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hey there truster fans welcome back to your beloved newsreel it's episode 95 and it's rigning Bitcoin ETFs in Just 4 days spot Bitcoin ETF showered the market with over $1.3 billion in inflows uh leading the parade is black rocks ey shares while grayscales Bitcoin trust is feeling a bit under the weather we'll talk about that later in the video uh Trump in a New Hampshire speech waved a red flag at the US Central bank's digital currency dreams calling them a a freedom snatching Boogyman not a direct quote but spooky across the P the eu's tightening screws on crypto cash flow they've set a $10,000 cash payment cap and are scrutinizing crypto transactions like a hawk with a magnifying glass so we'll cover that as well uh back in the US good news the IRS is uh hitting this news button on enforcing those new crypto tax laws I'll explain why and uh what to expect next uh coinbase and binance or flexing their legal muscles against the against the SEC uh encouraged by the strain of Victories both are seeking dismissal of lawsuits against them Alex mashinsky X CEO Celsius once in on that trying to uh Dodge the Commodities fraud charge and s spf's parents are also fighting back against FDX lawsuit there are some interesting details there we'll discuss those I guess gentler is wounded and the hyenas are en circling um coin gecko revealed that over half of the tokens that appeared since 2014 are now dead and Ukrainian authorities together with europ pole cuffed a cyber Miner who turned a million virtual servers into his own Monero mining Factory that's $2 million in sneaky crypto for you awesome uh JP Morgan's Jamie Diamond is throwing shade at Bitcoin again calling it a pet rock again but this time for the last time or so he claims anyway in a dizzying slide nft sales are down from $27 billion to $9.5 billion ethereum nfts had tumbled down 76% while Bitcoin bucks to Trend with a bullish 1.8 billion thanks to ordinal of course uh also awesome uh there's going to be some news from China later in the video Canada we'll talk about Canada we'll talk about Denver Colorado Pastor story of divine intervention of crypto into his Home Remodeling totally bizarre uh so what I'm saying is this is just a taste so sit back and prepare to receive your weekly dose of crypto infotainment in episode 95 of your beloved tustra Newville uh spot Bitcoin apps have impressively accumulated over $1.3 billion in inflows within the first four days of trading leading the pack is black rocks I shares Bitcoin trust following uh followed by Fidelity wise origin Bitcoin ETF and bitwise Bitcoin ETF uh despite this gray scales Bitcoin trust ETF is experiencing uh contrasting Trend with substantial outflows uh the total assets under management for spot Bitcoin ETFs now stand at a remarkable 27.7 billion surpassing the 11.3 billion managed by silver ETFs but still trailing behind gold uh the search in assets under management is primarily driven by grayscales prior Holdings before converting into uh into an ETF Additionally the combined AUM of Futures and spot Bitcoin apps is estimated at 36.9 billion indicating that crypto derivatives are finding their stride and uh institutional adoption is a mere reality now former president Donald Trump during campaign speech in New Hampshire declared he would block the creation of a US Central Bank digital currency cbdc if reelected labeling it uh a dangerous threat to Freedom that's a direct quote dangerous threat to Freedom uh he he expressed concerns about government overreach suggesting a cbdc could lead to the federal government govern exerting absolute control over citizens funds uh interestingly Trump stance contrast his previous skepticism towards cryptocurrencies considering his involvement in nft collections his view is aligned with other Republican figures like Florida Governor Ronda santis who has opposed cbdcs and shown support for cryptocurrencies like Bitcoin uh The Stance will probably lead to cryptocurrencies and cbdcs becoming a major talking point in the 2024 election cycle we'll see I'm yet to hear Joe Biden on the subject so haven't heard anything you said about that the European Union has agreed on a plan to combat money laundering including a limit on cash payments to uh €10,000 and stricter measures for cryptocurrency transactions uh this agreement uh hailed by EU Financial Services commissioner mayed mcginness as a GameChanger aims to empower Financial investigators with increased inspection powers in suspected money laundering and terrorist financing cases uh the plan also extends to the football industry luxury goods Traders and crypto asset providers who will be required to report suspicious activities the US Internal Revenue Service the in IRS has announced a temporary step back from enforcing new cryptocurrency tax rules initially the infrastructure investment and jobs act required us businesses to report cryptocurrency transactions over $10,000 from January 1st 2024 however the IRS is holding off on this requirement until they issue a detailed regulatory framework the IRS and the treasury Department intend to propose regulations for digital asset reporting and will seek public comments on the matter uh given the complexities involved in the reporting cryptocurrency transactions the move is seen as a positive step for forward by digital asset Advocates particularly by the mysterious blockchain Association whose website is very well produced though provides very little info in terms of the origins and credentials of the organization it's like I'm back in 2017 now uh in an attempt to ride the wave of wholesale approvals of Bitcoin ETFs coinbase and binance challenged the SEC in court seeking the dismissal of lawsuits filed against them coinbase went first on January 17th when District Judge Katherine P faila heard arguments from the SEC and coinbase on the crypto exchanges motion to dismiss a lawsuit filed by the regulator in June 2022 uh the hearing was held uh for nearly 5 hours and provided an extensive overview of the key arguments in courts regarding the crypto space assets and the sec's role in regulating the industry uh during the hearing the argued that buyers of tokens are also investing in the network of ecosystem behind it indicating there's a value proposition behind a token purchase uh coin bases attorneys however challenged the argument claiming that Bitcoin described as a commodity by uh by an SEC attorney during the hearing is also Beed by a community and has a network so not sure what that means binance is uh going in today Monday 22nd the sa had accused Finance of various violations including inflating trading volumes and facilitating trades of unregistered Securities uh despite settling with the doj and cftc binance is obviously resisting the sec's claims uh the outcome of this case is expected to significantly impact the's regulatory authority over the crypto sector so we'll follow that closely uh lawyers representing former Sal CEO Alex masinski are also trying to jump on a dismissal wagon filing a motion in federal court requesting a judge to drop charges related to a Commodities fraud and Market manipulation uh according to the filing the the second count of Commodities fraud was repugnant and inconsistent with the first count of Securities fraud based on the government's treatment of crypto a reminder masinski was indicted on seven felony counts in July 2023 and his currently free on a $40 million bail the parents of former FDX CEO s bankman freeder seeking to have FDX is lawsuit against them dismissed rejecting claims that they knew about the problems at the crypto exchange and knowingly benefited from misconduct at the firm according to a court filing lawyers representing Joseph bankman and Barbara freed argued that fx's lawsuit sought to capitalize on the sheer fact that they were the parents of the former FDX CEO in September 2023 FDX sued bankman and freed for allegedly exploring their influence and access within the FDX Empire to enrich themselves oh yeah I'm sure they didn't know anything that's my favorite argument according to coin gecko out of 24,000 tokens listed since 2014 a staggering 14,039 have shuffled off their digital coil to paraphrase Prince Hamlet uh the 2020 2021 Bull Run proved particularly lethal with a 70% mortality rate among the 11,000 new tokens but here's a silver lining in the cloud of token demise uh 2023 saw a sharp decline in token fatalities with only 289 out of 4,000 biting the dust a mere 10% death rate so just be aware of the fact that bull markets are token graveyards in Disguise but bare markets might just be your leg chart here's a fun one uh Ukrainian authorities in collaboration with europool arrested a 29-year-old man for uh orchestrating a large scale cryptojacking scheme using 1 million virtual servers on haed accounts to mine $2 million in Monero yeah the operation ID uh the operation identified in January 2023 following a cloud service providers alert led to the suspect's arrest and seizure of computer equipment and illegal transaction evidence active 2021 the hacker used Brute Force tactics on 1500 e-commerce accounts to create mining servers significantly impacting the compromised service performance and increasing energy costs in his latest and perhaps final Bitcoin related brain fart Jamie Diamond the chief executive of JP Morgan once again voiced his uh disdain for Bitcoin once again likening it to uh pet rock uh what's noteworthy about this particular case is that speaking at the world economic Forum in Davos diamond made it clear this would be his final public commentary on the topic his criticism wasn't shy of drama he condemned Bitcoin uh for its role in facilitating a range of illicit activities estimating the financial impact on these of these crimes at over100 billion annually Diamond stands contrast sharply with the growing enthusiasm on Wall Street or giants like Black Rock and Fidelity art embracing crypto evidence by the recent approval of spot Bitcoin itfs uh despite this trend Diamond remains un moov bluntly requesting an end to the discussion quote I don't care so just please stop talking about this that's what he said on MBC according to crypto.com the latest data suggests that nft sales volumes dropped from around $27 billion in 2022 to around 9.7 9.5 billion do in 2023 nft trading on ethereum plunged by 76% in 2023 while growing from 0 to 1.8 billion on bitcoin thanks to ordinals baby I mean that's that's pretty obvious to further illustrate the point GameStop announced the closure of its nft Marketplace launched in July 2022 uh so they going to shut it down on February 2nd 2024 citing uh continuing regulatory uncertainty of the crypto space earlier GameStop and its support for its digital asset wallet amidst these changes uh GameStop's board approved a new investment policy diversifying into Equity Securities and other Investments yeah sure Equity Securities Pretty Woman you know buy up a company break it down into pieces load them up with debt you know and like diffuse like the Good Fellas nice good one China not phased one inch by Zuckerberg's failures has established a metaverse working group including major tech companies like Hawaii uh tent Hawaii Hawaii I don't know how do you pronounce that t Cent ant group and BYU this initiative uh spearheaded by the ministry of industry and information technology aims to standardize and Foster the growth of the metaverse sector in China the group comprises governments academic and uh corporate Representatives uh focusing on developing basic standards and reducing investment redundancies interestingly I mean the excitement and speculation around the metaverse the MIT miit notes a lack of consensus on this on its definition emphasizing the need for a uh practical value in its development and finally in a Twist of divine intervention Denver Pastor Eli Regalado embroiled in an alleged cryptocurrency scam has attributed a $300,000 home remodel to a higher calling regalato and his wife Caitlyn accused of misappropriating $1.3 million from the sale of their valous index coin cryptocurrency have faced civil court action from Colorado State Regulators uh while half of the funds reportedly went to the IRS the remainder was divinely directed towards home renovations a Range Rover jewelry and luxury handbags contradicting the couple's initial promise to investor of eating widows and orphans the regalad presenting themselves as ordained ministers of Destiny churches and Ministries International await a court hearing amid Frozen bank accounts and ongoing legal uh proceedings uh if you feel like researching this thing further I encourage you to do so it's a really interesting very exciting story it's really funny and the brilliant Molly white did the work on that she uh posted a super cut video of the good pastor's repentant speech it's on her uh Twitter account I uh encourage you to follow her if you're not uh if you're not already I mean she's brilliant and uh the content she posts it's just really awesome anyway thank you so much for watching this video and I will see you in the next one peace
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