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JPMorgan Chase CEO Jamie Dimon has once again voiced his opposition to cryptocurrency, suggesting that they should even be banned. He also agreed with Senator Elizabeth Warren about the need for regulation of cryptocurrency. H.R. A pro-blockchain law known as H.R. The U.S. House Committee on Energy and Commerce unanimously approved H.R. 6572, the "Deploying America Blockchains Act 2023," which aims to increase the U.S.'s competitiveness in the blockchain sector. Under the parent company WonderFi's management, Canada's leading cryptocurrency exchanges Bitbuy, Coinsquare and Coinsquare have managed over one billion Canadian dollars of assets. Their growth in terms of user numbers and trading volumes has been impressive since their merger with WonderFi 2023.

"Crypto should be banned"

Jamie Dimon, CEO of JPMorgan Chase, made a very strong statement about his dislike for cryptocurrencies. He even suggested they should be outlawed. Senator Elizabeth Warren questioned Dimon about his remarks during a Senate Banking Committee meeting.

Dimon, the head of the largest bank by assets in the United States, was not shy about his opinions on cryptocurrency. He said, "I have always been against crypto, bitcoins, etc." He continued to say that only criminals, drug dealers, money launderers, and tax evaders could use cryptocurrencies.

Jamie Dimon is not the first to express his disapproval of cryptocurrencies. He has referred to Bitcoin in the past as "a hyped up fraud" and compared it even to a pet rock. He later retracted some of his statements.

Senator Warren interrogated Dimon and the CEOs of the major banks during the Senate hearing on the topic of cryptocurrency regulation. Many were surprised to see that Senator Warren and the bankers reached a rare agreement. The two agreed that cryptocurrency companies must be subjected to the same anti money laundering regulations as traditional banks.

Senator Warren, also a vocal critic in the banking sector, stressed the importance of cryptocurrency regulations for national security. She said, "I don't usually hold hands with CEOs of multi-billion dollar banks when it comes to banking policies, but this is an issue of national security." Crypto should not be used by terrorists, drug dealers, or rogue countries for their dangerous activities. "It is time for Congress act."

Jamie Dimon may have reservations about cryptocurrency, but it is worth noting that JPMorgan Chase has a strong involvement in blockchain technology. This is the backbone of cryptocurrency.

Blockchain Bill Passed

Others are embracing blockchain technology and the cryptocurrency industry. While some fight tooth and nail to stop it, others appear to fully embrace it. The U.S. House Committee on Energy and Commerce unanimously passed a bill that supports blockchain technology. H.R. The bill, H.R.

The vote of the committee, which was overwhelmingly 46-0, took place in a larger session on December 5, where 44 legislative items were discussed. The 13-page document outlines Gina Raimondo's clear mandate to take actions that will promote the competitiveness and efficiency of the United States through the deployment, use, application and competitiveness in blockchain technology and distributed ledger technologies.

Cody Carbone is the head of policy at the Chamber of Digital Commerce. He expressed his support of the bill, highlighting the importance of preserving U.S. dominance in the blockchain development. He stressed that this leadership was crucial in the rapidly changing blockchain landscape. Kristin Smit, CEO of Blockchain Association, also supported the bill. She said that it would help to improve the competitiveness of the United States in the new blockchain sector.

The bill includes provisions that direct the Commerce Secretary to develop best practices, policies and recommendations both for the public and private sector when implementing Blockchain technology. The bill also proposes the creation a "Blockchain Deployment Program", which will support the use blockchain technology.

The bill also calls for government advisory committees to facilitate blockchain adoption. These committees will be made up of representatives from federal agencies, blockchain industry experts and stakeholders, as well as other relevant parties. The bill also aims to enhance coordination between federal agencies that are interested in using blockchain technology and promote blockchain leadership in the U.S. The bill also requires studies to evaluate federal agencies' current usage of blockchain technology and their readiness to adopt this technology in future.

This pro-crypto legislation is a step in the right direction towards embracing blockchain, but it's just one of several bills being discussed by Congress about cryptocurrencies and blockchain. Notable is the "Financial Innovation and Technology for the 21st Century Act," a bill that addresses the classification of cryptocurrencies as securities or commodities and clarifies regulatory jurisdictions.

The Deploying American Blockchains Act will be voted on in the House of Representatives. The Deploying American Blockchains Act will be voted on in the House of Representatives.

Canadian Crypto Exchanges Reach $1 Billion in AUM

Canada is also embracing cryptocurrency and its many benefits. Bitbuy and Coinsquare are two of Canada's top cryptocurrency exchanges. They have achieved a major milestone, surpassing a billion Canadian dollars (736 million USD) in assets managed (AUM). The parent company of both exchanges, WonderFi, announced this on December 6. These platforms have experienced rapid growth in a very short time. Their assets under management increased from 695 millions CAD ($512) million at the end of the third quarter.

Both Bitbuy and Coinsquare saw a massive 16% increase in the number of monthly active users during the month November compared to last month. The platforms also saw a 54% increase in the total trading volume.

In July 2023, Bitbuy and Coinsquare merged with WonderFi to form the decentralized financial (DeFi), platform. Kevin O'Leary (also known as Mr. The merger of the two companies, which was backed by prominent Canadian businessman Kevin O'Leary (also known as "Mr.

Bitbuy in particular caught the eye of many cryptocurrency enthusiasts in November 2021, when it became the first fully regulated crypto-exchange in Canada. Bitbuy was granted a license by the Ontario Securities Commission, confirming its status as a compliant and trusted platform. Coinsquare, the first Canadian crypto exchange to be granted broker-dealer status by the Investment Industry Regulatory Organization of Canada in October 2022, followed suit.

The current Bitcoin bull run has embarrassed non-believers and reassured believers. Some crypto market analysts have substantiated their skepticism, focusing on the distribution of wealth among investors rather than Bitcoin's price. Darth Powell, a finance specialist with 15k+ followers, was prompted by the recent surge to post a screenshot from Bitinfocharts.com that revealed some alarming data.

According to the data, just 0.04% BTC addresses hold over 62% of Bitcoin. As you move up the scale, you'll see that only 0.35% address holders own nearly 85% BTC, and a little north of 2% will bring ownership to 94%. When you look at global wealth distribution, Bitcoin is not even close in terms of "unfairness." Credit Suisse estimated in 2020 that the wealthiest 1.1% of people owned almost half the total wealth. It's likely worse today.

Bitcoin landscape changes constantly, but not in a manner that reduces wealth concentration. This is understandable given that investing in Bitcoins is easier if you have millions of dollars to spare. As of press time, Bitcoin distribution figures are slightly different. A tiny amount of Bitcoin (a little over 59%) is currently linked to just 0.03% addresses.

The number of addresses is 1.99%, which represents 92.78% of total BTC. (Don't confuse this with the number owners as one person can own multiple addresses). Four addresses are in possession of an absurd amount of BTC. They own between 100k to 1 million units with a market share of 3.4%.

It's no secret that Bitcoin owners are a diverse group. It's still worth mentioning, since many (most?) Retail investors are unaware of the full extent of this phenomenon. If Bitcoin were to suddenly become the global currency of choice, an enormous amount of wealth would be concentrated in the hands of a small group of participants.

Darth Powell, in light of the above, questions decentralization being the key feature of Bitcoin. He is both right and wrong. Bitcoin is indeed decentralized in terms of the logic and rules that govern its network.

You may need to do a reality check if decentralization is associated with noble concepts such as democracy, equity or the empowerment of people. Bitcoin's wealth distribution is completely out of sync with its decentralization.

SlowMist, the leader in blockchain security, was founded in 2018 but has been collecting statistical data about Web3 exploits since 2012. The cybersecurity team's Hacked archive updates statistics after new events that cause financial harm to the crypto-community.

Read more: December starts small with minor Web3 exploits

This platform has provided data that shows Web3 projects, crypto users and their losses have totaled $31,331,784,491.24 in the last 12 months, due to 1,343 hacking incidents.

SlowMist reported that 278 hacks occurred in the Ethereum ecosystem during this time period. Binance Smart Chain is the next most popular, with 220 hacks reported since 2012. EOS, a blockchain designed to be a decentralized system for decentralized industrial apps, also has been subjected to a large number of attacks. There have been 120 incidents.

Over the years, projects within the Ethereum eco-system have experienced the largest financial losses. They exceeded $3.302 Billion. Hackers who compromised Web3 projects that rely on the BSC Network acquired the second highest amount, exceeding $1.474 billion.

SlowMist identified 17 hacks that affected the Polygon ecosystem. However, the incidents resulted in a theft of $178.32 Million -- six times the amount of the EOS ecosystem's losses despite the higher number of hackers. The 12 hacks that affected the Avalanche Network resulted in an enormous loss of $133.194 millions.

Moreover, with just 19 reported exploits projects that used Solana have lost over $534 million.

Read more: November Web3 exploits cause $363 million loss

According to SlowMist, there were 136 exploits that targeted exchange platforms. These platforms appear more vulnerable to hacks than other Web3 projects. This has resulted in losses of almost $11.5 billion dollars since 2012. SlowMist reports that 107 security incidents have resulted in losses of over $11.404 millions.

SlowMist’s Hacked Archive highlights the most common types of security incidents. Exit scams are the most popular form of exploit. Then, attacks that exploit contract vulnerabilities, Flash Loan attacks, Discord Hacks, Private Key Leakage, and other scams are listed.

SlowMist Hacked also offers summaries for security incidents. Stargate Snapshot was detected yesterday, and is the most recent incident reported as of the date of this press release.

SlowMist reports that "a Discord mod on LayerZero reported that a fraudster who used a phishing URL within a vote for a Stargate Snapshot proposal, inducing users to stake STG Tokens." The scam resulted in an estimated $43,000 loss for more than 1,000 victims.

SlowMist implemented filters to enhance the navigation of the Hacked archives. Users can now select incidents by project, ecosystem or year.

Solana (SOL), at the beginning of this month, made waves by surpassing Polygon (MATIC), and Optimism(OP) on the chain trading volume. This was a great reminder to the crypto-community that Solana is growing in strength. Solana outperformed Avalanche in terms of total value locked (TVL), within decentralized apps (dApps).

Anatoly Yakovenko, the co-founder of Solana, is credited with the project's recent successes. This success can be attributed to the growing interest in Solana projects, liquid stake protocols, decentralized exchanges and his leadership. Raoul Pal, a renowned trader, praised Solana's speed and ease of use. He compared it favorably to Ethereum. Solana's current momentum and resilience is a reminder that it has the potential to compete with some of the biggest players in the blockchain sector.

Solana Transactions Volume Beats Polygon & Optimism

The Solana blockchain made quite a splash in the cryptocurrency world at the start of this month by outperforming both MATIC, and OP, which are two popular Ethereum-based Layer 2 solution, in terms aggregated trading volume on the chain. The daily trading volume of Solana soared above $240,000,000 per day. Polygon and Optimism, on the other hand, recorded $137,000,000 and $40,000,000 per day respectively during this period. This accomplishment highlights Solana’s growing dominance, as it recorded more transactions on-chain than its Ethereum-based rivals combined.

Also, it is worth noting that the native token SOL of the network outperformed AVAX on Saturday in terms TVL within its dApp eco-system. Solana's dApp eco-system boasted a television value of $688,000,000, exceeding Avalanche’s $660,000,000. Solana's TVL could be challenged by Polygon and Optimism in the near future. In the last month alone, Solana TVL has risen by over 60%, while its price has risen by about 45%.

Solana, however, is still trying catch up with Arbitrum, an Ethereum Layer 2 solution that has a huge market share. Arbitrum boasts an impressive TVL of almost $2.2 billion, and a trading volume daily exceeding $363 millions.

Many people in the community have guessed what might be behind Solana’s recent successes. Many people believe that the success of Solana's projects, such as "SolScriptions" and meme coins has been attributed to the growing interest in Solana. Jito and Marinade Finance, two liquid staking protocols on the Solana blockchain, have been very successful at attracting new users as well as liquidity. Decentralized exchanges such as Raydium and Orca have also gained some traction in the Solana eco-system.

Solana Bouncing Back

The project is still a long way from its goal to become the "Nasdaq of the blockchain", but the SOL token has seen its price increase by 500% over the last year. Anatoly Yakovenko and his team of dedicated developers work hard to increase the global reach of the project through innovative products like the Sage Phone.

Ethereum supporters are still cautious about Solana because of its trade-offs. However, influential Ethereum developers and advocates believe that "monolithic chains" like Solana may be able to dominate the market, due to the difficulties in scaling Ethereum without compromising on user experience.

Yakovenko is also gaining respect in the crypto developer community as a result of his willingness and ability to participate in constructive and critical discussions on podcasts and social media. In this year's op-ed, the cofounder made a major step in his role of a prominent figure in the industry by writing it in Fortune. In his article, he argued for sensible regulation of digital currencies. He expressed his concern that an overly reactive approach to cryptocurrency regulations in the U.S. might lead to a loss of talent. He also said that he meets aspiring entrepreneurs who are eager to innovate within the U.S. technology sector, but they lack the knowledge of how to set up a blockchain compliant company. This highlights the need for clear regulations.

Solana vs Ethereum

Raoul Pal, a well-known crypto trader and investor, has joined the debate on the dominance of Ethereum and Solana. Pal compares the two blockchains by comparing Solana with the "Apple" and Ethereum to "Android." The analogy comes from the fact that Solana is known for its exceptional performance, similar to Apple. Ethereum's wide range of hosted dApps is more comparable to Android due to its vast ecosystem.

It seems that Solana is the clear winner when it comes to the preference of traders for the two blockchains. Pal claims that Solana is capable of doing almost anything Ethereum can. Pal said that Solana "feels super-fast, slick and inviting for the user". He also gushed over the ingenious design of Phantom Wallet, which is the most unhosted Solana Wallet.

The praise of Solana by industry leaders is a testament to the widespread consensus about the cryptocurrency's importance, particularly in light of its price recovery after the FTX event. Raoul Pal and other investors have been impressed by Solana, which has reached its highest price since 2023.