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Judge denies appeal from promotor accused in $18M crypto fraud case

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A federal judge has denied an appeal from a cryptocurrency promoter accused of orchestrating an $18 million fraud scheme. The decision, announced on Nov. 21, keeps the legal proceedings against the promoter, identified as Michael Glaspie, on track. Prosecutors allege that Glaspie misled investors through false promises and deceptive practices tied to a fraudulent crypto investment scheme.

Glaspie is accused of luring investors into a program called “CoinDeal,” which purportedly offered high returns through a cryptocurrency and blockchain-based investment platform. According to court filings, Glaspie and his associates allegedly fabricated claims about securing partnerships with major companies to boost investor confidence. Instead, the funds were reportedly diverted for personal enrichment and to pay off earlier investors in a classic Ponzi-style operation.

The appeal was an effort to contest the charges on procedural grounds, but the judge ruled that the evidence presented by prosecutors justified proceeding with the case. If convicted, Glaspie could face significant penalties, including prison time and financial restitution to defrauded investors. The case is part of a broader crackdown on fraudulent schemes in the crypto industry, as regulators and law enforcement agencies intensify scrutiny of bad actors.

The decision underscores the increasing regulatory focus on combating crypto-related fraud. As digital asset adoption grows, authorities worldwide are ramping up efforts to safeguard investors and uphold market integrity. The outcome of Glaspie’s case could set a precedent for how similar fraud cases are prosecuted, serving as a warning to those attempting to exploit the burgeoning cryptocurrency space for illicit gain.

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US lawmakers advance anti-CBDC bill

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U.S. lawmakers have voted to advance a bill aimed at blocking the Federal Reserve from issuing a central bank digital currency (CBDC), marking a major step in the political pushback against the development of a digital dollar.

The bill, which passed through the House Financial Services Committee, would prohibit the Fed from directly offering accounts or issuing a CBDC to individuals, citing concerns over surveillance, privacy, and government overreach.

Supporters of the legislation argue that a digital dollar could pose significant risks to civil liberties, enabling real-time tracking of consumer transactions and expanding federal control over personal finances. They view the bill as a safeguard against what they describe as a “surveillance-style” monetary system.

Opponents of the bill, however, argue that restricting CBDC development could hinder U.S. innovation and global competitiveness in the evolving digital financial landscape.

The legislation now moves closer to a potential floor vote in Congress. Its progress underscores growing ideological divisions over the future of money in the United States, with CBDCs emerging as a new front in the broader debate over digital governance, financial freedom, and the role of government in the digital age.

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Gemini to open Miami office after judge stays SEC case

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Crypto exchange Gemini has opened a new office in Miami, reinforcing its commitment to expanding operations despite pausing its plans for an initial public offering (IPO) amid a continuing legal battle with the U.S. Securities and Exchange Commission (SEC).

The Miami office signals the company’s long-term vision for growth in key U.S. markets, even as regulatory uncertainty clouds the broader crypto landscape. The expansion comes at a time when Gemini is facing heightened scrutiny from the SEC over its Earn program, which the regulator alleges involved unregistered securities.

While the IPO remains on hold, Gemini continues to strengthen its infrastructure and team, focusing on user growth, compliance, and regional outreach. The Miami hub is expected to play a strategic role in those efforts, leveraging the city’s growing status as a U.S. crypto hotspot.

Co-founders Cameron and Tyler Winklevoss remain vocal about the need for clear regulatory frameworks and have emphasized that Gemini will continue to fight for fair treatment while building responsibly in the U.S. and abroad.

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Coinbase Institutional files for XRP futures trading with CFTC

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Coinbase Institutional has officially filed with the U.S. Commodity Futures Trading Commission (CFTC) to offer XRP futures trading, marking a significant move toward expanding institutional access to Ripple’s native token.

The filing, submitted through Coinbase Derivatives, signals the exchange’s intent to list XRP futures contracts in a regulated environment. If approved, it would allow institutional investors to gain exposure to XRP through derivative products, a key step in broadening the token’s presence in traditional financial markets.

This development comes amid a gradually improving regulatory climate for XRP, following a partial legal victory for Ripple in its ongoing case with the U.S. Securities and Exchange Commission (SEC). The outcome gave XRP a degree of legal clarity, opening the door for exchanges and financial institutions to re-engage with the asset.

Coinbase’s push to expand its derivatives offerings also aligns with its strategy to build a more robust institutional platform. Approval from the CFTC would position the exchange to capitalize on growing demand for regulated crypto investment vehicles.

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