Connect with us

News

President Joe Biden Plans to Criminalize Bitcoin Software Developers

Senator Cynthia Lummis has alleged that President Joe Biden’s administration is considering a drastic measure that could have far-reaching implications for the cryptocurrency industry. According to Lummis, there are indications that the Biden administration is contemplating criminalizing Bitcoin software developers, raising concerns among stakeholders and enthusiasts in the crypto space.

Published

on

Senator Cynthia Lummis has alleged that President Joe Biden’s administration is considering a drastic measure that could have far-reaching implications for the cryptocurrency industry. According to Lummis, there are indications that the Biden administration is contemplating criminalizing Bitcoin software developers, raising concerns among stakeholders and enthusiasts in the crypto space.

The revelation came during a recent interview with Senator Lummis, a prominent advocate for cryptocurrency and blockchain technology. Lummis, who has been a vocal proponent of Bitcoin and digital assets, expressed her apprehensions regarding the potential consequences of such a move by the Biden administration.

Criminalizing Bitcoin software developers would mark a significant escalation in the government’s approach to regulating cryptocurrencies, effectively treating developers as accomplices in any illicit activities facilitated by the Bitcoin network. This approach raises complex legal and ethical questions about the role of software developers in decentralized systems and their responsibility for the actions of users.

The proposal, if enacted, could have serious implications for the broader crypto industry, stifling innovation and development while driving talent and investment away from the United States. It could also undermine the principles of decentralization and censorship resistance that are central to Bitcoin and other cryptocurrencies.

Senator Lummis has vowed to oppose any efforts to criminalize Bitcoin developers, arguing that such a move would be counterproductive and detrimental to the country’s technological advancement. She emphasized the need for policymakers to adopt a more nuanced and balanced approach to regulating cryptocurrencies, one that fosters innovation while addressing legitimate concerns about illicit activities.

The Biden administration has not officially confirmed or commented on the allegations made by Senator Lummis, leaving many in the crypto community uncertain about the government’s intentions regarding Bitcoin regulation. However, the mere suggestion of criminalizing Bitcoin software developers has sparked debate and raised concerns about the future of cryptocurrency in the United States.

In response to the news, stakeholders in the crypto industry have called for greater clarity and dialogue between regulators, policymakers, and the crypto community. They argue that effective regulation should aim to strike a balance between fostering innovation and protecting consumers without stifling technological progress or infringing on individual freedoms.

As the debate over Bitcoin regulation continues to unfold, all eyes will be on the Biden administration to see how it navigates the complex landscape of cryptocurrency policy. With the potential for significant implications on the future of Bitcoin and the broader crypto market, the stakes have never been higher for all parties involved.

Business

Binance tightens South African compliance rules for crypto transfers

Published

on

Binance is tightening compliance measures for crypto transactions in South Africa, announcing it will fully implement the country’s Travel Rule requirements beginning January 2025. The move aligns with regulations set by South Africa’s Financial Intelligence Centre (FIC) and reflects the exchange’s broader efforts to meet global anti-money laundering standards.

Under the new rules, Binance will require South African users to include verified personal information—such as names, addresses, and account details—when sending or receiving crypto between platforms. These changes are designed to increase transparency and traceability of digital asset transfers, making it harder for illicit actors to exploit decentralized networks.

Binance emphasized that users must complete know-your-customer (KYC) verification before transferring crypto to or from external wallets. Transfers to non-compliant platforms may be restricted or flagged, while internal transfers within Binance or to Travel Rule-compliant entities will remain unaffected.

The announcement follows South Africa’s decision in 2023 to designate crypto as a financial product, placing digital asset providers under the supervision of the FIC. The country has since taken steps to integrate crypto into its formal regulatory structure, including licensing requirements and mandatory reporting obligations.

With enforcement beginning in 2025, Binance urged users to familiarize themselves with the new procedures to avoid disruptions. The exchange also plans to provide additional guidance and tools to help users remain compliant as the deadline approaches.

Continue Reading

Business

Ethereum bounces back as market dominance recovers from all-time low

Published

on

Ethereum has staged a notable recovery after recently experiencing its lowest market dominance since its early days. The turnaround comes as ETH surged nearly 4% in the past 24 hours, climbing back above the $3,100 mark and narrowing its underperformance gap relative to Bitcoin.

For much of 2024, Ethereum has trailed behind Bitcoin and a growing wave of altcoins, with its market share dropping below 15% — levels not seen since 2015. The slump was driven by investor focus on Bitcoin ETF momentum, lackluster institutional interest in ETH, and rising competition from layer-1 and layer-2 networks offering faster and cheaper alternatives.

Despite these challenges, Ethereum’s fundamentals remain strong. Data shows a healthy uptick in active addresses, transaction volumes, and total value locked in DeFi protocols built on Ethereum. Additionally, hopes remain high for the approval of a spot Ethereum ETF in the U.S., with analysts suggesting a potential turnaround in institutional flows if approved.

Traders are now watching whether this rebound signals a sustained trend reversal or just a temporary relief rally. With key upgrades and ecosystem developments still in the pipeline, Ethereum’s ability to regain dominance may hinge on reigniting both investor confidence and broader developer activity.

Continue Reading

Business

SEC says it won’t re-file fraud case against Hex’s Richard Heart

Published

on

The U.S. Securities and Exchange Commission (SEC) has confirmed it will not pursue a retrial in its fraud case against HEX founder Richard Heart, effectively bringing an end to one of the agency’s high-profile crypto enforcement actions.

The decision follows a recent court ruling that dismissed several key allegations against Heart, including claims that he misled investors and violated securities laws through the promotion and sale of HEX, PulseChain, and PulseX tokens. While the SEC initially signaled it would consider further legal options, it has now opted to forgo additional litigation.

Heart, a controversial figure in the crypto world, had long denied the SEC’s accusations, framing the lawsuit as an overreach by regulators. The agency had alleged that Heart raised over $1 billion from investors while misrepresenting how funds would be used and failing to register the offerings.

With the SEC stepping back, the dismissal marks a rare instance in which the regulator has chosen not to continue a crypto-related fraud case, potentially signaling a reassessment of its approach amid growing legal pushback and mounting scrutiny over its enforcement tactics.

Although the case is now closed, legal analysts suggest the outcome could influence future regulatory efforts and may embolden other crypto founders facing similar challenges. Heart, meanwhile, has positioned the development as a vindication, reaffirming his stance that HEX and related projects were never in violation of U.S. securities laws.

Continue Reading

Trending

Copyright © 2025 cryptonews.lk