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Bitcoin rose above $100,000 for the first time on Thursday as the election of Republican Donald Trump as president of the United States spurred expectations that his administration will create a friendly regulatory environment for cryptocurrencies.

Bitcoin has more than doubled in value this year and is up about 45% in the four weeks since Trump’s sweeping election victory, which also saw a slew of pro-crypto lawmakers being elected to Congress.

It last traded at $100,027 as of 0240 GMT, up 2.2% on the previous session, after earlier rising as high as $100,277.

“We’re witnessing a paradigm shift. After four years of political purgatory, bitcoin and the entire digital asset ecosystem are on the brink of entering the financial mainstream,” said Mike Novogratz, founder and CEO of US crypto firm Galaxy Digital.

“This momentum is fueled by institutional adoption, advancements in tokenization and payments, and a clearer regulatory path.”

More than 16 years after its creation, bitcoin appears on the cusp of mainstream acceptance, despite naysayers and a history of controversies.

“Bitcoin crossing $100,000 is more than just a milestone; it’s a testament to shifting tides in finance, technology, and geopolitics,” said Justin D’Anethan, a Hong Kong-based independent crypto analyst.

“The figure not that long ago dismissed as fantasy, stands as a reality.”

Trump embraced digital assets during his campaign, promising to make the United States the “crypto capital of the planet” and to accumulate a national stockpile of bitcoin.

Crypto investors see an end to increased scrutiny under US Securities and Exchange Commission Chair Gary Gensler, who said last week he wouldstep downin January when Trump takes office.

On Wednesday, Trump said he would nominate Paul Atkins to run the Securities and Exchange Commission. Atkins, a former SEC commissioner, has been involved in crypto policy as co-chair of the Token Alliance, which works to “develop best practices for digital asset issuances and trading platforms,” and the Chamber of Digital Commerce.

A slew of crypto companies including Ripple, Kraken and Circle arejostlingfor a seat on Trump’s promised crypto advisory council, seeking a say in his planned overhaul of US policy, according to several digital asset industry executives.

Trump’s businesses may also have a stake in the sector.

He unveiled a new crypto business, World Liberty Financial, in September.

Although details about the business have been scarce, investors have taken his personal interest in the sector as a bullish signal.

Trump’s social media company is inadvanced talksto buy crypto trading firm Bakkt, the Financial Times reported last week, citing two people with knowledge of the talks.

Trump Media and Technology Group, which operates Truth Social, is close to an all-stock acquisition of Bakkt, according to the FT report.

Billionaire Elon Musk, a major Trump ally, is also a proponent of cryptocurrencies.

Bitcoin’s rebound from a slide below $16,000 in late 2022 has been rapid, boosted by the approval of US-listed bitcoin exchange-traded funds in January this year.

The Securities and Exchange Commission had long attempted to block ETFs from investing in bitcoin, citing investor protection concerns, but the products have allowed more investors, including institutional investors, to gain exposure to bitcoin.

More than $4 billion has streamed into US-listed bitcoin exchange-traded funds since the election.

“We were trading basically sideways for about seven months, then immediately after November 5, US investors resumed buying hand-over-fist,” said Joe McCann, CEO and founder of Asymmetric, a Miami digital assets hedge fund.

There was a strong debut for options on BlackRock’s ETF,in November with call options – bets on the price going up – substantially more popular than puts. McCann calculated the put to call ratio at about 22 to one.

Crypto-related stocks have soared along with the bitcoin price, with shares in bitcoin miner MARA Holdings,up around 65% in November.

Yet the rise is not without critics.

Two years ago, the industry was wracked by scandal with the collapse of the FTX crypto exchange and the jailing of its founder Sam Bankman-Fried.

The cryptocurrency industry also has been criticized for its massive energy usage, while crypto crime remains a concern, too.

Market participants are keeping a close eye on what happens now that bitcoin has broken above $100,000, with investors and speculators possibly looking to pocket some of their recent gains.

“But once we flush out those sell orders, this could go higher still, and very rapidly,” said Steven McClurg, founder of Canary Capital, a digital assets investment firm.

He said he expects bitcoin’s price to hit $120,000 by Christmas.

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Celsius CEO Alex Mashinsky sentenced to 12 years in multi-billion-dollar crypto fraud case

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Celsius CEO Alex Mashinsky sentenced to 12 years in multi-billion-dollar crypto fraud case

Alex Mashinsky, former chief executive officer of Celsius Network Ltd., arrives at court in New York, US, on Thursday, May 8, 2025.

Yuki Iwamura | Bloomberg | Getty Images

Alexander Mashinsky, the former CEO of Celsius Network, was sentenced to 12 years in prison on Thursday after pleading guilty to two counts of fraud, a dramatic fall for the leader of a company once hailed as the “bank” of the crypto industry.

Standing before U.S. District Judge John G. Koeltl in Manhattan’s Southern District, Mashinsky faced the consequences of what prosecutors described as a sweeping scheme to defraud investors.

In December he pleaded guilty to commodities fraud and a scheme to manipulate the Celsius token.

His sentencing took place in courtroom 14A at 500 Pearl Street — a venue that has seen several crypto executives-turned-felons.

Mashinsky’s legal troubles began in 2023 when he was arrested on charges of securities, commodities, and wire fraud, just as Celsius reached a $4.7 billion settlement with the Federal Trade Commission — one of the largest in the FTC’s history.

The settlement, which remains contingent on Celsius returning what remains of customer assets in bankruptcy proceedings, underscored the magnitude of the fraud.

Prosecutors accused Mashinsky of misleading investors about the safety and profitability of Celsius’s yield-generating platform while secretly selling off tens of millions of dollars in personal holdings.

Though he initially denied wrongdoing, his guilty plea and Thursday’s sentencing mark the final chapter in a years-long case that also drew charges from the Securities and Exchange Commission and the Commodity Futures Trading Commission, which accused Celsius and Mashinsky of orchestrating a multi-billion dollar fraud scheme.

Mashinsky’s downfall mirrors the fate of other once-dominant crypto executives like FTX founder Sam Bankman-Fried, Binance’s Changpeng Zhao and Do Kwon of Terraform Labs.

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FTX

Bankman-Fried was sentenced to 25 years in prison in March 2024 for the massive fraud and conspiracy that doomed his cryptocurrency exchange and a related hedge fund, Alameda Research.

Once celebrated as a crypto wunderkind, Bankman-Fried was exposed for misappropriating billions of dollars in customer funds to support his own trading firm, Alameda Research, and for living an extravagant lifestyle in Hong Kong and later the Bahamas.

Caroline Ellison, who led Alameda Research and was romantically involved with Bankman-Fried, received a significantly lighter sentence of two years. Her cooperation with prosecutors proved crucial in unraveling the complex web of fraudulent activities at FTX, allowing authorities to build a strong case against Bankman-Fried and other executives.

Bankman-Fried is in the process of appealing his conviction and sentence.

Caroline Ellison is questioned as Sam Bankman-Fried watches during his fraud trial before U.S. District Judge Lewis Kaplan over the collapse of FTX, the bankrupt cryptocurrency exchange, at Federal Court in New York City, October 11, 2023 in this courtroom sketch.

Jane Rosenberg | Reuters

Ryan Salame, a former top lieutenant of FTX founder Sam Bankman-Fried, was sentenced to 90 months, followed by three years of supervised release.

FTX engineering chief Nishad Singh got no jail time and three years of supervised release for his role in the crypto fraud; and Gary Wang, the co-founder and chief technology officer of FTX, also avoided prison time.

In May 2024, the bankruptcy estate of FTX announced that almost all customers would get their money back — and more.

A judge on Wednesday dismissed most of the claims against celebrities and athletes who were involved in promoting FTX in commercials and on other platforms.

Stars like Tom Brady, Gisele Bündchen, Kevin O’Leary and Stephen Curry were among those facing a suit brought by a group of FTX investors.

Binance

In November 2023, Zhao, commonly known as “CZ,” struck a deal with the U.S. government to resolve a multiyear investigation into Binance, the world’s largest cryptocurrency exchange.

Zhao stepped down as CEO in 2023 but retained a significant stake in Binance.

In April 2024, Binance’s billionaire founder was sentenced to four months in prison after pleading guilty to charges of enabling money laundering at his crypto exchange. He served his sentence at a low-security federal prison in Lompoc, California.

Under new leadership, Binance has undergone a strategic pivot, aligning closely with the Trump administration’s pro-crypto stance. CEO Richard Teng described President Donald Trump’s second term as a “fantastic reset” for the cryptocurrency industry, noting a dramatically improved regulatory environment for Binance in the U.S.

Terraform Labs

PODGORICA, MONTENEGRO – JUNE 16: Do Kwon is taken outside of court on June 16, 2023 in Podgorica, Montenegro. Cryptocurrency TerraUSD and its companion token Luna collapsed in 2022, wiping out approximately 40 billion USD from the cryptocurrency market and Do Kwon, the founder was charged with fraud by American prosecutors following his arrest in Montenegro. (Photo by Filip Filipovic/Getty Images)

Filip Filipovic | Getty Images News | Getty Images

Whereas most stablecoins are backed up by a mix of cash and other assets to match the value of tokens in circulation, Kwon’s invention was instead backed by a complex set of code. When the algorithm failed in May 2022, it cost investors $40 billion in market value overnight, led to devastating losses to multiple investors, and contributed to the collapse of hedge fund Three Arrows Capital in June 2022, followed by crypto lenders Voyager Digital, then BlockFi, then Genesis — and, in a roundabout way, FTX too.

The stablecoin’s implosion also rocked confidence in the sector and accelerated the slide in cryptocurrencies already underway as part of a broader pullback from risk.

Last June, a judge signed off on Do Kwon and his bankrupt Terraform Labs settling with the U.S. Securities and Exchange Commission for $4.5 billion.

Kwon was extradited to the U.S. from Montenegro to face fraud charges in January 2025.

Ex-crypto tycoons awaiting judgement

The fall of crypto hedge fund Three Arrows Capital, and lenders Voyager Digital and Celsius, can all be traced to the collapse of Kwon’s stablecoin project.

When 3AC’s lenders asked for some of their cash back in a flood of margin calls, the money wasn’t there. Many of the firm’s counterparties were, in turn, unable to meet demands from their investors, including retail holders who had been promised annual returns of 20%.

The three companies all went bankrupt and are currently at various stages of settling their debts, with Celsius having just emerged from bankruptcy in January.

3AC co-founder Kyle Davies said he’s not sorry for the collapse of his fund, and has so far managed to avoid jail time by bouncing around the world, unlike his co-founder, Su Zhu, who served time in a Singaporean prison.

Read more about tech and crypto from CNBC Pro

FTX executives face sentencing for multibillion dollar fraud

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Former FTX exec’s wife says gov’t ‘induced a guilty plea’

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<div>Former FTX exec's wife says gov't 'induced a guilty plea'</div>

<div>Former FTX exec's wife says gov't 'induced a guilty plea'</div>

Michelle Bond, the wife of former FTX Digital Markets co-CEO Ryan Salame, who faces federal campaign finance charges, is pushing for dismissal on the grounds that US prosecutors deceived her husband in a plea deal.

In a May 7 filing in the US District Court for the Southern District of New York, Bond’s lawyers reiterated some of the claims Salame made in opposing his plea deal with the government, which ultimately still led to him serving time in prison. She claimed that prosecutors obtained a deal with Salame through “stealth and deception” by allegedly agreeing they would not file charges against Bond. 

“Mr. Salame and Ms. Bond’s attorneys were advised that the agreement to cease investigating Ms. Bond could not be placed within the four corners of the Salame plea or other written agreement, but the government still offered it as an inducement to induce the plea,” said the filing, adding:

“At a minimum, enough exists to demonstrate a legitimate factual dispute as to the nature and scope of the promises made to Mr. Salame and Ms. Bond to induce his guilty plea such that a hearing with discovery is required.”

Law, Congress, New York, Court, Crimes, FTX
May 7 filing requesting a dismissal of one charge for Michelle Bond. Source: Courtlistener

Prosecutors charged Bond in August 2024 with conspiracy to cause unlawful campaign contributions, causing and accepting excessive campaign contributions, causing and receiving an unlawful corporate contribution, and causing and receiving a conduit contribution related to her failed run for a seat in the US House of Representatives in 2022. Salame, who pleaded guilty to two felony charges in 2023 and was later sentenced to more than seven years in prison, attempted to void his deal with prosecutors, claiming it had included an agreement not to charge Bond.

Related: Former FTX executive Ryan Salame’s prison sentence reduced by 1 year

The May 7 filing requested the court suppress any statements Bond made after the alleged “inducement” in Salame’s deal. The former FTX executive made similar claims in court filings attempting to nullify his plea, but later dropped the matter and reported to prison in October 2024.

Bond hinted that her running as a Republican — similar politically-motivated claims made by Salame — had contributed to the campaign finance charges. The indictment alleged she filed false reports to the Federal Election Commission related to funds used for her campaign.

The FTX saga hasn’t ended… yet

Since the collapse of FTX in 2022, nearly all former executives indicted on charges related to the misuse of the crypto exchange’s funds have had their day in court.

Former FTX CEO Sam Bankman-Fried, who pleaded not guilty, went through a trial in 2023 and was later sentenced to 25 years in prison. His lawyers filed a notice of appeal, and reports suggested he may be looking for a pardon from US President Donald Trump.

Caroline Ellison, the former CEO of Alameda Research, was sentenced to two years in prison in September 2024 as part of a plea deal and began serving her time in November. Nishad Singh and Gary Wang, former FTX executives who also pleaded guilty to charges, were each sentenced to time served in 2024.

Magazine: XRP win leaves Ripple and industry with no crypto legal precedent set

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Surprise: 4 of the top 5 clean energy states are red states

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Surprise: 4 of the top 5 clean energy states are red states

In 2024, the US produced more than three times as much solar, wind, and geothermal power as it did in 2015. That’s according to a new interactive dashboard just released by Environment America Research & Policy Center and Frontier Group. The tool, called The State of Renewable Energy 2025, tracks the growth of clean energy and EVs in all 50 states — and it shows that progress has happened everywhere.

“Americans are realizing the simple truth about renewable energy – power from the sun and wind doesn’t pollute, never runs out, and shows up for free,” said Wendy Wendlandt, president of Environment America Research & Policy Center. “Powering America with renewable energy is simply an idea whose time has come.”

The dashboard looks at how far we’ve come in six areas that matter most for a clean energy future: wind, solar, EVs, EV charging, energy efficiency, and battery storage. And the numbers are impressive.

Big gains in clean energy

  • Wind, solar, and geothermal comprised 19% of national retail electricity sales in 2024 – up from just 7% in 2015.
  • South Dakota took the lead, generating the equivalent of 92% of its retail electricity from wind, solar, or geothermal.
  • Texas, California, Iowa, Oklahoma, and Kansas were the top five states for total renewable energy generation.
  • Fifteen states got at least 30% of their electricity from renewables – up from just two states in 2015.

And it’s not just the traditional leaders making moves. The Southeast – including Alabama, Florida, Georgia, North Carolina, South Carolina, Tennessee, and Virginia – is now generating 27 times more solar power than it did in 2015. That’s enough to power over 5.5 million US homes.

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Across the US, solar power could run 28 million homes in 2024, which is 7.7 times more than in 2015. Wind energy could power over 42 million homes, up 2.4 times compared to 2015.

Batteries and EVs took off

Battery storage is seeing explosive growth, too. The US had 26 gigawatts of battery storage capacity by the end of 2024 – 89 times more than in 2015 and a 63% jump from 2023. That storage helps keep the lights on during extreme weather and makes renewables more reliable by holding energy when the sun’s not shining or the wind’s not blowing.

EVs are rolling out fast. As of the end of 2023, there were nearly 3.3 million electric vehicles on US roads – 25 times more than a decade ago. And there are now over 218,000 public EV charging ports – six times more than in 2015, and 24% more than the year before.

Still, there’s concern about the challenges ahead due to the Trump administration’s hostility toward renewables and EVs. At the Intersolar 2025 conference in Munich yesterday, Abigail Ross Hopper, CEO of the Solar Energy Industries Association, flagged the uncertainty facing the US market: “I don’t think there’s ever been a time of greater uncertainty in the US market than right this minute, for a number of reasons – tariffs being one of them and uncertainty around tax incentives being the other.

“But I don’t think any of us could be in this business if we weren’t optimistic, and so I’m eternally optimistic, and believe in the economic fundamentals and the technology fundamentals. I think we’re going to weather through this storm, but it will be a bit rocky for a few years.”

Tax credits helped millions – and could help even more

In 2023, 3.4 million Americans claimed tax credits for clean energy upgrades or energy efficiency improvements in their homes. That saved US households over $8 billion. The Inflation Reduction Act’s tax credits are likely to be targeted by Republicans in an attempt to cut spending in Congress. Still, it’s unclear which tax credits are at risk, seeing how the GOP will essentially shoot itself in the foot since its states benefits the most from IRA tax credits.

The report’s authors say the government should keep federal clean energy tax credits in place and that states and cities should make it easier, not harder, for people to go solar, drive electric, or boost efficiency.

“When we reduce energy waste and replace polluting energy sources with renewables, we’re building a safer, healthier world for ourselves and future generations,” said Johanna Neumann, senior director of Environment America’s Campaign for 100% Renewable Energy. “Now is the time to let more Americans choose clean energy, not make it harder for them.”

Read more: Trump’s war on clean energy just killed $6B in red state projects


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