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President-elect Donald Trump is poised to reshape the US government’s approach to crypto, actively seeking candidates with industry-friendly views for key regulatory positions. 

According to the Washington Post, as part of his strategy to establish the United States as the “crypto capital of the world,” Trump’s transition team is consulting with cryptocurrency executives to explore potential changes to federal policy.

SEC Overhaul On The Horizon

Trump’s commitment to a more permissive regulatory environment is in line with his campaign promises, which have garnered significant support from the industry, as evidenced by the current uptrend in prices following his victory over Vice President Kamala Harris last Tuesday. 

Early discussions among Trump’s advisers have reportedly focused on financial regulatory agencies, notably the Securities and Exchange Commission (SEC), where leadership choices will significantly influence the future of digital asset regulation.

The candidates under consideration include a mix of current regulators, former officials, and financial industry executives known for their pro-crypto stance. 

Notable names include Daniel Gallagher, a former SEC official now at US-based cryptocurrency exchange Robinhood, and pro-crypto commissioners Hester Peirce and Mark Uyeda. 

These individuals have publicly criticized the previous policies of the SEC and its chairman Gary Gensler under President Joe Biden, particularly the agency’s heavy-handed enforcement against digital asset firms, with ongoing investigations and lawsuits against key players in the past years.

Trump’s Crypto Advisory Team

Industry executives, including Ripple CEO Brad Garlinghouse, have noted that they expect the new Trump administration to focus on regulatory clarity, lacking amid a fragmented legal framework governing cryptocurrencies. 

The digital assets sector has long called for comprehensive legislation to define the status of currencies such as XRP, Litecoin and Solana, to establish investor protections and to offer new investment products such as the spot exchange-traded funds (ETFs) investing in Bitcoin and Ethereum that were approved earlier this year.

Trump’s support has also attracted high-profile industry figures, including Elon Musk and Howard Lutnick, who are involved in shaping the administration’s crypto policies. 

However, Lutnick, CEO and chairman of asset manager Cantor Fitzgerald, has raised concerns about potential conflicts of interest given his ties to stablecoin issuer Tether and other crypto-related companies.

As Trump moves forward with his transition, the Post reports that his team is exploring the establishment of a presidential council on digital currencies and considering the appointment of a dedicated crypto advisor within the National Economic Council. 

Despite the optimistic outlook among supporters, some Democrats have expressed concerns about the potential implications of Trump’s pro-crypto policies. 

Critics argue that the regulatory changes sought by the industry could undermine consumer protections and “expose investors to greater risks of fraud and market manipulation.”

While the now 47th president aims to implement a comprehensive agenda, including the possibility of creating a national Bitcoin reserve, the effectiveness of these plans will depend on regulatory authority. 

However, with the Republican Party winning a majority in Congress, the path to these markers may be easier for Trump and the broader industry. 

Featured image from AP,, chart from TradingView.com

A former executive of a now-defunct cryptocurrency firm, Celsius Network, will have to continue to face his legal battle as a US federal court denied his motion to dismiss the charges against him.

It might seem only like a legal battle of a former crypto CEO but in the greater scheme of things, it’s a reflection of the saga of the government’s scrutiny on the digital currency industry.

Motion Denied

The ex-CEO of Celsius Network, Alex Mashinsky, failed to convince a US federal judge to drop two counts of criminal charges against him relating to the manipulation of crypto prices and fraud.

Judge Rejects Ex-Celsius CEO’s Attempt to Drop Fraud Charges

The latest twist in the Celsius saga: Alex Mashinsky, former CEO of Celsius, just had his motion to dismiss key charges thrown out by a federal judge.

Mashinsky, who faces seven charges, tried to argue that two of… pic.twitter.com/oEa3SkFdHe

— IBC Group Official (@ibcgroupio) November 11, 2024

Judge John Koeltl of the US District Court for the Southern District of New York rejected Mashinsky’s motion asking the court to dismiss the two raps against him. Thus, Mashinsky will continue to face the seven complaints in relation to his role in Celsius in January 2025 — a setback that made it inevitable for Mashinsky to defend himself in court when the trial started.

Koeltl ruled that the crypto exec’s arguments to drop the cases were “either moot or without merit.”

Mashinsky’s Argument

Mashinsky’s lawyers argued that their client cannot be charged with violations of the Commodity Exchange Act and the Securities Exchange Act of 1934, saying the court is charging the former CEO with two charges for the same conduct.

However, Koeltl disagreed with their argument, saying a conviction on violating the Securities Exchange Act would not mean that Mahinsky would be acquitted of violating the Commodity Exchange Act.

Mahinsky also claimed that the commodities charge is “legally insufficient”, explaining that the state prosecutors failed to sufficiently allege that the platform’s investors were depositing Bitcoin into a program that offered a weekly reward scheme. The federal judge argued that this argument is a factual question that “cannot be resolved” at this point in the case.

Koeltl also denied Mashinsky’s motion to dismiss market manipulation charges, saying it is “meritless”. The judge added that the US Court of Appeals for the Second Circuit has already ruled before that “open-market transactions that are not inherently manipulative may constitute manipulative activity when accompanied by manipulative intent.”

Celsius: Legal Woes

Celsius used to be a prominent crypto platform in the industry. Unfortunately, the firm collapsed in 2022 following the freezing of customer withdrawals. The company also filed for bankruptcy amidst the huge balance sheet deficit.

As a result, the SEC charged Mashinsky with fraud and manipulating the market which caused the collapse of the crypto firm.

State authorities said that the crypto CEO deceived the investors and claimed that CEL, the firm’s coin, was safer than it was.

If convicted of all the seven charges, Mashinsky could spend 115 years in state prison. The former CEO has not yet pleaded not guilty to these charges.

Featured image from Public Policy Institute of California, chart from TradingView

Police and electricity authorities in Thailand have launched a series of crackdowns targeting illegal cryptocurrency mining operations accused of stealing massive amounts of electricity.

Raids conducted in Chachoengsao and Surat Thani provinces led to multiple arrests and the seizure of mining hardware worth millions of baht.

How It Went Down

According to a recent report from local news media, raids occurred over the weekend in Surat Thani province, with officials searching seven commercial buildings and two residential properties in Muang district.

The investigation resulted in the arrest of two men, Nathapong and Arthit, aged 30. Authorities confiscated 111 crypto-mining machines, seven desktop computers, 10 routers, and 10 modified power meters.

The arrests were made after informants tipped off the police about deserted buildings outfitted with surveillance cameras, raising suspicions of illegal activities.

A Crime Suppression Division commander, Pol Maj Gen Montri Theskhan, revealed that Nathapong rented the commercial properties and owned the houses where the illicit operations occurred.

Investigators noted significant financial transactions of more than 40 million baht from January of the previous year to July, coupled with unusually low electricity bills, hinting at meter tampering.

Electricity Theft And Large-Scale Operations Disrupted

Authorities believe the suspects had been modifying electricity meters to reduce their recorded power consumption. The modified meters were integral to powering the “energy-intensive” mining equipment without incurring proportional electricity costs.

According to officials, the stolen electricity was valued at approximately 10 million baht ($287,191), highlighting the magnitude of the theft. During questioning, Nathapong reportedly admitted to starting the mining operation in late 2022, acquiring secondhand mining equipment to further his illicit venture.

Arthit, on the other hand, allegedly confessed to being responsible for modifying power meters and maintaining the power supply network across the nine properties.

The crackdown continued in Chachoengsao province, where authorities raided a deserted warehouse in Bang Nam Prieo district’s Sala Daeng area.

They discovered 109 active crypto-mining machines and an additional 66 units awaiting installation. The total value of the equipment was estimated at 17 million baht ($488,225).

The raid followed suspiciously high power consumption reports from an otherwise unused warehouse. Electricity officials traced the power theft back to the site, estimating the cost of stolen electricity at over 10 million baht in recent months.

Notably, in Thailand, a power tariff rate of 4 baht per kWh equates to a cost of 620,000 baht. The average monthly household electricity bill in Thailand is estimated at around 750 baht.

Featured image created with DALL-E, Chart from TradingView

Crypto is a popular target for cybercriminals, who rely on its anonymity and lack of regulation. These crimes often target individuals online through hacking and ransomware. However, there have been a few aggressive crimes in the past that target unsuspecting individuals in person and broad daylight. Thailand news agencies report that a Ukrainian tourist recently lost $250,000 worth of USDT in an armed robbery last November 8th, Friday.

According to the police report, the Ukrainian national was attacked by two armed individuals. The tourist was forced to transfer $250k in USDT to the suspects before contacting the Thai police.

Another Coordinated Crypto Extortion In Thailand

Cryptocurrency holders aren’t just prone to hacking and ransomware; they’re also the target of physical armed robberies and extortion. Last November 10th, Thai local news reported that a young Ukrainian tourist was assaulted and robbed with $250k worth of USDT.

According to multiple reports, the robbery incident happened last Friday, November 8th, in Phuket, Thailand, but this incident didn’t involve the locals.

Local reports have it that Viacheslav Leibov, a 23-year-old Ukrainian national, was involved in a planned extortion attempt. Based on the published police report, Leibov was invited by his friend, Alfred Chernyshuk, an 18-year-old Ukrainian national, to check out his room.

When Leibov arrived, he was met by Arman Grigoryan, a 21-year-old Armenian national. Then, the two masked individuals attacked Leibov.

The police report further shared that both attackers wielded a knife and hammer and threatened Leibov with harm if he didn’t transfer $250k in USDT to a wallet.

For his safety, Leibov obliged and transferred the said amount. Leibov was tied to the bed and was told not to report the incident to the authorities. Despite the attackers’ warnings, Leibox managed to escape and inform the authorities.

Cryptocurrency Extortion Now A Serious Concern

Meanwhile, cybercrimes like hacking and ransomware are not new. In addition to these cybercrimes, crypto holders face fraud and extortion in countries like Thailand. Leibov’s recent extortion experience isn’t the first in this Southeast Asian country.

In November, the Thai authorities arrested a group of individuals connected to a 10-million USDT extortion scheme. According to reports, seven suspects were involved, including six rogue police officers, which have tainted the Thai police’s credibility.

Crypto Holders Now Face Security Risks On All Fronts

Traditionally, crypto holders and traders face the most significant security threats when doing business online. According to one estimate, crypto-related ransomware resulted in over $1 billion in losses in 2023.

With these reported incidents in Thailand and other tourist destinations, it’s becoming clear that holders also face issues when using their cold wallets.

Featured image from The Courier Mail, chart from TradingView

The Dogecoin price is racing towards its next bullish target, as an analyst projects a rise to $15 for the number one meme coin. This optimistic price forecast comes as the Dogecoin price breaks out of a legendary Bull Pennant pattern, which the analyst has indicated is a major bullish signal.

Dogecoin Price Breaks Out Of Legendary Pennant Pattern

In an X (formerly Twitter) post on November 11,  crypto analyst Trader Tardigrade disclosed a significant update on the Dogecoin (DOGE) price dynamics. According to the analyst, the Dogecoin price has officially broken out of a “Legendary Bull Pennant” pattern. 

The analyst shared a price chart illustrating Dogecoin’s price movements from 2019 to the present. Trader Tardigrade highlighted that Dogecoin began forming this unique triangle pattern in 2021, during a period of heightened popularity for the meme coin. 

However, as the analyst points out, 2024 is set to mark a major year, as the Dogecoin price has broken out of the Bull Pennant formation, signaling a new bullish phase for the popular meme-based cryptocurrency. The Bull Pennant pattern is a technical indicator often associated with a potential uptrend, and according to the crypto analyst, Dogecoin may be on the verge of a massive price rally to $15.

While this price target may sound overly ambitious to some investors, it’s important to note that in just one month, Dogecoin has increased by 260.94% and is still on the rise. Today, Dogecoin skyrocketed by 44.69%, and its market capitalization is stirring closer to the $60 billion mark. 

Dogecoin’s recent break out of the Bull Pennant formation could be attributed to a confluence of bullish factors that have been driving its price upwards for the past few weeks. The shift in market sentiment fueled by SpaceX CEO Elon Musk’s D.O.G.E proposal and the 47th US President, Donald Trump, backing Musk has propelled the Dogecoin price to new highs. The popular meme coin is now achieving gains not seen since its last bull run four years ago.

If these bullish factors continue to drive Dogecoin, and the meme coin maintains its momentum, its price could be making new ATHs this cycle. As of writing, the Dogecoin price is trading at $0.4, jumping more than 2X its initial value earlier this month. 

DOGE To Be The Biggest Gainer This Cycle

Given its massive momentum since Trump won the US Presidential elections, crypto analyst Jeremey has declared that Dogecoin is poised to be the greatest runner in this bull run. With the crypto bull run officially starting, Dogecoin has been one of the top gainers, following Bitcoin (BTC), which has risen to multiple massive all-time highs and is currently inching closer to the $90,000 mark. 

Jeremy suggested that Dogecoin could reach the $1 mark under certain conditions. He mentioned that if Musk publicly claims a co-founding status of Dogecoin and if both the SpaceX CEO and Trump integrate Dogecoin into the US economy, the price of the meme coin could experience unprecedented growth.