Chinese entrepreneur sued for fraud invests $30 million in Trump crypto venture
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Richard Levin, a partner at Nelson Mullins Riley & Scarborough who has represented clients before the SEC, CFTC, and Congress, tells CNBC that these agencies have been some of the most active enforcers around the world concerning the regulation of digital assets and cryptocurrencies. Last year the SEC sued Sun and his companies with securities fraud for allegedly manipulating the value of a cryptocurrency and paying celebrities including Lindsey Lohan, Ne-Yo, and Jake Paul to promote the assets without disclosing they had been paid. Sun and his companies have denied wrongdoing, and the celebrities have settled the case without admitting or denying the allegations. The law, initially proposed in 2019 as a response to Meta’s digital currency project Diem, formerly known as Libra, aimed to clean up fraud, money laundering and other illicit financing in the crypto space, and stamp out the sector’s bad actors more broadly.
The crypto exchange joins a number of crypto payment providers enabling customers to pay with crypto. At Coinatory, we stay at the forefront of modern trends by leveraging various AI tools for content creation, marketing, and other purposes. While these tools help us enhance our services and provide valuable insights, it is important to note that the information and content generated by AI may not always be perfect or fully accurate. We strive to ensure the highest quality and accuracy in all our offerings, but we recommend that users independently verify information and seek professional advice when necessary.
Since 2019, Justice’s Market Integrity and Major Frauds Unit has charged cryptocurrency fraud cases involving over $2 billion in intended financial losses to investors worldwide. “Other countries have a comprehensive regulatory framework in place. We don’t,” Mariotti told CNBC. “As a result, issues that should be determined by legislation or regulation are instead litigated.” Buying solana (SOL) is straightforward, but with numerous crypto exchanges on the market, it’s crucial potential investors consider other key factors before making a purchase. Trump is not an officer or employee of the company, but DT Marks DEFI LLC receives a bulk of World Liberty Financial’s revenue if the venture is a success, leading some ethics experts to raise concerns that the company could be a vehicle for directing funds to Trump.
In approximately January 2022, Meissner obtained a 50 Ethereum (approximately $170,000) loan from his employer, stating that he would use the funds in an attempt to avoid a substantial loss in certain cryptocurrency investments he had made using his personal funds. Then, from February 2022 until his termination in November 2022, in continued attempts to counteract significant personal trading losses, Meissner fraudulently diverted his employer’s funds to his own use and covered up his conduct through false entries in the firm’s books and records. Anton and James Peraire-Bueno were charged with wire fraud and conspiracy to commit money laundering. Investigators accused them of spending months plotting their theft within the Ethereum blockchain, baiting their victims and establishing shell companies to hide their illicit profits. Even as U.S. lawmakers take steps toward crypto legislation, there remains no law in the U.S. tailored specifically for the industry. Nelson Mullins Riley & Scarborough’s Levin tells CNBC it’s unlikely that we’ll see much progress in a presidential election year and with a divided federal government.
Bitcoin options OI hits $44B as futures trading cools
- It also sought to tackle a perceived threat from so-called stablecoins, or blockchain-based tokens that serve as a representation of government money but are backed by private companies.
- At the same time, French authorities have kept a skeptical eye on fraudulent activity among various crypto players.
- On Thursday, shares of the leading cryptocurrency bitcoin surpassed $100,000 for the first time.
- “Some members of the industry forget the SEC is relying on laws that were written when American football players wore leather helmets, and the SEC must apply those laws to the FinTech industry,” he said.
- Cango purchased 50 EH/s worth of mining power towards the end of 2024, making it one of the biggest players in the bitcoin mining industry.
But crypto companies have begun to push back, with some threatening to decamp from the U.S. entirely should this dynamic of policing by enforcement continue. “However, much of their work has involved providing guidance to the industry through enforcement actions,” continued Levin. 2025 will see a sea change in the U.S. regulations, acceptance of bitcoin as digital gold and stablecoins as important rails for payments, says EY’s Paul Brody. Cango purchased 50 EH/s worth of mining power towards the end of 2024, making it one of the biggest players in the bitcoin mining industry. In summary staying updated with the news is vital, for anyone engaged in this domain.
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There is growing demand for bitcoin from institutional investors that include ETF promoters, corporations and nation-states. MicroStrategy (MSTR), the leader for public companies holding bitcoin on its books, held 444,262 worth roughly $42 billion as of Dec. 23. Bitcoin (BTCUSD) rallied early in the year amid explosive demand from newly launched spot bitcoin exchange-traded funds (ETFs). Soon after, a bitcoin halving, which slowed the pace at which new bitcoins are created, created a demand-supply imbalance that sent prices soaring further. Get crypto market analysis and curated news delivered right to your inbox every week.
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Blockchain analytics firm Chainalysis notes that regulators in the UAE were early to cryptocurrency, with Dubai leading the charge when it launched a blockchain strategy in 2016. “This perception stems from the proactive measures taken by U.S. regulatory bodies like the SEC, CFTC, and IRS, especially in addressing fraud and security issues in the crypto market. High-profile legal actions in the U.S. further cement its image as a strict enforcer,” he said. Meanwhile, the European Union is moving towards a unified regulatory framework for cryptocurrencies with its Markets in Crypto-Assets Regulation (MiCA).
CryptoSlate’s latest market report dives deep into Bitcoin ETF options, their role in the market, and their potential to reshape institutional crypto trading. “Dubai and the UAE have created favorable conditions for cryptocurrency businesses, offering specific zones and guidelines for crypto trading,” said Perry. The U.K., a non-member of the EU, passed a law in June that gives regulators the ability to oversee stablecoins. Concerning criminal enforcement, Damian Williams, the U.S. attorney for the Southern District of New York, has been leading some of Justice’s highest-profile crypto prosecutions, including the monthlong trial of Bankman-Fried, the disgraced FTX founder. In November, a jury found the former FTX chief executive guilty of all seven criminal counts against him following a few hours of deliberation.
Hong Kong, meanwhile, is undergoing a public consultation on stablecoins and seeks to introduce regulation next year. The European Union looks set to apply its Markets in Crypto-Assets legislation, which is aimed at taming the “Wild West” of the crypto industry, in full force starting next year. That’s as investors anticipate that approval for a bitcoin exchange-traded fund by the SEC may be around the corner. The most stringent cases played out in the first half of the year when the SEC accused Binance and Coinbase of engaging in illegal securities dealing in a pair of lawsuits. This time, his online activity triggered a dramatic pump-and-dump of cryptocurrency.
We offer a comprehensive coverage of the technical details behind recent and upcoming changes and events in the cryptocurrency industry, enabling our readers to stay up-to-date with the latest trends and insights. But that arrangement would not fully remedy the concerns about conflicts stemming from Trump’s crypto venture, according to multiple experts. Trump is still able to broadly understand the state of his assets, he can still profit from them, and he has the authority to regain control of the assets — all of which limit the trust’s effectiveness in preventing conflicts, several cryptocurrency news experts said. From April and June of last year, Peraire-Buenos are accused of laundering their money through shell companies.