CryptoCurrency
Rachel Reeves ‘must scrap misguided jobs tax’ as UK labour market under ‘major threat’, economists warn
Rachel Reeves “must scrap her misguided jobs tax” as the UK labour market is under “major threat” following tax changes in the Autumn Budget, leading economists have cautioned.
New figures today show that there is mounting pressure on Britain’s labour market, with unemployment rising and warnings of significant job losses ahead.
The stark warning comes as Office for National Statistics data shows the unemployment rate has climbed to 4.4 per cent, while the number of workers on company payrolls has suffered its steepest drop since the pandemic.
Daisy Cooper MP, Liberal Democrat Treasury spokesperson said: “These latest figures are concerning. The Government’s misguided jobs tax is already scaring off small businesses from hiring new people and being able to better serve our communities.
“The Chancellor talks about growth but her Budget measures are acting as an anchor against just that.”
Reeves announced a £25bn increase in employers’ National Insurance in her maiden Budget, raising the rate to 15 per cent.
Reeves announced a £25bn increase in employers’ National Insurance in her maiden Budget, raising the rate to 15 per cent
GETTY
The measures also include cutting the wage threshold at which firms begin paying the national insurance levy.
Alongside the National Insurance changes, Reeves implemented a 6.7 per cent rise in the minimum wage, adding further costs to employers’ balance sheets.
Business leaders warn these dual policy changes will put significant pressure on companies’ finances when they take effect in April.
Jane Gratton, Deputy Director Public Policy at the British Chambers of Commerce said: “The labour market continues to be challenging for many businesses, with wage growth continuing to rise as firms compete for skilled workers.
“This is a concern as they face a significant rise in employment costs in April.
“To grow the economy, we need businesses and the workforce to thrive. Government must ease the cost-pressures on firms so they can invest in people.”
The BCC’s latest survey revealed 55 per cent of firms are planning price increases, driven primarily by labour costs.
LATEST DEVELOPMENTS:
The combined impact of higher payroll taxes and increased wage costs has sparked particular concern for sectors employing large numbers of low-paid workers.
Andrew Goodwin, chief UK economist at Oxford Economics, cautioned that the April increases in National Insurance contributions and the National Living Wage pose “major threats” to labour market resilience.
Sectors with high numbers of low-paid employees will “disproportionately feel the squeeze from these policy changes,” Goodwin warned.
Unemployment in the UK has risen to 4.4 per cent
GETTY
He said: “Given these sectors are typically also the most labour-intensive, this raises the risk of significant job losses, potentially pushing up unemployment in 2025.”
However, Rob Wood, chief UK economist at Pantheon Macroeconomics, offered a more moderate view, suggesting some business surveys had “exaggerated” the jobs downturn.
He said: “A payroll-tax hike worth less than one per cent of GDP is a much smaller shock than an emerging financial crisis.”
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CryptoCurrency
Making Waves in Tampa Bay: Bitcoin Bay Foundation Joins the Gasparilla Parade of Pirates
The sounds of cannons and cheers fill the air as Tampa Bay’s famous Gasparilla Parade of Pirates begins, drawing a crowd of over 600,000 people. Among the colorful floats and pirate-themed fun, one float stands out— The world’s first Bitcoin Pirate ship proudly flying the Bitcoin Bay Foundation flag. For the first time ever, Bitcoin is part of this historic event, and Bitcoin Bay is once again making history.
As parade-goers stop by Bitcoin Bay’s tent along the parade route, they’re welcomed with food, drinks, and an invitation to learn more about this mission-driven organization. But how did Bitcoin Bay get here? How did a small group of Bitcoin fans grow into an organization big enough to earn a spot in Tampa’s biggest celebration?
Growing a Bitcoin Economy in Tampa Bay
Bitcoin Bay’s journey started in October 2021 when one of our founders, @bennyhodl, hosted the first Bitdevs meetup. It began with just a few people talking about Bitcoin outside a local restaurant, but it soon grew into something much bigger. We had a vision: to make Bitcoin Bay the go-to place for everything Bitcoin in Tampa Bay. We wanted to create a local economy powered by Bitcoin, where people could connect, learn, and spend their bitcoin.
With a clear mission and a committed team, Bitcoin Bay quickly gained steam. Weekly meetups turned into a strong network where newcomers, developers, and business owners could connect, learn, and share ideas. Bitcoin Bay became more than just a meetup; we were a resource for Bitcoin knowledge and support in the region.
The 2023 Miami Bitcoin Conference was a watershed moment for The Bay. Competing in the first Bitcoin Games against grassroots meetup groups from across the country, Bitcoin Bay won the grand prize of 1 BTC. But instead of keeping the entire prize, we chose to share half of it with other Bitcoin meetups in a follow up competition.
At the time, we had no idea what the ripple effects of this would be. We’ve since consulted with and inspired other groups to take on similar missions. Denver Bitdevs, one of the recipients, has even opened their own Bitcoin community hub called “The Space.” By sharing our prize, we showed that Bitcoin Bay is here not only for our own growth but to support Bitcoin communities everywhere.
By the end of 2023, we became the world’s first Bitcoin-only meetup to receive 501(c)(3) nonprofit status. This recognition helped us grow even more and allowed us to reach more people in the Tampa Bay area.
Building a Strong, Supportive Community
Since the beginning, Bitcoin Bay has made a real impact across Tampa Bay. Our members support each other’s businesses, like HVAC services, estate planning, and even local beef suppliers. Our ethos of Community, Prosperity, and Resilience guides us as we build a connected network where people can rely on each other.
One of our proudest achievements was hosting the Sound Money Soiree, our first charity gala attended by 120 people, including business leaders, Bitcoiners, and community leaders. Together, we raised nearly $30,000 to support our mission. This money has gone toward expanding our outreach and growing our community, helping us make a bigger impact in Tampa Bay.
Education is a major part of Bitcoin Bay’s mission. Through partnerships with the University of Tampa and the University of South Florida, we’re bringing Bitcoin education to students. We provide guest lectures, internships, and this summer, we’re hosting our first Bitcoin summer camps. By investing in the next generation, we’re making sure Bitcoin’s potential continues to grow in Tampa Bay.
Our community’s resilience was tested when hurricanes Helene and Milton struck. Bitcoin Bay members quickly came together to help. Volunteers formed cleanup teams to clear debris, while others helped coordinate food, water, and gas for those in need. This showed that Bitcoin Bay’s mission to build a strong, resilient community is more than just words—it’s a way of life.
Looking Ahead: The Journey Continues
As Bitcoin Bay’s Pirate float sails down the Gasparilla Parade route, it’s more than a celebration—it’s a statement. We are here to build, educate, and empower. This float represents a year of hard work, resilience, and community spirit, and it marks the beginning of our next chapter.
“We’re excited to bring Bitcoin to the Gasparilla Parade and share our mission with Tampa Bay,” says President Wesley Schlemmer. “Bitcoin Bay is more than an organization; it’s a movement shaping the future of our local community and beyond.”
To learn more about the Bitcoin Bay Foundation, Gasparilla event details, and how you can get involved in their community efforts, please visit:
* Website: bitcoinbay.foundation
* Twitter: @bitcoinbaytpa
* Nostr: npub1tampasjf5z0rllvrh8nlqckrjtzzj9590uljzeuu6ymsr8hq9pjsrw0ynt
* Email: Wesley@bitcoinbay.foundation
Together, we’re building a better future with Bitcoin. We invite all Bitcoiners to join us on this exciting journey and make history with us!
This is a guest post by Bitcoin Bay Foundation. Opinions expressed are entirely their own and do not necessarily reflect those of BTC Inc or Bitcoin Magazine.
The altcoin season is picking up steam with the promise of the new year bringing possibly the greatest bull run of all time. Top crypto coins like Shiba Inu, PEPE, and WIF are making significant upside trends. Analysts have also discovered Remittix, a new crypto that is tipped to follow the price action of these top altcoins.
Investors believe that Remittix ($RTX) is one of the best altcoins that could offer the highest returns for investors in the 2025 bull run. Read on to learn more.
WIF Brings Innovation To The Meme Coin Sector
A Solana-based memecoin, Dogwifhat (WIF) recently saw a significant increase in worth. Following its listing on Coinbase in November 2024, its price increased by 34% from $2.99 to about $4.00.
But by January 2025, the token slumped, its price falling over 9% in a single day in line with the presale of a new cryptocurrency, Remittix, which had raised around $4.5 million.
Notwithstanding these obstacles, Dogwifhat is still a major participant in the memecoinindustry due to its unique marketing plans and community-driven projects. Its path emphasizes the erratic character of memecoins and the need for creativity in keeping memecoins relevant for the market.
Analysts See Huge Returns On Shiba Inu (SHIB)
Following significant upward swings, SHIB completed the year with a consistent 104% year on year price increase in 2024. Starting 2024 at about $0.000010, by December the meme coin crossed $0.00002.
Previous SHIB performances of Shiba Inu expose a fascinating pattern; save for 2022, most years have turned out well with upward trends from 75.8%. Although this upward tendency might not be perfect, it shows how resilient and expanding the Shiba Inu coin can be even after an 80% fall.
The fact that the Shiba Inu’s SHIB stays above $0.00002 at the end of every year points to this becoming the new benchmark for the value of the altcoin. Analysts predict that Shiba Inu will rank among the top altcoins during the 2025 bull run.
Top Altcoins Prediction: PEPE Is Poised For Explosive Growth
PEPE rose in April and May 2023, rising to a market capitalization of $1.6 billion and generating millionaires from early investors. This piqued curiosity in memecoins and caused notable market price swings.
Similar to Shiba Inu and Dogecoin, PEPE attracted interest with its simple approach and no-tax policy. With an eye toward Twitter trends and a so-called “meme takeover,” the road map lays three phases targeted at raising awareness and listings on key exchanges.
For aficionados, the long-term possibilities nevertheless pique curiosity. As a result, many investors consider PEPE to be one of top altcoins to buy now.
Analysts Pick Remittix As The Next 1000x Crypto
Cross-border payments under innovative swap-in-change are expected to have expanded greatly from their 2017 value of around $150 trillion to $250 trillion by 2027. Remittix is acquiring market share in this huge sector and creating a seamless and efficient solution for worldwide transactions by combining the strength of blockchain technology with traditional banking infrastructure.
Remittix lets users quickly swap more than forty cryptocurrencies for fiat money. These then might be transferred immediately to any bank account anywhere. The project is unique in simplicity. Even though it started as a cryptocurrency payment, recipients get a regular bank transfer. Its innovative features enable consumers to manage their money entirely under control and flexibility. The platform aims at well-known companies such Coinbase, Wise, and Stripe. Unlike these conventional rivals, Remittix offers the special capacity to transmit money via cryptocurrencies, convert it, and straight into a bank account.
Remittix’s Pay API allows companies to process fiat transactions to a designated bank account and accept cryptocurrency payments from customers. Businesses may also create merchant accounts, which grant them access to more than 50 cryptocurrency pairings and more than 30 fiat currencies as well as total control over how they pay out their bitcoin.
Investor interest in Remittix (RTX) is rising really quickly. Tokens sold at just $0.0256 and over $4.7 million raised in the $RTX presale clearly exude excitement. Market experts project an amazing 5,000% growth upon launch and an 800% rise before the presale ends. Now is the ideal moment to investigate the potential of cross-border payments, with Remittixat the forefront.
Discover the future of PayFi with Remittix by checking out their presale here:
Website: https://remittix.io/
Socials: https://linktr.ee/remittix
Disclaimer: This is a sponsored press release and is for informational purposes only. It does not reflect the views of Crypto Daily, nor is it intended to be used as legal, tax, investment, or financial advice.
Solana rallied by 7% on Jan. 22, but a few data points suggest a move to SOL’s all-time high could take longer than expected.
House prices are set to rise across the UK in 2025, with average prices rising by £5,992.
Zoopla’s study of 120 postal areas shows significant differences in growth potential in different regions, based on affordability, selling speed, and price cuts.
The analysis shows Scotland dominating the rankings, claiming nine of the top ten spots for projected house price growth in 2025.
Motherwell leads the Scottish surge, with house prices already increasing by 3.8 per cent and averaging £129,000 in the postal area.
The dominance of Scottish markets is attributed to homes being among the cheapest in the UK compared to incomes, coupled with faster selling times due to Scotland’s distinct property sales system.
Even when removing the selling speed factor from rankings, Scottish areas still secure eight out of ten top positions.
The top five UK housing in England
GETTY
Richard Donnell, executive director at Zoopla, explained that while Scotland shows the strongest outlook, there is “a spread right across the UK reflecting the demand for and affordability of homes.”
The top five UK housing markets are concentrated in Eastern Scotland, clustered around Glasgow:
- Following Motherwell’s lead position, Glasgow ranks second with average prices of £157,764 and 2.9 per cent growth.
- Paisley takes third place, with homes averaging £134,472 and showing 1.3 per cent growth.
- Falkirk and Kirkcaldy round out the top five, with average prices of £164,106 and £164,694 respectively.
- Falkirk is showing particularly strong momentum with 3.5 per cent growth, while Kirkcaldy follows closely at 3.3 per cent.
Aberdeen stands as a notable exception to Scotland’s success, struggling due to reduced investment in its oil and gas sector.
The top five UK housing in England:
- Newcastle leads the markets with the strongest growth prospects, with average prices of £163,578 and 2.1 per cent growth.
- Leeds follows closely in second place for English markets, with homes averaging £221,636.
- Stoke-on-Trent, Wigan, and Carlisle complete the top five English prospects, with Wigan already showing impressive growth of five per cent annually.
Wolverhampton stands out as the sole West Midlands representative among the top performers, with house prices at £201,000 – 13 per cent below the regional average.
These northern areas benefit from housing affordability below the national average, creating room for price growth as local economies expand.
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The areas with the lowest rankings for 2025 are concentrated in inner London and Southern England.
Central, South West, North West and West London sit at the bottom of rankings, with average house prices exceeding £635,000 – more than double the UK average.
The West Central London postal area ranks lowest, with average prices of £850,357 and properties taking 52 days to sell. Coastal towns in Southern England, including Bournemouth and Torquay, also feature in the bottom ten markets.
However, some London areas fare better, with Sutton in outer South London showing stronger performance, taking just 33 days to sell properties.
Despite lower rankings, Zoopla notes London’s prospects have improved compared to recent years.
Donnell said: “The housing market returned to growth in 2024 with more sales and higher prices as mortgage rates fell. We expect average UK house prices to increase by 2.5 per cent in 2025.
“Value for money is slowly returning to the London property market after a decade of below-average growth so while many London areas are towards the bottom of the rankings the prospects in London are much improved on those over recent years.”
Donnell advises sellers to consider local market conditions when pricing their homes in 2025.
Disclosure: This article does not represent investment advice. The content and materials featured on this page are for educational purposes only.
Analyzing three altcoins with the potential to turn $600 to $10,000, with Rexas Finance leading the way.
Investors seek high-growth altcoins as the crypto market heats up. Three coins stand out for their potential: Rexas Finance (RXS), Cardano (ADA), and Fartcoin (FARTCOIN). Crypto watchers suggest these under $10 coins can turn $600 to $10,000 like XRP and Dogecoin.
Rexas Finance
The trending blockchain platform Rexas Finance looks to simplify real-world asset (RWA) tokenization.
Rexas Finance will tokenize real estate, art, and commodities for digital trading. This will allow fractional ownership and increase liquidity in illiquid markets, opening up opportunities to more investors.
Rexas Finance has achieved remarkable success in its presale. The project has raised $41.5 million, with over 427 million RXS tokens sold across all presale phases. RXS holders recently voted for a further presale stage, advancing the initiative to Stage 12. This decision is consistent with the project’s growing momentum and increased community support.
Offered at $0.20, the additional stage also helps the platform maintain competitive token pricing, allowing early investors to optimize their earnings.
Another attractive element of Rexas Finance’s utility network is its platform’s tools, such as the Rexas Token Builder, which will make token production simple even for non-technical users. The Rexas QuickMint Bot will enable instant token creation directly on chat platforms. These features reduce the barriers to entry for users in the digital asset market, creating new opportunities for enterprises and individuals alike. Rexas Finance will also include complex AI technologies, such as Rexas GenAI, which will allow for the easy production of unique NFTs.
Rexas Finance has gained further attention for its ongoing $1 million giveaway, in which the top 20 entrants will each receive $50,000 worth of RXS. This offer gives participants chances for considerable value and serves as a tool for raising platform awareness and adoption rates.
After the presale and all stages are finished, RXS plans to debut on at least three of the top ten global cryptocurrency exchanges. The official listing is set for June 19, 2025, at $0.25 per RXS. Analysts foresee a huge price increase that might result in over 100x gain for early investors.
Cardano
Cardano’s recent 15% surge has rekindled interest. Its market cap is $34.79 billion, and its price is $0.98.
Proof-of-stake consensus and formal verification have distinguished Cardano from other platforms. The blockchain also contains multiple DeFi applications and is undergoing considerable modifications to boost adoption.
Technical indicators suggest Cardano could surpass $2 in 2025. With its double-bottom base pattern, renowned traders like Peter Brandt are optimistic about ADA’s rally.
Fartcoin
Fartcoin has surged over 50% in the past week. The coin was conceived from the Truth Terminal AI trend. It benefits from the popularity of AI meme coins, which have grown significantly in recent weeks.
Currently trading at $1.80, the coin recently hit a new all-time high of $2.61. While Fartcoin is speculative and lacks the technical infrastructure of Cardano, it has potential in the meme coin market.
With President Trump launching his own meme coin, this niche might thrive, putting FARTCOIN among coins under $10 to watch in 2025.
Conclusion
As the cryptocurrency market heats up, Rexas Finance, Cardano, and Fartcoin offer investors unique opportunities. With its asset tokenization method, successful presale, and impending exchange listings, Rexas Finance could lead the way. Cardano is strong among smart contract platforms while Fartcoin capitalizes on meme coins.
For more information about Rexas Finance, visit their website, giveaway, X or Telegram.
Disclosure: This content is provided by a third party. crypto.news does not endorse any product mentioned on this page. Users must do their own research before taking any actions related to the company.
TL:DR;
- Cryptocurrency prices tend to react positively to favorable news and developments coming from big names, especially if they are outside the industry.
- XRP’s case from the past hour or so was another confirmation of this narrative, as the asset jumped by 5% in the timeframe.
The news in question came from one of the most prominent US-based derivatives marketplaces, the Chicago Mercantile Exchange. Reports from SynopticCom indicated that the Illinois-based global giant had added two of the top 10 cryptocurrencies by market cap – XRP and SOL – to its 2025 agenda.
Moreover, the page reads that futures trading for both assets will begin on February 10 if the products receive the necessary regulatory green light.
@SynopticCom: CME just added XRP and SOL futures page to their staging subdomain. Page says XRP and SOL futures are going live on Feb 10 pending regulatory review. Looks like they are preparing for the official announcement. Brace for paradise.
As always, posted this first on… pic.twitter.com/Am6fzLyApd
— Summers (@SummersThings) January 22, 2025
Although the CME Group’s team is yet to make this announcement public, the report had an immediate impact on the prices of the underlying assets.
XRP, the third-largest cryptocurrency by market cap, had declined to $3.13 ahead of the news going live but jumped by about 5% within minutes to just over $3.28. It has retraced since then slightly, but it’s still 10% up in the past week and close to the 2018 all-time high of $3.4.
SOL, which has been on a roll since the Trump meme coin mania that started last Friday, went from under $255 to $270 within the same timeframe. Solana’s native token charted an all-time high during the weekend at over $290.
The post What’s Behind Ripple’s (XRP) 5% Price Surge in Minutes? appeared first on CryptoPotato.
CryptoCurrency
Dogecoin ETF Filing Takes Market By Storm, Can Positive Sentiment Trigger 200% Rise To $1 ATH?
REX Shares, a financial services company known for its innovative approach to ETFs, recently submitted filings for ETFs tied to a few cryptocurrencies, including Dogecoin. These filings mark a pivotal moment for Dogecoin amidst the current excitement in the crypto market, with the positive sentiment now at a multi-year high.
New ETF Filings Take The Market By Storm
The crypto industry has been filled with excitement in the past few days leading to and after the inauguration of new US president Donald Trump. This excitement has brought alongside it an intense volatility to the price action of many cryptocurrencies.
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Amidst this intense volatility, asset management firms REX Advisers and Osprey Funds have jointly submitted filings to the U.S. Securities and Exchange Commission (SEC) seeking approval to launch seven new cryptocurrency ETFs. These ETFs are designed to provide exposure to a range of digital assets, including established tokens like Solana and Ripple’s XRP, as well as meme coins such as Dogecoin and even the recently launched TRUMP coin.
ETFs are currently the rave in the crypto industry due to the success of the Spot Bitcoin ETFs that were launched in the US early last year. Their widespread success marked a turning point for institutional investment in crypto. Following their success, Spot Ethereum ETFs also entered the market, paving the way for discussions about spot ETFs for other digital assets, mostly XRP and Solana.
Interestingly, the new ETF filings by REX could be seen as an effort to capitalize on the growing interest in diverse crypto assets and to test the SEC’s evolving stance under its new crypto-friendly leadership. Bloomberg senior ETF analyst Eric Balchunas highlighted the growing interest in this space, noting that the number of crypto ETF filings with the US SEC has now reached 33, essentially doubling since Gary Gensler stepped down as the regulator’s chairman last Friday.
What Does A Dogecoin ETF Mean For Dogecoin?
Specifically, the nature of the filings means that these proposed could hit the market very quickly in the next 75 days. Dogecoin, for one, is projected to benefit the most from an ETF hitting the market. This is because recent crypto market dynamics have caused Dogecoin to become the go-to cryptocurrency for retail investors since Bitcoin is increasingly becoming the choice for institutional investors.
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Historically, Dogecoin has shown its ability to rally sharply on the back of positive trends, such as Elon Musk’s tweets and listings on major exchanges. If the Dogecoin ETF gains approval, it could attract substantial inflows from new investors. This, along with the community support for Dogecoin, could pave the way for a significant price surge above $1. Crypto analysts are already predicting that Dogecoin will break the $1 mark this cycle, noting various technical indicators and patterns to back this prediction.
At the time of writing, Dogecoin is trading at $0.364, up by 5.1% in the past 24 hours. Reaching $1 from the current level would represent a 175% price increase.
Featured image from Unsplash, chart from Tradingview.com
The release of Ross Ulbricht and the lifting of sanctions on Tornado Cash mark pivotal moments for the crypto community. It’s more than symbolic. It’s an opportunity to clearly rebrand the U.S. as a safe place to build the internet of money.
Ross’ freedom comes after over a decade of imprisonment — a journey defined by relentless advocacy, legal battles, and unwavering support from the crypto community. His release matters deeply to me because over a decade ago I launched Silk Road 2.0, his site’s successor.
His double life sentence without parole wasn’t just about the Silk Road, though. It symbolized the U.S. government’s resistance to the blockchain industry and to the idea of a financial system controlled by individuals instead of big banks.
The U.S. dollar is the world reserve currency; and, cryptocurrency has given the world democratized access to this reserve via stablecoins. Satoshi Nakamoto announced Bitcoin as a “peer-to-peer electronic cash system,” and the Silk Road was the first to actually execute that vision. Silk Road opened the door to cryptocurrency and introduced Silicon Valley (and many other groups) to bitcoin. It spawned companies like Coinbase, projects like Ethereum, and paved the way for stablecoins, which are not yet private.
Still, there is no legitimate marketplace for buying and selling things with bitcoin. Our industry’s reputation is that we’re highly speculative and scam-filled. We can’t forget that Satoshi created bitcoin for payments, not speculation.The U.S. cannot miss out on the internet-of-money. During previous administrations, global developers have become nervous to even attend conferences hosted here. This has consequences for the U.S. crypto industry. Ross’ release is a clear signal that the U.S. is no longer a scary place to innovate in cryptocurrency. His experience underscores the need for proportionate justice and serves as a reminder of the human cost of overreach in regulating innovation.
Read more: Silk Road Founder Ross Ulbricht Pardoned by President Trump
His release is an opportunity for reflection — to celebrate his freedom while remaining clear-eyed about the past. Ultimately, his harsh sentence stymied bitcoin innovation for all of us. We must ensure his case becomes a catalyst for constructive change rather than a footnote in a history of missed opportunities, a series of memecoins, or a divisive narrative that further erodes trust.
Similarly, the case of Tornado Cash founder Roman Storm — who is still in legal jeopardy — clearly shows the dangers of criminalizing innovation. Tornado Cash offers a critical function (a “mixer”) in enabling private Ethereum transactions — an essential component of conducting business competitively.
It’s important to create privacy technologies, but we also need to understand the line between legal and illegal use cases. Yes, launch the Silk Road, but don’t allow the sale of drugs on it. Launch Tornado Cash, but don’t encourage money laundering on it. The chilling effect that both cases have had on developers like me cannot be overstated. Privacy innovators in the U.S. and abroad are now second-guessing their work, fearing legal repercussions for creating tools that protect privacy.
And what do you do when you launch something decentralized that takes on a life of its own? The sanctions on Tornado Cash were deemed unlawful by the Fifth Circuit Court, yet the Department of Justice dismissed the ruling as irrelevant. Tornado Cash’s developers were allegedly aware of its misuse for money laundering but did not act decisively to address it. On a decentralized platform, should its initial developers be responsible for users’ activity? There is a clear need for America to define a “Section 230” for developers of decentralized software to not be criminally liable for what their users do on their platforms. (“Section 230” refers to a law freeing social media platforms from responsibility for content published on their networks.)
Read more:
As entrepreneur-politician Vivek Ramaswamy said, “You can’t go after the developers of code. What you actually need to do is go after individual bad actors who are breaking the laws that already exist.”
To move forward as an industry, we need to separate the tools from the misuse of those tools. Privacy technologies like Tornado Cash, Monero, and Zcash are unfairly stigmatized due to their potential use for illicit activities. But they hold transformative potential for legitimate use cases, from safeguarding personal financial data to enabling secure business transactions.
Zcash, with its optional shielded transactions, provides individuals and businesses with the ability to conduct secure, private transactions while remaining compliant with anti-money laundering (AML) and know-your-customer (KYC) regulations. Such innovations bridge the gap between cryptocurrency and traditional industries, empowering businesses to adopt crypto without exposing sensitive financial details.
Privacy tech like Zcash also addresses a fundamental flaw in bitcoin and other public ledger cryptocurrencies: the exposure of transaction data that creates competitive disadvantages and privacy risks. Soon, Zcash will be on Mayachain, allowing a decentralized way to convert between bitcoin and Zcash. It will also soon support ZSAs (shielded assets), which will enable stablecoins to be issued privately for the first time.
The new administration has proposed a national “Strategic Bitcoin Reserve” but this raises questions about privacy and decentralization. Unlike other reserves, such as gold, Bitcoin’s blockchain discloses deposits and withdrawals to the public forever. Is the Trump Administration aware of this? This level of transparency is a double-edged sword, making privacy technologies even more essential for maintaining competitive and strategic advantages.
So, where do we go from here? Bitcoin and the broader cryptocurrency industry are at a crossroads. This is a moment to refocus on the principles that drove early adoption: a perception of privacy, financial freedom and, most importantly, peer-to-peer payments.
The U.S. crypto landscape, currently a mess of regulatory uncertainty, scams, and collapses, needs reevaluation. Rather than demonizing privacy innovations, policymakers must work with developers to create clear, enforceable standards for responsible uses of “electronic cash.” This means proactive education and collaboration with regulators, more investment in privacy technologies, and development of a regulatory framework that encourages U.S. blockchain innovation.
Ross Ulbricht, sentenced to life in prison without the possibility of parole for creating the darknet market Silk Road, is free.
Ulbricht is a freedom fighter to some, and a dangerous criminal to others. The former know Ulbricht as described in Forbes, “a principled libertarian and cypherpunk in the same vein as WikiLeaks founder Julian Assange and Bitcoin creator Satoshi Nakamoto”.
Ulbricht had a theory: that violent drug cartels would have no chance sustaining themselves in a free market environment where the state did not control the use of substances, as non-violent operations would simply outperform the violent ones based on demand.
Most who believe the latter, however, often base their opinion on claims that Ulbricht allegedly attempted to hire a hitman on a former Silk Road administrator, who stood accused of embezzling bitcoin from the site. While Ulbricht’s supporters celebrate, critics are asking: why would an online community so vehemently defend an attempted murderer?
The controversies and outright corruption surrounding Ulbricht’s prosecution should therefore not be forgotten.
The Charges Against Ulbricht
On February 5th 2015, a jury in the Southern District of New York found Ulbricht guilty of exclusively non-violent crimes, including several charges of narcotics distribution, computer hacking, conspiracy to run a criminal enterprise, and conspiracy to commit money laundering.
The judge sentenced Ulbricht to two life sentences plus forty years without the possibility of parole – almost twice the sentence of the violent Sinaloa cartel leader Joaquín “El Chapo” Guzmán.
The alleged murder for hire charges arose out of a different case, filed in May 2013 in Maryland. The indictment alleged that, based on chat logs obtained from the Silk Road site, Ulbricht attempted to murder Curtis Green for stealing bitcoin from the project.
As the chat logs read according to the indictment, Dread Pirate Roberts (DPR), the pseudonym attributed to Ulbricht, wrote to another Silk Road user, whom he believed to be a drug kingpin capable of ordering a hitman:
“I’d like to beat him up, [sic] then forced to send the bitcoins he stole back. [sic] like sit him down at his computer and make him do it.”
A day later, the indictment states, DPR allegedly changed his mind, writing: “Can you change the order to execute rather than torture?”
According to the indictment, DPR stated that Green “was on the inside for a while, and now that he’s been arrested, I’m afraid he’ll give up info,” allegedly adding that he had “never killed a man before, but this is the right move in this case.”
A few days later, $40,000 were wired into the hitman’s account, and DPR asked for “proof of death” via video or pictures to send the rest of the payment.
On February 21st 2013, the kingpin informed DPR that Green was dead – “they killed him this weekend,” he wrote, telling him that he had died of asphyxiation, and that the body was completely destroyed to eliminate evidence.
Except the kingpin wasn’t a kingpin. It was DEA Agent Carl Force who, as it would later turn out, liked to engage in a little criminal enterprise himself when granted the opportunity.
A Real Theft And A Fake Murder
During the course of the investigation, Green had been cooperating with law enforcement, giving DEA Agent Carl Force and Secret Service Agent Shaun Bridges access to the Silk Road site.
During one of law enforcement’s sessions on Silk Road, a series of “sizeable thefts” occurred on the site, which would later be traced back to Bridges, who plead guilty to stealing $350,000 in bitcoin at the time of the theft, or $800,000 at the time of his guilty plea.
The account in question, operated by Bridges and in consultation with Force, had received “no less than 20,000 bitcoin”, according to the complaint. Force, posing as the drug kingpin “Nob”, then orchestrated the fake hit and, together with Bridges, faked Green’s death.
Force went on to create the fake identity “Death from Above” to extort $250,000 from DPR, stating: “I know that you had something to do with [Green’s] disappearance and death. Just wanted to let you know that I’m coming for you. […] You are a dead man. Don’t think you can elude me.”
Bridges was sentenced to 24 months in prison to be served consecutively to a 71-month sentence he received for a similar crime in 2015, while Force was sentenced to 78 months in prison. Information on the corrupt agents was never made available to be used in Ulbricht’s defense.
Who Is Dread Pirate Roberts
Dread Pirate Roberts, the pseudonym attributed to Ulbricht, is taken from the 1973 novel “The Princess Bride” by William Goldman, depicting an identity that is assumed by multiple characters. The identity Dread Pirate Roberts, as written by Goldman, is shared between pirates to intimidate opponents, and passed on in secret.
In the course of the public proceedings of the case, evidence mounted that Silk Road’s DPR was not solely operated by Ulbricht. In a conversation with former friend Richard Bates, who helped Ulbricht set up the Silk Road site, Ulbricht responded with “glad that’s not my problem anymore” when made aware of news coverage concerning the site.
During the trial, prosecutors attempted to stop the defense from questioning another law enforcement officer, special agent Jared Der-Yeghiayan of the Department of Homeland Security, who believed that DPR was actually Mark Kapeles – the former Mt. Gox CEO, who was later convicted for falsifying Mt. Gox records and inflating the exchange’s supply by tens of millions.
Der-Yeghiayan had referred to an exclusive interview with DPR in Forbes, in which the pseudonymous Silk Road operator had stated that “he hadn’t actually created the Silk Road, but instead had befriended its creator and later acquired the site from him.”
According to Der-Yeghiayan, DPR’s writing sounded very much like that of his suspect, Mark Kapeles – and Der-Yeghiayan is not the only one alleging that DPR sounded like someone else. As former Dark Wallet developer Amir Taaki stated:
“Years ago, when I messaged the Silk Road, I had a conversation with the DPR – a very personal conversation where he was [talking] about how one day he hopes to be on the outside struggling for freedom together. You know, not having to hide his identity. One year [or] two years later when I messaged the guy — I’m pretty certain it was not the same guy. The tone was completely different. He had no recollection of the events that happened before, and his attitude to me was in stark contrast to the exuberant and wordy DPR of the early days.”
This argument was further backed by a pseudonymous Silk Road vendor, who stated that “there were ‘at least two other people—if not three’—who were administering Silk Road.” Der-Yeghiayan corroborates this belief in an email ten days before Ulbricht’s arrest, stating that “we contributed to the other two admins getting away.”
Silk Road employee Andrew Jones, who had established a ‘secret handshake’ with Ulbricht in 2012 to confirm his identity, did not believe that the late DPR was Ulbricht, either.
According to court documents, Jones would ask DPR for a book recommendation, to which the correct answer would be “anything by Rothbard” – an answer which DPR did not provide when asked a year later.
To add intellectual insult to operational injury, someone had logged in to DPR’s account six weeks after Ulbricht’s arrest, who was in federal custody at the time – which may have been the corrupt agents, who had administrative access to the site, or another DPR all together.
As stated by Green himself: “and to everybody that says ‘were there multiple DPRs’, absolutely there was – I was DPR once. So if I was, who else was?”
Regarding the murder-for-hire charges, Green stated that he did not believe Ulbricht would have ordered a hit on him. As Green stated in 2017:
“Ross Ulbricht got a raw deal. There is so much more on the Silk Road story than people know, and I can’t yet talk about it. I don’t believe Ross is dangerous or that it’s in his character to order a hit on anyone. He should never have gotten that horrible sentence.”
To cut to the chase: yes, Ross Ulbricht operated Silk Road. No, Ross Ulbricht was likely not the only person with access to the DPR account. Ross Ulbricht was never convicted of the murder-for-hire charges. The case was dismissed in 2018 with prejudice, meaning that it could never be filed again.
For all we know, we are all Dread Pirate Roberts.
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