Regulation
Ethereum Developer Prison Term Cut Down by 7 Months
The Ethereum developer Virgil Griffith has been given a seven-month reduction in his prison sentence this week. Griffith was found guilty of breaching the sanctions law where he visited North Korea in 2019 to give a speech on how to use cryptocurrency and blockchain to dodge sanctions.
Ethereum Developer Prison Term Cut Down
According to a July 17 filing, District Judge Kevin Castel has ordered the term reduced to 56 months of Virgil Griffith, an Ethereum developer who was initially sentenced to 63 months in April 2022, U.S.
The factors that led to the decision to reduce Griffith’s sentence included misconduct and difficulties he faced during his incarceration. Castel also agreed that the danger to the public from Griffith in terms of future crimes had also reduced.
Nonetheless, the judge pointed out that Griffith continued to defy the rules in prison, although he was not an easy man to be behind bars with. However, Judge Castel noted that since the offense of the appellant is extremely grave, it is necessary to leave a long-time prison term.
MASSIVE news, frens — Virgil Griffith is coming home! Moments ago, the Court granted our motion to reduce Virgil’s sentence and Judge Castel shaved seven months off the sentence. pic.twitter.com/568nPKtOsC
— Alexander Urbelis (@aurbelis) July 17, 2024
Griffith had entered into a guilty plea on sanctions violations in 2021 just before his trial in New York was to begin. The US attorneys said that Griffith knew that the money might be used by North Korea to avoid sanctions imposed on it by the international community. However, Griffith’s defense counsel argued for a lighter punishment, arguing that Griffith had no criminal history and that no one was financially affected by his actions.
Government Opposition
Griffith’s lawyers hoped for a reduced sentence, and a sign of him being a reformed man as he expressed remorse and took time to reflect on his actions when in custody. They described an instance where Griffith, in a bid to escape a fight, reported to the unit officer, and this led to him being moved and later charged with the offence of not being in his cell during the facility count.
Subsequently, in April, Griffiths’ legal representatives applied for a reduction of the given punishment considering the changes in the U.S. sentencing guidelines. According to the new guidelines, Griffith’s recommended sentence range could be lowered, therefore he could be released in January 2025.
However, in June, U.S. Attorney Damian Williams objected to the reduction citing Griffith’s purposeful actions to assist North Korea knowing the country is hostile to the U.S. and has a record of human rights abuses. Williams stated that the original sentence should be upheld due to Griffith’s actions to ensure that other similar cases do not occur.
Prison Conduct and Sentencing Adjustments
Griffith was subjected to numerous infractions while being held at the Federal Correctional Institution in Milan, Michigan; these included charges of an attempt to steal soap and tea. The prosecutors had stated that his actions indicated that he had no regard for the prison rules and thus should not be given any more leniency.
Apart from the criminal case, the U.S. Dept. of Commerce had given a 10-year export privilege denial order to Griffith which does not allow him to engage in any activities concerning US export-controlled commodities, software or technology until the year 2032.
Read Also: Vitalik Buterin Warns Against ‘Crypto’ Supremacy In Politics
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
Regulation
“Crypto Dad” Chris Giancarlo Emerges Top For White House Crypto Czar Role
Chris Giancarlo, widely known as “Crypto Dad,” has emerged as the leading candidate for a newly proposed role of crypto czar in the White House under President-elect Donald Trump’s administration. The potential appointment underscores a strategic effort to advance crypto regulations and foster blockchain innovation in the United States.
This proposed position would be the first of its kind in the White House, aiming to bring clarity to the growing $3 trillion digital asset market. Chris Giancarlo, the former Chair of the Commodity Futures Trading Commission (CFTC), is known for his progressive approach to digital currencies and blockchain technologies.
Chris Giancarlo Leads Race for White House Crypto Czar Role Under Donald Trump
According to a Fox Business report, Chris Giancarlo is the top contender for the position of White House crypto czar, a role being considered by the Trump transition team to streamline crypto regulations and foster blockchain development.
As CFTC Chair from 2017 to 2019, Chris Giancarlo oversaw critical advancements in the digital asset space. This includes the launch of the first Bitcoin futures. He later co-founded the Digital Dollar Project, a nonprofit initiative exploring the potential of a U.S. central bank digital currency (CBDC). Giancarlo’s regulatory expertise and understanding of digital innovation position him as a key figure in shaping the future of the crypto sector.
The Trump administration aims to utilize this position to address industry concerns over the Biden administration’s perceived heavy-handed enforcement. The crypto czar would also collaborate with federal agencies to establish a framework for the $180 billion stablecoin market and enhance the overall regulatory landscape for blockchain and digital currencies.
Trump’s Strategic Approach to Digital Asset Policy
President-elect Donald Trump has expressed plans to make the U.S. a global leader in cryptocurrency and blockchain innovation. Part of this strategy includes appointing a crypto czar to advance policies to support the industry’s growth.
Trump has also proposed the establishment of a presidential crypto advisory council to address ongoing regulatory challenges. This initiative aims to align federal policies with industry needs, fostering a competitive environment for blockchain businesses. The council will explore the creation of a Bitcoin reserve as part of the administration’s broader crypto policy agenda.
The transition comes as current SEC Chair Gary Gensler announced his resignation effective January 20, 2025, coinciding with Trump’s inauguration. Gensler faced criticism during his tenure for his enforcement-driven approach to crypto regulations.
Amid speculation, Chris Giancarlo clarified that he is not pursuing the SEC Chair role. Giancarlo said in a recent statement,
“I’ve already cleaned up earlier Gary Gensler mess at the CFTC and don’t want to have to do it again.”
His focus remains on advancing crypto-friendly policies through a potential new role. According to the report, the “Crypto Dad” stated,
“I would be honored to be considered for the role.”
The creation of the crypto czar position could mark a pivotal moment in the evolution of U.S. crypto policy. With Chris Giancarlo leading the race, the industry anticipates advancements in crypto regulations under the new administration.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
Regulation
UK to unveil crypto and stablecoin regulatory framework early next year
- The UK will introduce unified crypto regulations, including stablecoins, in early 2025.
- New rules aim to simplify oversight and avoid restrictive staking classifications.
- Labour government aims to compete with EU’s MiCA rules and US pro-crypto policies.
The United Kingdom is set to introduce a comprehensive regulatory framework for cryptocurrencies, stablecoins, and crypto staking services in early 2025, marking a pivotal shift in its approach to digital assets.
The announcement was made by the Economic Secretary to the Treasury Tulip Siddiq at City & Financial Global’s Tokenisation Summit in London on November 21.
Initially slated for December 2024, the regulatory rollout was delayed due to the change in government following the election of Prime Minister Keir Starmer’s Labour administration in July 2024.
The upcoming UK crypto regulatory framework
The upcoming framework consolidates regulations for crypto assets into a single, overarching regime, a decision Siddiq described as “simpler and more logical.”
The framework aims to provide clarity in a rapidly growing sector that has faced uncertainty in the UK.
Stablecoins will receive distinct treatment under these regulations, as their functionality does not align with existing payment services rules.
Siddiq highlighted that staking services would also avoid being designated as “collective investment schemes,” a classification that could impose burdensome restrictions.
UK aims to align with the global crypto regulatory landscape
The UK government’s renewed focus on digital asset regulation comes as it seeks to align with global developments. The European Union’s Markets in Crypto-Assets (MiCA) regulations will be fully enforced by the end of 2024, offering regulatory certainty that has positioned Europe as an attractive market for the crypto industry.
Meanwhile, the US, under President Donald Trump’s administration, has adopted a markedly pro-crypto stance, including the establishment of a White House “crypto czar” and SEC Chair Gary Gensler’s planned departure in January 2024.
The Labour government has shown its intent to catch up with international competition. In September 2024, it introduced a bill recognizing NFTs, cryptocurrencies, and carbon credits as property.
The new regulatory push reflects the UK’s ambition to regain credibility as a crypto hub while addressing criticisms of the Financial Conduct Authority’s perceived stringent oversight.
By delivering a robust, streamlined framework, the Labour government aims to bolster the UK’s standing in the multibillion-dollar crypto industry.
Regulation
Gary Gensler To Step Down As US SEC Chair In January
In a recent development, the US Securities and Exchange Commission (SEC) announced that Gary Gensler will step down from his position next year. This follows calls for Gensler to resign since Donald Trump won the US presidential elections.
Gary Gensler To Step Down As US SEC Chair
The US SEC announced in a press release that Gary Gensler will depart the Agency on January 20, 2025. The US SEC Chair also confirmed this development in an X post. Interestingly, this comes on the same day that Donald Trump will be inaugurated as the 47th president of the United States.
Following the announcement, Gensler also used the opportunity to reflect on his time at the Commission. He remarked that it has been an “honor of a lifetime” to serve alongside those at the SEC. He also thanked President Biden for the opportunity to serve in the position. Gensler has been the US SEC Chair since April 2021. During his time, he has spearheaded several litigations against the crypto industry.
This includes the long-running legal battle with Ripple, which Gensler took over from his predecessor Jay Clayton, which bordered on whether XRP was a security. Up till now, the Agency continues to reiterate this ‘digital asset securities’ claim.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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