In recent developments within the cryptocurrency sector, the U.S. government has moved to return approximately 94,643 Bitcoins (BTC) to Bitfinex, following a high-profile hack in 2016 where the funds, then valued at $72 million, were stolen. The value of these Bitcoins has now skyrocketed to over $11.8 billion. A legal motion filed on January 14 by U.S. attorneys detailed plans for the return of BTC as well as other cryptocurrencies generated from hard forks like Bitcoin Cash, Bitcoin Satoshi Vision, and Bitcoin Gold. The case has reignited debates concerning Bitfinex’s compensation strategies for those affected by the hack.
Meanwhile, Thailand is exploring the approval of spot Bitcoin exchange-traded funds (ETFs). The country’s Securities and Exchange Commission (SEC) is assessing the viability of such financial products for both retail and institutional investors, with a view to offering more options and protections for those keen on investing in crypto assets. Additionally, consideration is being given to permitting firms with robust credit ratings to issue stablecoins backed by corporate bonds.
Thailand is also taking action against Polymarket, a cryptocurrency-based prediction market. The Technology Crime Suppression Division (TCSD) aims to shut down the platform, citing it as an illegal gambling operation under Thai law. This follows similar actions by Singapore, which has blocked the site due to concerns over unlicensed gambling.
In U.S. political news, Representative Tom Emmer has been appointed vice chair of the House Subcommittee on Digital Assets, Financial Technology and Artificial Intelligence. The subcommittee, formed in 2023, monitors the development and use of cryptocurrencies as well as AI in financial services. Emmer emphasized the opportunity to guide digital asset policies rooted in American values. The leadership aims to create a regulatory framework that upholds innovation, protects consumers, and holds regulatory agencies accountable.