Hodler’s Digest, Dec. 3-9 – Cointelegraph Magazine

12:49 am
December 10, 2023

**Hodler’s Digest: Binance Founder CZ Ordered to Stay in US Until Sentencing and More**

**Summary:**

This week’s Hodler’s Digest covers a range of stories from the crypto industry, starting with Binance founder Changpeng “CZ” Zhao being ordered to remain in the United States until his sentencing in February. The US Congress committee has also passed a bill aimed at preserving US leadership in blockchain technology. Additionally, the SEC has delayed its decision on a proposed spot Ether exchange-traded fund (ETF) offering from asset manager Grayscale. Elon Musk’s xAI has filed with the SEC for a private sale of unregistered securities. VanEck predicts a new high for Bitcoin in late 2024. To top it off, the winners and losers in the crypto market this week, along with some memorable quotations and a prediction of the week, are also covered in this week’s Digest.

**Binance founder CZ must remain in the US until sentencing, judge orders**

Changpeng “CZ” Zhao, the founder of Binance, has been ordered to stay in the United States until his sentencing in February, after pleading guilty to money laundering. This decision was made by a federal judge, Richard Jones, who cited the potential flight risk if Zhao were allowed to return to the United Arab Emirates. Source: [Cointelegraph](https://cointelegraph.com/news/house-committee-passes-bill-to-preserve-us-leadership-in-blockchain)

**House committee passes bill to ‘preserve US leadership’ in blockchain**

A US Congress committee has unanimously passed a pro-blockchain bill, aiming to promote blockchain deployment and increase the country’s use of blockchain technology. If passed, the bill will go to the House for a vote and then to the Senate. Source: [Cointelegraph](https://cointelegraph.com/news/house-committee-passes-bill-to-preserve-us-leadership-in-blockchain)

**SEC pushes deadline to decide on Grayscale spot Ether ETF**

The US Securities and Exchange Commission has delayed its decision on Grayscale’s proposed spot Ether ETF offering. The SEC will designate a longer period for considering a proposed rule change that would allow NYSE Arca to list and trade shares of the Grayscale Ethereum Trust. Source: [Cointelegraph](https://cointelegraph.com/news/house-committee-passes-bill-to-preserve-us-leadership-in-blockchain)

**Elon Musk’s xAI files with SEC for private sale of $1B in unregistered securities**

Elon Musk’s x-linked artificial intelligence modeler, xAI, has filed with the SEC for a private sale of unregistered equity securities amounting to $865.3 million, with a goal of raising $1 billion. Musk’s company has recently unveiled its product, a chatbot called Grok, to its Premium+ subscribers. Source: [Cointelegraph](https://cointelegraph.com/news/house-committee-passes-bill-to-preserve-us-leadership-in-blockchain)

**Bitcoin new high set for late 2024, Binance to lose top spot — VanEck**

Asset manager VanEck predicts a new all-time high for Bitcoin in late 2024, as well as the approval of the first spot Bitcoin ETFs. VanEck also made a pessimistic prediction regarding the general US economy. Source: [Cointelegraph](https://cointelegraph.com/news/house-committee-passes-bill-to-preserve-us-leadership-in-blockchain)

**FAQs:**
1. **What is the reason behind Binance founder CZ being ordered to stay in the US until sentencing?**
Richard Jones, a federal judge, cited the potential flight risk if CZ were allowed to return to the United Arab Emirates as the reason for this decision.
2. **What does the bill passed by the US Congress committee cover regarding blockchain technology?**
The bill tasks the US commerce secretary with promoting blockchain deployment and includes actions the commerce secretary must take if passed, such as making best practices, policies, and recommendations for the public and private sector when using blockchain tech.
3. **What is the delay in the SEC’s decision regarding Grayscale’s proposed spot Ether ETF offering about?**
The SEC has pushed the deadline to decide on Grayscale’s spot Ether ETF in a notice, designating a longer period for considering a proposed rule change that would allow NYSE Arca to list and trade shares of the Grayscale Ethereum Trust.


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