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Mt. Gox moves $9 billion in Bitcoin to new wallet

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The defunct crypto exchange has moved a staggering 140,000 BTC, worth approximately $9 billion, to a new wallet over the past 12 hours. This significant transfer comes ahead of the repayment deadline set for October 31, when Mt. Gox plans to repay its creditors a total of 142,000 BTC, 143,000 BCH, and 69 billion Japanese yen.

In a recent conference presentation at Consensus, Rep. Tom Emmer (R-MN) criticized SEC Chair Gary Gensler’s approach to crypto regulation, arguing that Gensler has gone beyond the authority of the SEC. Emmer emphasized the importance of promoting capital investment and new opportunities, and discussed the passage of the CBDC Act in the House, which aims to protect privacy and prevent the implementation of a surveillance tool in the United States.

The US Treasury Department has released its first risk assessment analyzing illicit finance and NFTs, stating that non-fungible tokens are prone to fraud and scams. The report highlights the use of NFTs for money laundering and the vulnerability of the NFT market to fraud, copyright, and trademark issues. The Treasury recommends that relevant authorities consider rules or guidance specific to NFTs to provide clarity on existing obligations for NFT platforms.

Today’s Newsletter

  • Mt. Gox moves $9 billion in Bitcoin to new wallet
  • Rep. Tom Emmer: ‘Gary Gensler has been the worst thing for the SEC’
  • US Treasury says NFTs are prone to fraud and scams, recommends rules and guidance to provide clarity

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BITCOIN

Mt. Gox moves $9 billion in Bitcoin to new wallet

Following the transfer, Bitcoin’s price experienced a minor dip, dropping below $68,500 after surpassing $70,600 on Monday. Market members have speculated that the large release could trigger a sell-off that depresses Bitcoin’s price, although experts suggest that Bitcoin maximalists could shield the market from the sell-off effects.

Mt. Gox, once responsible for 70% of Bitcoin transactions worldwide, suffered a devastating cyberattack in 2014, resulting in significant Bitcoin losses for both the exchange and its customers. While 200,000 BTC were later recovered, legal complexities in Japan have delayed restitution to the victims. Following the Tokyo District Court’s approval of a rehabilitation petition in 2018, Mt. Gox trustees voted on the rehab plan in 2021, with 99% of creditors voting in favor. [cryptobriefing]

REGULATION

Rep. Tom Emmer: ‘Gary Gensler has been the worst thing for the SEC’

Emmer also discussed the growing importance of the crypto voter bloc, particularly among younger generations, noting that they don’t trust people in Washington, DC, to dictate what they should be allowed to do on the Internet. He emphasized that the protection of privacy and prevention of surveillance tools is a bipartisan issue.

Looking ahead to the 2024 election, Emmer highlighted the need for bipartisan solutions to address the challenges faced by the crypto industry. He called for a more balanced approach to regulation that promotes innovation while protecting investors and ensuring market integrity. [cryptobriefing]

NFTs

US Treasury says NFTs are prone to fraud and scams, recommends rules and guidance to provide clarity

The Treasury Department’s report also highlighted copyright and trademark issues in the NFT space, noting that criminals may misrepresent the actual rights conveyed by an NFT or violate copyright and trademark protections to market NFTs, potentially inflating their prices.

As for next steps, the Treasury recommended that relevant authorities consider rules or guidance for NFTs to provide additional clarity on existing obligations for applicable NFT platforms. This could include guidance, alerts, advisories, and other materials pertaining to digital assets, noting how existing regulations and guidance apply to NFTs and NFT platforms. The department also suggested private sector outreach to raise awareness of relevant regulatory obligations and increase the number of compliant NFT platforms. [theblock]

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