate cryptocurrency trading for individuals and institutions, indicating a shift towards a more favorable stance on cryptocurrencies [4]. - Digital currencies and stablecoins are recognized as monetary assets but are not permitted for domestic payments [4]. Group 3: Mining and Trading - Cryptocurrency miners will be encouraged to legalize their operations, with potential administrative, financial, and criminal liabilities for illegal activities [5]. - The Central Bank will compile a list of 5 to 10 cryptocurrencies allowed for trading, likely including BTC and ETH, with others available only to qualified investors [5]. Group 4: Anti-Money Laundering Measures - The Central Bank prohibits the purchase of cryptocurrencies that conceal transaction recipients, such as Monero (XMR), Zcash (ZEC), and Dash, to comply with anti-money laundering (AML) regulations [6].

Russia’s State Duma plans to finalize legislation by July 1, 2026, establishing a two-tier crypto access system that caps non-qualified investors at 300,000 rubles ($4,000) annually while granting unlimited purchasing power to qualified investors, according to Anatoly Aksakov, head of the State Duma Committee on Financial Markets, in an interview with Parlamentskaya Gazeta. The framework, based on the Bank of Russia’s December concept submitted to the government, treats digital currencies and stablecoins ...

Core Viewpoint - The cryptocurrency industry is facing criticism for its resistance to the Senate's cryptocurrency market structure bill, with calls for compromise to avoid worse regulations in the future [1][4]. Group 1: Industry Reactions - Patrick Witt, executive director of the President's Council of Advisors for Digital Assets, emphasized that "no bill is better than a bad bill," reflecting concerns from industry leaders like Coinbase CEO Brian Armstrong regarding the Senate's proposed legislation [2]. - Coinbase has withdrawn its support for the Senate's cryptocurrency market structure bill, citing issues with provisions related to tokenized equities, decentralized finance, and stablecoin rewards [2]. - Galaxy Digital has also criticized the bill, labeling it as "the single largest expansion to financial surveillance authorities since the USA PATRIOT Act" [3]. Group 2: Future Outlook - Witt predicts that a cryptocurrency market structure bill will eventually be enacted, stating, "It's a question of when, not if," and warns against the assumption that the industry can operate indefinitely without a regulatory framework [4]. - He urges the cryptocurrency industry to seek a compromise with the current pro-crypto administration, suggesting that future regulations could be more unfavorable under a different administration [4]. - Witt cautions that while the CLARITY Act may not be perfect, a future Democratic version could be significantly worse, advocating for continued efforts to improve the current proposal [5].

The U.S. Securities and Exchange Commission (SEC) agreed to dismiss a lawsuit against crypto exchange Gemini on Friday, tied to the company's defunct Earn product, saying the suit was no longer warranted. The SEC sued Gemini and Genesis Global Capital in 2023, alleging the companies had sold unregistered securities in the form of Gemini's yield-bearing Earn product. Investors had entrusted their funds to Gemini, which had loaned them to Genesis, which halted withdrawals after the 2022 FTX collapse and the ...

Ripple CEO Brad Garlinghouse said crypto will reach new all-time highs by 2026, according to recent comments. XRP reacted the way it usually does to regulatory optimism, jumping roughly 8–10% after confirmations that the SEC would drop its appeal. The bigger backdrop matters more: crypto prices tend to rise when legal fog clears and capital feels safe to return. This is not just about one token. It speaks to a broader shift as U.S. regulators step back from enforcement-first tactics and large players sta ...

Iran reportedly built up more than $500 million in USDT, according to blockchain-tracking firm Elliptic. This happened while Bitcoin remained near recent highs and the total supply of stablecoins barely changed, suggesting traders are still using dollar-pegged tokens as a place to park money rather than as a trading asset. At the same time, governments and regulators are paying closer attention to stablecoins as part of global finance, not just another corner of crypto. USDT, also known as Tether, closel ...

In this articleBUSD.CM=BTC.CM=XRP.CM=A photo illustration of the digital Cryptocurrency, Litecoin (LTC), Bitcoin (BTC), Ethereum (ETH) and Ripple (XRP) are seen on September 13 2018 in Hong Kong, Hong Kong.Yu Chun Christopher Wong | S3studio | Getty ImagesCryptocurrency markets will reach all-time highs this year, the CEO of one of the largest companies in the sector has told CNBC."I'm very bullish, and yes, I'll go on record as saying, I think we'll see an all-time high," Ripple CEO Brad Garlinghouse told ...

Group 1: Legislative Developments - The Senate Banking Committee canceled a meeting intended to draft a bill for cryptocurrency and digital asset regulations, marking a setback for long-awaited legislation [1][2] - Senator Cynthia Lummis expressed disappointment over the cancellation, indicating it was a significant blow to cryptocurrency advocacy [2] - Coinbase CEO Brian Armstrong criticized the current draft of the legislation, stating it would be detrimental to the 52 million Americans who use cryptocurrency [4][5] Group 2: Industry Concerns - There is a conflict between cryptocurrency advocates and traditional banking institutions, particularly regarding stablecoins, which banks fear could undermine their business [6] - The GENIUS Act, signed into law last year, established regulations for stablecoins, allowing holders to earn rewards, which some in the banking industry want to repeal [6][8] - Senator Bernie Moreno highlighted the need for consensus between traditional banking and the innovation community to avoid stagnation [9] Group 3: Political Implications - The crypto lobby played a significant role in the election of Senator Moreno, who defeated a long-standing opponent, indicating the growing influence of cryptocurrency in politics [10] - The delay in legislation could result in the U.S. falling behind in the global cryptocurrency market, which could have negative implications for the economy and national security [15] - Representative William Timmons emphasized that establishing a solid regulatory framework for cryptocurrency could bring tens of billions of dollars back to the U.S. [17] Group 4: Future Outlook - The cancellation of the committee meeting resets the timeline for cryptocurrency legislation, with Senator Lummis noting she has additional time to improve the bill [12] - Concerns were raised that without timely action, the U.S. could lose its position as a leader in the cryptocurrency market [15][23] - The New York Stock Exchange announced plans to launch a platform for trading tokenized securities, indicating a shift towards integrating cryptocurrency into traditional finance [22]