Bitcoin Blows Past $32,000 after a Year Full of FUD with BitMex, CFTC, and XRP Legislation

(Last Updated on January 2, 2021)

Bitcoin continues to rage against the machine.

There has been a constant flow of FUD this year, with FDIC exchange regulation and SEC cryptocurrency litigation, NOTHING has been able to slowdown or stop Bitcoin’s takeover of the financial world.

What kind of FUD has Bitcoin survived this year?

Continuing to grow into the largest, trustless, peer to peer digital asset in the world.

Commodity Futures Trading Commission files a record number of actions

The most retail fraud actions (56) in a single fiscal year in CFTC history, including a record number of actions involving digital assets (7) and a total of 28 actions since the COVID-19 national emergency was declared on March 13, 2020.

BitMEX and Arthur Hayes hit with the BIG STICK from CFTC & DOJ

Related Criminal Action

The U.S. Attorney for the District of New York indicted Hayes, Delo, and Reed, along with Gregory Dwyer, on federal charges of violating the Bank Secrecy Act and conspiracy to violate the Bank Secrecy Act.  See United States v. Arthur Hayes, Benjamin Delo, Samuel Reed, and Gregory Dwyer, Case No. 20-CR-500 (SDNY). The indictment was unsealed today.

Case Background 

The complaint alleges that from at least November 2014 through the present, and at the direction of Hayes, Delo, and Reed, BitMEX has illegally offered leveraged retail commodity transactions, futures, options, and swaps on cryptocurrencies including bitcoin, ether, and litecoin, allowing traders to use leverage of up to 100 to 1 when entering into transactions on its platform. According to the complaint, BitMEX has facilitated cryptocurrency derivatives transactions with an aggregate notional value of trillions of dollars, and has earned fees of more than over $1 billion since beginning operations in 2014. Yet, as alleged in the complaint, BitMEX has failed to implement the most basic compliance procedures required of financial institutions that impact U.S. markets.

BitMEX CFTC & Dept of Justice filings Oct. 1, 2020

Ripple and Brad Garlinghouse in litigation with SEC for the scamcoin they run…

SEC goes after Ripple (XRP)

With national fiat currencies in massive decline and full money printing mode as COVID restrictions tighten – you have to ask WTF their plan is?

Extending lockdowns for a virus that kills .017~% of people currently and vaccines on the way?

Even the World Health Organization (WHO) are saying lockdowns are doing more damage than good, especially when the main window for lockdown success has been completely blown and missed by a country.

So what does the Bitcoin community expect this year?

  • Biden and Kamala continuing and/or increasing strict lockdown and COVID restrictions
  • Democratic policies under Janet Yellen to further money printing in government spending programs
  • Money printing policies promoting socialism – Universal basic income? Assisted housing?
  • Demand toward overall equality of outcome instead of opportunity.

What does it all mean? Where could we be heading?

Terrified of losing our constitutional rights and values that have made this country great.

Built this country as the land of the free for all who have come here.

Bitcoin offers Financial sovereignty for ALL who want it..

No exclusions. No discrimination. Equal access for all people.