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US legislators diving into crypto, Bybit 🚫suspends service in India, & other news


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Your weekly roundup of the 🔥hottest news in crypto:

US legislators dive into crypto; Bybit 🚫suspends service in India

Written by Ciaran Lyons

Jan. 5 - 11

New Hampshire, North Dakota introduce bills for Strategic Bitcoin Reserve

New Hampshire and North Dakota have become the latest US states to introduce legislation for a strategic Bitcoin reserve, signaling a continued push among lawmakers to diversify state treasuries with the cryptocurrency.

According to Satoshi Action Fund CEO Dennis Porter, the New Hampshire bill was introduced by Representative Keith Ammon, a Republican who represents the 40th District.

The New Hampshire bill doesn't explicitly mention Bitcoin but instead refers to "digital assets." Porter said this is a way for state lawmakers to push through the legislation without causing political friction.

On the same day, legislation for a strategic Bitcoin reserve was also introduced in North Dakota, championed by Representative Nathan Toman, Representative Josh Christy and Senator Jeff Barta.

Get the full story

#2

Bybit exchange suspends services in India due to regulatory pressure

Bybit, a global crypto exchange, announced a temporary suspension of its crypto trading services in India, citing regulatory developments.

Starting Jan. 12 at 8:00 am UTC, Bybit will restrict several services, including cryptocurrency trading, account openings and placing orders through other exchange products.

Bybit attributed the decision to its goal of operating in "full compliance with all applicable rules and regulations," the exchange stated in a Jan. 10 announcement, adding:

"Due to recent developments from Indian regulators and in continuation of previously implemented restrictions, […] Indian users will temporarily be unable to open new trades or access any products on the Bybit platform."

The announcement said that while trading services are halted, user fund withdrawals are unaffected.

#3

Bitcoin corporate treasury shareholder proposal submitted to Meta

A Meta shareholder proposal submitted by Ethan Peck requested that the social media company convert a portion of its $72 billion in cash and short-term cash equivalents to Bitcoin as a hedge against currency debasement.

Peck wrote that Meta is losing 28% of its cash assets over time due to inflation and cited Bitcoin outperforming bonds by 1,262% over the past five years as evidence for adopting the asset. Peck also wrote in the proposal:

"Mark Zuckerberg named his goats 'Bitcoin' and 'Max.' Meta director Marc Andreessen has praised Bitcoin and is also a director at Coinbase. Do Meta shareholders not deserve the same kind of responsible asset allocation for the Company that Meta directors and executives likely implement for themselves?"

Peck is an employee of The National Center for Public Policy Research — a Washington DC-based think-tank promoting free market policies — which submitted Bitcoin treasury shareholder proposals to Microsoft and Amazon in 2024. However, Peck submitted the Meta proposal on behalf of his family's shares.

#4 Prediction of the week

Crypto headed for 'Banana Singularity' where everything goes up: Analyst

Crypto markets are in the "Banana Zone" and heading into a "Banana Singularity," or a period "when everything goes up," according to Real Vision co-founder and CEO Raoul Pal.

The "Banana Zone" is a term coined by Pal to describe a period of significant upward price movement.

"Yes, we are still in the Banana Zone," Pal said in an X post on Jan. 10, before adding that the first phase of this bull market was the breakout in November last year.

That has been followed by the current period of consolidation — similar to the 2016/2017 cycle — Pal said, before adding: "This won't last long."

Looking ahead, Pal said the next phase of the "Banana Zone" is a "Banana Singularity," an altcoin season "when everything goes up, followed by a bigger consolidation."

#5 FUD of the week

Blender and Sinbad operators face US money laundering charges

The US Justice Department has indicted three Russian nationals alleged to have committed money laundering due to their involvement in operating cryptocurrency mixers Blender.io and Sinbad.io.

In a Jan. 10 notice, US authorities said a federal grand jury in the Northern District of Georgia returned an indictment for Roman Vitalyevich Ostapenko, Alexander Evgenievich Oleynik and Anton Vyachlavovich Tarasov.

The indictment alleged that the crypto-mixing services operated by the three men allowed criminals to launder funds "stolen from victims of ransomware, virtual currency thefts, and other crimes," according to US Attorney Ryan Buchanan.

#6 FUD of the week

Russia seizes $10M in Bitcoin from ex-official in bribery case

The Russian government confiscated $10 million worth of Bitcoin from a former law enforcement official, according to local reports.

Russian court enforcement officers have begun confiscating Bitcoin from a former employee at the Investigative Committee of the Russian Federation (ICRF) in a massive bribery case involving cryptocurrency.

The officers began proceedings to seize 1 billion Russian rubles ($10 million) — or roughly 103 BTC — from former ICRF employee Marat Tambiev, who was convicted of crypto bribery in 2023, the news agency TASS reported on Jan. 8.

The confiscated Bitcoin will be added to Russia's state revenue as part of the legal proceedings. Officers reportedly accessed Tambiev's hardware cryptocurrency wallet, a Ledger Nano X, to seize the assets.