Attorney Leslie Sammis successfully challenged Volusia County’s seizure of 1.19121 BTC from an EU-licensed brokerage’s Kraken account, exposing serious legal flaws. The seizure warrant lacked a case number, was never filed with the court, and had no evidence linking the crypto to the alleged $20,000 fraud. Authorities must now return the remaining Bitcoin, retrieve $95,030.59 sent to Wisconsin, and pay legal fees. The case highlights the risks of civil asset forfeiture and due process violations in crypto-related seizures. Meanwhile, a separate $13 million crypto fraud case involving a fake ‘Federal Crypto Reserve’ underscores ongoing scams exploiting official-sounding agencies.
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0 in Finance and 0 in Crypto last weekTrump Backs BITCOIN Act, Plans Landmark Crypto Legislation
The Trump administration is advancing key crypto-related bills, focusing first on stablecoins, market structure, and the Bitcoin Strategic Reserve. President Trump supports the BITCOIN Act, which proposes the U.S. government acquire 1 million BTC over five years using Federal Reserve and Treasury funds. Senator Cynthia Lummis, a vocal advocate, announced the administration’s commitment at the Bitcoin 2025 conference, framing it as a strategic move for national financial resilience. The legislation could redefine U.S. crypto policy and bolster Bitcoin’s role in federal reserves.
about Trump Backs BITCOIN Act, Plans Landmark Crypto LegislationNY Fed: Tokenized Assets, Not CBDCs, Shape Finance Future
The Federal Reserve Bank of New York’s Project Pine report concludes that tokenized assets, rather than central bank digital currencies (CBDCs), offer a more viable framework for future monetary policy. The project tested smart contract-based platforms to simulate central bank operations like repurchase agreements and collateral management, using a permissioned Ethereum-compatible system. Key findings include programmable interest accrual, real-time collateral management, and centralized control—contrasting with DeFi’s decentralized ethos. The report positions central banks as infrastructural anchors in a tokenized financial system, focusing on wholesale markets rather than retail CBDCs. With institutional tokenization gaining traction (e.g., BlackRock’s $3B treasury fund), the Fed envisions a hybrid future blending programmability with centralized oversight.
about NY Fed: Tokenized Assets, Not CBDCs, Shape Finance FutureEric Trump and Senator Lummis Discuss American Strategic Bitcoin Reserve Plans
Eric Trump and Senator Cynthia Lummis recently met to discuss the creation of an American Strategic Bitcoin Reserve (SBR), sparking speculation after Trump deleted a retweet about the meeting. This follows Lummis’ introduction of the BITCOIN Act, which aims for the U.S. Treasury to acquire 1 million BTC over five years. The momentum for the SBR has intensified after President Trump’s pardon of Ross Ulbricht, with analysts predicting a higher likelihood of the reserve’s establishment in the near future.
about Eric Trump and Senator Lummis Discuss American Strategic Bitcoin Reserve PlansKey updates on wildfires, Delta Airlines earnings, and Trump legal proceedings
Wildfires in the Los Angeles area have led to the evacuation of nearly 180,000 people and could result in insured losses exceeding $20 billion, with total economic damages estimated at nearly $50 billion. Delta Air Lines reported strong fourth-quarter earnings and anticipates over $4 billion in free cash for 2025, while Federal Reserve Governor Michelle Bowman indicated that the recent interest rate cut may be the last, citing concerns over inflation. In legal news, the U.S. Supreme Court has allowed proceedings in Donald Trump’s hush money case to continue, with a sentencing expected to result in no jail time or penalties.
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