Celsius Makes a Partial Comeback
After its spectacular plunge into the abyss of the crypto market meltdown, Celsius is back with a flicker of hope for those ice-cold, frozen funds. Last summer, they decided that customers’ withdrawal options were overrated and went belly-up. Now, they’re waving a carrot in front of customers, promising to return a nugget’s worth of cash, but there’s a twist that would make a master magician proud.
The $7,575 Ceiling
Yes, you heard that right! Only funds under a custody ceiling of $7,575 will experience the luxury of withdrawal. It’s like telling someone they can have all they want to eat, as long as it’s limited to a single potato. The catch? The company’s latest motion filed with the United States Bankruptcy Court only covers Custody and Withhold Accounts, while the splendid sum of $50 million isn’t exactly dazzling against the backdrop of $210 million still stashed away in their vault.
Community Responses: Mixed Bag of Emotions
The reactions from customers have ranged from joy to utter disbelief. Some are popping the champagne corks at the thought of seeing at least a smidge of money again, while others, like BnkToTheFuture.com CEO Simon Dixon, are standing with arms crossed, shaking their heads. For him, $50 million is more of a fun-sized candy bar when you have a multi-million dollar cake sitting in front of you.
Debt Dilemma
A gigantic gap of $1.2 billion looms over Celsius, with a considerable chunk owed to the very users they’re now trying to appease. As they filed for Chapter 11 bankruptcy protection, the fidgety fingers of creditors filed complaints that seem to suggest Celsius could use a refresher course on their terms of use. Apparently, their past refusals to allow withdrawals aren’t just inconvenient; they also contradict the fine print. What a plot twist!
California’s Licensing Shake-up
Swinging from the “please return my funds” drama, the California State Assembly approved the Digital Financial Assets Law. This shiny new law, set to become official on January 1, 2025, will make it mandatory for digital asset exchanges and crypto businesses to be licensed by the state’s Department of Financial Protection and Innovation. Just like a bouncer at an exclusive club, this bill is ready to turn away any party crasher without the proper credentials.
Keeping Eyes on Crypto
California is rising as the vigilant watchdog of the crypto scene, tightening the regulatory leash after Governor Gavin Newsom signed an executive order in May to get the feds and state on the same page. No more rogue operations in the Golden State; it’s all license, license, license now!
Vetoes and Crypto Regulations Down South
Meanwhile, Paraguay’s President Mario Abdo Benítez is turning thumbs down on a proposed bill that aimed to recognize crypto mining as an industrial activity. The rationale? The high power consumption of mining could put the country’s industrial growth into a tailspin. It’s like saying, “Sure, you can eat all the cake you want—just not this one, because it might spoil your dinner.”
Energy Concerns Abound
Though the Paraguayan Senate approved the bill, President Benítez chose to cool things down by emphasizing the need for sustainable energy solutions. The surge of industrial investments in recent years has raised concerns; they might eat up all the energy reserves. It seems the promises of mining might have hit a snag in the power grid!
Argentina Steps Up to the Plate
On a brighter note, there’s good news coming out of Argentina! The Mendoza Province has rolled out the welcome mat for crypto payments. Citizens can now pay their taxes and fees using stablecoins, specifically Tether (USDT), as part of the administration’s effort to modernize and innovate tax collection. Forget about what to wear to the tax office; now you must just bring your digital wallet!
Modern Taxation? Count Me In!
As of August 24, a new payment service launched, allowing these modern folks to fulfill their fiscal duties effortlessly. It’s a step towards crypto acceptance, showing that while some countries are putting on the brakes, others are shifting the gears towards a full-blown crypto highway.
