Bloomberg Crypto

Over the past few weeks, we've seen US regulators, both federal and state in some cases - take aim at crypto companies with accusations of fraud and unregistered securities offerings. These moves sent shockwaves through the digital asset industry. And the new regulations have also raised concerns about potential over regulation. On the other side of the Atlantic, the UK and EU are taking a different approach. The UK Treasury has recently proposed new rules for crypto-related businesses aimed at stepping up transparency and consumer protection. This, as the planned EU's Markets in Crypto Assets (MiCA) regulation seeks to provide a clear legal framework for digital assets across all member states. Joining senior editor Philip Lagerkranser to discuss the crypto regulation competition across Europe is Bloomberg reporter Emily Nicolle. Subscribe to the Bloomberg Crypto Newsletter at https://bloom.bg/cryptonewsletterSee omnystudio.com/listener for privacy information.

Last month marked the one-year anniversary of Russia’s invasion of Ukraine, which has had a devastating impact on Ukraine's economy, people and landmarks. In this episode, we consider the nuanced role that crypto has played so far in the conflict. Plus, a review of what's happening with Bitcoin miner Marathon Digital: The company was supposed to report earnings this week, but instead announced it’s restating financials from previous quarters. We’ll explain what, if anything, accounting and the price of Bitcoin have to do with prospects for the sector. The show also has the latest on an FTX lieutenant who recently pleaded guilty to various crimes in a New York court. Bloomberg senior editor Dave Liedtka and reporter Emily Nicolle join this episode to discuss. Subscribe to the Bloomberg Crypto Newsletter at https://bloom.bg/cryptonewsletter This podcast is produced by the Bloomberg Crypto Podcast team: Supervising producer: Vicki Vergolina, Senior Producer: Janet Babin, Producers: Sharon Beriro and Muhammad Farouk, Associate Producers: Mo Andam and Ty Butler. Sound Design/Engineer: Desta Wondirad. See omnystudio.com/listener for privacy information.

The Bank of England and the UK Treasury are moving forward with a plan to launch a digital currency. It’s being called the CBDC, or Central Bank Digital Currency, dubbed (or nicknamed) 'Britcoin.'The action is part of a global effort to stay ahead of various new currency options and prepare for a future in which consumers adopt card payments backed by companies instead of by governments. But, some critics are calling it a "solution in search of a problem", particularly in light of the country's already-strong fintech industry. Senior editor Philip Lagerkranser and reporter Emily Nicolle discuss the implications. Subscribe to the Bloomberg Crypto Newsletter at https://bloom.bg/cryptonewsletter See omnystudio.com/listener for privacy information.

In a major twist in the digital-assets world, Bitcoin has added nonfungible tokens (NFTs) to its blockchain. The new protocol that makes them is called “Ordinals.” And just like anything in crypto, fierce debate has ensued about this on social media. Bitcoin NFT proponents call the move a game-changer. Naysayers worry about potential pitfalls of Bitcoin NFTs — like rising transaction costs and environmental concerns. Higher fees could push Bitcoin away from its primary use as a decentralized currency. Plus, some hard-core Bitcoiners are also concerned that these NFTs could clog up the blockchain. Bloomberg reporters Emily Nicolle & David Pan join this episode and consider how the integration of NFTs impacts the network, Bitcoin and the broader crypto ecosystem. Subscribe to the Bloomberg Crypto Newsletter at https://bloom.bg/cryptonewsletter See omnystudio.com/listener for privacy information.

Want to hear a big number? How about $3.8 billion. That’s the amount of crypto that hackers managed to steal last year. That’s a new record. The company behind that report, Chainalysis, also found that one specific hacking group was responsible for a huge chunk of that stolen crypto. If you guessed that hacking group was Lazarus, connected to North Korea, you’d be correct. Lazarus allegedly stole $1.7bn in 2022, compared with only $400 million worth of crypto the year before. It further solidifies the notion that North Koreans are likely using the cryptocurrency sector as a way to raise funds in the face of international sanctions. But what does all of this mean for the crypto market? And what can we do to prevent more hacks from happening? Bloomberg reporter Jeff Stone joins this episode. Listen to Bloomberg Crypto on the iHeartRadio App, Apple Podcasts or Spotify. Subscribe to the Bloomberg Crypto Newsletter at https://bloom.bg/cryptonewsletter See omnystudio.com/listener for privacy information.

Bitcoin “evangelist” Roger Ver has said in at least one interview ... when he was a little boy, he wanted to be a garbage truck driver. That way, he could drive heavy machinery around his neighborhood and get to talk to everyone. Fast forward, to the recent past and Roger Ver actually DOES, talk to a LOT of folks…Just not while collecting their trash. He was instead promoting Bitcoin as the future of money and finance so much so that people started calling him “Bitcoin Jesus.” According to his website, he’s one of the early investors in several BTC projects - including Kraken, purse.io, Blockchain.com, and Ripple. But in 2017, Ver switched his enthusiasm away from Bitcoin and more toward something called Bitcoin Cash - an offshoot of the original currency. Recently, Ver became entangled in the bankruptcy of crypto lender Genesis that says BTC Jesus owes millions of dollars on trades. So, what happens when Bitcoin Jesus speaks? Do people say ‘Hallelujah’ or ‘deliver us from evil.’ Bloomberg Reporter Olga Kharif joins host Vildana Hajric to discuss. Subscribe to the Bloomberg Crypto Newsletter at https://bloom.bg/cryptonewsletterSee omnystudio.com/listener for privacy information.

After years of inaction, regulators appear to be coming for crypto. State regulators in New York this week took aim at stablecoin issuer Paxos and its relationship with crypto exchange Binance. The Securities and Exchange Commission is also pushing ahead with a plan that would make it harder for investment firms to work with cryptocurrency companies. Bloomberg reporters Allyson Versprile & Emily Nicolle join this episode with the latest. Subscribe to the Bloomberg Crypto Newsletter at https://bloom.bg/cryptonewsletterSee omnystudio.com/listener for privacy information.

The best known figure of the FTX bankruptcy is - of course - its notorious former CEO Sam Bankman-Fried. But there were dozens of other top executives at the firm. Some of them with titles ranging from Chief Technology Officer to Business Development. Prosecutors are likely scrutinizing them to better understand what role they played at Alameda. At issue is the alleged illegal transfer of billions of customer dollars from FTX to its sister company Alameda Research. So any employees associated with Alameda may likely be under review… So who are the power players most closely associated with Alameda and FTX? And what’s next for them? That’s what we review with Bloomberg reporter Hannah Miller. Subscribe to the Bloomberg Crypto Newsletter at https://bloom.bg/cryptonewsletter See omnystudio.com/listener for privacy information.