FinancialWarning

1️⃣ Crypto Exchange Gate.io Dismisses Rumours Of Security Breach ❓

Crypto exchange Gate.io has denied rumours that the crypto trading platform was hacked. Notably, rumours of the alleged security breach began spreading early Friday morning on X and various chat groups on Telegram. However, the rumour did not accompany more details on the attack.

The company stated,

The Gate.io security team has not detected any abnormalities, nor have any security agencies reported issues. Deposits, withdrawals, and trading are functioning normally. Please do not believe rumours!

2️⃣ Crypto Advocate French Hill Picked to Lead House Financial Services Next Year ‼️
#FinancialWarning
House Republicans have reportedly selected crypto-friendly Arkansas Representative French Hill (R-Ark.) to lead the influential Financial Services Committee. Hill secured the chairmanship Thursday after a second-round vote, beating out three other crypto-friendly contenders, namely Rep. Andy Barr of Kentucky, Bill Huizenga of Michigan and Frank Lucas of Oklahoma. Hill chairs the committee's digital asset-focused panel and has worked on passing crypto bills, including one to regulate stablecoins and another focused on market structure.

3️⃣ Ukraine Set To Legalise Cryptocurrency In Early 2025, Without Tax Breaks 🔍

According to local media reports, cryptocurrency is expected to be legalised in Ukraine by the first quarter of 2025. A draft bill is reportedly being prepared by a parliamentary working group in collaboration with the National Bank and the International Monetary Fund (IMF). The report cites Danylo Hetmantsev, head of the Ukrainian Parliament's Committee on Finance, Tax, and Customs Policy as its source. Hetmantsev reportedly confirmed that the draft law is nearly ready for its first reading. He also claimed that there would be no tax exemptions for cryptocurrency. Taxation will reportedly follow the model used for securities, with profits taxed when assets are converted into currency.

4️⃣ Texas Lawmaker Proposes Bill To Establish Strategic Bitcoin Reserve 💸
$BTC
Rep. Giovanni Capriglione, a lawmaker in the Texas House of Representatives, has reportedly drafted legislation to create a Bitcoin reserve as part of the state’s treasury. The bill, titled “Texas Strategic Bitcoin Reserve Act,” proposed the comptroller hold Bitcoin as a reserve asset for “at least five years.” It suggested that Texas residents or “governmental entities” could voluntarily donate their BTC to the reserve.

Crypto advocacy group Texas Blockchain Council stated,

No taxpayer funds will be spent on buying Bitcoin in order to maximize the chances of the bill passing. The Bitcoin will come from donations from Texans, US-based companies, and other sources of existing state resources.

5️⃣ Avalanche Raises $250 Million Locked Token Sale Led By Galaxy Digital, Dragonfly And Parafi Capital 💰

Layer 1 blockchain project Avalanche reportedly raised $250 million via a locked token sale. The round was led by Galaxy Digital, Dragonfly and ParaFi Capital. It also saw participation from SkyBridge, SCB Limited, Hivemind, Big Brain Holdings, Hypersphere, Lvna Capital, Republic Capital, Morgan Creek Digital, FinTech Collective, CMCC Global, Superscrypt, Cadenza, Chorus One and Tané Labs. Notably, the raise comes ahead of the launch of the “Avalanche9000” network upgrade, hailed to be the most significant upgrade in Avalanche’s history.

6️⃣ Grayscale Launches Lido, Optimism Investment Funds ☄️

Grayscale Investments has announced the launch of two new investment funds which offer exposure to Lido and Optimism’s governance tokens, LDO and OP respectively. The Grayscale Lido DAO Trust and the Grayscale Optimism Trust, catered to institutional and accredited investors, mark Grayscale’s continued expansion into Ethereum-related products. These protocols address two critical areas for Ethereum’s growth: scalability and staking accessibility.

Grayscale Head of Product & Research Rayhaneh Sharif-Askary stated,
#CryptoAMA