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The office of the Utah Attorney General at the Capitol in Salt Lake City is pictured on Tuesday, Jan. 16, 2024. (Photo by Spenser Heaps for Utah News Dispatch) Utah's attorney general is joining a coalition of 17 other states pushing back on the federal government's attempt to regulate cryptocurrencies, arguing that authority should instead be left to states. Sean Reyes, who did not run for reelection as the Utah Attorney General, signed the state onto a complaint this week alleging the U.S. Securities Exchange Commission, or SEC, is imposing regulations that contradict existing state laws. Reyes will be replaced in January by Republican Derek Brown, the state's attorney general-elect. Some states have imposed their own regulations surrounding cryptocurrency, a growing form of digital, decentralized currency that works through a computer network and doesn't rely on a bank or government to be upheld. But the SEC, according to the complaint, "has not respected this allocation of authority." "Instead, without Congressional authorization, the SEC has sought to unilaterally wrest regulatory authority away from the States through an ongoing series of enforcement actions targeting the digital asset industry," reads a complaint, filed in federal court in Kentucky's Eastern District. The SEC's regulatory approach is based on the idea that all purchases and sales of digital assets are "investment contracts," according to the complaint, which means they qualify as securities transactions. That means all digital asset platforms need to register with the SEC as securities exchanges, dealers, brokers and clearing agencies to comply with federal law, which "subjects the entire digital asset industry to a single ill-fitting regime that Congress enacted for an entirely different kind of financial instrument," the states allege. Claiming the policy violates the Administrative Procedures Act, the complaint asks the court to declare the policy unlawful and prevent the SEC from taking any kind of enforcement action. "The SEC is drastically and illegally overstepping its limited authority by enforcing out-of-date legal theories in a desperate attempt to suppress the trillion-dollar digital asset industry," Reyes said in a statement. "The desire to protect those who buy crypto is understandable. But there are ways to do so constitutionally. There are sound approaches that states like Utah have taken to balance blockchain growth and safeguards. The SEC's attempt to regulate into oblivion most digital assets is wholly improper." In addition to Utah, Arkansas, Florida, Indiana, Iowa, Kansas, Kentucky, Louisiana, Mississippi, Missouri, Montana, Nebraska, Ohio, Oklahoma, South Carolina, Tennessee, Texas, and West Virginia all signed onto the complaint. The DeFi Education Fund, an advocacy group promoting decentralized currency, also signed onto the lawsuit.

Utah’s attorney general is joining a coalition of 17 other states pushing back on the federal government’s attempt to regulate cryptocurrencies, arguing that authority should instead be left to states. Sean Reyes, who did not run for reelection as the Utah Attorney General, signed the state onto a complaint this week alleging the U.S. Securities […]

Utah joins 17 other states opposing the federal regulation of cryptocurrency

Utah and 17 other states sued a federal agency over the way it regulates cryptocurrencies. The states say the federal agency in question overstepped its authority in doing so and should have left it to the states. Kentucky Attorney General Russell Coleman led efforts on filing the suit against the Securities and Exchange Commission. It was filed Thursday. Coleman told Fox Business recently that through the election, Americans "rejected the weaponization of the federal government." "The Biden-Harris Administration's unlawful crypto crackdown has targeted the tens of millions of ordinary people who are taking part in this vibrant digital market," said Coleman. "Along with conservative AGs across the country, we're filing this challenge to cut the bureaucracy down to size." Utah Attorney General Sean Reyes also helped lead the coalition of states in filing this suit. Reyes is the outgoing chair of the national Republican Attorneys General Association. States like Louisiana, Missouri, Texas and Florida signed onto the suit as well as the DeFi Education Fund. It challenges the authority of the SEC to regulate cryptocurrencies. The SEC is a federal agency that oversees and regulates markets for securities, like stocks or bonds. The suit questioned whether or not digital assets like cryptocurrencies should be regulated by the SEC. Instead, the states argued, it should be left to them to determine how to regulate the digital asset industry. "States have fulfilled their constitutional role as 'laboratories for experimentation to devise various solutions' for government oversight of the digital asset industry, allowing other States and the federal government to learn from their experiences," said the suit. The Deseret News reached out to the press contact at the SEC requesting a statement and did not hear back before publication. Reyes said in a statement that the SEC is overstepping its authority and using outdated legal theories to justify it. "The desire to prevent misuse of crypto is understandable," he said. "But there are ways to do that constitutionally. There are approaches states like Utah have taken to balance blockchain growth and safeguards. The SEC's attempt to regulate most digital assets into oblivion is wholly improper." What are the states' claims?</h3> The coalition of states said in the suit that because of blockchain technology, there's a trillion-dollar digital asset industry. The states said state governments have regulated the industry by creating frameworks to allow growth and also protect consumers. "While state regulatory approaches have varied in accordance with local needs, they have consistently endeavored to provide transparent and administrable rules of the road," said the suit. "And Congress has repeatedly declined proposals to give federal agencies broad regulatory power over digital assets." The suit alleged the SEC took regulatory authority away from the states through enforcement actions without having the authorization from Congress to do so. Are digital assets considered securities? The suit claimed digital assets are assets not investment contracts, which would be considered securities, even though the suit claims the SEC is operating as if these assets are securities. Under federal law and prior Supreme Court precedent, the suit said the SEC doesn't have the power to regulate all digital asset transactions as securities transactions. The suit claimed Congress didn't grant this regulatory power. Instead, the states said that the states are better suited to regulate the industry. "Still worse, by attempting to shoehorn digital assets into ill-fitting federal securities laws and inapt disclosure regimes, the SEC is harming the very citizens it purports to protect, by displacing better-suited state laws that have been carefully designed to ensure consumer protection in the digital asset industry," alleged the suit. In addition to making the argument the power should be with the states, the suit alleged state economies have suffered because of the SEC's approach. The suit claimed that under the theory the SEC is using to regulate digital assets, the agency could also regulate the sales of things like Nike sneakers or baseball cards. "That would leave the SEC with practically unbounded jurisdiction, and would impose the complex and detailed disclosure requirements of the federal securities laws on all kinds of transactions that have never been understood to fall within their scope," said the suit. The states asked the court to say a digital asset transaction isn't an investment contract under certain conditions. They also wanted the court to say the SEC can't bring enforcement actions based on certain criteria too. The states also requested the court award attorneys' fees and costs.

The suit said states, not the SEC, should be the ones to regulate the digital asset industry.

Utah and 17 other states sue a federal agency over its regulation of cryptocurrency

Who gets to regulate cryptocurrency? 18 states sued the SEC arguing it should be the states, not the federal agency. Read more.

Why 18 states sued a federal agency over cryptocurrency regulation – Deseret News

A rise in cryptocurrency scams across Tucson has prompted the Pima County Sheriff's Department to launch a new initiative to help protect community members.These scams, which involve payment from a victim to a scammer by bitcoin or other cryptocurrency, are reported to the department about eight times a month, according to Detective Tyler Rivas of the fraud unit.From January through October of this year, local victims reported losses from cryptocurrency scams totaling $814,934.The transactions took place at one of the more than 300 Bitcoin Depot and Coinme ATMs located throughout the metro Tucson area, Rivas said.This choice of currency is often used by scammers because bitcoin is an instant transaction and there is no third party involved. This has also made the cases difficult for law enforcement to investigate, Rivas said."It was our achilles heel," Rivas said. "We didn't know how to investigate (bitcoin), have the means to investigate it, or to recover the money."Scammers will often ask victims to deposit cash into these cryptocurrency ATMs for an assortment of suspicious or unusual reasons, like a pre-payment for lottery winnings, a payment to avoid arrest for a bogus warrant or an investment scam that requires money upfront.Detectives in the unit work hard to hone in on new scams and keep up with the revolving ones, Rivas said.In response, the fraud unit will be teaming up with local merchants, banks and others in the financial sector to place highly visible, easy-to-comprehend notices on ATMs, bitcoin machines, gift card kiosks and within bank branches, which act as a final warning to potential victims.Rivas said these alerts aim to break through the scammer's control at the last moment by placing scam prevention signs and law enforcement contact information at the site of the ATMs.Rivas notes that anyone can become a victim of such scams and said no one should feel ashamed or embarrassed if they've been bamboozled."You don't think it's something that's going to happen to you," he said. "Until it does."The best way to stop these scams, investigators say, is to prevent them from happening in the first place.Any businesses interested in obtaining scam alerts to place at their locations, or anyone experiencing a scam can contact the Pima County Sheriff's Department Fraud Unit at or at 520-351-3000.

From January through October of this year, local victims reported losses from cryptocurrency scams totaling $814,934.

Crypto scams in Tucson targeted by Pima County Sheriff's Department

An extremely rare 17th century coin owned by Founding Father John Adams' family has sold for $2.52 million. The silver threepence coin, minted in 1652, set a new world record for a coin auction on Monday. The tiny coin, one of only two known to exist, was minted in pre-Revolution Boston. It weighs just 1.1 gram and has a silver value of just over $1 on today's market. The threepence was made within weeks of the first mint being opened in what would later become the United States. It was surprisingly discovered in an old cabinet in Amsterdam in 2016 and came to Stack's Bowers Galleries' for verification in 2020. 'We haven't been able to trace its history entirely. It came literally out of the woodwork in 2016 and to us in 2020,' Vicken Yegparian, vice president of Numismatics at Stack's Bowers Galleries, told DailyMail.com. 'It came with some provenance that it had come from the Quincy family and then to a collector in the 1790's,' Yegparian explained. The Quincy family of Boston included First Lady Abigail Adams, who was married to Founding Father and second President of the United States John Adams. Their son John Quincy Adams also later went on to be President. 'There aren't too many coins that can trace provenance back that far and the Adams family were collectors of coins,' Yegparian said. Although the individual buyer has not been named, it is a private collector, not a museum or organization that now owns the coin. The only other coin of its kind has been in the collection of the Massachusetts Historical Society for 120 years. Auctioneer Ben Orooji, who called the 12-minute bidding battle in California , said the sale was 'an exhilarating ride and a career highlight.' The coin eventually sold for more than three times the in-house estimate. 'One can never predict where major rarity auctions will go,' Yegparian told DailyMail.com. 'Firstly it is a foundational coin in American numismatics. For colonial coin collectors, New England coinage is like the king.' 'The oldest coin history in America is 1652, and this is it.' There are now fewer than 100 New England coins in private hands and museums. For collectors of American antiques and historic items this is the era that brings in the highest prices at auctions, Yegparian said. Another reason the price was so far above the estimate is that prospective buyers tend to keep their cards close to their chest to avoid revealing how much they are willing to pay for an item ahead of an auction. Coin collecting saw an uptick in interest while everyone was stuck at home during the pandemic and the enthusiasm hasn't waned, Yegparian explained. Years of inflation and an uptick in gold and silver markets has also drawn attention to collecting as an investment. 'Some people just want to buy precious metal and others get interested in rare coins,' Yegparian said. 'People are trying to diversify their portfolio outside more standard investments. 'The whole fabric of collecting has changed in the last few decades. It's more focused on rarity and quality now.'

An extremely rare 17th century coin owned by Founding father John Adams' family has sold for $2.52 million.

Ultra rare coin owned by Founding Father John Adams' family sells for record-breaking $2.5 MILLION

Editor's note: This story has been updated to correct the year the coin was made. (NEXSTAR) – A rare 17th Century coin sold at auction for a record-breaking $2.52 million eight years after it was found in an old cabinet in Amsterdam. The 1652 New England threepence, which is about the size of a nickel, was struck in Boston and found over three centuries later, inside an old cabinet in Amsterdam around 2016, according to a news release Monday from Stack's Bowers Galleries, which handled the auction. The owner had no idea how valuable the discovery was for several years until he decided to thoroughly research the small, worn disk with three Roman numerals on one side and "NE" on the other. Are your old coins and bills valuable? Expert explains what to look for Weighing just 1.1 grams, the value in silver was just $1.03 as of Monday's market, but its rarity and rich history raised the price to a new record for any non-gold U.S. coin struck before the founding of the United States Mint, according to the gallery. The previous record was $646,250. The threepence coin is thought to have come from the politically powerful Quincy family of Boston, which included the first lady of the United States, Abigail Adams, wife of President John Adams. Before serving as the second president of the United States, John Adams was also the fledgling country's first ambassador to The Netherlands . New England threepence coins are exceedingly rare – the only other known example has been in the care of the Massachusetts Historical Society for 120 years. "This is one of the most important coins in all of American numismatics," Professional Coin Grading Service President Stephanie Sabin told Coin World . "Since before the Civil War, collectors have regarded the 1652 New England threepence as the single-rarest American colonial coin. And for more than a century it's been known as entirely unobtainable for private collectors. The bidding war for the coin, which reached a price three times higher than initial projections, was "an exhilarating ride," according to auctioneer Ben Orooji, who called the 12-minute contest "a career highlight."

A rare 17th Century coin sold at auction for a record-breaking $2.52 million eight years after it was found in an old cabinet.

Rare coin found in piece of furniture sells for $2.52M at auction

(Bloomberg) - A record-breaking crypto rally born in the US is leaving its mark on Asia, including a jump in the value of Bitcoin held by Bhutan to more than $1 billion and a surge in digital-asset trading volumes in South Korea. Most Read from Bloomberg Paris to Replace Parking Spaces With Trees </li> New York's Transit Agency Approves $9 Congestion Toll </li> In Cleveland, a Forgotten Streetcar Bridge Gets a Long-Awaited Lift </li> Trump Promises Could Have Seismic Impact on Washington Economy </li> A Bug's Eye View of Mexico City's Modernist Architecture </li> The crypto market by some estimates has climbed over $800 billion since Donald Trump's victory in the US election on Nov. 5, on hopes that his pledge to turn the US into the global hub for the sector will spur a digital-asset boom. Asia is being impacted by the burst of optimism as a clutch of jurisdictions in the region are at the forefront of crypto adoption, whether for investment, hedging local currency weakness or cheaper and faster remittances. In Bhutan, state investment arm Druk Holding & Investments has accumulated Bitcoin as a reward for running computer networks that help to underpin the token's digital ledger. These so-called Bitcoin mining operations are powered by the mountainous Himalayan kingdom's abundant hydroelectricity. Diversification Strategy The value of Bhutan's Bitcoin hoard has risen over $200 million to $1.1 billion since the US vote, according to researcher Arkham Intelligence. That's equivalent to about 36% of the country's gross domestic product. Druk Holding & Investments began mining Bitcoin in 2019, Chief Executive Officer Ujjwal Deep Dahal said, but is unable to confirm the value of the holdings as they are material to its "core internal asset management and diversification strategy." In South Korea, speculators tend to embrace smaller, riskier tokens rather than market-leader Bitcoin alone. The nation's largest dedicated exchange is Upbit, whose share of worldwide crypto trading jumped two percentage points to 4.3% from Nov. 5 to Nov. 10, according to CCData. That suggests the Trump-fueled rally tempted more South Koreans into the market. Elsewhere in the Asia Pacific, Singapore and Hong Kong are among the jurisdictions trying to foster digital-asset hubs. There are also many signs of gray-market demand for digital assets in China despite Beijing's crypto ban. "Asian exchanges are going to see a big benefit from Trump and his pro-crypto policies," said David Rogers, regional chief executive at market maker B2C2. Bitcoin All-Time High Bitcoin spiked to a record high above $94,000 on Tuesday as investors assessed how quickly Trump can make good on his promise of a friendly US regulatory backdrop. He has also pledged to establish a strategic US Bitcoin reserve, though some view that as an uphill task. Roger Li, co-founder of One Satoshi, a chain of stores in Hong Kong offering over-the-counter conversions between cash and crypto, said his volumes picked up two weeks before the US election and continued to expand afterward. "Because of the growth we are seeing, and because we believe the rally will continue, we're expanding our business," Li said. "We want to have bigger shops to tend to more customers." Rallying Tokens, Shares Other ripples from the US-led rally include a post-election doubling in the price of Cronos, the utility token of Singapore-headquartered Crypto.com, one of the biggest digital-asset trading venues. The city-state is also home to education software firm Genius Group Ltd., whose US-listed shares briefly surged 138% after the company pivoted to a Bitcoin-first approach for its reserves. In Japan, Metaplanet Inc. is up roughly 60% this month on optimism about its strategy of accumulating Bitcoin from debt and equity financing. Last week, Tokyo-based Monex Group Inc. announced its crypto exchange operator Coincheck Group plans to finally list in the US in December via a long-pending merger with a special purpose acquisition company. Digital assets suffered a wipeout in 2022 that uncovered sharp practices and fraud, leading to the collapse of platforms such as Sam Bankman-Fried's FTX exchange. But for now memories of such risks are being overshadowed by bouts of euphoria over Trump's support for crypto. "If this bull market plays out like 2021, we could see some significant volumes flow to altcoins while Bitcoin's price slows," said BTC Markets Pty Chief Executive Officer Caroline Bowler, using a catch-all term for smaller tokens. Most Read from Bloomberg Businessweek Jaylen Brown Is Taking On Nike With $200 Sneakers </li> Trump's Impossible Task: Delivering for the Working Class and Billionaires </li> Wall Street Is Too Pumped About Trump to Worry About His Policies </li> Why Tech Billionaires Love the Author of Jurassic Park </li> Companies With Immigrant Workforces Are Preparing for Raids </li>

(Bloomberg) -- A record-breaking crypto rally born in the US is leaving its mark on Asia, including a jump in the value of Bitcoin held by Bhutan to more than $1 billion and a surge in digital-asset trading volumes in South Korea.Most Read from BloombergParis to Replace Parking Spaces With TreesNew York’s Transit Agency Approves $9 Congestion TollIn Cleveland, a Forgotten Streetcar Bridge Gets a Long-Awaited LiftTrump Promises Could Have Seismic Impact on Washington EconomyA Bug’s Eye View of Me

Asia Crypto Hotspots Reap Gains From Record Rally Sparked by US

FlickPlay, the Web3 platform that allows people to unlock digital assets and create videos using augmented reality (AR), has unveiled a major partnership with Bandai Namco , the owner of the Pac-Man intellectual property, and the City of Shibuya in Tokyo that it describes as "a significant step in merging the digital and physical worlds to shape the future of play, providing fans worldwide with unprecedented access to interactive Pac-Man collectibles in both online and real-world settings." Paying homage to Japanese culture and Pac-Man's 45th anniversary , a Pokémon Go-style location-based activation during the DIG Shibuya technology and arts festival, taking place Feb. 8-11, will transform more than 40 locations in Shibuya City into an interactive playground where fans can unlock and engage with Pac-Man characters. With more than 120,000 attendees and 3 million daily visitors expected in Shibuya during the festival, Santa Monica-based FlickPlay said the activation was designed to set "the stage for mainstream adoption of Web3-powered entertainment." "Web3" is a term that describes a vision for a decentralized internet that is built on blockchain technology and communally controlled by its users. Sony Group recently revealed that it was looking for its Sony Pictures and Sony Music units and a new global incubator to help it with a push into the blockchain and Web3 space. A second exclusive Pac-Man collection series, infused with nostalgia, will be accessible for Pac-Man super-fans worldwide via the FlickPlay store, "inviting fans everywhere to join the celebration of its 45th anniversary and a new age of digital experiences," the firm said. "This partnership reflects our shared vision of blending beloved cultural icons like Pac-Man with cutting-edge technology to redefine fan engagement," said FlickPlay founder and CEO Pierina Merino. "We're proud to be leading the way in making Web3 experiences accessible to everyday consumers, transforming how people interact with digital characters, and creating new opportunities for local economies and global brands alike." FlickPlay, whose investors include Bandai Namco , Goal Ventures, Cogitent Ventures, Lightspeed Ventures and Muse Capital, highlights its vision on its website this way: "Bring your digital toys to life and join communities of like-minded fans." A visual for the Tokyo activation also shows the tagline: "Collect. Play. Connect." Bandai Namco's vision is "to share dreams, fun and inspiration with people around the world" to "create a brighter future for everyone," said, Yoyo Yang, principal, Bandai Namco Entertainment 021 Fund. "Our partnership with FlickPlay aligns seamlessly with our vision as their innovative platform offers a fresh approach to online-to-offline fan engagement through game-ready characters. We see immense value in FlickPlay's ability to bridge digital and physical worlds." Yoshiro Tasaka, director, Shibuya Startup Support, added. "Shibuya has always stood at the forefront of cultural and technological progress, and our partnership with FlickPlay marks a significant step forward in how cities can engage residents and visitors through digital experiences. By integrating iconic characters like Pac-Man with real-world exploration, this activation at the DIG Shibuya Festival offers a glimpse into the future of city entertainment – where physical spaces and digital interactions come together to create unforgettable urban experiences. We believe this collaboration will not only enhance the time people spend in Shibuya but also set a new standard for how cities can drive innovation in tourism, commerce, and community connection." FlickPlay previously said its goal is to "become the destination for fans to buy game-ready digital toys, explore self-expression, and discover mini-games and communities to join," along with "redefining social storytelling and empowering fans to engage with their favorite characters in their everyday experiences."

'Pac-Man' collectibles will get digital and real-world activation in Shibuya, Tokyo under a partnership between FlickPlay and Bandai Namco.

‘Pac-Man’ Collectibles to Get Digital, Real-World Tokyo Activation in FlickPlay, Bandai Namco Pact

By Lisa Pauline Mattackal and Shashwat Chauhan(Reuters) – Joe McCann was sitting in his Miami condo, eyes glued to screens flashing with bitcoin trades as the American election results rolled in."When the first polls closed, we started to see massive U.S. buying and it just hasn't stopped since," said McCann, founder of crypto-focused hedge fund Asymmetric. "The sentiment in the crypto community is a form of elation at this point."Indeed bitcoin has skyrocketed over 32% since Nov. 5 to an all time high of more than $91,000 dollars as traders bet President-elect Donald Trump's promised support for digital assets would lead to a less restrictive regulatory regime and inject some life back into bitcoin after a listless few months.On Binance, the world's biggest crypto exchange, the average bitcoin daily trading volume from Nov. 6 to Nov. 13 jumped to about $493 million, nearly double the year's average of around $252 million, as per crypto data provider Kaiko. Volumes on Coinbase were triple the year's average during the same period, averaging over $108 million per day.Meanwhile, U.S.-listed exchange-traded funds tracking the spot price of bitcoin, products favored by institutional investors, notched their biggest daily net inflows on record of $1.43 billion dollars on Nov. 7, according to CoinShares.Yet many market players cautioned that investors could get burned by profit-taking and market pullbacks in the coming weeks, with Coinglass' bitcoin "fear and greed" index – a measure of market sentiment – firmly in "greed" territory."Expect some confusion as even the most sophisticated and connected market participants try to parse if a Trump administration means a more balanced regulatory regime, a Wild West free-for-all, or if Trump will simply forget about crypto entirely," said Matthew Graham, managing partner at Ryze Labs.CRYPTO MARKET TOPS $3 TRILLIONIt's definitely getting choppy.Bitcoin's annualized 30-day volatility ticked back up to over 58%, its highest since September and after slumping as slow as 25% in June, according to data from The Block.The market gains go beyond bitcoin; The total cryptocurrency market value has soared to an all-time high of $3.16 trillion, according CoinGecko. Open interest on derivatives exchanges is at a record high of over $102 billion, Coinglass data showed.Ethereum has jumped about 32% since the election, while the market value of decentralized finance-focused tokens touched a five-month high of $93 billion.Despite the initial excitement, details on what exactly will change under a new administration remain hazy.The main focus now is the appointment of Trump's U.S. Treasury Secretary, with a few potential candidates including Howard Lutnick and Scott Bessent, seen as more crypto friendly.Ryan Lee, chief analyst at Bitget Research, warned traders should stay alert for sudden pullbacks: "The appointment could trigger short-term speculation."(Reporting by Lisa Mattackal and Shashwat Chauhan in Bengaluru; Graphic by Vineet Sachdev; Editing by Pravin Char)

By Lisa Pauline Mattackal and Shashwat Chauhan (Reuters) - Joe McCann was sitting in his Miami condo, eyes glued to screens flashing with bitcoin trades as the American election results rolled in. "When the first polls closed, we started to see mas...

Cryptoverse: ‘Elation’ as bitcoin basks in Trump glow

Melania Trump's latest venture into digital artwork highlights her commitment to her growing blockchain business. The incoming first lady has launched a new series of digital images titled "On the Move," featuring her in various professional scenarios, Yahoo Entertainment reported . The launch shows Melania Trump's plans to continue her own personal projects as she prepares for her part-time White House presence. These limited-edition photos are available for purchase on her website, signaling her ongoing involvement in the blockchain and NFT market. The collection consists of 16 images, each portraying Melania Trump in settings such as the campaign trail and her office. This venture into digital art via blockchain technology showcases her multifaceted career beyond her role in politics. Each digital image in the "On the Move" series is sold for nearly $200. These are not just simple pictures; they are minted on the Solana blockchain, known for its cryptocurrency digital transactions. Blockchain technology, as explained by IBM, is a system that records transactions securely online. It is often associated with cryptocurrencies such as Bitcoin and digital collectibles like NFTs. Melania Trump's engagement with blockchain technology began in 2021. She launched her blockchain company after her tenure in the White House. Since then, she has actively participated in this market by releasing various themed NFTs, including holiday ornaments. Her consistent release of new NFTs suggests a strong commitment to her blockchain endeavors. This is part of a broader trend of celebrities entering the digital space, leveraging their images and art in new forms. The blockchain and NFT industry, while innovative, has faced criticism. Concerns over scams, intellectual property disputes, and the environmental toll of earlier blockchain technologies linger, marking this sector as controversial. Despite President Donald Trump's return to the White House, Melania will be maintaining a part-time presence there. Meanwhile, the first lady will be focusing instead on her burgeoning digital enterprise. This balance highlights her independent pursuits outside of her responsibilities as the first lady. Meanwhile, Melania Trump has reportedly said she will not live in the White House full time after the inauguration. She reportedly plans to split her time between Washington D.C., New York, where her son, Barron, is attending college, and Florida at the Trumps' estate, Mar-a-Lago. In the past few weeks, she has also been busy promoting her memoir , Melania.

Melania Trump's latest venture into digital artwork highlights her commitment to her growing blockchain business.

Melania Trump Launches New Digital Series for Growing Blockchain Business

Trump Media is in "advanced talks" to buy the cryptocurrency trading firm Bakkt , the Financial Times reported Monday, citing two people with knowledge of the talks.The news sent shares of both companies soaring.Trump Media, which is majority owned by President-elect Donald Trump , shot up by double digits minutes after the Financial Times report was published.The company, which operates the Truth Social app and trades on the Nasdaq as DJT, closed more than 16% higher.Shares of Bakkt — which was created by Intercontinental Exchange , the owner of the New York Stock Exchange — skyrocketed more than 162% amid repeated trading halts due to volatility.Kelly Loeffler, a previous CEO of Bakkt, is the co-chair of Trump's inauguration committee.Loeffler, who is married to Intercontinental Exchange CEO Jeffrey Sprecher, left as Bakkt's top executive in 2019 when Georgia Gov. Brian Kemp appointed her to the U.S. Senate seat vacated by Sen. Johnny Isakson, who resigned due to health reasons.Loeffler was defeated by Democratic Sen. Raphael Warnock in a runoff for a special election for her Senate seat.Trump Media has seen its market value rise and fall by billions of dollars in the runup to the 2024 presidential election, as retail investors bet on the Republican's momentum and political prospects.While Trump Media has reported a $363 million net loss on revenue of just $2.6 million so far this year, it boasts a market cap above $7 billion. The company said in its third-quarter earnings report that it holds nearly $673 million in cash and cash equivalents.A Trump Media spokeswoman did not immediately respond to CNBC's request for comment.The reported acquisition moves show Trump further developing his business interests in the cryptocurrency realm, even as he is set to enter the White House on Jan. 20, 2025.Just three weeks before the Nov. 5 presidential election, Trump hyped the launch of a token pegged to a new crypto venture dubbed World Liberty Financial . As part of the deal with WLF, Trump and his family are poised to rake in 75% of its net coin revenue while assuming no liability.Bakkt was founded in 2018 to offer tech services for crypto investors. The Alpharetta, Georgia-based company in its latest fiscal quarter reported total revenue of $328.4 million and an operating loss of $27.4 million, a 48% improvement from the prior year.In that quarterly report, Bakkt flagged that the company "may not be able to continue as a going concern."While Bakkt's management has concluded that it has "sufficient capital to continue as a going concern for at least 12 months from the date of this Report," the report acknowledged, "that determination may change in the future.""If we cannot continue as a viable entity, our stockholders will likely lose most or all of their investment in us," the company said.In March, Bakkt revealed that the New York Stock Exchange had warned the company that it was at risk of being delisted because its common stock was trading at an average below the exchange's $1 per share minimum for at least 30 consecutive trading days.In April, Bakkt carried out a reverse stock split at a 1-for-25 ratio.— CNBC's Dan Mangan contributed to this report.

Trump Media is in “advanced talks” to buy the cryptocurrency trading firm Bakkt, the Financial Times reported Monday, citing two people with knowledge of the talks. The news sent shares of both companies soaring. Trump Media, which is majority owned by President-elect Donald Trump, shot up by double digits minutes after the Financial Times report

Trump Media in reported talks to buy crypto trading platform Bakkt

Aussies have been urged to check their loose change for a coin produced 24 years ago which could be worth thousands of dollars . Of the various $1 coin designs, one stands out due to an almost imperceptible error made at the Royal Australian Mint in 2000. The coin's reverse side was imprinted with the standard $1 design, while the front was struck using a 10-cent piece die, which resulted in a distinctive secondary border. The coin is known as a 'mule' among numismatists. Mark Nemtsas from The Purple Penny noted that tens of thousands of these mule coins were produced. 'One found in change today might be worth $200-$300,' he told Yahoo Finance . But some current listings have asking prices ranging from $995 to $6,500, with higher valuations depending on the coin's condition. According to Nemtsas, mules in pristine, uncirculated condition could fetch the higher prices. 'An uncirculated example might be worth a few thousand, but there's no chance of finding one of those after 24 years of circulation,' he said. For potential buyers, caution is advised when purchasing expensive coins on platforms like eBay, as verifying authenticity can be tough. Coins authenticated by the Professional Coin Grading Service (PCGS) are considered more reliable. The service evaluates coins based on factors like appearance and mintage, which play a key role in determining their value. Coin errors can dramatically boost a coin's value, especially when the mistake is rare. While exact production numbers for the 2000 $1 mule remain uncertain, PCGS estimates only about 20,000 were minted. The PCGS told Yahoo Finance the coin became a classic in the collecting community when it was first discovered in 2000. 'Everyone had a chance of finding one and, as the media reported discoveries and the coin became more widely known, the chase to find an example in one's change became even more frantic.' One collector in Perth found 180 mules over two years by scouring poker machine coin bins. Of the 500 coins examined by PCGS to date, only five have achieved the PCGS MS64 grade, and four of those are held in private collections. The high rating refers to coins which have an 'average or better strike with scattered marks or hairlines, though none severe', examples of such quality are considered rare.

Of the various $1 coin designs, one stands out due to an almost imperceptible error made at the Royal Australian Mint in 2000.

The $1 coin that could be worth thousands of dollars

New York, United States: Shares in Donald Trump's social media company soared on Monday after a Financial Times report that it was in talks to buy a cryptocurrency exchange.Trump Media and Technology Group, which operates Truth Social, was up more than 16.5 percent at the close of trading after the newspaper reported it was in advanced talks to buy crypto platform Bakkt.Many in the crypto sector are expecting the US president-elect to enact reforms that will benefit the industry once he is in office. The purchase, if it goes through, would give Trump further personal exposure to any favorable regulations his administration enacts.Bakkt shares shot up more than 160 percent after the financial daily's report, which cited anonymous sources familiar with the matter.Bakkt's parent company, Intercontinental Exchange (ICE), did not immediately respond to a request for comment.Bakkt has previously entered into business partnerships with Starbucks and Mastercard in moves intended to make cryptocurrencies more accessible to consumers.The company, which went public in 2021, has not yet turned a profit although its losses have narrowed in recent years.TMTG posted revenue of just $2.6 million in the first three quarters of this year while reporting a loss of $363 million.Trump has a 53 percent stake in the company.He also has ties to the crypto platform World Liberty Financial.Groups affiliated with the crypto industry spent millions supporting candidates across both US political parties in the November election, including Trump.

Shares in Donald Trump's social media company soared on Monday after a report that it was in talks to buy a cryptocurrency exchange.

Donald Trump's Company's Shares Soar After Report On Its Crypto Bid

(Bloomberg) - President-elect Donald Trump's Trump Media & Technology Group Corp. is in talks to buy the digital-asset marketplace Bakkt Holdings Inc., according to people familiar with the discussions who asked not to be named sharing private information. Most Read from Bloomberg Paris to Replace Parking Spaces With Trees </li> New York's Transit Agency Approves $9 Congestion Toll </li> In Cleveland, a Forgotten Streetcar Bridge Gets a Long-Awaited Lift </li> A Bug's Eye View of Mexico City's Modernist Architecture </li> Amtrak Wins $300 Million to Fix Its Unreliable NJ-to-NYC Service </li> In a statement released on Tuesday, Bakkt said that it would not comment on "market rumors or speculation," per the company's policy. Shares in the digital-asset platform more than doubled on Monday after the Financial Times initially reported on the talks, which it described as at an "advanced" stage. The newspaper said Trump Media is closing in on an all-share purchase. Bakkt's market capitalization was $155 million as of Friday's close. Bakkt was spun out of Intercontinental Exchange Inc., the parent of the New York Stock Exchange. TMTG did not return a request for comment. ICE declined to comment. Bakkt has been exploring a potential sale for months, Bloomberg previously reported. Intercontinental Exchange, which owns some of the biggest futures markets as well as the NYSE, launched Bakkt with much fanfare in 2018. The stock had traded at more than $1,000 in October 2021 as cryptocurrency prices approached all-time highs. Less than three years later, Bakkt disclosed that it might not be able to continue as a going concern, raising the possibility of being delisted from the NYSE. Kelly Loeffler, Bakkt's founding CEO, is married to Jeffrey Sprecher, who is the founder and CEO of Intercontinental Exchange and chair of the New York Stock Exchange. Loeffler, who spent one year as the US Senator from Georgia, is serving as co-chair of Trump's inaugural committee alongside Steve Witkoff. President-elect Trump owns more than 50% of TMTG, which operates Truth Social, a social media site. (Adds Bakkt statement in the second paragraph.) Most Read from Bloomberg Businessweek Trump's Impossible Task: Delivering for the Working Class and Billionaires </li> Jaylen Brown Is Taking On Nike With $200 Sneakers </li> Wall Street Is Too Pumped About Trump to Worry About His Policies </li> Why Tech Billionaires Love the Author of Jurassic Park </li> Democrats Let MAGA Co-Opt the Healthy Food Movement </li>

(Bloomberg) -- President-elect Donald Trump’s Trump Media & Technology Group Corp. is in talks to buy the digital-asset marketplace Bakkt Holdings Inc., according to people familiar with the discussions who asked not to be named sharing private information.Most Read from BloombergParis to Replace Parking Spaces With TreesNew York’s Transit Agency Approves $9 Congestion TollIn Cleveland, a Forgotten Streetcar Bridge Gets a Long-Awaited LiftA Bug’s Eye View of Mexico City’s Modernist ArchitectureA

Trump’s Media Company in Talks to Buy Bakkt Crypto Platform

It has been two weeks since President-elect Donald Trump secured a second term, and he is gradually forming his Cabinet.Trump has announced several high-profile individuals to lead various departments, from Marco Rubio as secretary of State to Tulsi Gabbard as director of National Intelligence.Wall Street is waiting for one important position that would guide Trump's economic vision: Treasury secretary.Four names have been floated as a successor to Janet Yellen, the current head of the U.S. Department of Treasury.Described by Trump as "one of the analysts on Wall Street," Bessent has emerged as the leading candidate to lead the Treasury Department.He has been a vocal supporter of cryptocurrency and tariffs.On inflation concerns surrounding Trump's tariff plans, Bessent told CNBC's "Squawk Box" in October that the economic measure can be "layered in gradually." The idea, he told the business news network, is that higher prices can appear over time and be offset by disinflationary public policies.The Wall Street veteran also noted in a separate interview with the Financial Times that the president-elect's "maximalist" positions on trade can be watered down."My general view is that at the end of the day, he's a free trader," Bessent said. "It's escalate to de-escalate."This past summer, speaking to Fox Business, Bessent espoused his excitement about Trump's "embrace of crypto" that "fits very well with the Republican Party.""Crypto is about freedom and the crypto economy is here to stay," Bessent said.The seasoned Wall Street investor has garnered the support of many high-profile industry names, including Kyle Bass, a hedge fund investor at Hayman Capital Management.He believes Bessent is "eminently more qualified" for the job."Scott understands markets, economics, people, and geopolitics better than anyone I've ever interacted with. Markets have already anticipated a Bessent choice," Bass wrote in a Nov. 13 post on social media platform X.He was one of Trump's top surrogates on the campaign trail.Like Bessent, Lutnick has advocated for some of Trump's top economic proposals, particularly tariffs."When was America great?" he asked at Trump's Madison Square Garden rally last month. "At the turn of the century, our economy was rocking. This is 1900, 125 years ago. We had no income tax, and all we had was tariffs."Lutnick also conducted a plethora of media interviews championing the benefits of tariffs. He noted that it can be a revenue generator for the federal government and a negotiating tool to create fairness in global trade."Do we make a lot of money on tariffs, or do we bring productivity here, and we drive up our workers here? It's a win-win scenario. I like both of them," Lutnick said on CNBC's "Squawk Box" in October. "I think what's going to happen is we'll make a bunch of money on the tariffs. But mostly everybody else is going to negotiate with us, and we're going to be more fair."Lutnick recently garnered the endorsement of Elon Musk, who said on X that he "will actually enact change.""Bessent is a business-as-usual choice, whereas will enact change," Musk said on Nov. 16. "Business-as-usual is driving America bankrupt, so we need change one way or another."Robert F. Kennedy Jr., who was chosen by Trump to lead the Department of Health and Human Services, said "Bitcoin will have no stronger advocate than" Lutnick."Bitcoin is the currency of freedom, a hedge against inflation for middle class Americans, a remedy against the dollar's downgrade from the world's reserve currency, and the offramp from a ruinous national debt," he said in response to Bass on X.Warsh is a former investment banker at Morgan. He was an economic adviser to President George W. Bush from 2002 to 2006 and is presently working on Trump's transition team, shaping economic policy and staffing.While serving on the Federal Reserve Board as a governor from 2006 to 2011, Warsh helped craft the central bank's response to the global financial crisis.He was a staunch critic of then-Fed Chair Ben Bernanke's endeavors, expressing skepticism that the central bank could stimulate the economy and bolster the labor market by lowering long-term interest rates. Instead, he urged his colleagues to pull back on their monetary policy easing in September 2009.Since then, Warsh has been a member of the board of directors at UPS. He is also a lecturer at the Stanford Graduate School of Business and the Shepard Family Distinguished Visiting Fellow at the Hoover Institution.After Trump's 2016 election victory, Warsh was considered a frontrunner to helm the Federal Reserve (Fed). Jerome Powell was eventually chosen as the central bank chief."The central bank needs to be very clear about its reaction function, be clear about its goals, and not look like it's lurching. That's what put us in the mess we have," Warsh told the business news network.In the aftermath of the coronavirus pandemic, the Fed purchased trillions of dollars in Treasury and mortgage-backed securities and corporate bonds to cushion the economic blows of the public health crisis.The central bank's balance sheet reached nearly $9 trillion. Since March 2022, when the Fed launched its tightening cycle, the balance sheet has fallen to about $7 trillion.Warsh also raised inflation concerns, stating that the Fed will rekindle the inflation flame if it does not continue reducing its balance sheet, which is equal to about 25 percent of the nation's gross domestic product."Price stability would be more easily achieved if the Fed continues to shrink its holdings," Warsh said.He is still seen succeeding Powell when his term expires in 2026.He co-founded private equity titan Apollo Global Management in the 1990s, an investment giant with approximately $700 billion in assets under management. Rowan presently serves as the CEO.Rowan has expressed optimism surrounding the president-elect's team and its proposal to fundamentally overhaul the government.Musk has been tapped by Trump to lead the proposed new Department of Government Efficiency, better known as DOGE, one of the Trump team's leading projects. The billionaire CEO of SpaceX and Tesla Motors believes DOGE could eliminate about $2 trillion from the federal government's budget."Our financial situation is fixable," Rowan said. "It is fixable in a way that is positive for the base that the president-elect has said that he wants to help. But it is not fixable by small amounts of tinkering. It is about wholesale change."The U.S. government's annual budget is about $7 trillion.Rowan has also criticized the Federal Reserve's recent unwinding of restrictive monetary policy.

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Meet the Top 4 Contenders for Treasury Secretary

<li>Trump Media is in "advanced talks" to buy the cryptocurrency trading firm Bakkt, the Financial Times reported, citing two people with knowledge of the talks.</li><li>Shares of DJT and Bakkt soared after the report was published.</li><li>Bakkt was created by Intercontinental Exchange, the owner of the New York Stock Exchange.</li> Trump Media is in "advanced talks" to buy the cryptocurrency trading firm Bakkt , the Financial Times reported Monday, citing two people with knowledge of the talks.The news sent shares of both companies soaring.Trump Media, which is majority owned by President-elect Donald Trump, shot up by double digits minutes after the Financial Times report was published.The company, which operates the Truth Social app and trades on the Nasdaq as DJT, closed more than 16% higher.Shares of Bakkt — which was created by Intercontinental Exchange , the owner of the New York Stock Exchange — skyrocketed more than 162% amid repeated trading halts due to volatility.Kelly Loeffler, a previous CEO of Bakkt, is the co-chair of Trump's inauguration committee. Money Report</h3>Loeffler, who is married to Intercontinental Exchange CEO Jeffrey Sprecher, left as Bakkt's top executive in 2019 when Georgia Gov. Brian Kemp appointed her to the U.S. Senate seat vacated by Sen. Johnny Isakson, who resigned due to health reasons.Loeffler was defeated by Democratic Sen. Raphael Warnock in a runoff for a special election for her Senate seat.Trump Media has seen its market value rise and fall by billions of dollars in the runup to the 2024 presidential election, as retail investors bet on the Republican's momentum and political prospects.While Trump Media has reported a $363 million net loss on revenue of just $2.6 million so far this year, it boasts a market cap above $7 billion. The company said in its third-quarter earnings report that it holds nearly $673 million in cash and cash equivalents.A Trump Media spokeswoman did not immediately respond to CNBC's request for comment.The reported acquisition moves show Trump further developing his business interests in the cryptocurrency realm, even as he is set to enter the White House on Jan. 20, 2025.Just three weeks before the Nov. 5 presidential election, Trump hyped the launch of a token pegged to a new crypto venture dubbed World Liberty Financial . As part of the deal with WLF, Trump and his family are poised to rake in 75% of its net coin revenue while assuming no liability.Bakkt was founded in 2018 to offer tech services for crypto investors. The Alpharetta, Georgia-based company in its latest fiscal quarter reported total revenue of $328.4 million and an operating loss of $27.4 million, a 48% improvement from the prior year.In that quarterly report, Bakkt flagged that the company "may not be able to continue as a going concern."While Bakkt's management has concluded that it has "sufficient capital to continue as a going concern for at least 12 months from the date of this Report," the report acknowledged, "that determination may change in the future.""If we cannot continue as a viable entity, our stockholders will likely lose most or all of their investment in us," the company said.In March, Bakkt revealed that the New York Stock Exchange had warned the company that it was at risk of being delisted because its common stock was trading at an average below the exchange's $1 per share minimum for at least 30 consecutive trading days.In April, Bakkt carried out a reverse stock split at a 1-for-25 ratio.— CNBC's Dan Mangan contributed to this report.

Trump Media is reportedly in “advanced talks” to buy the cryptocurrency trading firm Bakkt, the Financial Times reported.

Trump Media in reported talks to buy crypto trading platform Bakkt, sending shares soaring

Hedge funds including Millennium Management, Capula Management and Tudor Investment increased their exposure to U.S. spot bitcoin exchange-traded funds in the third quarter, securities filings showed, as a popular election-driven arbitrage trade ramped up.President-elect Donald Trump embraced digital assets during his campaign, promising friendly regulation and to accumulate a national stockpile of bitcoin. The cryptocurrency surpassed the $90,000 level to reach an all-time high earlier this week, although it has pared gains.During the election price volatility, some hedge funds have been taking advantage of a price difference between spot bitcoin and its derivatives in the futures market in a leveraged trade, according to analysts. Spot ETFs were approved by the Securities and Exchange Commission earlier this year.In the so-called bitcoin basis trade, investors buy spot bitcoin - or its ETFs - and short the cryptocurrency futures, which have been trading at substantially higher prices this year. This gap widened after the election result and on Nov. 11 reached 17% in an annual basis, CF Bitcoin data showed, but pared gains to 12% on Friday."Hedge funds are harvesting that spread. It creates a very tactical, opportunistic trade," said Gabe Selby, head of research at Kraken's CF Benchmarks. "It has an uncorrelated return."Positions unveiled in 13-F filings this week only show long equity bets placed by hedge funds and not wagers on the fall of share prices or derivatives. Reuters could not determine whether specific hedge funds were putting on such an arbitrage bet, only if they have taken long positions.Among those that increased their exposure to the cryptocurrency was Israel Englander's Millennium, which more than doubled its number of shares in iShares Bitcoin Trust to 23.5 million shares, worth $849 million, from the previous quarter. It also increased its positions in ARK 21Shares Bitcoin and Bitwise Bitcoin funds.Ticker Security Last Change Change % +0.48 +0.92% Overall, the New York-based hedge fund ended September with $1.7 billion in crypto ETFs, including spot bitcoin and ethereum funds. The ETFs account for a small portion of the firm's $70 billion in assets under management.Capula, a London-based macro hedge fund, also added more shares in iShares Bitcoin Trust and Fidelity Wise Origin Bitcoin Fund, according to an SEC filing on Thursday. Those positions totaled roughly $600 million.Paul Tudor Jones' hedge fund Tudor turbocharged its exposure to iShares Bitcoin Trust fund, increasing its number of shares by five times, to 4.4 million.Schonfeld Strategic Partners is also a hedge fund that added more shares in bitcoin funds. Millennium and Tudor declined to comment on their positions. The other hedge funds did not immediately comment on the matter.If hedge funds kept their positions through the fourth quarter, they could be poised to post big gains. Since the end of September, spot bitcoin ETFs are up roughly 40%, mainly driven by the result of the U.S. presidential election.Given bitcoin's more volatile price, many hedge funds prefer more neutral trades that do not take a directional bet on its rise or fall.David Duong, Coinbase's institutional head of research, said the bitcoin basis trade has climbed for the last few weeks.

President-elect Donald Trump embraced digital assets during his campaign, promising friendly regulation and to accumulate a national stockpile of bitcoin.

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