US Senators Back Elizabeth Warren’s Bill Targeting Crypto

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US Senators back Elizabeth Warren’s bill targeting crypto; FIFA Launches NFT Collection Amid 2023 Club World Cup; El Salvador’s Bitcoin Bonds Gain Regulatory Approval, Set for Q1 2024 Launch

Senator Warren: I am building an anti-crypto army

Massachusetts Senator Elizabeth Warren, known for her outspoken criticism of digital assets, announced that five more senators will support a bill aimed at preventing money laundering.

In an 11 December announcement, Senator Warren noted that Senators Raphael Warnock, Laphonza Butler, Chris Van Hollen, John Hickenlooper and Ben Ray Luján support the Digital Asset Anti-Money Laundering Act, which was reintroduced in July.

According to Warren, the legislation focuses specifically on the illegal use of crypto assets for money laundering and terrorism financing.

Senator Warren said, “I am pleased that the new senator, including three members of the Banking Committee, has joined the fight to take action. Our bill is a proposal that fights against the illegal use of crypto money and provides more opportunities for regulators.” 

The bill has received support from numerous senators and organisations, including the Bank Policy Institute, the Massachusetts Bankers Association, Transparency International, Global Financial Integrity, the National District Attorneys Association, the Greater District Sheriffs of America, the National Consumer Law Center and National Consumers. At a Senate Banking Committee hearing on 6 December, Warren reiterated her claim that North Korea financed about half of its missile programme with digital assets.

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Critics of the bill argued that senators focused on bad actors using the technology rather than digital assets and their underlying infrastructure.

FIFA Launches NFT Collection Amid 2023 Club World Cup

FIFA is set to launch its own collection of non-fungible tokens (NFTs), in partnership with blockchain company Modex, to coincide with the 2023 Club World Cup in Saudi Arabia. The announcement on 11 December revealed that the inaugural collection of 100 NFTs, which will premiere on 15 December, will include a unique opportunity to secure tickets to the 2026 FIFA World Cup Finals. In addition, 900 digital collectibles will be released across the Polygon network and OpenSea this month, showcasing memorable moments from the tournament as well as digital versions of memorabilia.

With the FIFA Club World Cup kicking off on 12 December in Jeddah, Saudi Arabia, featuring seven of the world’s top football teams, FIFA’s NFTs will be available on its dedicated FIFA+ Collect platform. The platform, which was launched in September 2022 and is powered by Algorand, has conducted 11 NFT drops, resulting in 909,255 digital collectibles and 16,448 holders. The total trading volume across primary and secondary NFT markets on the FIFA+ Collect platform has reached $2.4 million. It’s important to note, however, that the “Mint Volume” may be skewed, as FIFA+ Collect Info admits that it is unable to distinguish between packs obtained through free challenges and those purchased through USDC.

Crypto mining El Salvador

El Salvador’s Bitcoin Bonds Gain Regulatory Approval, Set for Q1 2024 Launch

El Salvador’s much-anticipated Bitcoin bonds, colloquially known as “Volcano Bonds,” have secured regulatory approval for a planned launch in early 2024.

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The approval, granted by El Salvador’s Digital Assets Commission, paves the way for the issuance of the Volcano Bonds during the first quarter of 2024, as outlined in a statement by The National Bitcoin Office (ONBTC) on December 11.

Nayib Bukele, El Salvador’s pro-Bitcoin leader, appeared to confirm the news in his own social media post with the caption: “Wen volcano bond.” Several reposts emphasized that the bonds are expected to be officially issued in Q1 2024.

The concept of issuing Volcano Bonds was first introduced in November 2021, gaining traction after El Salvador passed legislation on January 11, providing the legal framework for these Bitcoin-backed bonds. The primary objectives of the Volcano Bond include reducing sovereign debt and financing the construction of the ambitious “Bitcoin City.”

ONBTC disclosed that the bond issuance will occur on the Bitfinex Securities Platform, a registered El Salvador-based trading site specializing in blockchain-based equities and bonds. This move marks the initiation of Bitcoin-based capital markets within the country, with the bonds having a ten-year term and offering a 6.5% annual return to holders.

In a related development, El Salvador has recently launched a significant 241-megawatt Bitcoin mining project valued at $1 billion. This initiative, undertaken in collaboration with Luxor Technology, leverages the country’s volcanic resources, with Conchagua being the designated volcano powering the mining operations.

This regulatory approval comes after nearly 21 months since the initial announcement by Alejandro Zelaya, the country’s former finance minister, who had anticipated the launch of the Volcano Bond in mid-March 2022.

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US Senators back crypto targeting bill; FIFA Launches NFTs at 2023 Club World Cup; El Salvador's Bitcoin Bonds approved, set for Q1 2024.

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