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## **Frequently Asked Questions**
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Unlock $70 in Bitcoin Gifts with Every Ledger Purchase This Holiday Season!

## SEC vs. Ripple: Why the Crenshaw Vote Matters

President-elect Trump has nominated **Paul Atkins**, a former SEC Commissioner, as the next SEC Chair. The **crypto community** perceives Atkins as **crypto-friendly**, suggesting he may support Trump's **pro-crypto agenda**. However, Atkins will replace SEC Chair **Gary Gensler** on **January 20**, right before the SEC must file its appeal-related opening brief in the [Ripple case](https://www.fxempire.com/news/article/crypto-investors-bet-on-xrp-while-the-broader-market-struggles-846438).

With **Democrat SEC Commissioner Jaime Lizarraga** resigning on **January 17**, if **Crenshaw** is renominated, she would be the only Democrat with voting powers on crypto-related matters, potentially influencing the SEC's direction in the Ripple case. **Internal SEC rules** require a vote from the agency, not just the Chair, to decide on the appeal's continuation or withdrawal. Thus, if Gensler files before leaving, Atkins cannot unilaterally withdraw the appeal.

The prospect of a **Republican-dominated SEC** may lead to a vote to withdraw the appeal, although uncertainty regarding Crenshaw's renomination could impact **XRP demand**.

## XRP Price Volatility and Regulatory Impact

On **December 11**, **XRP** rose by **0.91%**, following a **7.00%** increase the previous day, closing at **$2.3946**. Notably, XRP underperformed compared to the broader crypto market, which surged by **4.85%**, pushing the total market cap to **$3.520 trillion**. While optimism exists about the SEC withdrawing its Ripple appeal, uncertainty regarding Crenshaw's renomination has limited recent gains.

XRP's near-term price trends will likely depend on the SEC's decision regarding the appeal. If the SEC pursues the appeal, XRP may face selling pressure, potentially dragging it towards **$1**. Conversely, a withdrawal could push XRP past its **January 2018 all-time high** of **$3.5505**.

The wider crypto market, including **Coinbase** and **Binance**, would benefit from an appeal. A withdrawal could set the **Programmatic Sales of XRP ruling** as a vital legal precedent, undermining the SEC's cases against crypto exchanges. A ruling in July 2023 determined that XRP sales on exchanges do not violate US securities laws.

## BTC-Spot ETF Market Extends Inflow Streak Driving BTC to $100k

**Bitcoin (BTC)** remained a cornerstone of the crypto market, hitting **$100,901** on **December 11** after a **4.11%** rally. The **US BTC-spot ETF market** extended its net inflow streak to **nine days** on **December 10**, enhancing BTC demand. Noteworthy inflows included:
- **Fidelity Wise Origin Bitcoin Fund (FBTC)**: **$121.9 million**
- **ARK 21Shares Bitcoin ETF (ARKB)**: **$52.7 million**
- **Grayscale Bitcoin Trust (GBTC)**: **$20.1 million**

Excluding **iShares Bitcoin Trust (IBIT)** flow data, the US BTC-spot ETF market reported **$223.1 million** in net inflows on **December 11**. Speculation about the Trump administration including BTC as a **US strategic reserve asset** is influencing ETF flow trends. With the US government holding a **198,109 BTC stockpile**, this could mitigate oversupply risks.

## Bitcoin Price Outlook

On **December 11**, BTC closed at **$100,901**, marking its second time holding above the **$100k** mark. Future BTC price trends will depend on US BTC-spot ETF market flows, expectations for a **December Fed rate cut**, and US government BTC movements. The recent US inflation data has bolstered expectations for a rate cut, increasing BTC demand. Investors should monitor US government crypto transfers, as significant transfers could trigger oversupply risks, potentially dragging BTC below **$95,000**.

Bitcoin Hits $100k as SEC Drama Unfolds: ETF Inflows and Regulatory Tensions Set Stage for Crypto Market Volatility.

Bitcoin Soars Past $100k Amid SEC Drama: What It Means for XRP and the Crypto Market

![Riot Platforms Bitcoin](https://cryptoslate.com/wp-content/uploads/2024/12/riot-bitcoin-768x403.jpg)

Bitcoin (BTC) miner **Riot Platforms** has successfully completed a **$525 million** senior note offering, according to a Dec. 11 filing with the SEC. The notes, which mature in **2030** and carry a **0.75% interest rate**, were offered privately to institutional investors. They include provisions for conversion into Riot’s common stock starting in **2029**, with the possibility of earlier conversion under specific conditions outlined in the offering.

## Aggressive Strategy

The proceeds will primarily fuel the company’s **ambitious Bitcoin acquisition strategy**, further expanding its already substantial holdings. This strategic move follows Riot’s recent purchase of **705 Bitcoin** for **$68.45 million**. With this latest investment, the company’s total Bitcoin stash now stands at an impressive **12,000**, valued at approximately **$1.2 billion** at current market prices.

This places Riot as the **second-largest Bitcoin holder** among publicly traded mining companies, trailing only **Marathon Digital**, which currently holds over **40,000 Bitcoin**. This aggressive expansion strategy mirrors similar moves by other major players in the Bitcoin mining industry, including Marathon Digital, which recently announced its own **$700 million offering** to bolster its Bitcoin reserves. This highlights the intensifying competition among miners to accumulate Bitcoin, driven by the belief in its **long-term value** and potential for significant returns.

## Diversifying Amid Challenges

Despite a recent dip in Riot’s share price following the initial announcement of the offering, the company remains steadfast in its commitment to Bitcoin. This dedication comes despite a reported **net loss of $154.4 million** in the third quarter of 2024, though the company did see a year-over-year increase in revenue.

Beyond Bitcoin mining, Riot is actively exploring new avenues for growth, particularly in the rapidly evolving fields of **AI** and **high-performance computing**. The company aims to leverage its extensive energy capacity and infrastructure to attract partnerships with leading technology companies, potentially providing a lucrative new revenue stream.

Riot CEO **Jason Les** said during the latest earnings call:
> “Riot’s reputation and our image of having so much power capacity is what’s resulting in us getting these unsolicited offers for really significant amounts of power capacity. The interest that we’re seeing is for hundreds of megawatts, not necessarily smaller amounts.”

This diversification strategy reflects Riot’s proactive approach to navigating the dynamic and evolving landscape of the crypto industry, positioning itself for continued growth and success in the years to come.

Bitcoin (BTC) miner Riot Platforms has successfully completed a $525 million senior note offering, according to a Dec. 11 filing with the SEC. The notes, which mature in 2030 and carry a 0.75% interest rate, were offered privately to institutional investors. They include provisions for conversion into Riot’s common stock starting in 2029, with the possibility […]

Riot Platforms Raises $525 Million to Expand Bitcoin Holdings: What You Need to Know

![Alabama state auditor calls to establish Bitcoin reserve](https://cryptoslate.com/wp-content/uploads/2024/12/bitcoin-reserve-1-768x403.jpg)

State Auditor **Andrew Sorrell** is advocating for Alabama to establish a **strategic Bitcoin (BTC) reserve** to secure the state’s economic future and attract investments in digital assets. Sorrell argues this initiative would **diversify Alabama's assets** and position the state as a leader in **crypto adoption**.

> “Crypto is no longer a question of if — it’s here, and it’s reshaping financial markets worldwide. States that act now will be in a prime position to benefit.”

The proposal comes as Bitcoin's value has surged over **50%** since the recent presidential election, partly fueled by **President-elect Donald Trump's** endorsement of Bitcoin and his commitment to creating a federal Bitcoin reserve.

## Alabama’s Crypto Strategy

Sorrell emphasizes that incorporating Bitcoin into Alabama’s financial strategy could yield long-term benefits, citing its **resilience to inflation** and independence from the U.S. dollar. He believes that:

> “A diversified investment strategy should include assets beyond traditional bonds and treasuries. Bitcoin has consistently outperformed other asset classes over the past decade, and Alabama is missing out by not having exposure.”

He proposes a **gradual acquisition** of Bitcoin using a dollar-cost-averaging strategy to mitigate market volatility risks. This reserve would be intended for **emergency use**, not routine expenditures:

> “Investing in Bitcoin isn’t about short-term gains. It’s about preparing for the future and building a financial safety net for the state.”

## National Trend

Alabama's initiative aligns with a growing trend among U.S. states exploring crypto investments for economic stability. States like **Florida** and **Pennsylvania** are considering similar strategies. Additionally, **Senator Cynthia Lummis** (R-Wyo.) has introduced legislation for a national Bitcoin reserve.

The recent approval of Bitcoin and **Ethereum** exchange-traded funds (ETFs) by the SEC has made investing in digital assets more accessible for states. Sorrell notes:

> “Trump’s administration plans to retain and expand the federal Bitcoin stockpile, which demonstrates the growing importance of this asset.”

By establishing itself as a **crypto-friendly state**, Alabama could attract **businesses and investors** looking to engage with blockchain and digital assets. Sorrell concludes:

> “States that adapt to emerging technologies will be the ones to thrive. Alabama has the opportunity to lead and reap the rewards of this innovation.”

State auditor Sorrell advocates for Bitcoin to future-proof Alabama's economy and attract digital asset investments.

Alabama's Bold Move: State Auditor Proposes Strategic Bitcoin Reserve to Boost Economy

## Spokane Man Sentenced for Cryptocurrency Fraud

Michael McElhiney has been sentenced to **over three years in federal prison** for defrauding investors by falsely operating a cryptocurrency investment fund.

United States District Judge **Thomas O. Rice** announced the sentence on Wednesday, revealing that **McElhiney** defrauded investors of more than **$350,000**. In addition to his prison term, he faces **three years of supervised release** and must pay **$326,119.95** in restitution.

### The Scheme

McElhiney claimed to run a cryptocurrency investment fund named **MAC Blockchain Solutions**, promising investors lucrative returns from emerging cryptocurrencies, Ethereum staking, and liquidity pools. 

Between **March 2021** and **September 2022**, he solicited individuals, often targeting **Uber drivers** and women he met through **dating apps**. McElhiney even engaged with victims while playing **Call of Duty**, developing personal relationships before soliciting funds.

### False Promises and Deception

Promising to manage investments for his victims, he assured them they could liquidate their investments whenever they wished. He used a platform called **Coin.FYI** to show fake investment progress, but he never actually invested the funds. Instead, he used the money for personal expenses, defrauding victims of cash, rare art, and precious metals.

U.S. Attorney **Waldref** expressed concern for the victims who suffered financial and emotional consequences due to McElhiney’s actions, stating, “**Investors trusted Mr. McElhiney with their money, art, and precious metals** expecting a safe return.”

### The Aftermath

When victims sought to withdraw their investments, McElhiney fabricated stories about security breaches and thefts to delay returns. 

“Today’s sentencing serves as a clear reminder that those who prey on the trust of others through fraudulent schemes will be held accountable,” said **Matthew Murphy**, acting Special Agent in Charge, HSI Seattle.

This case was investigated by **Homeland Security Investigations** and the **Spokane Police Department**, and prosecuted by Assistant United States Attorney **Dan Fruchter**.

Michael McElhiney was sentenced for defrauding investors by pretending to operate a cryptocurrency investment fund.

Spokane Man Sentenced to Over 3 Years for Cryptocurrency Fraud: A Cautionary Tale

### Pudgy Penguins NFTs Reach New Heights

The **Pudgy Penguins NFT collection** has recently made headlines by achieving a **new all-time high floor price** of **27 ETH**, which translates to an impressive **$102,600**, officially surpassing Bitcoin’s price of **$101,000**.

![Pudgy Penguins floor price on OpenSea](https://static.cryptobriefing.com/wp-content/uploads/2024/12/11170231/pudgy-penguins-221x228.jpg)

This milestone positions the Pudgy Penguins as the **second-largest NFT collection**, trailing only behind **CryptoPunks**, whose floor price currently stands at **39.5 ETH ($150,000)**. The collection, consisting of **8,888 unique NFTs**, has seen a staggering **194% price increase** over the past month, driven by a surge in buying activity.

### Key Developments
- **Upcoming PENGU Token Launch**: The excitement surrounding the Pudgy Penguins collection is further amplified by the announcement of the **PENGU token**, set to launch on the **Solana blockchain** in **2024**. This marks a significant **cross-chain expansion** for the project.
- The **total supply** of the PENGU token will be **88,888,888,888 tokens**, with **25.9%** allocated to the community. 
- The Pudgy Penguins team has confirmed that the token will be introduced soon, as the year draws to a close.

The decision to launch on Solana, while maintaining its Ethereum base, showcases the project’s commitment to **multi-chain opportunities**. This strategic move is expected to enhance the **Pudgy Penguins ecosystem**, further solidifying its place in the NFT market.

### Market Impact
The **Pudgy Penguins** have not only established themselves within the digital asset realm but have also made strides into **retail partnerships** with major brands like **Walmart** and **Target**. The combination of rising NFT values and strategic expansions underscores the growing influence of this unique collection in the broader cryptocurrency landscape.

Pudgy Penguins NFTs surpass Bitcoin as floor price hits $102K, becoming the second-largest NFT collection. Pengu token launch planned.

Pudgy Penguins NFTs Break Records: Surpassing Bitcoin with $102K Floor Price!

### The Rise of Canadian Payment Processors for Russian Cybercrime

A **financial firm registered in Canada** has become the primary payment processor for numerous **Russian cryptocurrency exchanges** and websites promoting cybercrime services targeted at Russian-speaking customers. An investigation has uncovered that the Vancouver address associated with this company is home to numerous foreign currency dealers and money transfer businesses, none of which are actually located there.

![Canada](https://krebsonsecurity.com/wp-content/uploads/2024/12/happycanada.png)

### Insights from Richard Sanders

**Richard Sanders**, a blockchain analyst, has spent significant time in Ukraine, studying how Russian crypto exchanges launder money for narcotics networks. Recently, he has focused on how popular cybercrime services receive payments and convert **cryptocurrency revenues** into cash. His research targeted **122 services** that include:
- Abuse-friendly hosting providers like anonvm[.]wtf
- Sites selling aged email and social media accounts like verif[.]work
- Anonymity providers such as crazyrdp[.]com
- Anonymous SMS services like anonsim[.]net

### The Role of Cryptomus

All services tested by Sanders are reportedly processing transactions through **Cryptomus**, a cryptocurrency payments platform based in Vancouver. It is associated with **Xeltox Enterprises Ltd.**, a registered money service business with **FINTRAC**. At least **56 cryptocurrency exchanges** are utilizing Cryptomus for transactions, facilitating anonymous exchanges of cryptocurrency for cash in accounts at sanctioned Russian banks.

### Sanctions Evasion Tactics

In response to sanctions against Russia, major exchanges like **Binance** have restricted transactions involving Russian banks. However, Russian exchanges have shifted to Cryptomus, which offers a layer of obfuscation by generating new wallets for each transaction, thus complicating tracking efforts. The ease of transactions has increased as these platforms bypass **Know Your Customer** regulations.

![Matryoshka Dolls](https://krebsonsecurity.com/wp-content/uploads/2024/12/matrydolls.png)

### Phantom Addresses and Regulatory Issues

The address for Cryptomus has been linked to numerous money services businesses, raising concerns about the legitimacy of these operations. Investigations reveal that many MSBs are clustered at the same address in Canada, which undermines the registration requirements designed to combat money laundering.

### The Future of Cryptocurrency in Russia

Recent legislation in Russia has legalized cryptocurrency mining and international payments, indicating a significant shift in the country's approach to cryptocurrency. This move may enhance Russia's ability to evade sanctions and engage in trade outside the U.S.-led financial system. According to **Chainalysis**, Cryptomus is reportedly used for laundering money and purchasing services across various illegal activities.

![Central Reserve Authority](https://krebsonsecurity.com/wp-content/uploads/2024/12/crasadr-com.png)

### The Mystery of Xeltox Enterprises

The actual presence of **Cryptomus** and **Xeltox Enterprises** in Canada remains questionable, with investigations revealing possible links to questionable entities in jurisdictions known for lax regulatory oversight. As of early 2024, Canada continues to serve as an attractive location for cryptocurrency businesses, raising alarms about potential abuses of the system.


A financial firm registered in Canada has emerged as the payment processor for dozens of Russian cryptocurrency exchanges and websites hawking cybercrime services aimed at Russian-speaking customers, new research finds. Meanwhile, an investigation into the Vancouver street address used by…

Revealed: How Russian Cybercriminals Turn Cryptocurrency into Cash Through Canadian Firms

### MicroStrategy's Nasdaq 100 Ambitions

Michael Saylor’s **MicroStrategy Inc.** meets all criteria for joining the **Nasdaq 100 Index**, which could spark significant purchases from **$451 billion** worth of exchange-traded funds globally that track this benchmark.

### Market Speculation

Despite this, market analysts are considering the possibility of MicroStrategy being excluded in the index’s upcoming reshuffle. The primary concern? MicroStrategy has transformed into a **leveraged bet on Bitcoin**, raising questions about its place among the **top 100 stocks** on the Nasdaq.

### Analyst Insights

Analyst Lance Vitanza from **TD Cowen** argues that any substantial company should be reflected in the index, stating, "The idea of an index is it’s supposed to really represent faithfully the body of stocks that are in the universe." MicroStrategy, co-founded by Saylor, has seen its shares skyrocket over **500%** this year as it aggressively pursues a strategy of acquiring and holding Bitcoin.

### Bitcoin Holdings and Financial Health

Currently, MicroStrategy holds over **$40 billion** in Bitcoin, despite reporting a **net loss of $340 million** in Q3. Its impressive **$98 billion market cap** positions it as roughly the **40th largest stock** in the Nasdaq 100, heavily influenced by its Bitcoin strategy.

### The Inclusion Debate

Vitanza points out that the Nasdaq might consider the small scale of MicroStrategy's operating business as a reason to exclude it. However, excluding a company with such a large market cap could be seen as counterintuitive.

### Unique Classification

MicroStrategy identifies itself as a "**Bitcoin Treasury Company**," which benefits its inclusion prospects since financial companies are not eligible for the Nasdaq 100. Nevertheless, due to its revenue stream from software, it is classified as a **technology company**. Analysts suggest that future classifications could change, potentially impacting its eligibility for the index.

![MicroStrategy Bitcoin](https://example.com/image.jpg)  
*Image Caption: MicroStrategy's Bitcoin holdings have significantly influenced its market valuation.*

(Bloomberg) -- Michael Saylor’s MicroStrategy Inc. checks all the boxes for inclusion in the Nasdaq 100 Index, a development that would trigger purchases of the shares by the $451 billion worth of exchange-traded funds around the world that directly track the benchmark.Most Read from BloombergBrace for a Nationwide Shuffle of Corporate HeadquartersAmerican Institute of Architects CEO ResignsCloud Computing Tax Threatens Chicago’s Silicon Valley DreamSan Francisco, Paris Named Best Cities for Urb

Unlock $70 in Bitcoin Gifts with Every Ledger Purchase This Holiday Season!

Summary:

Get the gift of Bitcoin on every purchase with Ledger

Receive $70 of Bitcoin with your new Ledger Flex™

Secure the most premium touchscreen hardware wallet

Get the gift of crypto this holiday season

How to redeem your free Bitcoin gift

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Other Latest News

Bitcoin Soars Past $100k Amid SEC Drama: What It Means for XRP and the Crypto Market

Riot Platforms Raises $525 Million to Expand Bitcoin Holdings: What You Need to Know

Alabama's Bold Move: State Auditor Proposes Strategic Bitcoin Reserve to Boost Economy

Spokane Man Sentenced to Over 3 Years for Cryptocurrency Fraud: A Cautionary Tale

Pudgy Penguins NFTs Break Records: Surpassing Bitcoin with $102K Floor Price!

Revealed: How Russian Cybercriminals Turn Cryptocurrency into Cash Through Canadian Firms

Is MicroStrategy Set to Join the Nasdaq 100? The Bitcoin Bet Behind the Buzz

Other Latest News

Bitcoin Soars Past $100k Amid SEC Drama: What It Means for XRP and the Crypto Market

Riot Platforms Raises $525 Million to Expand Bitcoin Holdings: What You Need to Know

Alabama's Bold Move: State Auditor Proposes Strategic Bitcoin Reserve to Boost Economy

Spokane Man Sentenced to Over 3 Years for Cryptocurrency Fraud: A Cautionary Tale

Pudgy Penguins NFTs Break Records: Surpassing Bitcoin with $102K Floor Price!

Revealed: How Russian Cybercriminals Turn Cryptocurrency into Cash Through Canadian Firms

Is MicroStrategy Set to Join the Nasdaq 100? The Bitcoin Bet Behind the Buzz