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Binance founder CZ must stay in US until sentencing, judge orders

Binance founder Changpeng “CZ” Zhao has been ordered to stay in the United States until his sentencing in February, with a federal judge determining there’s too much of a flight risk if the former crypto exchange CEO is allowed to return to the United Arab Emirates. On Dec. 7, Seattle District Court Judge Richard Jones ordered Zhao to stay in the U.S. until his Feb. 23, 2024 sentencing date. He faces up to 18 months in prison after pleading guilty to money laundering on Nov. 21 and has agreed not to appeal any potential sentence up to that length.

House committee passes bill to ‘preserve US leadership’ in blockchain

A United States Congress committee has unanimously passed a pro-blockchain bill, which would task the U.S. commerce secretary with promoting blockchain deployment and thus potentially increase the country’s use of blockchain technology. The act covers an array of actions the commerce secretary must take if passed, including making best practices, policies and recommendations for the public and private sector when using blockchain tech. The bill will now go to the House for a vote. If passed, it must also pass in the Senate before returning for final congressional and presidential approval.

SEC pushes deadline to decide on Grayscale spot Ether ETF

The United States Securities and Exchange Commission has delayed its decision on whether to approve or reject a spot Ether exchange-traded fund (ETF) offering from asset manager Grayscale. In a notice, the SEC said it would designate a longer period for considering a proposed rule change that would allow NYSE Arca to list and trade shares of the Grayscale Ethereum Trust. Grayscale first filed with the SEC to convert shares of its Grayscale Ethereum Trust into a spot Ether ETF in October, adding its name to the list of companies awaiting a decision from the regulator.

Elon Musk’s xAI files with SEC for private sale of $1B in unregistered securities

Elon Musk’s X-linked artificial intelligence modeler, xAI, has an agreement for the private sale of $865.3 million in unregistered equity securities, according to a filing with the United States Securities and Exchange Commission made on Dec. 5. The company is seeking to raise $1 billion. XAI’s product, a chatbot called Grok, has recently rolled out to X’s Premium+ subscribers. Musk announced the launch of xAI in July and claimed its goal was to “understand the universe.” 

Bitcoin new high set for late 2024, Binance to lose top spot — VanEck

Bitcoin will hit a new all-time high in late 2024 because of a long-feared United States recession and regulatory shifts after the next U.S. presidential election, asset manager VanEck predicts. The firm is confident that the first spot Bitcoin ETFs will be approved in the first quarter of 2024. However, it also made a gloomy prediction for the general U.S. economy. VanEck is among several firms, including BlackRock and Fidelity, that are vying for an approved spot Bitcoin ETF. VanEck also believes that the BTC halving, due in April or May, “will see minimal market disruption,” but there will be a post-halving price rise.

Winners and Losers

At the end of the week, Bitcoin (BTC) is at $44,402, Ether (ETH) at $2,364 and XRP at $0.66. The total market cap is at $1.65 trillion, according to CoinMarketCap.

Among the biggest 100 cryptocurrencies, the top three altcoin gainers of the week are Bonk (BONK) at 203.10%, ORDI (ORDI) at 134.34% and BitTorrent (BTT) at 114.32%. 

The top three altcoin losers of the week are Maker (MKR) at -6.48%, UNUS SED LEO (LEO)  at -6.22% and Kaspa (KAS) at 4.98%.

For more info on crypto prices, make sure to read Cointelegraph’s market analysis

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Monero-Mining Death Metal Band from 2077 Warns Humans on Lizard People Extinction Scheme


Features

ZK-rollups are ‘the endgame’ for scaling blockchains: Polygon Miden founder

Most Memorable Quotations

“The expected approval of the ETF will be positive news for the crypto market, likely leading to significant growth.”

Adam Berker, senior legal counsel at Mercuryo

“The only true use case for it [crypto] is criminals, drug traffickers, money laundering, tax avoidance.”

Jamie Dimon, CEO of JPMorgan Chase

“Jamie Dimon is in no position to criticize Bitcoin with this sort of track record.”

Gabor Gurbacs, strategy adviser at VanEck

“So, for us, I think Bitcoin is our central bank. With that in mind, I think of Ethereum as our investment bank.”

Robby Yung, CEO of Animoca Brands

“The ETF is certainly a key driver in sentiment.”

Jon de Wet, investment chief of Zerocap

“It takes a community and the whole industry to figure out how to better educate people. That’s the hard part. It’s not a technology issue; it’s an operational problem.”

Eowyn Chen, CEO of Trust Wallet

Prediction of the week

‘Early bull market’ — Bitcoin price preps 1st ever weekly golden cross

Bitcoin is lining up an “early bull market” as a unique chart feature plays out for the first time in history.

In a post on X (formerly Twitter) on Dec. 7, entrepreneur Alistair Milne noted that should current performance continue, Bitcoin will witness a crossover of two weekly moving averages (MAs), which have never delivered such a bull signal before. 

The 50-week and 200-week MAs are key trendlines for Bitcoin traders and analysts alike. The latter is the ultimate bear market support level, and it has so far never decreased in value.

BTC price strength is on the way to taking the 50-week MA trendline above the 200-week counterpart. Known as a “golden cross,” on lower timeframes, this is considered a classic bullish signal, and for Milne, the impetus is that considerable upside could be in store should the phenomenon play out. 

“The 50-week moving average will now soon cross back above the 200-week MA making a ‘golden cross’ for the 1st time. QED: Early bull market,” he wrote.

FUD of the Week

Crypto is for criminals? JPMorgan has been fined $39B and has its own token

JPMorgan Chase CEO Jamie Dimon is being criticized by the crypto community after claiming Bitcoin and cryptocurrency’s “only true use case” is to facilitate crime. However, according to Good Jobs First’s violation tracker, JPMorgan is the second-largest penalized bank, having paid $39.3 billion in fines across 272 violations since 2000. About $38 billion of these fines came under Dimon’s watch, who has been CEO since 2005.

British regulator adds Justin Sun-linked Poloniex to warning list after $100M hack

The United Kingdom’s Financial Conduct Authority (FCA) has added crypto exchange Poloniex to its warning list of non-authorized companies. The Seychelles-based exchange is one of the three companies owned by or affiliated with entrepreneur Justin Sun that have suffered four hacks in the last two months. The warning to Poloniex was published on the FCA’s website on Dec. 6. It doesn’t offer a reason but says that “firms and individuals cannot promote financial services in the UK without the necessary authorization or approval.”

US senators target crypto in bill enforcing sanctions on terrorist groups

A bipartisan group of lawmakers in the United States Senate introduced legislation aimed at countering cryptocurrency’s role in financing terrorism, explicitly citing the Oct. 7 attack by Hamas on Israel. The bill would expand U.S. sanctions to include parties funding terrorist organizations with cryptocurrency or fiat. According to Senator Mitt Romney, the legislation would allow the U.S. Treasury Department to go after “emerging threats involving digital assets.”

Read also


Features

Can blockchain solve its oracle problem?


Features

Cleaning up crypto: How much enforcement is too much?

Top Magazine Pieces of the Week

Lawmakers’ fear and doubt drives proposed crypto regulations in US

If the Digital Asset Anti-Money Laundering Act were to become law, many cryptocurrency providers would have to learn how to comply with the same regulations as traditional financial institutions.

Expect ‘records broken’ by Bitcoin ETF: Brett Harrison (ex-FTX US), X Hall of Flame

Brett Harrison taught a promising young Sam Bankman-Fried programming for traders at Jane Street, but wasn’t so impressed with the man SBF became.

Web3 Gamer: Games need bots? Illuvium CEO admits ‘it’s tough,’ 42X upside

Games overrun with bots just show bot owners care, claims Pixels founder. Plus we review Galaxy Fight Club, chat to Illuvium’s CEO and more.

Editorial Staff

Cointelegraph Magazine writers and reporters contributed to this article.

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Politics

The Lib Dems want to be the nice guys of politics – but is that what voters want?

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The Lib Dems want to be the nice guys of politics - but is that what voters want?

Lib Dems don’t tend to listen to right-wing podcasts.

But if they did, they may be heartened by some of what they hear.

Take the interview Kemi Badenoch gave to the TRIGGERnometry show in February.

Ten minutes into the episode, one of the hosts recounts a conversation with a Tory MP who said the party lost the last election to the Lib Dems because they went too far to the right.

Everyone laughs.

Then in March, in a conversation with the Canadian psychologist Jordan Peterson, the Tory leader was asked to describe a Liberal Democrat.

“Somebody who is good at fixing their church roof,” said Ms Badenoch.

She meant it as a negative.

Lib Dems now mention it every time you go near any of them with a TV camera.

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‘It’s a two-horse race!’

The pitch is clear, the stunts are naff

At times, party figures seem somewhat astonished the Tories don’t view them as more of a threat, given they were beaten by them in swathes of their traditional heartlands last year.

Going forward, the pitch is clear.

Sir Ed Davey wants to replace the Tories as the party of middle England.

Ed Davey rides on a rollercoaster during a visit to the BIG Sheep theme park in Bideford.
Pic: PA
Image:
Sir Ed rides on a rollercoaster. Pic: PA

One way he’s trying to do that is through somewhat naff and very much twee campaign stunts.

To open this local election race, the Lib Dem leader straddled a hobbyhorse and galloped through a blue fence.

More recently, he’s brandished a sausage, hopped aboard a rollercoaster and planted wildflowers.

Senior Lib Dems say they are “constantly asking” whether this is the correct strategy, especially given the hardship being faced by many in the country.

They maintain it is helping get their message out though, according to the evidence they have.

“I think you can take the issues that matter to voters seriously while not taking yourself too seriously, and I also think it’s a way of engaging people who are turned off by politics,” said Sir Ed.

Ed Davey tries his hand at hobby horsing during the launch of the party's local election campaign in Walled Garden of Badgemore Park in Henley-on-Thames.
Pic: PA
Image:
Sir Ed on a hobby horse during the launch of the party’s local election campaign in the Walled Garden of Badgemore Park in Henley-on-Thames. Pic: PA
Pic: PA


‘What if people don’t want grown-ups?’

In that way, the Lib Dems are fishing in a similar pool of voters to Reform UK, albeit from the other side of the water’s edge.

Indeed, talk to Lib Dem MPs, and they say while some Reform supporters they meet would never vote for a party with the word “liberal” in its name, others are motivated more by generalised anger than any traditional political ideology.

These people, the MPs say, can be persuaded.

But this group also shows a broader risk to the Lib Dem approach.

Put simply, are they simply too nice for the fractured times we live in?

“The Lib Dems want to be the grown-ups in the room,” says Joe Twyman, director of Delta Poll.

“We like to think that the grown-ups in the room will be rewarded… but what if people don’t want grown-ups in the room, what if people want kids shitting on the floor.”

Liberal Democrat leader Sir Ed Davey canoeing in the River Severn in Shrewsbury with North Shropshire MP Helen Morgan, while on the local election campaign trail. Picture date: Friday April 11, 2025.
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Sir Ed canoeing in the River Severn in Shrewsbury, Shropshire. Pic: PA

A plan that looks different to the status quo

The party’s answer to this is that they are alive to the trap Lib Dems have walked into in the past of adopting a technocratic tone and blandly telling the public every issue is a “bit more complicated” than it seems.

One senior figure says the Lib Dems are trying to do something quite unusual for a progressive centre-left party in making a broader emotional argument about why the public should pick them.

This source says that approach runs through the stunts but also through the focus on care and the party leader’s personal connection to the issue.

Presenting a plan that looks different to the status quo is another way to try to stand apart.

It’s why there has been a focus on attacking Donald Trump and talking up the EU recently, two areas left unoccupied by the main parties.

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‘A snivelling cretin’: Your response?

The focus on local campaigning

But beyond the national strategy, Lib Dems believe it’s their local campaigning that really reaps rewards.

In the run-up to the last election, several more regional press officers were recruited.

Many stories pumped out by the media office now have a focus on data that can be broken down to a constituency level and given to local news outlets.

Party sources say there has also been a concerted attempt to get away from the cliche of the Lib Dems constantly calling for parliament to be recalled.

“They beat us to it,” said one staffer of the recent recall to debate British Steel.

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Steel might have been ‘under orders’ from China

‘Gail’s bakery rule’

This focus on the local is helped by the fact many Lib Dem constituencies now look somewhat similar.

That was evidenced by the apparent “Gail’s bakery rule” last year, in which any constituency with a branch of the upmarket pastry purveyor had activists heaped on it.

The similarities have helped the Lib Dems get away from another cliche – that of the somewhat opportunist targeting of different areas with very different messages.

“There is a certain consistency in where we won that helps explain that higher vote retention,” said Lib Dem president Lord Pack.

“Look at leaflets in different constituencies [last year] and they were much more consistent than previous elections… the messages are fundamentally the same in a way that was not always the case in the past.”

Ed Davey in a swan pedalo on Bude Canal in Bude, Cornwall.
Pic: PA
Image:
Sir Ed in a swan pedalo on Bude Canal in Cornwall. Pic: PA

A bottom-up campaign machine

New MPs have also been tasked with demonstrating delivery and focusing doggedly on the issues that matter to their constituents.

One Home Counties MP says he wants to be able to send out leaflets by 2027, saying “everyone in this constituency knows someone who has been helped by their local Lib Dem”.

In the run-up to last year’s vote, strategists gave the example of the Lib Dem candidate who was invited to a local ribbon-cutting ceremony in place of the sitting Tory MP as proof of how the party can ingratiate itself into communities.

With that in mind, the aim for these local elections is to pick up councillors in the places the party now has new MPs, allowing them to dig in further and keep building a bottom-up campaign machine.

‘Anyone but Labour or Conservative’

But what of the next general election?

Senior Lib Dems are confident of holding their current 72 seats.

They also point to the fact 20 of their 27 second-place finishes currently have a Conservative MP.

Those will be the main focus, along with the 43 seats in which they finished third.

There’s also an acronym brewing to describe the approach – ABLOC or “Anyone but Labour or Conservative”.

pmqs
Image:
Keir Starmer and Kemi Badenoch aren’t exactly flying high in the opinion polls

9% swing could make Sir Ed leader of the opposition

The hope is for the political forces to align and Reform UK to continue splitting the Tory vote while unpopularity with the Labour government and Conservative opposition triggers some to jump ship.

A recent pamphlet by Lord Pack showed if the Tories did not make progress against the other parties, just 25 gains from them by the Lib Dems – the equivalent of a 9% swing – would be enough to make Sir Ed leader of the opposition.

What’s more, a majority of these seats would be in the South East and South West, where the party has already picked up big wins.

As for the overall aim of all this, Lord Pack is candid the Lib Dems shouldn’t view a hung parliament as the best way to achieve the big prize of electoral reform because they almost always end badly for the smaller party.

Instead, the Lib Dem president suggests the potential fragmentation of politics could bring electoral reform closer in a more natural way.

“What percentage share of the vote is the most popular party going to get at the next general election, it’s quite plausible that that will be under 30%. Our political system can’t cope with that sort of world,” he said.

Whether Ms Badenoch will still be laughing then remains to be seen.

This is part of a series of local election previews with the five major parties. All five have been invited to take part.

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Politics

PM and Trump step up trade talks – as chancellor warns it’s ‘foolish’ not to engage with China

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PM and Trump step up trade talks - as chancellor warns it's 'foolish' not to engage with China

It would be “foolish” to stop engaging with China, the chancellor has said, as Sir Keir Starmer held his first call with Donald Trump since he put 10% tariffs on goods imported from the UK.

Rachel Reeves will hold talks with the US next week amid efforts to establish a trade deal, which the government hopes will take the sting out of the president’s tariffs.

There has been speculation Washington may press the government to limit its dealings with China as part of that deal, having launched a tit-for-tat trade war with its economic rival.

But Ms Reeves told The Daily Telegraph:”China is the second-biggest economy in the world, and it would be, I think, very foolish, to not engage.

“That’s the approach of this government.”

She suggested she would back the fast fashion firm Shein launching an initial public offering (IPO) in the UK, saying the London Stock Exchange and Financial Conduct Authority have “very strict standards” and “we do want to welcome new listings”.

Shein, which was founded in China but is now based in Singapore, has faced several obstacles to its efforts to float, including UK political pressure over alleged supply chain and labour abuses.

Read more from Sky News:
Trump says he might give up on Ukraine peace talks
Pub hours extended for 80th VE Day celebrations

How Japan could shape the future of the NHS

Sir Keir Starmer the Trump charmer.
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Sir Keir Starmer and Donald Trump met in February. Pic: PA

‘Productive discussions’

When it comes to a UK-US deal, The Daily Telegraph has reported officials in Washington believe an agreement could be weeks away.

But on Thursday, Mr Trump said he was in “no rush” to reach any deals because of the revenues his new tariffs are generating.

During Sir Keir’s call with the US president on Friday, the two leaders talked about the “ongoing and productive discussions” on trade between the two nations, according to a Downing Street spokesperson.

“The prime minister reiterated his commitment to free and open trade and the importance of protecting the national interest,” Number 10 said.

As well as the 10% levy on all goods imported to America from the UK, Mr Trump enacted a 25% levy on car imports.

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How Japan could shape the future of the NHS

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How Japan could shape the future of the NHS

The health secretary is taking inspiration from Japan in his bid to change how Britons are treated by the NHS.

Wes Streeting has said he’s interested in the idea of “health MOTs” for Britain’s older citizens, evoking how the Asian island nation relies on personalised medical plans for its ageing population.

Japan combines genomics and AI machine learning to offer hyper-bespoke programmes for individuals, helping to predict and prevent illnesses before they really take hold.

Mr Streeting said such an approach could be a “game-changer” in the UK, as he prepares to publish his 10-year plan for the health service later in 2025.

He has repeatedly spoken about his desire to move more of the NHS’s work out of hospitals and into local communities, focusing more on preventative care than more expensive and invasive emergency treatment.

Last year, NHS England – which is due to be scrapped – announced patients over 65 or those with frailty-related conditions would be given health MOTs outside emergency departments to avoid unnecessary admissions.

The tests checked for blood pressure, heart health and mobility.

Read more from Sky News:
Why families face agonising funeral delays
‘Andrew Tate phenomena’ sweeping schools

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Why has Starmer axed NHS England?

‘A lot of opportunity’

Speaking to The Telegraph, the minister said Japan was an “interesting” case study to follow because it’s got a “very significant ageing society”.

Japan’s population has been shrinking and growing older for decades as young people delay marriage and having children largely due to unstable jobs and economic difficulties.

A 2023 survey found more than 1 in 10 people in Japan were aged 80 or older for the first time.

Mr Streeting has reportedly been briefed by an ex-Japanese health official about the country’s health programmes.

He told The Telegraph while the NHS faced “enormous challenges”, he believed advances in technology – notably around artificial intelligence – offered “a lot of opportunity and hope”.

He said he hoped personalised programmes like Japan’s could eventually be offered to everyone in the UK.

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