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Bitcoin 2024: All Eyes on Nashville
Marathon Digital Goes Full HODL with $100M Buy
The Breakdown First Five - Friday, July 26, 2024
Welcome back to The Breakdown First Five — the 5 most interesting and/or important stories in bitcoin, crypto, and markets to start your day.
![Bitcoin 2024: All Eyes on Nashville](https://media.beehiiv.com/cdn-cgi/image/fit=scale-down,format=auto,onerror=redirect,quality=80/uploads/asset/file/bb6fe1a4-ec8d-4a50-95eb-bf32654d531b/image.png?t=1722006750)
5. Marshall Out
Republican Senator Roger Marshall has withdrawn as a co-sponsor of Elizabeth Warren’s crypto money laundering bill. The bill was first introduced in 2022 but gathered more momentum earlier this year as crypto terrorism finance became a hot topic. The bill would have placed compliance standards on blockchain infrastructure like nodes and miners. Many in the industry framed it as a backdoor crypto ban.
🚨 Incredible. Senator Marshall has officially withdrawn support of the Warren/Marshall bill (DAAMLA)
This is a bill we have been opposing for several years. It’s a backdoor ban on blockchain technology by creating impossible compliance requirements for miners, validators, etc.
— Cody Carbone (@CodyCarboneDC)
9:42 PM • Jul 25, 2024
4. Jersey City Pension
The Jersey City pension plan will invest in Bitcoin. Democrat Mayor Steven Fulop made the announcement via twitter in the midst of a run for the governor’s mansion. The pension is currently updating documents and hopes to make the allocation by the end of the summer. This move comes after the Wisconsin state pension bought Bitcoin earlier this year, making the case that Bitcoin was a prudent investment for retirement managers.
Not my normal subject matter in a post but I’ll share anyway - the question on whether Crypto/Bitcoin is here to stay is largely over + crypto/Bitcoin won. The #JerseyCity pension fund is in process of updating paperwork to the SEC to allocate % of the fund to Bitcoin ETFs… x.com/i/web/status/1…
— Steven Fulop (@StevenFulop)
12:37 PM • Jul 25, 2024
3. Coinbase Subsidiary Fined
A UK based Coinbase subsidiary has been fined $4.5M for failure to meet KYC/AML expectations. The FCA said they had repeatedly breached a requirement that prevented them from offering services to high-risk customers. Around 13,416 high risk customers are alleged to have access the platform with around $25M in deposits. FCA director of enforcement said that money laundering risks are real and “firms must take them seriously."
It looks like the @TheFCA is getting more eyes on crypto! @coinbase has been fined $3.6M in the UK for inadequate checks on high-risk customers. This marks a step towards stricter crypto regulations in the UK. #AML#cryptocurrency#Compliance
— Wojtek Kaszycki (@wkaszycki)
11:54 AM • Jul 25, 2024
2. Marathon Hodling
Marathon Digital have switched to a “full HODL” strategy and are kicking it off with a $100M Bitcoin buy. The past few months have seen large volumes of selling from miners as they attempt to keep their heads above water following the halving. Marathon themselves sold over $100M worth in June. They will now retain all mined Bitcoin. The last time they adopted this strategy was Q1 of 2021, and we all know what happened next.
Today Marathon is proud to announce that to strengthen our strategy of holding #Bitcoin as our strategic treasury reserve asset, we have over the past month purchased $100 million in BTC, and will now go full HODL @saylor
— Fred Thiel (@fgthiel)
12:10 PM • Jul 25, 2024
1. Left My Seed Phrase In Nashville
All eyes on Nashville as Bitcoin 2024 kicks off. We’ve already had a host of big announcements from Bitcoin companies, but the biggest news will come from Trump’s appearance on Saturday. Will he announce a Bitcoin strategic reserve? Markets seem to think so, sending Bitcoin higher into the weekend.
the US should hold #bitcoin for geopolitical strategic reasons, not to back the dollar @BitcoinMagazine
— Alex Thorn (@intangiblecoins)
8:39 PM • Jul 25, 2024