NewsBriefs - Louisiana state government accepts Bitcoin and USDC for state services

Sep 19, 2:45 AM Constant Contact

Louisiana state government accepts Bitcoin and USDC for state services

Louisiana State Treasurer, John Fleming, M.D., announced that the state government will now accept Bitcoin, Bitcoin Lightning Network, and USDC as valid forms of payment for state services. The initiative, aimed at modernizing government operations, allows residents to use their private Bitcoin wallets for transactions while the state receives payments in US dollars. The conversion process, managed by Bead Pay, mirrors traditional card payments, ensuring security and efficiency. This move is part of Louisiana's broader effort to integrate new technologies into public services, enhancing transaction security and reducing fraud risks.

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• Dec 30, 3:42 PM The Block

  Tether transfers 7,629 Bitcoin to strategic reserve from Bitfinex

  Tether has moved 7,629 BTC worth approximately $700 million from Bitfinex's hot wallet to its strategic Bitcoin reserve, marking the largest transaction to this reserve since March 2024. The stablecoin issuer, which began allocating up to 15% of its profits into Bitcoin in May 2023, aims to diversify its portfolio. Tether now possesses over $7.6 billion in Bitcoin, reinforcing its investment strategy amid expanding its holdings, which include US Treasury bonds and other assets.

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• Dec 30, 11:00 AM MoonPay

  MoonPay secures MiCA approval in the Netherlands

  MoonPay has received a MiCA license from the Dutch Authority for the Financial Markets, enabling it to continue offering crypto payment services across Europe. This aligns with the EU's MiCA regulation objectives to enhance consumer protection, market transparency, and stability. The license underscores MoonPay's commitment to regulatory compliance and its aim to expand and innovate within the European crypto ecosystem.

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• Dec 30, 2:59 AM The Block

  Malaysia's SC orders Bybit to stop operations for lack of registration

  Malaysia's Securities Commission (SC) has ordered Bybit, a crypto asset trading platform, and its CEO Ben Zhou to suspend operations due to the absence of proper registration as a Recognised Market Operator (RMO). The SC directed Bybit to halt its services across all digital platforms, cease advertising, and disband support groups in Malaysia, emphasizing the need for compliance to protect investors and uphold regulatory standards.

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• Dec 29, 5:30 PM Michele Korver | Head of Regulatory at a16z crypto

  a16z crypto supports Blockchain Association in lawsuit against IRS over DeFi broker rules

  a16z crypto has voiced its support for the Blockchain Association, DeFi Education Fund, and Texas Blockchain Council in a lawsuit against the IRS and US Treasury. This legal action challenges a new rule that mandates DeFi brokers to report user information starting in 2027, claiming it threatens privacy, exceeds government authority, and could negatively impact the US's role in the digital economy.

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• Dec 28, 1:30 PM Cointelegraph

  Blockchain Association challenges IRS on new crypto broker regulations

  The Blockchain Association has filed a lawsuit against the US Internal Revenue Service (IRS) challenging new regulations that expand the scope of crypto reporting requirements for brokers. These rules, effective in 2027, mandate that brokers, including decentralized exchanges and platforms involved in crypto transactions, disclose comprehensive transaction and taxpayer information. The Blockchain Association claims the regulations, requiring compliance from 2026, impose unreasonable burdens on software developers and infringe on privacy rights.

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• Dec 27, 5:29 PM The Block

  IRS finalizes rule requiring DeFi brokers to report user crypto trading details

  The IRS has enacted a rule necessitating certain decentralized finance brokers to adhere to tax reporting standards similar to those for traditional brokers. DeFi brokers must collect, report, and file user trading information using Form 1099, under an initiative set to improve tax compliance and simplify filing for taxpayers. This rule, which identifies brokers as 'front-end service providers' interacting directly with customers, aims to uniform tax treatment of digital assets with other financial assets and will take effect from January 1, 2027.

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• Dec 27, 4:40 PM Bloomberg

  Bitcoin stumbles at $94K as Trump-fueled gains start to fade

  Bitcoin's rally is losing momentum towards the end of a record year as President-elect Donald Trump promises a crypto-friendly US environment and supports establishing a national Bitcoin reserve. Amid Trump's positive stance on crypto, Bitcoin trades below recent highs with substantial options of Bitcoin and Ether set to expire, contributing to potential market volatility. Meanwhile, MicroStrategy considers expanding Bitcoin acquisitions, even as the token sees potential monthly declines and mixed exchange-traded fund flows.

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• Dec 26, 5:01 PM The Block

  Wintermute analyst predicts increased corporate investment in crypto by 2025

  Wintermute analyst Jake Ostrovskis forecasts a significant rise in corporates, including SMEs, incorporating Bitcoin into their balance sheets by 2025, following the example set by MicroStrategy. Companies like Mara and Riot are also engaging in similar finance strategies, leveraging assets to expand their Bitcoin holdings. This trend, termed the MicroStrategy strategy, aims to enhance balance sheets and boost stock values, and may extend to other cryptos like Ether.

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• Dec 26, 5:15 AM Cointelegraph

  Animoca Brands co-founder Yat Siu's X account hacked to promote fake token

  Yat Siu, co-founder of Animoca Brands, had his X account hacked, promoting a non-existent token linked to a phishing scheme likely by the same threat actor responsible for similar recent hacks. The fraudulent token named MOCA mimicked the company's name and affiliated NFT collection. Blockchain investigator ZachXBT linked this incident to other recent crypto-focused X account hacks, indicating ongoing social engineering and phishing tactics to compromise these accounts.

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• Dec 25, 5:35 AM Cointelegraph

  BlackRock's Bitcoin ETF records historic $188M single-day outflow

  BlackRock's iShares Bitcoin Trust ETF experienced a record outflow of $188.7 million on December 24, marking the largest single-day withdrawal in its history and surpassing previous records. Concurrently, all US-based spot Bitcoin ETFs reported cumulative outflows of $338.4 million on the same day, reaching a total outflow of $1.52 billion over four days. In contrast, US spot Ether ETFs saw rising inflows, adding $53.6 million on December 24, following a $130.8 million input the previous day.

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• Dec 25, 4:22 AM Cointelegraph

  CoinGecko reports memecoins dominate crypto investor interest in 2024

  In 2024, memecoins emerged as the most prevailing narrative in the crypto space, capturing about 31% of investor interest, according to a CoinGecko study. This marked a significant shift toward speculative investments in the crypto market. The study noted a particular increase in traffic for memecoin categories on CoinGecko’s platform, with top tokens like Dogecoin and Shiba Inu leading the market caps among these tokens.

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• Dec 24, 6:29 PM The Block

  US Bitcoin ETFs experience $1.2 billion outflow over three days, largest since Trump's election

  US-based spot Bitcoin ETFs have experienced significant outflows, totaling nearly $1.2 billion over three days, marking the longest outflow streak since the re-election period of former President Donald Trump. This streak resulted in a $10.7 billion decrease in the total value of these funds. Despite these outflows, the overall value of the funds ended slightly higher than at the beginning of December. While most funds saw continuous outflows, some like BlackRock's IBIT reported less significant losses. Concurrently, Ethereum ETFs saw minor net outflows but remained relatively stable in value.

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• Dec 24, 12:09 PM CoinDesk

  SOL exhibits bullish throwback pattern, offers new entry points for traders

  Solana's SOL token has demonstrated a bullish throwback pattern, providing a second chance for breakout traders. After surging over 7% to $193 and breaking out of a descending channel established from March to October, SOL retested the breakout point at $260, retracing briefly before climbing again. This pattern, recognized for offering low-risk entry points following a price breakout and retracement, is popular with traders aiming to capitalize on the ongoing upward trend.

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• Dec 24, 3:34 AM The Block

  MicroStrategy proposes massive share increase to fund future Bitcoin purchases

  MicroStrategy has proposed increasing its Class A common stock from 330 million to 10.33 billion shares and preferred stock from 5 million to 1.005 billion to fund its '21/21' plan. This plan aims to leverage $42 billion in equity and fixed-income instruments to support further bitcoin acquisitions. This move aligns with their ongoing strategy to enhance bitcoin holdings as a primary treasury asset. Additionally, the company recently expanded its board and announced a new equity incentive plan.

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• Dec 23, 8:22 PM The Block

  Robinhood CEO states no plans to hold Bitcoin as investment

  Robinhood CEO Vladimir Tenev clarified that while the topic of holding Bitcoin surfaces periodically, there are no plans for the trading platform to hold BTC for investment purposes. Despite a growing interest in crypto, Robinhood will continue holding coins only to facilitate client trades, not as part of an investment strategy. Tenev expressed concerns that holding bitcoin might complicate investor perceptions, potentially categorizing Robinhood as a bitcoin-centric company.

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