81 days ago
On Saturday, pro-XRP attorney John Deaton shared on his Twitter/X account a TikTok that featured John Stewart criticizing Pentagon spending captioned “If you think Elon Musk’s and Vivek Ramaswamy’s D.O.G.E isn’t necessary, watch this!” In a TikTok posted by Conservative Newst Today, Stewart criticized the U.S. Department of Defense for its unmonitored spending despite a colossal $850 billion budget. Speaking in a debate with a smug DOD official, the comedian pointed out the puzzling disparity between the Pentagon`s massive budget and the daily struggles of low-ranked service members, some of whom still rely on government assistance to get food on the table. “We got out of 20 years of war, and the Pentagon got a raise,” Stewart put bluntly. “I can’t figure out how $850 billion to a department means that the rank and file still have to be on food stamps. To me, that’s f*cking corruption.” John Deaton gained recognition in the crypto community for his support of Ripple Labs and its cryptocurrency, XRP, where he filed an amicus brief on behalf of XRP holders, arguing that the SEC’s classification of the cryptocurrency as a security unfairly harmed retail investors. Deaton is also a founder of CryptoLaw, a legal platform meant to be a one-stop shop for public information, links to news articles, and probing analysis on the regulatory landscape of the US crypto industry. As a Republican candidate in Massachusetts, Deaton tried to unseat staunch crypto skeptic Elizabeth Warren in the 2024 US Senate elections, albeit unsuccessfully. While not necessarily warranted against all government agencies, Deaton`s frustration at the federal government`s inefficacies is at least understandable in the context of his protracted legal battle with the Securities and Exchange Commission. The agency recently sued a US-based crypto project, Dragonchain, alleging that its foundation conducted a $16.5 million unregistered offering of DRGN tokens. The court filing indicated the SEC’s readiness to pursue the case despite Chair Gensler’s imminent departure scheduled for the Inauguration Day on January 20. The incoming SEC Chair Paul Atkins is expected to enforce the Trump administration`s pro-crypto agenda. For context, the Department of Government Efficiency, named after the mercurial billionaire’s favorite cryptocurrency, will be co-led by Elon Musk himself, former Republican presidential candidate Vivek Ramaswamy, and House GOP Rep. Marjorie Taylor Greene. While the “department” in its name may suggest that D.O.G.E will be a full-fledged government agency, President-elect Donald Trump said that it will “provide advice and guidance from outside of government,” suggesting that D.O.G.E. will function more as an independent advisory body. Musk’s role being informal will also allow him to remain the head of his electric car maker Tesla, social media platform X, and rocket company SpaceX without raising inevitable questions about potential conflicts of interest. D.O.G.E’s primary focus will be to identify inefficiencies in federal spending, pawing the way for the new administration to “dismantle Government Bureaucracy, slash excess regulations, cut wasteful expenditures, and restructure Federal Agencies,” as per Trump’s statement. The work of the department will conclude no later than July 4, 2026, which is the date of the 250th anniversary of The US Declaration of Independence. Ripple donates $5 million to Trump’s inauguration Meanwhile, the US crypto companies, including Ripple, are doubling down on their financial support for Donald Trump, pledging millions to his inauguration celebrations. The three-day-long event will feature galas, parades, and dinners celebrating Trump`s win alongside Vice President-elect JD Vance According to Fox News , blockchain payment firm Ripple contributed $5 million in XRP tokens. Cryptocurrency exchanges Coinbase and Kraken donated $1 million each, while digital asset payment provider MoonPay vowed to donate an undisclosed amount. Interestingly, Ripple’s chairman and co-founder Chris Larsen has been one of the top contributors to Kamala Harris’ campaign, donating more than $11 million to the Future Forward PAC supporting her presidency bid. Meanwhile, Ripple CEO Brad Garlinghouse was reportedly one of the first crypto execs to score a one-to-one meeting with Donald Trump days after his win. The millions flowing from the crypto firms are just a tiny part of the record-breaking $200 million already raised by the inaugural fund, surpassing Trump’s first term`s $107 million and trouncing Biden’s $62 million. A source close to the Trump-Vance inaugural committee expressed confidence that they will be able to reach a $225 milestone by Inauguration Day. The big tech joined alongside crypto companies in contributing to the fund, with top business executives such as Amazon founder Jeff Bezos, Facebook`s Mark Zuckerberg, Uber CEO Dara Khosrowshahi, and OpenAI`s Sam Altman each donating $1 million. “Amazon donates $1 million while Ripple donates $5M,” John Deaton posted on X in response to the news. “New era.”
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EU Regulators Probe OKX’s Web3 Role in Bybit Crypto Laundering Case
European regulators are closely examining the role of OKX in laundering funds from a massive cyber heist on Bybit. National regulatory bodies across the European Union deliberated on the issue during a meeting led by the European Securities and Markets Authority’s (ESMA) Digital Finance Standing Committee on March 6. OKX Faces Intense Scrutiny The focus of the inquiry is OKX’s Web3 service, which happens to be a decentralized finance (DeFi) platform and self-custodial wallet that facilitates access to multiple blockchains and exchanges. Reports indicate that hackers, allegedly tied to North Korea, funneled approximately $100 million in stolen cryptocurrency through this platform. Bloomberg report suggests that authorities are now assessing whether OKX’s Web3 service falls under the jurisdiction of the EU’s newly implemented Markets in Cryptoassets (MiCA) regulation, which aims to oversee digital asset providers and ensure compliance with financial security measures. Some regulators, particularly from Austria and Croatia, argued that OKX’s Web3 service should be subject to MiCA’s regulatory framework despite fully decentralized platforms being exempt under the rules that came into force in late 2024. A key point of discussion at the meeting was whether the platform’s integration into OKX’s main website and its connection to an OKX Singapore entity constituted grounds for enforcement under MiCA. A regulatory presentation at the meeting reportedly outlined how OKX’s user interface enables token swaps and wallet connections directly through its website, suggesting centralized oversight rather than a purely decentralized model. Additionally, officials raised concerns about potential violations of sanctions against North Korea, given the laundering activities linked to the attack. The outcome of this regulatory scrutiny could lead to penalties for the crypto and further discussions on the application of EU financial laws to similar platforms. OKX Responds OKX has firmly rejected claims, calling the Bloomberg report misleading. The exchange clarified that its Web3 wallet and swap features function similarly to those of other major crypto platforms, and serve as aggregators to improve user efficiency rather than facilitating illicit transactions. According to OKX, its immediate response to the Bybit breach included freezing related funds on its centralized exchange and introducing a new tool to detect and block hacker-linked addresses from accessing its decentralized exchange or wallet services. The company expressed disappointment over Bybit’s statements and argued that they contributed to misinformation by wrongly implying an investigation into OKX. It even went on to emphasize that regulatory scrutiny is not directed at its operations but rather stems from broader industry discussions on decentralized finance regulations. Additionally, OKX suggested that the real issue lies in Bybit’s security shortcomings, rather than any wrongdoing on its part. The exchange strongly refuted what it described as false claims that misrepresented its role in the aftermath of the cyberattack. The post EU Regulators Probe OKX’s Web3 Role in Bybit Crypto Laundering Case appeared first on CryptoPotato . Coinpaper
The Bitcoin Act: US Pushes for 1M BTC Reserve Without Taxpayer Cost
The U.S. is pushing to establish a Strategic Bitcoin Reserve, with the BITCOIN Act of 2025 in the House and a Senate companion bill, aiming to acquire 1 million bitcoin in five years without taxpayer burden. 1M Bitcoin in 5 Years: America’s Bold Plan to Secure Digital Dominance Congressman Nick Begich of Alaska announced on Coinpaper
