The Internal Revenue Service (IRS) has recently released new guidelines regarding the taxation of cryptocurrency staking rewards. This move has significant implications for taxpayers who participate in staking activities and receive additional cryptocurrency units as validation rewards. Under the new directives, taxpayers who engage in staking of cryptocurrency native to a proof-of-stake blockchain are required
Regulation
In a significant breakthrough for Binance, the leading digital asset exchange has been granted an Operational Minimum Viable Product (MVP) license by Dubai’s Virtual Assets Regulatory Authority (VARA). This comes as a welcome development for the exchange, as it faces regulatory challenges in various European regions such as Germany, the Netherlands, and the U.K. This
U.S. Senator Elizabeth Warren recently reintroduced the Digital Asset Anti-Money Laundering Act, backed by an unlikely ally — the Wall Street banks. The Bank Policy Institute, a financial policy think tank consisting of several banks, has thrown its support behind the legislation, recognizing the need to address the national security risks associated with cryptocurrencies. This
In a surprising turn of events, Jason Lowrey, the author of “Softwar: A Novel Theory on Power Projection and the National Strategic Significance of Bitcoin,” has chosen to withdraw his book from public access. This decision has generated speculation among both readers and academics, as his work was initially well-received and highly regarded. Furthermore, the
In a recent tweet, Commissioner Hester Peirce of the United States Securities and Exchange Commission (SEC) expressed her concerns about the regulator’s stance on transparency in the cryptocurrency industry. Peirce questioned why the SEC wants to discourage good-faith efforts to provide more transparency. This comes in response to a statement made by the SEC’s chief
The Chairman of the U.S. Securities and Exchange Commission (SEC), Gary Gensler, has once again expressed his worries regarding the cryptocurrency sector. In an interview with BBTV, Gensler highlighted that the industry is “rife with fraud” and lacks adequate protections for investors. While acknowledging the presence of reputable actors in the space, Gensler emphasized the
In a recent interview on TechCrunch’s Chain Reaction podcast, Ripple CLO Stuart Alderoty discussed the groundbreaking ruling regarding the securities status of the XRP token. This ruling, which resulted in a legal victory for Ripple against the U.S. Securities and Exchange Commission (SEC), has far-reaching implications not only for Ripple but also for other ongoing
The cryptocurrency industry has experienced significant growth in recent years, presenting numerous advantages and opportunities. However, the lack of regulatory oversight has also exposed the industry to various risks and threats. In a recent report titled “Blockchain in Finance,” the U.S. Accountability Office (GAO) highlights the pressing need for a government-wide approach to address the
The recent introduction of the Crypto-Asset National Security Enhancement and Enforcement Act (CANSEE) has sparked controversy within the cryptocurrency community. This bill aims to impose stringent regulations on individuals involved in decentralized finance (DeFi) and has drawn criticism from various crypto advocacy groups. In this article, we will delve into the concerns raised by these
The world of cryptocurrency has been a topic of debate and discussion for some time now, with varying opinions on its nature and regulation. Recently, the Parliament Treasury Select Committee recommended that cryptocurrency trading be regulated as gambling, citing its similarities and associated risks. However, Andrew Griffith, the Economic Secretary to the Treasury in the
