The Arctic blast and winter storm that hit the United States over the holiday weekend knocked out power to thousands of homes and businesses, CNN reported, and claimed the lives of at least 22 people due to the dangerously low temperatures and the toppling of power lines by the storm’s wind gusts and heavy snowfall.

The hash rate, which is a measure of how much processing power is being utilized to process transactions, was falling considerably, signaling a huge shift on the Bitcoin network. From Saturday to Sunday, the average hash rate declined by almost 30% to 155 EH/s (from 230 EH/s), as reported by CoinMetrics. After the National Weather Service warned of the approaching Arctic blast, several large mines halted operations.

Riot Blockchain, a cryptocurrency mining company, said that it would be halting its Rockdale site in Texas due to the severe weather. There were several miners that mirrored this posture. In their latest bankruptcy filing, Core Scientific promised to participate in several power curtailments to assist stabilize the electrical grid.  Core Scientific predicted on Twitter that bitcoin would dip at this period.

Compass Mining’s head of mining operations, Neil Galloway, warned Twitter followers to “be prepared for some ups and downs this weekend as we battle with the winter storm.” The company’s Texas sites had also been taken down. They explained that pPeople might now use their stoves and ovens again since your miner was down.

The weather has presented a new set of difficulties for bitcoin miners in the United States. They can’t mine if the power goes off for an extended period of time since their processes need constant, steady energy. According to the Cambridge Centre for Alternative Finance, at least 37% of the world’s Bitcoin hash rate originates in the United States.

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According to the CSA, new measures have been taken to strengthen the regulatory framework for cryptocurrency exchanges. The statement claims that all crypto trading companies in Canada, both domestic and international, must adhere to the updated rules, which prohibit them from providing margin or leverage trading services to any Canadian clients.

The amended rules also stipulate that Canadian crypto exchange service providers separate custody assets from the platform’s proprietary business. The CSA said that custodians would generally be regarded as qualified if they are subject to “a supervisory regime for conduct and financial regulation” in either Canada or the United States.

Investors are strongly encouraged to only use a platform registered with CSA members, as the council underlined that despite these precautions, crypto assets and related financial instruments remain high-risk investments.

The Canadian Securities Administrators (CSA) referenced its previous statement to Canadian crypto exchanges, dated August 15, 2022. Pre-registration undertakings are anticipated from unregistered Canadian crypto trading sites as they pursue registration, as indicated by the authority.

The CSA’s message followed FTX’s June 2022 deal to acquire Bitvo, a Canadian cryptocurrency platform. FTX’s original intent with the purchase was to use it to launch a global expansion. However, Bitvo was able to cancel its acquisition by the now-defunct FTX, allowing it to continue operations after the exchange went bankrupt.

In November, Pamela Draper, CEO of Bitvo, stated that the deal had not finished because the companies were still trying to satisfy the closing criteria, the most important of which was regulatory approval from the Alberta Securities Commission.

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Binance.US Pay is designed to enable users to send, request, and receive nearly 150 different cryptocurrencies from other users, making it possible for users to make immediate cost-free cryptocurrency transactions.

Binance recently removed trading fees for bitcoin (BTC) and ether (ETH) in an effort to attract more customers during a time when the volume of crypto trading has been low. 

According to the company, its payment system makes it possible to transfer cryptocurrency to contacts without the need to enter a complicated deposit or withdrawal address, pay gas fees, or wait an unknown amount of time for the transactions to be successfully completed. It is because users no longer need to enter such information.

Users of Binance.US will have immediate access to the feature, and the cryptocurrency exchange is also hard at work developing a web interface for the feature.

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Cryptocurrencies are additive to everything we’re doing at MoneyGram. From dollars to euros to yen and so on, MoneyGram enables instant access to over 120 currencies around the globe, and we see crypto and digital currencies as another input and output option. As a next step in the evolution of MoneyGram, we’re thrilled to provide our customers with access to a trusted and easy-to-use platform to securely buy, sell and hold select cryptocurrencies,

the MoneyGram CEO and Chairman Alex Holmes remarked.

MoneyGram’s goal is to provide cutting-edge money transfer services that strengthen social links throughout the globe. It is clear from today’s news that the company is committed to following through on this plan so that it may continue to provide the best possible service to its tens of millions of customers. MoneyGram is dedicated to enhancing consumer financial services throughout the globe by investing in new growth prospects and developing beyond its core businesses.

Because of the company’s existing agreement with Coinme, a regulated cryptocurrency exchange and API-driven crypto-as-a-service provider, users of the MoneyGram app may now buy, trade, and keep cryptocurrency. Since 2021, MoneyGram and Coinme have worked together to open hundreds of additional locations around the United States where customers may buy and sell bitcoin with cash.

As MoneyGram looks to expand into new areas in 2023, as global legislation allows, the number of cryptocurrencies available for purchase via the service will likely grow.

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Other Companies to Support Ripple

So far, only the non-profit Investor Choice Advocates Network and the crypto mobile app SpendTheBits have been allowed to submit amicus briefs in a federal case. Along with the submission, cryptocurrency lawyer John Deaton asked for permission to write an amicus brief on behalf of the “decentralized community” of XRP. The Crypto Council for Innovation and Valhil Capital also sent papers. On October 28, the Blockchain Association, a crypto advocacy organization, revealed that it had submitted its own amicus brief in favor of Ripple, arguing that SEC chairman Gary Gensler’s views on securities regulations might have had a devastating influence on the industry.

The paper reveals that the cryptocurrency exchange situated in the United States backs Ripple (XRP) in its dispute with the United States Securities and Exchange Commission. In addition, Coinbase claims in its motion that the SEC has been unable to keep up with the lightning-fast speed of the cryptocurrency business.

The following is an excerpt from the filing:

Rather than engage in rulemaking, the current SEC administration has sought to expand the SEC’s jurisdiction over the cryptocurrency industry through ad hoc enforcement actions alleging on a retrospective basis that already-trading digital assets are actually securities subject to SEC regulation.

The call for an amicus curiae brief came right after Brian Armstrong, the CEO of the exchange, asked everyone in the sector to get more involved. However, the CEO of Ripple, Brad Garlinghouse, made fun of the CEO of Coinbase, Brian Armstrong, by saying that Armstrong supports tribalism despite the fact that he is advocating against it.

Ripple Labs has been fighting with the SEC in court for more than two years over whether or not the sale of its XRP coins is an unregistered sale of securities.

It’s hard to say when the lawsuit will be over, but Ripple CEO Brad Garlinghouse said on a panel at DC Fintech Week on October 11 that he thinks it might be over by the middle of 2023.

Moreover, XRP Ledger (XRPL) may soon accept native non-fungible coins (NFTs).

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In a possibly unprecedented move hidden in the lawsuit’s 69th line, the SEC today claimed it has the power to prosecute Balina not just because his case involves US transactions, but also because the whole Ethereum network comes under US government jurisdiction.

In its complaint, the agency observed that the ETH delivered to Balina was confirmed by an American network of Ethereum blockchain nodes.
The SEC finds that these transactions occurred in the U.S.

The SEC seems to propose that since more Ethereum validating nodes are in the US than in any other area, all Ethereum transactions should be deemed American.
Etherscan says 45.85% of Ethereum nodes are in the US.
Germany’s second-highest node density is 19%.

If the SEC classifies Ethereum behavior as similar to that of an American securities market, it would claim authority over all activity on the purportedly decentralized Ethereum network.
It would increase the SEC’s oversight over Ethereum, where most NFT and DeFi activity occurs, and crypto in general.

SEC Chair Gary Gensler said last week, after Ethereum’s successful migration to proof-of-stake, that the shift may bring the network closer to the definition of security.

Gensler spoke before the Senate Banking Committee on how “staking” (pledging assets to a crypto network in return for passive benefits) may be regarded as a signal that an asset qualifies as a security under the Howey Test. He did not specify any particular cryptocurrency or network.

Under Gensler, the SEC has not taken an official position on Ethereum, despite prior leadership stating it was “sufficiently decentralized” and not a security.

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Gary Gensler, speaking at a conference for the sector on Thursday, expressed his excitement at the prospect of granting the Commodity Futures Trading Commission additional control over the cryptocurrency market “as long as it doesn’t take away power from the SEC.”
Yet, Gensler pointed out that it was essential to find a middle ground with regard to the regulatory monitoring that is provided to the CFTC and to make certain that it does not undercut securities laws in the United States.

The Senate Agriculture Committee, which is the regulatory body that oversees the Commodity Futures Trading Commission (CFTC), has proposed measures that would give the agency supervision over Bitcoin and Ethereum, which are two of the major cryptocurrencies currently available on the market. At this time, the CFTC is only authorized to exercise regulatory authority over the cryptocurrency market, which includes futures and swaps.

The plan is in accordance with the effort by crypto lobbyists to have the sector regulated by the CFTC, which the proposal would accomplish. Regulations governing commodities, as opposed to laws governing the securities market, are widely believed to be more appropriate for governing digital assets. This opinion is shared by many industry professionals. Between the years 2009 and 2014, Gensler served as the head of the CFTC.

What Does It Mean for CFTC?

The statements made by Gensler represent a significant step forward in the process of regulating cryptocurrencies in the United States. In order for the SEC to concentrate on regulating the other aspects of the digital asset business, it would be beneficial to delegate control of Bitcoin and Ethereum to the CFTC. The agency has not wavered from its position that it considers other cryptos to be securities and that they should be handled in accordance with the regulations that already exist regarding securities.

The government started the year by almost doubling the size of the team working in its crypto enforcement branch. And it is pursuing registrations from crypto exchanges that are situated in the United States.

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