12 - 2023 | MachinaTrader.com

Argentina’s New President Implements Peso Devaluation and Cuts Subsidies, Turning to Cryptocurrencies for Economic Stability

Argentina’s new President, Javier Milei, has announced a 50% devaluation of the Argentine peso and cuts to energy and transportation subsidies. This move is expected to worsen the country’s economic situation initially, according to Economy Minister Luis Caputo. In light of these developments, cryptocurrencies, particularly Bitcoin and stablecoins, could play a crucial role.Milei, who describes […]

Nasdaq Shifts Focus to Carbon Markets with Blockchain Technology

Nasdaq, the largest stock exchange in the US, has decided to repurpose its blockchain technology developments after discontinuing its plans to launch a custodian business for digital assets due to regulatory concerns. Despite this setback, Nasdaq remains focused on expanding its technology services related to tokenized assets.The new strategy for Nasdaq involves using its blockchain […]

New Accounting Rules Transform How Companies Handle Cryptocurrencies

The Financial Accounting Standards Board (FASB) has announced new rules that will significantly impact how U.S. companies account for cryptocurrencies like Bitcoin. Starting from December 15, 2024, companies will be required to record these digital currencies at fair market value. This means that the value of their cryptoassets will need to be updated based on […]

Bitcoin Miners Face Backlash Over Censorship of Blockchain Inscriptions

Loyal readers of The Protocol will recall our riff in last week’s issue, headlined “Bitcoin Censorship, or Just ‘Spam Filtering?’” The gist of the story is that some Bitcoin purists are trying to keep the oldest and largest blockchain free from non-financial transactions – such as the text snippets and images that some people are […]

OKX DEX Loses $2.7 Million in Hack Due to Private Key Leak

On December 13, OKX decentralized exchange (DEX) experienced a significant hack, resulting in a loss of $2.7 million. The breach occurred due to a leaked private key of the proxy admin owner. Unlike previous attacks on exchanges, this incident involved stealing the credentials needed to access the exchange’s wallets, where funds were held in escrow […]

New US Accounting Rules Allow Realistic Valuation of Crypto Assets

Crypto companies and institutions holding crypto assets in the United States will soon be able to record the value of their assets more accurately, thanks to new accounting rules set by the Financial Accounting Standards Board (FASB). Currently, crypto assets are considered indefinite-lived intangible assets and are subject to impairment. This means that if the […]

New Accounting Standards Enhance Transparency for Corporate Cryptocurrency Holdings

The Financial Accounting Standards Board (FASB) has announced new standards that will allow companies to use fair-value accounting for specific cryptocurrencies on their balance sheets. These standards, which will be effective from December 15, 2024, aim to improve the transparency of financial reporting for crypto assets.Previously, companies were required to value their crypto holdings at […]

Co-founder of Three Arrows Capital Faces Questioning in Singapore Court over Crypto Fund Collapse

In a recent court hearing in Singapore, Su Zhu, co-founder of Three Arrows Capital (3AC), faced questioning regarding the collapse of the crypto fund. The liquidators, Teneo, sought details on the fund’s failure and the location of assets in their efforts to recover billions of dollars owed to creditors.Zhu’s arrest at the Singapore airport in […]

Uniswap v3 Expands DeFi Opportunities by Merging with Bitcoin on Rootstock

Uniswap, the leading decentralized exchange (DEX) in the world of decentralized finance (DeFi), has made a groundbreaking move by deploying its version 3 (v3) on Rootstock, a Bitcoin sidechain. This integration merges the innovative smart contracts of Uniswap, originally designed for Ethereum, with the robust security of Bitcoin’s proof-of-work network.By exploring the Bitcoin universe, Uniswap […]

Regulatory Dispute Over Cryptocurrency Classification Creates Uncertainty for US Crypto Industry

Rostin Behnam, the chairman of the US Commodity Futures Trading Commission (CFTC), has expressed concerns about the lack of clear regulatory guidelines for cryptocurrencies in the United States. He believes that many cryptocurrencies should be considered commodities under existing laws. Behnam argues that the rapid development of this new technology requires a fresh approach to […]