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What is a Primary Election? The Primary is a vote before the main election where each party decides their leader who will face of against the oppositions leader in the final election of November, deciding the new President, for example Donald J. Trump and Joe Biden in 2020. The Primary starts in New Hampshire and the candidates battle out in every state until a final winner is elected. In the Republican side, all candidates have suspended their campaigns except the 'America First' Donald J Trump and the Neo-conservative Nikki Haley, with individuals like Ron DeSantis, Tim Scott and Vivek Ramaswamy pledging their support for Trump and only Christ Christie siding with Nikki Haley. On the Democratic side, Joe Biden stands as the almost unopposed party leader. Due to the DNC not organizing any debates, basically not giving audience to any other party members to oppose Biden, people like Dean Phillips and Marianne Williamson are forced to campaign through more traditional methods like events, social media or door-to-door campaigning. Donald Trump's Victory Rally in NH with Vivek Ramaswamy and Tim Scott New Hampshire Shock With the New Hampshire vote coming to end, the results are a clear indication of what 2024 is going to look like politically for the USA. With Nikki Haley failing to achieve her victory in NH after spending 31,000,000$ in campaigning the Republican party prepares for a Trump led election this year. Biden is still leading strongly in New Hampshire, a state he had lost in 2020. With NH having voted democratic in every 21st century election, it would have been expected that the Democratic primary would have gained a over 200,000 voters like in the 2020 primary where over 250,000 citizens voted in the Democratic primary. However, with less than 100,000 voters turning up for the Democrats in 2024, this raises the question, what going? There are 2 answers for question: 1. A large amount of democrat voters switched party affiliation from Democrat to independent/unregistered right before the primary in an attempt to dethrone Trump which explains the massive turnover of over 280,000 in 2024, much more than the 150,000 in 2020. However, the large Republican turnover can also be accounted due to the polarization of the candidates and the high stake nature of this election. 2. This possibly also shows the lack of enthusiasm of Democratic voters who are voting for the historically unpopular Biden who's poll approval rating of 38% and disapproval rating of 55%, according to the New York Times. Dean Phillips Campaigning in New Hampshire for the Democratic Primary 2024 RESULTS: Republican Primary: Donald Trump 54.5% 163,700 votes Nikki Haley 43.2% 129,646 votes Democrat Primary: Joe Biden 63.9% 79,455 votes Dean Phillips 19.6% 24,335 votes Marianne Williamson 4% 5,006 votes

Greece is on the verge of a significant transformation in its education sector, with the government presenting a bill for the establishment of private universities. Prime Minister Kyriakos Mitsotakis has called this move a "historic reform" for the country's education system. The proposed non-state university institutions are expected to begin operating by the beginning of the 2025/2026 academic year. If that is the case, it would mark the fifth-ever Constitutional amendment in the Greek Constitution, the last one being in 2019 (the three only other times were in 1986, 2001, 2008) Protest of University Students against Privatization of Universities in Athens, 2024 More specifically, the existing constitution explicitly states that "higher education is provided exclusively by institutions that are legal persons under public law with full self-government." Therefore, under this provision, higher education can only be provided by institutions that are governed by the provisions of public rather than private law. Currently, higher educational institutions have their own governing bodies, which are supervised by the state. State universities are also non-profit, financed by the state, and have their own property and staff. The proposed legislation seeks to amend this constitutional constraint and introduce a new era in Greek higher education by allowing the establishment of private universities. This shift requires a modification of the constitution, a process that involves several steps and considerations, as the Greek constitution, along with most written ones, is very rigid. "Parliament has the right to revise or amend the Constitution, except for the articles dealing with the "Form of the State" (the establishment of the presidential, parliamentary republic) and the articles safeguarding human rights and freedoms, which are unalterable. Revision of the Constitution is initiated by a motion by at least one-sixth of MPs, in this case, the bill for the establishment of private universities serves as the proposal, and is approved by a supermajority of three-fifths of MPs, expressed twice, in two separate votes at least one month apart. In this case, the revision duty is transferred to the next term of Parliament, i.e., after the following legislative elections. Parliament may then ratify the revision by a 50% plus one majority. Indisputably, once approved by the Parliament, the amendment is sent to the President for approval. The President's role is mostly formal, and approval is typically granted. Moreover, the operation of non-state - non-profit university institutions is expected to be under strict terms and conditions. In more detail, the minister of Education stressed: that the criteria for the establishment of non-state universities will be the strictest in Europe, a minimum of 30 teachers with a doctorate for each university will be required and the state-independent higher education authority will be responsible for examining files on the building infrastructure, the curriculum and the competence of the teaching staff.

The Economist named Greece the biggest international success story of 2023, placing it, for the second year in a row, at the top of the list of 35 countries with the best performances on various fronts and across several categories. A truly impressive achievement for an economy that was, until recently, synonymous with mismanagement. The key question today is whether Greece can replicate the success acknowledged by the infamous economic newspaper. However, economists respond with scepticism, asserting that it won't be as straightforward. Greece is now in a higher rating category, where its structural advantages are weaker, while its GDP also remains approximately 22% below the level it was before the debit crisis. The Economist collected data on five economic and financial indicators - inflation, "inflation range", GDP, jobs and stock market performance - resulting in a score for each country they analysed. Based on these criteria, Greece was ranked in first place, achieving the highest overall score. The Growth Rate On the development front, credit agencies agree that Greece is definitely expected to be a success story again. The majority of analysts estimate that the Greek economy will continue to "outpace" the Eurozone, recording rates of around 2.4% on average over the next 2 years, at a time when average growth in the Eurozone will be below 1%. A steady stream of inward investment from internationally recognised companies such as Pfizer and Microsoft shows that "Greece is no longer regarded as one of Europe's sickest men." On the Greek Prime Minister's watch in August of 2022, Greece was authorized by its creditors to leave the surveillance mechanisms that had been imposed on it for the previous 12 years. With the country having to beg for a series of huge bailouts, which are now being repaid early, Greece can now borrow regularly once again. Kyirakos Mitsotakis has transformed the way citizens interact with the state with an impressive digitalization program. He has cut corporate taxes and raised the minimum wage and pensions whilst simultaneously managing to reduce Greece's extreme debt-to-GDP ratio. "We've done a pretty good job in very taxing times," says Mr. Mitsotakis.

The McKinsey report comes at a time of debate about the potential economic impact of AI-powered chatbots on labour and the economy. A robot that can talk and answer questions at a technology fair in Germany last April. A new report estimates that half of all work will be automated in the next 10 to 40 years as artificial intelligence advances. Image source: Axel Heimken/Agence France-Presse — Getty Images “Generative artificial intelligence” AI will create up to $4.4 trillion in annual value for the global economy, according to a McKinsey Global Institute report, which is one of the rosier predictions about the economic impact of the fast-developing technology. Image Source: McKinsey Generative AI, which includes chatbots such as ChatGPT that can generate text in response to prompts, can potentially increase productivity by saving 60 to 70 percent of workers’ time by automating their work, and between 2030 and 2060, half of all work will be automated, the report says. McKinsey had previously predicted that AI would automate half of all work between 2035 and 2075, but the power of generative AI tools — which exploded onto the tech scene late last year, accelerated the firm’s forecast. “Generative AI has the potential to change the anatomy of work by augmenting the skills of individual workers by automating some of their individual tasks,” the report says. McKinsey’s report is one of the few to quantify the long-term impact of generative AI on the economy. The report comes at a time when Silicon Valley has been gripped by an enthusiasm for generative AI tools such as ChatGPT and Google’s Bard, and tech companies and venture capitalists are investing billions of dollars in the technology.The tools, some of which can also generate images and video and hold conversations, have sparked debate about how they will affect jobs and the global economy. Some experts have predicted that AI will displace people from their jobs, while others have said the tools can increase individual productivity. Recently, Goldman Sachs published a report warning that AI could lead to job disruption and that some companies would benefit more from the technology than others. In April, a Stanford researcher and researchers from the Massachusetts Institute of Technology published a study showing that generative AI could increase the productivity of inexperienced call center workers by 35 percent. Any conclusions about the impact of technology may be premature. David Autor, an economics professor at M.I.T., warned that generative AI “will not be as miraculous as people claim”. “We are really still at an early stage,” he added. Most economic studies on generative AI ignore other risks of the technology, such as the danger of it spreading misinformation and eventually escaping human control. According to the McKinsey report, most of the economic value of generative AI will most likely come from helping workers automate tasks in customer operations, sales, software engineering and research and development. Generative AI can create “superpowers” for highly skilled workers, according to Lareina Yee, partner at McKinsey and author of the report, as the technology can summarize and edit content. “The most profound change we will see is the change in people, and that will require far more innovation and leadership than technology,” she said. The report also outlines the challenges that industry leaders and regulators will face around AI, including concerns that the content generated by the tools could be misleading and inaccurate. Generative AI will be the next frontier of productivity. By automating work activities and augmenting the skills of individual workers, generative AI can transform industries, increase labour productivity and drive economic growth. However, overcoming challenges and managing risks are crucial to fully exploiting the potential of generative AI. With effective workforce support and a collaborative approach, generative AI can usher in a more sustainable and inclusive world and ensure a prosperous future for all.

Newly revealed documents from March 2022 indicate that Prime Minister Rishi Sunak had doubts regarding the UK government's proposal to send asylum seekers to Rwanda during his time as Chancellor. The papers, obtained by the BBC, shed light on Sunak's hesitation on both the effectiveness and cost of the plan. The plan, introduced by former Prime Minister Boris Johnson in April 2022, aimed to process and potentially resettle asylum seekers in Rwanda, with the goal of reducing Channel crossings. According to the documents, Sunak was particularly concerned about the financial implications of sending asylum seekers to Rwanda. He proposed decreasing the initial numbers, suggesting a starting figure of 500 asylum seekers in the first year, instead of the initially proposed 1,500. Additionally, he recommended considering 3,000 asylum seekers in years two and three, rather than the originally suggested 5,000. Notably, the then-Chancellor expressed skepticism about the plan's deterrent effect, stating that he believed the "deterrent won't work." Sunak was also hesitant to allocate funds for reception centers, advocating for the dispersal of migrants across the country instead of relying on costly hotel or housing accommodations. The documents highlight a divergence of opinions between No 10 and 11 Downing Street regarding the efficacy of the proposed scheme. Notably, No 10 suggested that Sunak should factor in his popularity with the public if he hesitated to endorse changes to the migration system, including the Rwanda plan. Despite facing legal challenges and a Supreme Court ruling deeming the Plan unlawful, now-Prime Minister Sunak has affirmed his commitment to implementing the Rwanda plan making it one of his top priorities. It is unclear what the motive behind Sunak's political U-turn is. However, it is most probable that the PM answers to his Party's demands and falls into its pressure. It's important to note that, as of now, no asylum seekers have been sent to Rwanda, and the first scheduled flight in June 2022 was canceled due to legal challenges. The government defends Sunak's involvement, stating that he funded the Rwanda scheme as Chancellor and continues to prioritize it as Prime Minister. The cost of the scheme has reportedly doubled to £290 million, with ongoing legal and logistical challenges further delaying its implementation.

As the calendar turns to 2024, households across the United Kingdom are due for an unpleasant New Year's surprise: a 5% increase in energy bills. This rise, which amounts to a £94 hike in the average annual family energy bill, comes as the regulator, Ofgem, responds to rising worldwide gas prices. With effect from January 1, 2024, this price increase will put further financial burden on UK citizens during what may be the coldest months of the year. The maximum amount that suppliers may charge for each unit of energy on standard variable tariffs is regulated by Ofgem, which increased the price cap to £1,928 per year for a typical home in the first quarter of 2024. This is up from £1,834 during the final three months of 2023. Due to market volatility and international events like Russia's invasion of Ukraine and conflicts in the Middle East, the cost of the worldwide wholesale energy market has risen significantly. Ofgem seeks to guarantee a fair price for energy while placing a high premium on consumer protection. Ofgem CEO Jonathan Brearley emphasized that the rise is a result of rising wholesale costs while acknowledging the difficult conditions that many are facing. There is, nonetheless, a ray of optimism approaching. According to analytics from Cornwall Insight, projections indicate a possible 14% cut in energy bills by April, with the average annual electricity and gas expenditure expected to drop to £1,660. To guarantee proper invoicing, Ofgem is advising homeowners to swiftly submit their meter readings. The regulator has already taken steps to address the "prepayment meter premium" and is actively working to help consumers who are having financial difficulties with their bills. This will ensure that all customers are charged fairly. Despite the alarming increase, Brearley stated that consumers now have more options in the market thanks to several tariffs that offer fixed rates or flexible offers below the price cap. He advised customers to consider all of their alternatives, get guidance, and select plans that are in line with their priorities. The next quarterly price cap announcement is expected in February 2024, covering April to June 2024. As households navigate these price fluctuations, the objective continues to be finding a balance between reasonable prices, customer satisfaction, and the changing dynamics of the world energy market.

Yemen's Houthi Rebels are an Iranian-backed military force that is highly opposed to Israel and NATO. In the hotspot region - the Red Sea, Houthi militants have been intercepting western commercial ships, disrupting global trade. The deployment of a multinational naval force in December did not put an end to the attacks. Since the start of Israel's confrontation with Hamas in Gaza, the Houthis, who control a large chunk of Yemen, have carried out many strikes against ships they think are "linked to Israel," in solidarity with the Palestinians. According to the Pentagon, they have launched over a hundred drone and missile attacks against ten cargo ships. As a result of the capture of the Galaxy Leader and its 25 crew marine transport firms have suspended operations in the Red Sea, a vital waterway that handles 15% of world trade. But in the fight that broke out on Sunday morning, the Navy forces had little choice, at least according to the account given by United States Central Command. American Battleship Convey in the Red Sea The Houthis had launched an attack on the freighter, the Maersk Hangzhou, a Singapore-flagged container ship, and were attempting to board it. As the ship’s security forces tried to hold the attackers at bay, helicopters from the U.S.S. Eisenhower carrier group arrived to chase them away and the Houthis opened fire on them. The Houthis had started an attack and attempted to board the Maersk Hangzhou, a Singaporean container ship. As the ship's security troops attempted to repel the attacks, helicopters from the USS Eisenhower carrier group arrived to drive them away, and the Houthis opened fire. This direct encounter, which was not commanded by the US Navy, drew widespread worldwide attention and raises the prospect of a bigger conflict in the Middle East centered on the Yemeni area.

In the early 2000s, Apple strategically embarked on a venture into the largest and most lucrative market of the time—the Chinese market. Starting in 2008, Apple adopted an assertive and aggressive approach, rapidly opening a significant number of Apple stores, which now total 46 at the time of writing. This bold stance is not surprising, given that over 95% of Apple products are manufactured in China, and approximately 20% of Apple's revenue is derived from this vast market. Clearly, Apple is fervently committed to fortifying and extending its market share in China. Apple market share in China, Q2 2022 vs Q2 2023 However, despite Apple's meticulous adherence to the guidelines set by the Chinese Communist Party—ranging from compliance with data storage regulations to the censorship of LGBTQ+ apps and foreign news apps, and the cultivation of strategic collaborations with local entities—the Chinese government appears to be actively hampering the company's growth in the country. While Apple remains steadfast in aligning with Chinese regulatory requirements, recent reports suggest that state agencies and state-backed companies in China are issuing charges to their employees, explicitly instructing them not to bring Apple iPhones to work. This policy, which prohibits the use of Apple iPhones, has reportedly been transmitted across at least eight provinces in recent months. Even smaller firms and state agencies in lower-tier cities are urging their staff to refrain from using Apple iPhones or other foreign devices at work. These actions emphasize China's persistent pursuit of technological self-reliance and the promotion of domestic technology products. In response to these challenging developments, Apple finds itself in ongoing efforts to re-establish a connection with the Chinese government. Apple's CEO, Tim Cook, undertook a visit to China in October to seek assurances from the Minister of Commerce and address concerns during a quarterly earnings report, highlighting the robust sales of the iPhone 15 in mainland China. As Apple grapples with these complicated challenges in China, the situation highlights the complex nature of operating in a globalized economy. Companies like Apple must navigate not only market forces and consumer preferences but also the geopolitical landscape and government policies of the regions in which they operate. The evolving narrative between Apple and China will undoubtedly be closely monitored, as one party strives to maintain a delicate balance on market access, while the other rigorously attempts to distance itself from foreign-made goods and technology, leveraging regulatory compliance as a tool to do so.

On October 7th, 2023, a Muslim militant group called “Hamas” attacked Israeli towns in a surprise attack, taking more than 200 hostages. The nation of Israel, America’s closest ally in the Middle East, responded to the attack by starting its own ground assault on the Gaza Strip. In a conflict like this, thousands can die, and millions can get displaced and kicked out of their own homes without a place to live. Hardly any business benefits from regional conflicts where cities are bombed to ruin, unless you are the weapons manufacturer. Israel Defense Forces Infantry, cavalry scout Right after Israel’s assault on Gaza started, the stock of Lockheed Martin, Raytheon, and Northrop Grumman surged to its highest in years, with the overall U.S. Aerospace & Defense exchange-traded fund (ETF) going up by 4%, showing a quick response by investors on the stock market. Unlike the Russia-Ukraine War, Israel has been directly receiving U.S. military aid for around 75 years. As a closer ally to the United States, their conflict resulted in defense stocks reaching as high or even higher than they did right after the Russian invasion of Ukraine. Now, under U.S. President Joe Biden, the United States has confirmed its bipartisan stance in support of Israel. The new speaker of the House, Republican Mike Johnson, passed a resolution supporting Israel, while President Biden has requested at least a new 14.3 billion-dollar military aid package for Israel. This expansion of military aid is on top of the 3 billion dollars that have already been sent to Israel this year. Data showing U.S. aid to Israel, excluding missile spending and adjusted to 2022 dollars This current military aid packet will be spent on replenishing Israel’s “Iron Dome” maintained by the Israeli defense company Rafael; more artillery shells for Israel made by General Dynamics; anti-armor precision missiles, F-16 and F-35 fighter jets, by Lockheed Martin; armored personal carriers by Oshkosh; and many more companies. As the international community calls for a ceasefire, analysts are optimistic about the long run of the U.S. military-industrial complex. From Ukraine to the Middle East, rising political tension has made people in the military industry predict long-term revenue increases as the U.S. passes larger spending bills to outcompete China and greater military aid packages to America’s allies. In times of war, there’s always lots of destruction, a lot of death, and a lot of sadness. Soldiers fighting at the helm of political leaders who care more about their power than themselves and their families were put on the front lines because their leaders couldn’t come to an agreement. However chaotic an event might be, capitalism allows companies and the investors in companies to always make a profit, no matter what.

Would the Home Secretary's family have been separated under his new regulation? In an announcement made on Monday, December 4, Home Secretary James Cleverly unveiled a set of new immigration rules, causing widespread confusion and distress among international couples. The changes, part of what Downing Street has dubbed the "biggest clampdown on legal migration ever," have raised questions about potential family separations. Under Cleverly's plan, British citizens seeking to bring their non-UK partners into the country will face more stringent requirements. The minimum income threshold for the sponsoring British citizen has been raised from £18,600 to £38,700 per year for the first application. This means that a British citizen must earn this salary for six months before applying for their partner's visa. The impact of these changes has drawn attention to the personal circumstances of figures such as James Cleverly himself. Cleverly's mother, a foreign-born NHS worker, would have faced challenges under the new rules. She was born in Sierra Leone and moved to the UK in 1960, where she met Cleverly's father. James Cleverly on the platform X Jan 9, 2020 Previously, under the £18,600 income requirement, thousands of families experienced exile or separation from loved ones for extended periods. The new rules add a layer of complexity. Under the updated rules, if someone does not meet the income criteria, they may still be allowed to bring in family members if they can demonstrate sufficient savings. The current savings threshold is £62,500, but the government is considering whether to increase this amount. Legal experts and advocacy groups have raised alarms about the potential consequences of these changes, emphasising the confusion and distress faced by many international families. The impact on families and relationships remains a central concern, as the Sunak government reinforces draconian measures against immigration, confirming the PM's priorities.

The USS Carney stopped a drone attack on three commercial vessels in the Red Sea, preserving the safety of crews representing 14 nations. Houthi Yemeni rebels claimed responsibility for the attack, targeting a UK-owned cargo ship and two Panama-flagged vessels. The US Central Command emphasized the threat to international commerce and maritime security and the involvement of the USS Carney in the multinational response. The incident highlights the global implications of regional conflicts and the need for maritime security measures. USS Carney warship In a display of maritime defence, the American warship USS Carney stopped a drone attack on three commercial vessels in the Red Sea, preserving the safety of crews representing 14 nations. Houthi Yemeni rebels claimed responsibility for the attack. The incident unfolded as the drones, deployed by the Houthi rebels in Houthi-controlled territory in Yemen, targeted a UK-owned and operated cargo ship flying the Bahamian flag, along with two Panama-flagged vessels, one of which was partially UK-owned. The US military reported that two of the ships sustained damage from missile strikes, fortunately without causing casualties. An additional layer of concern arose as it was revealed that one of the missiles might have been aimed at the USS Carney, though this remains unconfirmed. The Israeli military strongly refuted a Houthi spokesman's claim that the rebel group's navy had targeted two Israeli ships by emphasizing that the ships had no connection to Israel. The Houthi rebels, backed by Iran and backing Hamas in their ongoing conflict with Israel, signalled a concerning shift in their tactics by explicitly targeting Israeli-affiliated ships. A group of Houthi rebels Providing insights into the gravity of the situation, US Central Command (Centcom), responsible for overseeing operations in the Middle East, emphasised that the attacks posed a "direct threat to international commerce and maritime security" and jeopardised the lives of the multinational crews aboard the affected vessels. Additionally, Centcom stated that there was a strong likelihood that Iran was involved in these attacks: "We also have every reason to believe that Iran is fully enabling these attacks, even though the Houthis in Yemen are carrying them out." In response to this incident, the United States Central Command asserted its commitment to "considering all appropriate responses in coordination with international allies and partners." Centcom underlined the significance of this event by reporting that two missiles were subsequently launched toward the USS Carney from Houthi-controlled territory in Yemen. Historical background suggests that the Houthi rebels have been a central player in the protracted Yemeni civil war that began in 2014. This conflict emerged as a struggle for power between the Yemeni government, supported by a coalition led by Saudi Arabia, and the Houthi rebels, aligned with Iran. The Houthis aim to govern all of Yemen and support external movements against the United States, Israel, and Saudi Arabia. They have launched repeated missile and drone attacks against several Saudi cities. The fighting in Yemen is widely seen as part of the Iran-Saudi Arabia proxy war. Since 2014, the Houthi-controlled territory has kept on expanding, today covering almost the entirety of the north-eastern part of the country. In summary, This recent drone attack in the Red Sea introduces new dimensions to the conflict as Houthi rebels extend their reach to international waters. The explicit targeting of vessels affiliated with Israel underscores the potential for the conflict to escalate further. The involvement of the USS Carney and the multinational response highlights the global implications of regional conflicts and raises a big issue concerning whether or not missiles were launched against a US warship, signifying the implementation of high measures to ensure maritime security and protect international commerce.

In recent years, cryptocurrencies have gained growing significance in the global financial landscape, challenging traditional notions of currency, investment, and financial transactions. Bitcoin, Ethereum, and countless other digital assets have not only captured the imagination of tech enthusiasts and investors but have also gained widespread acceptance as a legitimate form of financial asset. The world finds itself concerned with regulating cryptocurrencies and its profound implications for the future of digital finance. While cryptocurrencies provide unique opportunities for innovation and financial inclusion, their decentralized nature also brings challenges like fraud, money laundering, and market manipulation. The effectiveness of regulation on cryptocurrency will determine whether these digital assets can seamlessly integrate into the broader financial system or remain on the fringes of global finances as a niche and speculative market. Who is Sam Bankman - Fried (SBF)? Sam Bankman-Fried, widely known as SBF, has undergone a dramatic fall from grace as the founder and former CEO of FTX, as he has just been found guilty of defrauding customers of his cryptocurrency exchange out of billions of dollars. Born on March 6, 1992, in California, the son of two Stanford law professors, SBF graduated from MIT in 2014 with a degree in physics. After a brief period at Jane Street Capital, he explored the world of cryptocurrency, founding Alameda Research in 2017, followed by FTX in 2019, a cryptocurrency exchange that allowed users to buy and sell cryptocurrencies. FTX soon became one of the world’s largest cryptocurrency exchanges at its peak, with SBF's net worth reaching over $26 billion. The downfall of SBF reportedly started in 2019, when FTX deposited a significant portion of its customer funds into the bank account of Alameda. This violated FTX's terms and conditions, which prohibited the use of customer funds. However, customers were effectively allowed to use each other’s funds as long as there was enough collateral. During the crypto crash in spring 2022, Alameda, which had borrowed from FTX customer funds, faced large loan recalls from third-party lenders. Recognizing the severity of the situation, SBF, expressed concern and urged Alameda to cover its assets and repay the recalled loans. However, in November 2022, the value of Alameda's collateral declined, which caused FTX to face a liquidity crisis, exposing FTX's vulnerabilities. In response, FTX called in Alameda's borrows, but unfortunately, Alameda defaulted. This default left FTX unable to overcome the crisis, its customer funds were drained. On November 11, 2022, FTX filed for Chapter 11 bankruptcy. SBF after his arrest in the Bahamas SBF's troubles deepened with his arrest in the Bahamas and deportation to the U.S. in December 2022. A New York jury delivered a verdict to SBF on November 3, 2023, finding him guilty on seven counts, including wire fraud, wire fraud conspiracy, and other conspiracy charges. FTX's collapse resulted in a significant loss for the crypto market, with billions of dollars evaporating, and FTX's customers were faced with the grim possibility of not recovering their funds. The SBF scandal shows how important it is to have rules for cryptocurrencies. It highlights the risks of when there's no control over how customer money is used and when conflicts of interest arise. SBF's actions show the difficulties regulators have in keeping the fast-changing crypto world in check. The need for regulation: Regulations can set the standards for the places where you buy and store your digital money, ensuring that it's safe and everyone gets treated fairly. A primary reason for the need for regulation is market stability. The current volatility of Bitcoin, standing at around 1.18%, represents the unstable prices of cryptocurrencies. Such volatility, reflected in the 30-day average of 1.81% and the last 60-day estimate of 1.66%[1], emphasizes the inherent risks for investors. The constant fluctuations in cryptocurrency values highlight the unpredictable nature of these assets, posing potential risks for individuals investing their money. This volatility shows the critical need for regulations in preventing illegal activities and fraud, and maintaining the stability of the overall financial system. Investors are the backbone of the financial world; the establishment of clear and well-defined regulations is vital in instilling confidence among investors, both institutional and retail. A regulatory framework assures that there are rules and oversight in place, creating an environment prone to attracting investors to engage in the cryptocurrency space. Investor confidence is crucial for the sustained growth and development of the digital asset market. When investors know there are rules and ‘someone is watching’, they are more likely to invest in digital money. As seen below, as of 2022, the total illicit transactions in cryptocurrency have reached an all-time high of $20B[2]. This marks an 11.1% increase from the $18 billion reported in 2021, with sanctions accounting for 44% of the illicit transactions in 2022. Total illicit transactions done with cryptocurrency Greece’s approaches to regulation: As of 2023, Greece has experienced a significant evolution in its approach to cryptocurrency regulation, reflecting both its economic situation and the global trend towards digital currencies. The country faced an interest in cryptocurrencies, particularly Bitcoin, during the debt crisis in 2015. Greece has aligned with European standards by joining the European Blockchain Partnership (EBP) and adopting the EU's Fifth Anti-Money Laundering Directive (5AMLD) into Greek law. This represents a significant step in regulating crypto exchanges and wallet providers, introducing registration requirements and stringent anti-money laundering (AML), and countering the financing of terrorism (CFT) guidelines. Regarding taxation, Greece has not explicitly mentioned cryptocurrencies in its Income Tax Code, but guidelines from the Independent Authority for Public Revenue suggest that profits from cryptocurrency transactions are subject to income tax. Overall, for cryptocurrencies to gain widespread acceptance and integration into traditional financial systems, regulatory clarity is vital. Financial institutions are more likely to engage with cryptocurrencies when operating within a well-defined regulatory framework. The establishment of such frameworks not only promotes integration but also maintains a harmonious relationship between digital assets, everyday customers, and conventional banking structures. Bibliography: CoinDCX Blog (2023). How often does Bitcoin fluctuate? [online] CoinDCX Blog. Available at: https://coindcx.com/blog/cryptocurrency/how-often-does-bitcoin-price-fluctuate/?__cf_chl_tk=SVnz9oFaCuo.1sCe5Ltped9DTusPCuJa504B1AymgPs-1701291376-0-gaNycGzNDHs# Times, T.N.Y. (2022). Transcript of Sam Bankman-Fried’s Interview at the DealBook Summit. The New York Times. [online] 1 Dec. Available at:https://www.nytimes.com/2022/12/01/business/dealbook/sam-bankman-fried-dealbook-interview-transcript.html. Rosenberg, E. (2023). Who Is Sam Bankman-Fried? [online] Investopedia. Available at: https://www.investopedia.com/who-is-sam-bankman-fried-6830274. Sky News. (n.d.). Who is Sam Bankman-Fried, the former ‘King of Crypto’ found guilty of fraud? [online] Available at: https://news.sky.com/story/who-is-sam-bankman-fried-the-former-king-of-crypto-on-trial-for-fraud-12971519#:~:text=Sam%20Bankman%2DFried%2C%20also%20known [Accessed 30 Nov. 2023]. Greek City Times (2023). The Cryptocurrency Landscape in Greece: Regulations and Taxation. [online] Greek City Times. Available at:https://greekcitytimes.com/2023/11/28/the-cryptocurrency-landscape-in-greece-regulations-and-taxation/ Team, C. (2023). 2023 Crypto Crime Trends: Illicit Cryptocurrency Volumes Reach All-Time Highs Amid Surge in Sanctions Designations and Hacking. [online] Chainalysis. Available at: https://www.chainalysis.com/blog/2023-crypto-crime-report-introduction/. [1] CoinDCX Blog (2023). How often does Bitcoin fluctuate? [online] CoinDCX Blog. Available at: https://coindcx.com/blog/cryptocurrency/how-often-does-bitcoin-price-fluctuate/?__cf_chl_tk=SVnz9oFaCuo.1sCe5Ltped9DTusPCuJa504B1AymgPs-1701291376-0-gaNycGzNDHs# [Accessed 29 Nov. 2023]. [2] Team, C. (2023). 2023 Crypto Crime Trends: Illicit Cryptocurrency Volumes Reach All-Time Highs Amid Surge in Sanctions Designations and Hacking. [online] Chainalysis. Available at: .https://www.chainalysis.com/blog/2023-crypto-crime-report-introduction/.