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Crypto mixer founder argues 30-year prison sentence is ‘unwarranted’

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Roman Sterlingov, the alleged operator of the Bitcoin Fog cryptocurrency mixer, is challenging what his legal team describes as an “unwarranted” prison sentence. Sterlingov, a dual citizen of Russia and Sweden, was sentenced after being convicted of operating the Bitcoin Fog platform, which authorities claim facilitated the laundering of over $330 million in cryptocurrency transactions.

Sterlingov’s defense argues that the sentence is unjust, asserting that the prosecution failed to provide sufficient evidence linking him directly to the operation of Bitcoin Fog. The defense also contends that Sterlingov’s case reflects broader concerns about the criminalization of privacy-enhancing tools in the cryptocurrency space.

Bitcoin Fog, which launched in 2011, was one of the first cryptocurrency mixers, offering users the ability to obscure the origins and destinations of their Bitcoin transactions. While mixers like Bitcoin Fog are often used to enhance privacy, they have also been scrutinized by law enforcement for their potential use in illicit activities, including money laundering and drug trafficking.

Sterlingov’s legal team plans to appeal the sentence, arguing that the case sets a dangerous precedent for the use of privacy tools in the cryptocurrency industry. They maintain that privacy should not be equated with criminality and that Sterlingov’s conviction represents an overreach by authorities.

The case has garnered significant attention within the crypto community, where debates over privacy, regulation, and individual rights continue to intensify. The outcome of Sterlingov’s appeal could have far-reaching implications for the future of privacy tools in the digital currency ecosystem, as well as the legal boundaries of their use.

Sterlingov’s sentencing comes at a time when regulators worldwide are increasingly targeting cryptocurrency mixers and other privacy-focused technologies, arguing that they facilitate illegal activities. The appeal process will likely serve as a critical test of how the legal system balances privacy rights against efforts to combat financial crime in the evolving landscape of digital assets.

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7-Eleven South Korea to accept CBDC payments in national pilot program

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7-Eleven is set to participate in the testing phase of a central bank digital currency (CBDC) initiative, running from April to June. The retail giant’s involvement highlights the growing push for digital currency integration in everyday transactions.

The pilot program will assess the feasibility of CBDC payments at 7-Eleven stores, allowing customers to make purchases using the digital currency. The initiative is part of a broader effort to explore the real-world application of CBDCs in retail environments, potentially shaping future payment systems.

As central banks worldwide accelerate their digital currency research, private sector collaboration is seen as crucial for widespread adoption. If successful, 7-Eleven’s participation could pave the way for broader CBDC usage across retail and commercial sectors.

The outcome of the testing phase will provide valuable insights into consumer adoption, transaction efficiency, and potential regulatory considerations, influencing how CBDCs are integrated into mainstream financial systems.

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SEC and Gemini ask to pause lawsuit to explore ‘potential resolution’

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The U.S. Securities and Exchange Commission (SEC) and crypto exchange Gemini have agreed to pause legal proceedings as both sides explore a potential resolution to their ongoing lawsuit. The move signals a possible settlement in the high-profile case, which centers around Gemini’s now-defunct Earn program.

The SEC initially sued Gemini, alleging that the Earn program—designed to offer users yield on crypto deposits—operated as an unregistered securities offering. Gemini has pushed back against the claims, arguing that its operations complied with regulatory standards.

By pausing litigation, both parties may be looking for a compromise that could set a precedent for crypto lending products in the U.S. A settlement could also provide regulatory clarity for similar platforms navigating SEC scrutiny.

While the outcome remains uncertain, the crypto industry is closely watching the case, as its resolution could impact future enforcement actions and the broader regulatory approach toward digital asset lending services.

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GameStop finishes $1.5B raise to add Bitcoin to its balance sheet

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GameStop has successfully completed a debt offering, raising capital that may be used to acquire Bitcoin, signaling the company’s deeper foray into digital assets. The move aligns with its broader strategy to diversify beyond traditional retail operations and into emerging financial technologies.

While GameStop has not confirmed the exact allocation of the funds, market speculation suggests that a portion could be used to buy Bitcoin, following in the footsteps of companies like MicroStrategy. The potential investment would reinforce GameStop’s ongoing pivot toward blockchain and digital assets, an effort that began with its NFT marketplace and crypto-related initiatives.

Analysts see this development as part of a growing trend of corporations exploring Bitcoin as a reserve asset amid concerns over inflation and monetary policy. If GameStop proceeds with the acquisition, it could further validate Bitcoin’s role as a strategic investment for publicly traded companies.

The company’s board will ultimately decide how the newly raised capital is deployed. Investors and the broader crypto market are watching closely for any official announcements regarding GameStop’s Bitcoin strategy.

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