30s Summary

Following the 2024 elections, Senator Cynthia Lummis supported President Donald Trump’s idea of creating a U.S. Bitcoin reserve, suggesting acquiring 1 million bitcoins for a 20-year hold.
,After violating state lending laws, BlockFi, a bankrupt cryptocurrency lender, permanently lost its lending license in California, though a $175,000 fine was waived for customer repayments.
,Ex-Alameda Research CEO, Caroline Ellison, is to be imprisoned for two years due to fraudulent activities and money laundering related to failed cryptocurrency firm FTX.
,Poland’s financial watchdog issued a caution about Crypto.com, which is not registered as a virtual asset service provider under Polish law, amid growing EU efforts for more crypto regulations.

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Shortly after Donald Trump won the 2024 presidential elections, US Senator Cynthia Lummis from Wyoming, who’s a big fan of cryptocurrency, said she was really into Trump’s idea of creating a Bitcoin reserve. She even suggested that the US should get its hands on 1 million bitcoins and just let them chill for 20 years. This goes along with what Trump was proposing that the government should hold onto, not sell off, any Bitcoin assets it gets.

In other news, BlockFi, a cryptocurrency lender that went bankrupt two years ago, got its lending license stripped away for good by California’s Department of Financial Protection and Innovation. This was after BlockFi was found to be breaking the state’s lending laws by not properly checking if borrowers could actually pay back loans, being sneaky with loan details and demanding interest before even giving out the loans. Despite having to pay a fine of $175,000, BlockFi was able to have it waived so it could focus on paying back its customers.

In the aftermath of FTX’s collapse, Caroline Ellison, the past CEO of Alameda Research, another cryptocurrency company, will be spending the next two years behind bars. She’s admitted to a whole bunch of fraud and money laundering related to FTX. Her case has brought attention to the legal consequences of FTX’s failure.

Crypto.com is in trouble in Poland, where the financial watchdog has issued a warning about the platform. It hasn’t been registered as a virtual asset service provider under Polish law and users are being told to be careful. This is all part of a wider effort in the European Union to amp up regulations and oversight in the chaotic world of cryptocurrency.