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Republican Representative Blaine Luetkemeyer of Missouri has announced his retirement, revealing in a post that he will conclude his term in December 2024. Luetkemeyer, who served as the chairman of the Financial Services Subcommittee on National Security, Illicit Finance, and International Financial, played a significant role in cryptocurrency-related legislation. His retirement follows the introduction of a bill targeting the use of China's digital yuan by U.S. financial institutions, citing surveillance concerns by the Chinese Communist Party. The departure signals potential changes in the approach to cryptocurrency regulation in the U.S. Congress. (Source: Coingape)

Bitcoin has experienced a rebound, surpassing the $44,000 level following a recent plunge. The market sentiment, as indicated by the Crypto Fear & Greed Index, leans towards Greed with a value of 72. Grayscale and VanEck's filings for spot Bitcoin ETFs have raised hopes for approval by the SEC, contributing to the positive market sentiment. The Crypto Fear & Greed Index measures emotions and sentiments in the cryptocurrency market, with a value of 0 indicating "Extreme Fear" and 100 representing "Extreme Greed." (Source: crypto.news)

ACE, Taiwan's largest cryptocurrency exchange, is currently under investigation by Taiwan's criminal police for fraud exceeding NT$1 billion. The probe focuses on the promotion and sale of cryptocurrencies referred to as 'shitcoins,' a term used to describe worthless or fraudulent digital assets. The investigation targets key figures, Lin Nan and Pan Nan, accusing them of orchestrating a scheme to deceive investors through social media platforms like Instagram and Facebook. Substantial assets, including cash and virtual currency, have been seized by authorities. This case highlights the challenges and risks associated with fraudulent activities in the cryptocurrency space. (Source: Cryptopolitan)

The United States Securities and Exchange Commission (SEC) has filed a motion in federal court urging the judge to consider a summary judgment in its case against cryptocurrency exchange Binance. The SEC referenced a recent ruling in a case against Terraform Labs and its co-founder Do Kwon, where the judge largely sided with the SEC, considering specific tokens as securities. The SEC argues that the Terra case's analysis is relevant to its case against Binance, emphasizing the similarities in issues related to stablecoins and staking programs. Binance and its former CEO Changpeng Zhao had filed a motion to dismiss the SEC's case in September. (Source: Cointelegraph)

Matrixport's cautious stance on the approval of Bitcoin Spot ETFs (Exchange Traded Funds) by the SEC projects a potential rejection in January 2024. The statement suggests hedging long exposure due to SEC Chair Gensler's skepticism towards cryptocurrencies. In the event of ETF denial, a forecasted -20% Bitcoin price drop is expected, despite a positive end-of-2024 outlook. This report briefly impacted the broader crypto market, with BTC and ETH experiencing a temporary downturn. However, Bloomberg ETF Analyst Eric Balchunas maintains an optimistic view, citing a high chance of approval, contrasting Matrixport's perspective. (Source: Matrixport)

South Korea's Financial Services Commission (FSC) has proposed an amendment to the credit finance act, aiming to prohibit citizens from using credit cards for cryptocurrency purchases. The amendment intends to limit local traders from buying cryptocurrencies on foreign exchanges to address concerns about illegal fund outflows, money laundering, and speculative behavior. The FSC is seeking public feedback on the proposal until February 13, with plans for review and voting in the first half of 2024. This move aligns with previous regulatory measures in South Korea, including the requirement for real-name verified accounts for crypto trading on local exchanges. (Source: The Block)

The G-7 summit, under Italy's presidency, has identified key priorities, including restoring respect for the international order amid crises in Ukraine and the Middle East. Italy aims to play a pivotal role in the Indo-Pacific region to strengthen political, military, and economic influence. The summit emphasizes a human-centric approach to artificial intelligence, advocating for international regulations that align with democratic principles. The G-7 discussions also addressed urgent humanitarian issues in Gaza and highlighted the need for collective action in the Red Sea to counter threats from Houthi attacks. Italy is committed to directing G-7 attention toward Africa, fostering equal partnerships and enhancing security in the region. The summit aligns with G-20 priorities, emphasizing reforms in the UN Security Council for a more democratic and representative institution. (Source: G-7 Summit)

exaBITS has introduced the world's first accelerated decentralized computing network, aiming to revolutionize affordable AI. The platform pools global GPU resources, optimizing their usage to significantly reduce the cost of training and deploying large AI models. During its private beta phase, exaBITS has onboarded over 65,000 GPUs globally, attracting a diverse range of clients in the AI industry. The platform's unique access to supply and ability to boost consumer-grade GPUs has led to cost-efficient AI development, making exaBITS a leading choice in the global AI sector. The platform addresses the scarcity of advanced GPUs by transforming consumer-grade GPUs, surpassing traditional cloud compute providers like AWS and Google. Additionally, exaBITS deploys Anti-Fault-Technology to enhance system stability and improve resource usage efficiency by over 50%. (Source: exaBITS)

South Korean tax authorities have clarified that crypto assets stored in non-custodial and decentralized wallets are excluded from overseas financial account reporting. This exemption applies to virtual assets held in wallets like Metamask and Ledger. The clarification addresses concerns regarding the reporting requirements introduced in 2023, which mandate South Korean crypto users to report digital assets held in foreign accounts exceeding 500 million Won to the National Tax Service. However, the exemption does not cover virtual assets held on overseas centralized exchanges. (Source: Coinedition)

The European Banking Authority (EBA) is proposing tests to assess whether tensions in non-bank financial institutions (NBFIs), including cryptocurrency-related entities, could impact traditional lenders. The EBA has already taken steps to address potential stress from cryptocurrencies by publishing draft rules on liquidity and capital requirements for stablecoin issuers under the EU's Markets in Crypto-Assets (MiCA) regulation. Additionally, the EBA has proposed rules related to screening individuals with significant stakes in crypto companies for convictions or sanctions and requiring crypto companies to monitor customers using privacy coins or self-hosted wallets to identify potential money laundering. These initiatives are part of the regulatory framework established with the adoption of MiCA in the European Union. (Source: Crypto.news)

Bitcoin's price experienced a dip, slipping 0.36% to $45,256 after reaching a 21-month high, impacting the global crypto market cap, which fell to $1.73 trillion. This decline raised concerns among investors, but anticipation of the US Securities and Exchange Commission (SEC) approving a spot Bitcoin exchange-traded fund (ETF) by January 10 has led to speculation about a potential new crypto bull market. Despite Bitcoin's pullback, its 24-hour trading volume increased by almost 28% to $32.7 billion. Ethereum, the second-largest cryptocurrency, also saw a decline, dropping 0.82% to $2,368, with an increased 24-hour trading volume of over 37% to $11.68 billion. (Source: Coingape)

The bipartisan infrastructure bill, with its new amendment effective from 31 december 2023, expanded crypto reporting requirements for brokers, making it mandatory for exchanges to report transactions over $10,000 to the IRS. Lawmakers have since expressed concerns about the feasibility of collecting such data and proposed additional legislation to address these challenges. The bill mandates brokers to report sender information, including name, address, and social security number, within 15 days. Initially set for January 2023, compliance deadlines are approaching, with concerns raised about the potential difficulty for users to adhere to the reporting requirements without clear IRS guidance. Source: Cointelegraph