Russia to Legalize Crypto Mining in 2024: Get Ready for the Boom!

• BlackRock has filed for a spot Bitcoin ETF, with Coinbase serving as custodian for the BTC held.
• Russia plans to legalize crypto mining by 2024 and the State Duma will begin reading four bills on the topic in July.
• Binance.US reported 50 staff cuts following SEC charges and prosecutors have withdrawn five charges against Sam Bankman-Fried to ensure trial proceedings go on schedule.

BlackRock’s Spot Bitcoin ETF Application

BlackRock, one of the world’s largest asset managers, has submitted an application for a spot Bitcoin Exchange Traded Fund (ETF). The cryptocurrency holdings will be held by Coinbase, one of the largest cryptocurrency exchanges in the world.

Russia Legalizing Crypto Mining

Anatoly Aksakov, Chairman of the Russian Federation’s State Duma Committee on Financial Market, recently announced that Russia plans to legalize crypto mining activities by next year. The process is expected to begin this July when a first reading of four bills related to regulating crypto mining and taxation of miners takes place in the State Duma.

Binance US Staff Cuts

Binance US reportedly cut around 50 staff members following U.S Securities and Exchange Commission (SEC) charges against its parent company Binance Holdings Ltd.. Several employees were laid off from both customer support and compliance due to their work being deemed unnecessary after Binance’s departure from U.S markets late last year.

Do Kwon’s Detention Extension

Do Kwon, CEO at blockchain firm Terraform Labs was detained in Montenegro for six months after his arrest in May 2021 during a business trip to Serbia and Montenegro. He was accused of fraud but all charges were later dropped due to lack of evidence against him.

Sam Bankman-Fried Charges Withdrawal

Prosecutors have withdrawn five charges against Sam Bankman-Fried, CEO at derivatives trading platform FTX ,to ensure that his trial proceeds on schedule despite various delays due to pandemic restrictions as well as complexity surrounding international legal procedures .

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