FameEX Morning Crypto News Recap | April 23, 2024

US Presidential Candidate RFK Jr Proposes Moving Entire US Budget to Blockchain

U.S. presidential candidate Robert F. Kennedy Jr. has proposed placing the entire U.S. budget on a blockchain to enhance transparency. He emphasized that this would allow every American to scrutinize every budget item around the clock, highlighting that excessive expenditures, such as a $16,000 toilet seat, would be visible to all.

Canadian Provinces Deny and Restrict Energy to Crypto Miners

The Canadian province of Manitoba has prolonged a moratorium on new cryptocurrency operation requests for electrical service from the government-owned Manitoba Hydro. Similarly, British Columbia (BC) has maintained its suspension of services and opted for a restrictive approach moving forward.

Biden Urges Congress to End American Bitcoin Mining Sector

The US displays a paradoxical stance on cryptocurrency, especially evident in its treatment of the Bitcoin mining sector. Despite approving Bitcoin ETFs, regulators are aggressively targeting the mining industry, despite its relatively clean energy practices. This contradiction raises concerns about the government's intentions and the future of Bitcoin mining within the country.

SEC Attorneys Step Down Amid Allegations of Crypto Case Power Abuse

Following a district court's sanction against the SEC for "gross abuse" and "bad faith" in a crypto case, two newly appointed lawyers resigned. Welsh, a trial attorney since December 2022, and Watkins, an attorney at the Division of Enforcement from January 2023, stepped down. Their departures raise questions about the SEC's conduct and its implications for crypto regulation.

South African Payments Roadmap Includes Stablecoin and Retail CBDC Sandboxes

The South African Reserve Bank aims to achieve its 2025 objectives, emphasizing the need for acceleration. While the country boasts a well-established financial sector, digital payment advancements have not fully penetrated lower and middle-income groups, who still heavily rely on cash. Challenges include high user costs, low financial literacy, limited accessibility, and trust issues, impeding progress in transitioning to digital payments.

SEC Orders Terraform Labs and Do Kwon to Pay $5.3 Billion in Disgorgement and Civil Penalties

Following a jury's fraud verdict, the SEC motioned for $5.3 billion in disgorgement and civil penalties against Terraform Labs and Do Kwon. The filing, dated April 19 and submitted to the U.S. District Court for the Southern District of New York, urges Kwon and Terraform to pay roughly $4.7 billion for disgorgement and prejudgment interest, along with $520 million in civil penalties.

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