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Paul Chowles, an operational officer with the UK’s National Crime Agency, has been charged with multiple offenses linked to the alleged misappropriation of Bitcoin during an investigation into online organized crime in 2017. The Crown Prosecution Service authorized Merseyside Police to charge Chowles, 42, with 11 counts of concealing, disguising, or converting criminal property, three counts of acquiring, using, or possessing criminal property, and one count of theft. He is set to appear at Liverpool Magistrates’ Court on 25 April. In a statement, Malcolm McHaffie, head of the CPS Special Crime Division, confirmed the charges and reminded the public of the defendant’s right to a fair trial. “It is extremely important that there should be no reporting, commentary or sharing of information online which could in any way prejudice these proceedings,” he said. The alleged theft dates back to 2017, when Bitcoin ( BTC ) was valued at around £1,200 per coin, making the 50 BTC in question worth approximately £60,000 at the time. However, Bitcoin’s price has surged since then, and 50 BTC would now be worth over £3 million ($4.1 million) based on current market rates. The NCA, tasked with tackling serious and organized crime in the UK, has not yet issued a statement regarding the case. This case echoes that of Australian police officer William Wheatley, who faced court proceedings for allegedly stealing 81.616 Bitcoin seized during a 2019 drug-trafficking investigation. Prosecutors accused him of theft, managing proceeds from crime, and misusing confidential information. His defense argued that the case relied on circumstantial evidence. The charges stemmed from Operation Viridian, which targeted criminal networks using cryptocurrency for illicit transactions. Chowles, who is from Bristol, is accused of offenses under the Proceeds of Crime Act 2002 and the Theft Act 1968. If convicted, he could face significant legal penalties.

As a key stablecoin bill inches closer to becoming law, Tether CEO Paolo Ardoino is highlighting his company’s strong relationship with the U.S. government. The Guiding and Establishing National Innovation for U.S. Stablecoins Act (GENIUS Act) has passed the Senate Banking Committee in a bipartisan 18-6 vote, aiming to create regulatory and licensing requirements for stablecoin issuers, both at the federal and state levels. In an interview with Bloomberg, Ardoino discussed the pending bill and what it means for stablecoins and their future. He also expressed excitement about Tether, the company that created stablecoins in 2014, issued USDC, and now has the largest user base in the market. Related: Is This XRP Proposal on the SEC Website Real? Questions Swirl Ardoino specifically highlighted Tether’s partnership with Cantor Fitzgerald, the firm founded by Donald Trump’s Commerce Secretary Howard Lutnick. This connection is significant, given the current political climate and the ongoing debate over crypto regulation. The CEO also opened up about the challenges crypto faced under the previous administration, particularly with the Operation Choke Point 2.0 initiative, which sought to stifle the crypto industry. Related: U.S. Senate Committee OKs Stablecoin Bill, Balancing State & Federal Roles Despite this, Tether was able to build a trusted relationship with the U.S. government, gaining support after Cantor Fitzgerald conducted thorough due diligence. He said, “We are very grateful to the fact that they onboarded us in a period when the past administration in the United States just tried to almost kill crypto. They ( Cantor) got comfortable with us. They decided to onboard us and allow us to keep all our Treasury bills with them. “So we are very grateful. We want to just make sure that we are heard because we represent the biggest use case for the digital US dollar represented by Stablecoins in the world.” the CEO added. With the GENIUS Act moving forward, the crypto industry is closely watching the progress of this bill. Many industry players are hoping for clearer regulatory guidelines that could help the market grow while ensuring consumer safety. The outcome of the Genius Act can influence the US’ role in digital asset markets. Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.

Texas Set To Create First State-Run Bitcoin and Crypto Reserve After Passage of Senate Bill 21 Texas could become the first state to have a strategic Bitcoin (BTC) reserve following the passage of a new bill that allows it to invest in and manage crypto assets. On Thursday, the Texas Senate voted 25-5 to pass Senate Bill 21, or the Texas Strategic Bitcoin Reserve and Investment Act. The legislation seeks to establish the Texas Bitcoin Reserve for the Lone Star state, or a special fund outside the state treasury that stockpiles BTC and other cryptocurrencies with a market capitalization of at least $500 billion. Reads SB 21, “The establishment of a strategic Bitcoin reserve serves the public purpose of providing enhanced financial security to residents of this state and providing a mechanism to receive donations of Bitcoin and other cryptocurrencies.” If the bill is signed into law, t he state .

Tether has experienced a notable increase in on-chain activity, suggesting a potential shift in market sentiment. On March 11, Santiment reported 143,480 wallets engaging in USDT transactions which became the largest monthly wallet participation since September. Activity within stablecoins tends to act as an indicator for renewed market buying pressure to develop. Indicators of major price drops encourage traders to use USDT stablecoins for market protection as they plan their market reentry. The data from Santiment demonstrates increasing USDT movement among traders who seem ready to buy assets when prices drop. Historical market downtrends show that stablecoin holders began accumulation before market recovery phases. On September 14, Tether recorded the creation of 53,767 new wallets, coinciding with an accumulation phase that preceded a significant market rally. The recent surge in USDT transactions mirrors this trend, reinforcing expectations of a possible rebound. The increase in network growth and daily active addresses suggests that traders are positioning themselves strategically in anticipation of improved market conditions. 💸 Tether's on-chain activity has been rapidly rising, with over 143K wallets making transfers yesterday alone (a 6-month high). When $USDT & other stablecoin activity spikes during price drops, traders are preparing to buy. Added buy pressure aids in crypto prices recovering. pic.twitter.com/siFOR7vSf7 Market participants shifted their funds toward stablecoins because the broader cryptocurrency market experienced substantial price declines during a risk-averse period. History shows that positive market sentiment produces capital inflows into Bitcoin together with the major altcoins market. Under normal circumstances, an upward movement of USDT activity would accompany a market reversal. The latest movement of USDT corresponds to previous market accumulation phases which fueled market recovery according to Santiment analysis. The growing movement of stablecoins reveals that traders have started preparing for the next chance to invest in the crypto market despite how economic conditions and investor mood will influence the outcome. DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

As of this moment, Bitcoin (BTC) is showing sharp price action, trying to clear the way toward key resistance levels in March 2025. The potential reversal formation in the one-hour chart with respect to bullish momentum is taking hold based on the Head and Shoulders (H&S) pattern. For now, Bitcoin is seen trading at $84,006.99. It has been moving into a channel defined by resistance at $85,000 while grappling with significant support near $82,000. Breaking this current downtrend could see Bitcoin shooting its targets near the range of $91,000 as it coincides with the support band towards the bull market. He adds that he is particularly interested in the actual formation of the H&S pattern. The chart marks Left Shoulder, Head, Right Shoulder- a reversal signal as seen in technical analysis, this was the Left Shoulder dragging around March 10, after which the price then dropped sharply to create the Head with the price now trying to form the Right Shoulder, indicating completion of this reversal pattern, and thus a possible breakout. The pattern is significant since it indicates that Bitcoin could be consolidating before a major move higher. Other price actions that the chart suggests act critical levels of resistance and support. The downtrend from which Bitcoin has struggled for a break, the blue trendline, is the one that needs to be exceeded if the H&S pattern is to be formed. So, for set completion, closure must occur above the blue line in this case. Presently, Bitcoin is testing the $84,000 mark, a level that has acted both resistance and support over the previous couple of days. A clear break above $85,000 would be the first sign that the price could start moving toward the target of $91,000. Traders carefully monitor this, as near the $91,000 level, the bull market support band can be well considered a decisive indicator of a healthy uptrend. This is also critical to the analysis; that pink line at the 200-day moving average (DMA). It holds the longer-term trend and should be critical as a support or resistance for Bitcoin. The fact that Bitcoin is hovering so near that level indicates that it is kind of at a crossroads, with an above or below move determining new direction for the next major one. If Bitcoin can close above that pink line, it could indicate the beginning of a very strong bullish phase. However, if it can’t seem to break this level and comes back below the 200 DMA, it’s going to be back into more bearish views again. DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.