Over 41.5% of the Bitcoin owed to creditors of the collapsed cryptocurrency exchange Mt. Gox has now been distributed, with a surprising number of these creditors still holding onto their BTC after a decade of waiting to receive it.

Russia’s lower house of parliament, known as the State Duma, has approved legislation that will legalize cryptocurrency mining and establish a framework for digital asset trading.

Shortly after former U.S. President Donald Trump gave a speech at the Bitcoin 2024 conference in Nashville where he vowed to make the country a Bitcoin superpower if he returns to the White House,  Senator Cynthia Lummis, R-Wy., introduced legislation to create an official U.S. Federal Reserve of 1 million Bitcoin over the next five years.

Top stories in the Crypto Roundup today:

• 41.5% of Mt. Gox Bitcoin has Been Distributed to Creditors
• Russia Embraces Crypto Mining and Opens Door to Crypto Cross-Border Settlements
• Senator Lummis’s ‘BITCOIN Act’ Bill Allows States to Hold BTC

41.5% of Mt. Gox Bitcoin has Been Distributed to Creditors

Over 41.5% of the Bitcoin owed to creditors of the collapsed cryptocurrency exchange Mt. Gox has now been distributed, with a surprising number of these creditors still holding onto their BTC after a decade of waiting for it.

More than 59,000 Bitcoin worth around $4 billion – nearly half of the 141,696 BTC being distributed – is now back in the hands of the former customers of the once-dominant exchange, which was crippled by a massive hack in 2014.

Despite the windfall, many creditors appear to be viewing their Bitcoin as a long-term investment, according to data analysis firm Glassnode.

Approximately 127,000 Mt. Gox creditors have been waiting for over a decade to receive their funds after the exchange collapsed, with $9.4 billion worth of Bitcoin now being distributed. The redistribution led some to believe a massive sell-off was coming, but most creditors have been holding onto their coins.

Russia Embraces Crypto Mining and Opens Door to Crypto Cross-Border Settlements

Russia’s lower house of parliament, known as the State Duma, has approved legislation that will legalize cryptocurrency mining and establish a framework for digital asset trading.

From November 1, cryptocurrency mining will be officially legalized in Russia, with specific regulations governing energy consumption and registration requirements for miners with the Ministry of Digital Development. Miners who don’t register with the Ministry will only be allowed to operate mining rigs below specific energy consumption limits.

The cryptocurrency mining sector will be regulated by different institutions, with the country’s central bank having overriding powers. Miners will have to provide the government with information about the digital currencies they obtain through mining, and the Bank of Russia will have the right to ban or restrict cryptocurrency transactions to maintain Russia’s monetary stability.

In September, a special experimental regime allowing authorized companies to engage in cross-border cryptocurrency settlements and trading will come into effect. To be a part of the experimental regime, companies, exchanges, and crypto entities will need to apply with the central bank.

Senator Lummis’s ‘BITCOIN Act’ Bill Allows States to Hold BTC

Shortly after former U.S. President Donald Trump gave a speech at the Bitcoin 2024 conference in Nashville where he vowed to make the country a Bitcoin superpower if he returns to the White House,  Senator Cynthia Lummis, R-Wy., introduced legislation to create an official U.S. Federal Reserve of 1 million Bitcoin over the next five years.

That bill lays out a path for the U.S. to hold Bitcoin and gives individual states the option to do so as well. It includes a “Bitcoin Purchase Program” that will buy up to 200,000 BTC per year and calls on the U.S. Treasury Department to publish quarterly reports.

The bill, called the “Boosting Innovation, Technology, and Competitiveness through Optimized Investment Nationwide Act of 2024,” and shortened to “BITCOIN Act of 2024,” points out Bitcoin offers “unique properties that complement existing national reserves, strengthening the position of the United States dollar in the global financial system.”

It also allows individual states to voluntarily participate in storing Bitcoin holdings as part of the reserve, as long as they adhere to specific requirements. Such a Bitcoin reserve would join other asset reserves the United States already has in gold and petroleum.

State of the Crypto by Top Tier Exchange Volume

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