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The developer population is expected to reach 28.7 million by the end of 2024, according to a Statista report. Crypto and blockchain developers account for less than 0.1% of this forecast, but established devs are increasing exponentially. Electric Capital ’s just-published Developer Report shows this data, evidencing how early the crypto and blockchain industry still is. According to the report, 23,613 monthly active developers exist, of which 18,511 were focused on a single blockchain. Notably, the current population of crypto developers has grown by 3% in the last three years. Yet, it has dropped 7% year over year since 2023 and saw a 23% drop since 2022’s bear market start. Picks for you Astar Network announces Astar Surge, a new pre-deposit campaign  1 hour ago ...

Following his appointment as the head of the newly planned presidential commission, Elon Musk has said that the Internal Revenue Service (IRS) will be audited by the Department of Government Efficiency (DOGE). The billionaire head of the agency has confirmed the audit is “gonna happen” in a post to X (formerly Twitter). Both Musk and Vivek Ramaswamy were tasked with leading the department amid Donald Trump’s 2024 presidential election win. Indeed, the incoming second Trump administration has placed an emphasis on cutting federal spending. Moreover, one of the world’s richest men is set to be a key factor in orchestrating those efforts. JUST IN: Elon Musk says the IRS will be audited by the Department of Government Efficiency (DOGE). — Watcher.Guru (@WatcherGuru) November 27, 2024 Also Read: Donald Trump Team Interviews Pro-Crypto Paul Adkins for SEC Chair Elon Musk Confirms IRS Will be Audited by DOGE This month, the United States saw Donald Trump emerge victorio...

The U.S. government has filed a civil forfeiture action to recover $54 million worth of Ethereum (ETH) previously seize d from Christopher Castelluzzo. In a press release on Nov. 2, 2023, the office of the U.S. attorney for the District of New Jersey announced the filing of a civil forfeiture action to recover $54 million in ETH belonging to Christopher Castelluzzo, who is currently serving concurrent federal and state sentences for drug distribution. You might also like: Australian police seize $1.5m in crypto from dark web drug dealer Castelluzzo, along with his associates, sold  narcotics and trafficked drugs on the darknet between 2010 and 2015. He used about $9,000 from sales in 2014 to purchase 30,000 ETH during Ethereum’s initial public offering (ICO). Later, he received an additional 30,000 Ethereum Classic (ETC) following the Ethereum network’s hard fork in July 2016.  The 30,000 ETH purchased with $9,000 has grown in value and...

Chris Larsen, the co -founder and executive chairman of Ripple Labs Inc., believes San Francisco was once poised to become the global blockchain capital. Unfortunately, Larsen now believes this status was lost amid hostile US government policy and regulatory crackdowns. In a Sept. 6 report, Larsen believed the US government killed San Francisco, the city where Ripple, the crypto payments company, calls home, from being what it could have been. He attributes this to the Biden administration deciding they wanted to push this industry offshore. As a result, London, as evidenced by a16z’s opening of a new office in the city; Singapore, and Dubai have all become larger hubs for blockchain.  Nevertheless, numerous blockchain companies are still based in the US and have faced regulatory scrutiny from the Securities and Exchange Commission (SEC). Fortunately, despite the SEC’s attacks, Ripple Labs came out victorious on July 13, proving that the blockchain company did not violat...

Also Read: FOMC Minutes: Fed Sees “No Recession In 2023”; Bitcoin Rally Began? advertisement Better Markets, an independent organization, argued that the SEC should disapprove the proposed rule change to allow spot ETF. The organization said the spot bitcoin markets have a history of artificially inflated trading volumes owing to manipulation. It also said in the comment: “The concentrated nature of the spot Bitcoin market and the heavy reliance on a select group of individuals and entities to maintain its network threatens a myriad of other harms.” Gary Gensler & Others Shared Testimonial On Better Markets The organization’s website shows that Gensler, along with anti-crypto Senator Elizabeth Warren, shared testimonials for the website. Matt Walsh indicated that both share interests in supporting the organization. It remains to be seen if this amounts to being a breach of law. Stating that the SEC chair had met Better M...

In this year’s review, the FDIC evaluates the potential implications and challenges of integrating crypto activities into the traditional US banking framework. In its 2023 annual risk review, the US Federal Deposit Insurance Corporation (FDIC) dedicated a comprehensive section to the implications of cryptocurrency activities on the national banking infrastructure. The FDIC’s primary functions include insuring deposits and supervising financial institutions in the US. The backdrop for this attention was the eventful year 2022 for the crypto sector. Prominent players in the industry, such as Terraform Labs, BlockFi, Celsius, Three Arrows Capital, and FTX, faced financial setbacks. These challenges reverberated in the banking sector, influencing institutions like Silvergate and Silicon Valley Bank. While the cryptocurrency market is recognized for its rapid evolution, it inherently carries certain complexities. The FDIC highlighted some potential issues, including frau...

The letter revealed that on January 15, 2023, the defendant reached out to the current General Counsel of FTX U.S., who could potentially serve as a witness in the trial. In a letter to Judge Lewis Kaplan, the United States Department of Justice (DOJ) sought the revocation of Sam Bankman-Fried's (SBF) bail, accusing him of attempting to tamper with witnesses, including leaking his ex-girlfriend's diary entries to the New York Times (NYT). These actions, connected to the FTX case, have raised concerns about witness interference. In the letter dated July 28, the DOJ noted that SBF was released on a bond on December 22, 2022, but later requested multiple bail modifications. The letter revealed that on January 15, 2023, the defendant reached out to the current General Counsel of FTX U.S., who could potentially serve as a witness in the trial. According to allegations, SBF purportedly reached out to the FTX U.S. lawyer through the encrypted messaging application Signal and email...

Bittrex has adopted a similar approach to Coinbase, aligning its arguments closely with those made by the larger cryptocurrency exchange. Bittrex, a crypto currency exchange, has made a notable move in its legal dispute with the United States Securities and Exchange Commission (SEC) by submitting a motion to dismiss the lawsuit filed against it. In its recent court filing, Bittrex argues that the SEC does not possess the necessary authority to regulate cryptocurrencies as securities unless explicitly granted by Congress. This assertion challenges the SEC's interpretation of existing securities regulations and seeks to establish a more defined regulatory framework that accommodates the distinct characteristics of digital assets. In its motion to dismiss, Bittrex has adopted a similar approach to Coinbase, aligning its arguments closely with those made by the larger cryptocurrency exchange. This alignment indicates a strategic move by Bittrex to capitalize on the robust legal fram...

US House to Bring Regulatory Clarity on Crypto in Coming Weeks US House Financial Services Committee Republican Chairman Patrick McHenry intends to hold a committee vote on a digital asset bill to bring clarity to the crypto industry. The voting on the bill will happen after lawmakers return on July 11. advertisement “I intend for this committee to mark up some form of this legislation when we return from the July 4 recess.” On Tuesday, the US House Financial Services Committee Democrats and Republicans discussed two bills to bring “clarity” regarding the  digital asset market structure  and regulation of  payment stablecoins . The bills mark the first step towards regulating crypto in the US. CoinGape Media earlier reported how the US House bills to provide clarity on the digital asset ecosystem and oversight of the crypto industry. The bill aims to provide both the Securities and Exchange Commission (SEC) and the Commod...

The Binance CEO is rumored to be in Dubai, but with no known base of operations, the SEC wants permission to serve his lawyers on his behalf. The United States Securities and Exchange Commission (SEC) is seeking ‘ alternative service ’ from the U.S. District Court in Washington, D.C., to issue a legal summons to Changpeng Zhao, the CEO of cryptocurrency exchange Binance. Zhao and Binance were recently sued by the SEC over alleged unregistered securities operations. Related: SEC sues Coinbase for breaking US securities rules In a case document filed with the District Court on June 7, the SEC requested alternative service. It explains its evident stance that typical service (which requires the presence and signature of the person being served) might prove difficult in this case: “Binance and Zhao are not the typical foreign entity and individual, as they are widely known for disagreeing with the premise of a headquarters or domicile, let alone identifying one, and Zhao is famously prot...

FSC chief noted that their primary focus would be setting the groundwork for crypto regulations in the U.S. The United States Securites and Exchange Commission chief Gary Gensler is set to testify before the the House Financial Services Committee for the first time. In an interview, Patrick McHenry, chairman of the Financial Services Committee, confirmed that the SEC chief would have to face Congress' questions over his approach towards the crypto ecosystem on April 18. #NEW: Chairman @PatrickMcHenry confirms @SECGov Chair Gary Gensler will testify before the House Financial Services Committee on April 18th. Republicans will hold @GaryGensler accountable for his flagrant disregard for the law, jurisdiction, and the APA. pic.twitter.com/XRwcrm79PS — Financial Services GOP (@FinancialCmte) March 28, 2023 The House of Representatives Committee on Financial Services is in charge of regulating all aspects of the financial services sector, including banking, securities and digital...

The Howey test’s impact on cryptocurrency, explained — legal implications, compliance requirements and more. What is the Howey test? The Howey test is a legal test used in the United States to determine whether a transaction qualifies as an investment contract and, thus, is considered a security under federal law. The test was established by the U.S. Supreme Court in SEC v. W.J. Howey Co. (1946), and it has since been applied in numerous cases to determine whether various financial arrangements and offerings constitute securities.  According to the Howey test, a transaction must contain an investment of funds in a group venture with the expectation that all gains will come from group efforts. A transaction is deemed a security if it satisfies these requirements, in which case it is subject to federal securities laws and regulations. Understanding the criteria for a security The test involves three key criteria that must be met in order for a transaction to qualify as a security, as di...

Core Scientific reportedly filed for Chapter 11 bankruptcy protection in Texas owing to falling revenue and BTC prices. Just days after creditors offered to help Core Scientific — a Bitcoin (BTC) Mining company — avoid possible bankruptcy , report s emerged confirming the business’ inevitable fate. Core Scientific reported ly filed for Chapter 11 bankruptcy protection in Texas owing to falling revenue and BTC prices. On Dec. 14, Financial services platform B. Riley offered to finance Core Scientific with $72 million — $42 million with zero contingencies and $32 million with conditions — to retain the value for stakeholders. The decision was made after Core’s valuation fell from $4.3 billion in July 2021 to $78 million at the time of reporting. As a direct result of an extended bear market, Core Scientific had to sell 9,618 BTC in April to stay operational. A CNBC report citing a person familiar with the company’s finances said that the Bitcoin mining company would file for Chapter 11...