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Author：0xMingyue Editor：Colin Wu 1. Hong Kong’s Weekly Summary 1.1 Hong Kong Initiates Consultation on Legislative Proposal for Regulatory Framework on Stablecoin Issuers and Introduces Sandbox Arrangement link The Hong Kong Treasury Bureau and the Monetary Authority jointly released a public consultation document to collect feedback on legislative proposals regarding the regulation of stablecoin issuers. The proposal includes introducing a licensing regime through new legislation, requiring all eligible fiat stablecoin issuers to obtain a license issued by the Commissioner of Financial Services. It specifies that only designated licensed entities can provide services for the purchase of fiat stablecoins, and only fiat stablecoins issued by licensed issuers can be sold to retail investors. The promotion of fiat stablecoin issuance by non-licensed issuers is also prohibited. Additionally, the Monetary Authority will introduce a “sandbox” arrangement to convey regulatory expectations and

Judge Jed S. Rakoff ruled Terraform Labs’ four tokens, including LUNA and UST, as unregistered securities. Attorney Rispoli commented that XRP would have also been deemed a security if Judge Rakoff ruled it. The attorney highlighted the necessity of Congress’ action for unbiased ruling in the crypto space. Attorney Fred Rispoli shared an X post, commenting on the US court’s recent ruling that categorized Terraform Labs’ tokens as securities. Drawing parallels between Terraform’s UST, LUNA, wLUNA, and MIR and Ripple’s XRP, Rispoli asserted that if XRP were analyzed by the same judge, it would have also been deemed a security. …Terraform Labs conducted itself in selling and promoting these tokens compared to Ripple's conduct but I can assure you that if @Ripple were before Judge Rakoff, based on his opinion here, #XRP would have been deemed a security by him across the board. A prayer of thanks…2/4 — Fred Rispoli (@freddyriz) December 29, 2023 In a recent c

Explore the list of crypto bankruptcies in 2023, including detailed insights into the collapse of major exchanges. It’s quite evident that crypto had one of its worst years in 2022. The cascading collapse of two industry giants, Terraform Labs (responsible for LUNA and UST) and FTX, drove one of the harshest crypto winters in recent history. It eventually led to many bankruptcies, layoffs, and shutdowns across the market. So, 2023 mostly saw the fallout from the previous years, as the major bankruptcy proceedings from previous market leaders like Celsius, Voyager, Three Arrows Capital (3AC), BlockFi, and FTX progressed into different stages. Still, some notable crypto bankruptcies and exchange failures made it into the news. Let’s take a look at the list of crypto bankruptcies and failures of 2023. Notable crypto bankruptcies Genesis The year 2023 began under a cloud for the crypto currency sector, with Genesis, a prominent crypto lending subsidiary of Digital Currency Group, d

For those looking to kick off the new year on a good and energized note, you might wonder if Starbucks is open on New Year’s Day. With the start of the new year on a Monday this time around, it’ll be good to have that caffeine fix quenched with a cup of your favorite iced or hot beverage. For those looking for a cup of coffee to start their day and year, here’s what you need to know about Starbucks ’ New Year’s hours, and if the coffee shop is open on New Year’s Day. Source: Allrecipes Is Starbucks Open on New Year’s Day? Most Starbucks locations have differing hours during regular/non-holiday times of the year. None are open 24 hours, but fortunately, the coffee chain is expected to be open almost everywhere on New Year’s Day. Some locations may choose to reopen the day after New Year’s. However, most expect to be open, and you’ll have to check online or via the Starbucks app to check the hours of your local location. Just search by your location’s zip code on th

Solana’s rise in 2023 raises questions on whether the token could surpass Ethereum.  The digital asset’s 945% increase this year far outpaces Ethereum’s 98%. Ethereum continues to maintain its unchallenged dominance in market cap and TVL. Layer-1 blockchain Solana’s sporadic and unexpected rise this year has been marked with excitement from holders and speculations for a wider market takeover.  The token now sits comfortably above the $100 threshold after rising all through the year. Dubbed the Ethereum-killer, Solana first gained prominence in 2021 when its enthusiasts asserted the blockchain’s speed and low fees would push it to flip Ethereum.  Given its rise this year, a feat that far outpaces that of Ethereum, the conversations are back in the fore. Compared to Solana’s 945% rise, Ethereum grew around 98% this year, which, although significant, is a more muted price movement.  However, the brewing competition from Solana extends beyond the price m

The Shiba Inu ecosystem has achieved a notable milestone with Shibarium, its layer-2 scalability solution, surpassing 200 million transactions. This achievement closely follows Shibarium’s processing of 100 million transactions earlier this month. As the Shiba community jubilantly acknowledges this significant accomplishment, there is a keen examination of its potential impact on the price of SHIB. The native cryptocurrency is currently trading in the red zone at $0.00001064. Shibarium’s Progress to 200 Million Transactions Shibarium, the layer-2 scalability solution embedded within the Shiba ecosystem, has been making headlines with its impressive transaction volumes. Recent weeks have witnessed a substantial surge in activity on the Shibarium network, as documented by Shibariumscan.io. The total transactions have now exceeded 200,235,203, indicating a remarkable surge in usage and engagement within the Shiba Inu ecosystem. Source A notable aspect of Shibarium’s success lies in

Crypto asset manager Grayscale has updated its S-3 filing for a spot Bitcoin (BTC) ETF. According to Bloomberg analyst James Seyffart, Grayscale filed an updated filing with the U.S. Securities and Exchange Commission (SEC) the same day Barry Silbert — CEO of parent company Digital Currency Group — announced his resignation from Grayscale’s board of directors. “Even Grayscale is accepting the SEC’s Cash-only creation/redemption edict. Looks like they’re bending the knee.” James Seyffart, Bloomberg analyst Some crypto market commentators have speculated that Silbert’s departure could significantly increase the chances of Grayscale successfully converting its Grayscale Bitcoin Trust (GBTC) into a spot Bitcoin ETF, which is currently awaiting an SEC decision. Barry's resignation was @Sonnenshein's X-Mas gift. What to make of @bsilbert resigning from Grayscale? Grayscale has had 9 meetings with the SEC per the table below (h/t @JSeyff) Today, there are only allegations a

Billionaire and venture capitalist Tim Draper has predicted Bitcoin (BTC) to reach a price of $250,000 in 2024. Moreover, speaking to Coin Bureau, Draper stated that he expects his prediction to “probably come pretty soon,” while stating the price should “go way past” the forecast. Draper is one of many that have predicted a rapid upswing for the asset in the coming year. Amid the hype over the potential US Securities and Exchange Commission (SEC) approval of the country’s first Spot Bitcoin ETF, the asset could be poised for a massive surge. Susbeuqnlety, Draper appears immensely optimistic about its impending performance in the new year. JUST IN: Billionaire Tim Draper says #Bitcoin will hit $250,000 in 2024. — Watcher.Guru (@WatcherGuru) December 26, 2023 Also Read: Mt. Gox Resumes Repayments a Decade After 2014 Bitcoin Breach Billionaire Tim Draper Sees $250,000 Price for Bitcoin Over the last few months, expectations for a Spot Bitcoin ETF approval in the United St

Creditors of long-failed cryptocurrency exchange Mt. Gox have finally started receiving payments for their Bitcoin (BTC), which has been locked up on the exchange since February 2014. On Dec. 25, on the mtgoxinsolvency Reddit page, users speculated that Mt.Gox was sending refunds in Japanese yen through PayPal – almost ten years after the funds were blocked on the exchange on Feb. 24, 2014. In particular, one of the Reddit users, Free-end254, stated that he received payments and attached a screenshot with confirmation from PayPal. Another user also confirmed receipt of funds, noting that he initially mistook the message for phishing. Source: Reddit In late November, Mt. Gox creditors received an email from the bankruptcy trustee, who announced their intention to initiate payments. However, due to the different types of payments and other processing times, payments will continue into 2024. As part of this process, Mt. Gox will distribute various assets among creditors . In

Binance’s spot volume market share among centralized exchanges dropped 18% this year.  The drop came after the CFTC and SEC stepped up regulatory actions against the exchange.  Binance’s market share now stands at 43.8%, down from a peak of 62.3% in January. The world’s largest cryptocurrency exchange, Binance, saw its spot volume market share amongst centralized exchanges decline significantly this year, as per Kaiko Research report details. The decline came following the exchange’s legal troubles in the United States.  The U.S. Commodity Futures Trading Commission (CFTC) and the Securities and Exchange Commission (SEC) stepped up regulatory actions against the exchange. While the CFTC accused the exchange of trying to move Binance.US customers to its global platform, the SEC made similar allegations alongside wash trading accusations.  The FUD that followed the allegations and the regulatory actions led to investors moving their assets away from the exc

Stablecoin issuer Paxos is expanding into the Solana (SOL) network, becoming the first multi-chain platform to be regulated across multiple jurisdictions. In a new press release, the New York-based crypto firm says that after exclusively working with top smart contract platform Ethereum (ETH), it will now be releasing its dollar-pegged crypto asset, Pax Dollar (USDP), over the Solana blockchain. “Paxos, the leading regulated blockchain and tokenization infrastructure platform, is pleased to announce a strategic expansion of its stablecoin issuance to the Solana blockchain platform. Previously exclusive to Ethereum, this initiative represents a significant milestone for the innovation and evolution of Paxos’s enterprise and consumer-facing businesses.” Pax Dollar will be available over the Solana blockchain starting January 17th, 2024, according to The Solana Foundation. “Paxos’ expansion to the Solana blockchain broadens the growing payments ecosystem on Sol

Amid impressive performance from the asset throughout 2023’s final few months, the GOLD price forecast has officially been upgraded to $2200 for 2024. Indeed, the metal set a new all-time high in December, reaching $2150. Despite a price correction taking away gains in recent weeks, it is poised to continue an upswing come January. Many experts have predicted that monetary policy action in the coming year will contribute to its positive direction. Indeed, the Federal Reserve has hinted at various interest rate cuts coming throughout next year. Therefore, many expect continued uptrends to be in store for GOLD . Also Read: Gold Price to Surpass $2050 as No Downward Corrections in Sight Gold Forecast for 2024 Upgraded to New All-Time High The past year has certainly been a good one for a host of investment assets. Bitcoin and other cryptocurrencies have seen tremendous upward swings over the last few months. Moreover, GOLD has followed, reaching new heights throughout the e

Crypto Scam mers are exploit ing a four-year-old documented flaw in X (formerly Twitter ) to impersonate celebrities and promote fake giveaways to steal crypto and NFTs. The flaw, reported by Bleeping Computer back in 2019, involves a switch around in X URLs — which still register as twitter.com. It redirects users to crypto scams. A Twitter URL consists of a person’s account name followed by a status ID, as follows: https://twitter.com/[account_name]/status/[status_id]. Crypto scammers can create an account imitating a public figure, post a phishing link, and change the account name of that post’s URL. This makes it appear as though the public figure is endorsing the post, particularly on mobile. Twitter verification is making scammers millions — here’s how Read more: Musk Twitter scams pivot to paid ads that shill Mars trips and brain chips Security researchers noted in 2019 that the URL exploit can be used for phishing campaigns and reportedly open up the potential for pol

The price of Bitcoin (BTC) has once again surged towards its previous high, with many other alternative cryptocurrencies (altcoins) also reaching new year-to-date peaks. There is considerable excitement in the cryptocurrency markets regarding the potential approval of a spot Bitcoin exchange-traded fund (ETF) in January. Analysts at K33 Research, in a report dated Dec. 19, have suggested that recent ETF-related updates from BlackRock and ARK Invest involving a cash-creation mechanism for their funds strongly indicate that approval for a Bitcoin ETF is highly likely in January. Michael Saylor, co-founder of MicroStrategy, shared with Bloomberg his belief that approving a spot Bitcoin ETF could be the most significant development on Wall Street in three decades. Combined with the Bitcoin halving event scheduled for April, these developments are expected to set the stage for a substantial bullish trend in the cryptocurrency asset class throughout 2024. Daily cryptocur