The new crypto tax reporting guidelines recently proposed by US President Joe Biden have drawn criticism from a number of well-known crypto experts.The Internal Revenue Service (IRS) advised brokers implement new guidelines for selling and trading digital assets on August 25 in an effort to capture cryptocurrency users evading taxes.A new form would be used by brokers to simplify tax filing and prevent tax fraud.According to the U.S. Department of the Treasury, the proposed regulations would make reporting on digital assets comparable to reporting on other assets. However, a lot of people in the cryptocurrency ecosystem think that the strict regulations would drive the sector further away from the US.The CEO of Messari, Ryan Selkis, was one of those who reacted negatively to the news, claiming that if Biden wins reelection, the country’s cryptocurrency market will not grow. Similarly, Chris Perkins, president of cryptocurrency venture capital firm CoinFund, believes that since other nations have advanced past the U.S., these regulations would inevitably result in less innovation entering the nation.He thinks that instead of using harsh crackdowns, the crypto business needs clear, concise standards that allow for safe innovation. Others, meanwhile, continue to have doubts about how well the Democrats and Republicans would represent crypto interests in the US. “I’m not confident that either party would be good for crypto. Though it definitely feels worse now than last presidency,” one user stated, as another pointed out that the new rules raise privacy concerns. “US devotion to income tax means they can NEVER accept private transactions on public ledgers without tax

In response to the most recent cybersecurity incident at Kroll, the bankrupt cryptocurrency exchange FTX has temporarily blocked the accounts of impacted users’ access to its claims system. Following the latest hack, FTX made the announcement on X (previously Twitter) as a preventative measure to stop upcoming instances or further damage. Users were strongly cautioned against making changes to their claims or the agreed-upon timelines in light of the occurrence.According to FTX, all claim information submitted via the Kroll client claims site is safe and accurate.Kroll was the target of a hack that revealed non-sensitive information related to claimants interested in the bankruptcy case. Kroll is the appointed claims and noticing agent for FTX’s current bankruptcy proceedings.Kroll responded by assuring FTX that it was actively managing the matter and will continue to keep an eye on it.Following this guarantee, FTX provided proof by confirming that the compromise had no effect on the security of account passwords, internal systems, or financial resources. Kroll is explicitly advising anyone who will be affected to take safety precautions.FTX made it clear that Kroll was not in charge of handling FTX account passwords and that its internal systems were unaffected.But blockchain expert ZachXBT confirmed that phishing emails had begun reaching FTX clients, indicating that their personal information may have been hacked.

The chief technical officer of stablecoin issuer Tether, Paolo Ardoino, recently had to respond to online claims regarding pictures of enormous industrial containers, which forced him to dismiss inquiries about where Tether is mining Bitcoin. In a post on X (formerly Twitter) on August 26, Ardoino addressed the questions raised by the image he posted on August 24.Many people were confused by the image, which showed a canister with a modified Tether Energy logo. He explained that the image depicts a control room at one of Tether’s Bitcoin mining facilities that it is currently finishing up and will shortly start using.Responding to many users who had asked about the location, Ardoino was certain that he would not reveal it.He did state that the location of the site is somewhere in South America, but he withheld any other information for security reasons. “Where? In LATAM. We tend to not share exact locations to avoid personnel harassment, a valid concern given the amount of detractors obsessed with Tether,” he declared, admitting that it has led to many Tether skeptics questioning its legitimacy. “You can almost hear some of them screaming: ‘NOOOOOOOO if you don’t tell

As the company deals with recent legal issues, the payment industry heavyweights Visa and Mastercard cutting back their relationships with Binance isn’t shocking, but it is unlikely to affect the crypto exchange’s market dominance.The U.S. Securities and Exchange Commission (SEC) has filed many charges against Binance, the largest cryptocurrency exchange by trading volume, including claims that it deceived investors about the risks of the company and operated an unregistered business.In addition, the exchange is facing penalties from the U.S. Commodity Futures Trading Commission (CFTC) for what it claims a “willful evasion” of American law. The US Department of Justice is apparently considering filing a fraud charge against Binance and is also investigating into the exchange.According to Dave Weisberger, CEO and co-founder of CoinRoutes, the decision by well-known corporations like Visa and Mastercard is not surprising given all the legal issues Binance is currently experiencing. “It’s unsurprising that payment processors want to distance themselves from that,” he said. According to reports, Visa stopped issuing new co-branded cards in Europe with Binance.Without giving any other information behind the decision, a Mastercard spokeswoman told CoinDesk that the company’s ties with Binance have come to an end.“We had four pilot programs in the market with them – Argentina, Brazil, Colombia and Bahrain. This decision applies to each of these Binance programs. There is no impact on any other crypto card program,” the spokesperson said. The Binance Card will no longer be accessible to users in Latin America and the Middle East, according to a statement made by Binance on the social networking site X (formerly known as Twitter).Given the crypto exchange’s broad global reach, the move is unlikely to reduce its market share. “It’s

Following the reported theft of about 16 trillion PEPE tokens, Jeremy “Pauly” Cahen, a former Pepecoin booster turned crypto influencer, has accused the Pepecoin crew of insider trading.Pauly is currently disclosing the identity of team members and their financial activity. On-chain experts also highlight major insider Pepecoin transactions. Pauly revealed that the Pepecoin team has about $16–17 million in PEPE tokens spread across nine wallets in an update on August 26.Unexpectedly, the insiders decided not to sell their stakes.Instead, they created a sizeable short position by strategically offloading PEPE from a wallet on a centralized exchange (CEX). “I’ll likely be working with multiple branches of law enforcement to ensure that @degenharambe & the rest of his partners on the @pepecoineth team get brought to justice as soon as possible. Their greed & crimes have caused undue harm to many.”he said. Additionally, he outlined the transaction activity of various members of the Pepecoin team and disclosed personal information about them.Pauly claims that the Pepecoin team is taking advantage of the community and that their claims about multisig wallets and PEPE holdings are completely untrue. Yazan, an on-chain analyst, claims that insider selling of PEPE holdings has started, with 400 billion PEPE or more already sold, coinciding with Pauly’s exposure of Pepecoin team members.Yazan has responded by urging cryptocurrency exchanges like Binance and OKX to put safeguards in place to stop insider transactions. Due to selloffs carried out by the team, Pepecoin’s price has taken a bearish turn and fallen by 15%.The PEPE price witnessed a fall despite a temporary 10% spike, which added to the already pervasive bad feeling in the neighborhood.At the time of writing, CoinMarketCap reports that the price of PEPE is $0.00000090, a 7% drop from the previous day.

According to John Deaton, if Bill Hinman and Jay Clayton had testified in the SEC vs. Ripple Labs case, XRP would have been classified as a non-security from the start. According to pro-XRP lawyer John Deaton, the Securities and Exchange Commission (SEC) erred in accusing Ripple CEO Brad Garlinghouse of aiding and abetting criminal activity.

Hashdex’s strategy varies from recent filings in that it will not rely on the Coinbase surveillance sharing arrangement and will instead purchase spot Bitcoin through physical exchanges within the CME market.Hashdex, a crypto asset management company, has entered the race for a Bitcoin exchange-traded fund (ETF) spot in the US. For a Bitcoin futures ETF

According to a decision made by the New York bankruptcy court recently, holders of Celsius’ native token CEL were unsuccessful in their attempt to have CEL valued at $0.80, the price that was in effect on the day the crypto lender filed for bankruptcy in July 2022. The company claimed against the token holders that

The U.S. Treasury Department’s latest plan on how to manage digital asset taxes will face a lengthy road as it enters a months-long period of public comments and hearings, as seen by the immediate burst of criticism from the crypto industry. Complaints about the proposal’s reach, in particular how the tax-reporting requirements may include decentralised

The world’s largest cryptocurrency exchange by trading volume, Binance, has gotten in touch with various projects that have tokens with low liquidity in an effort to “enhance their liquidity protection.” “Over the past week, our team reached out to a small number of projects that issue digital assets listed on our platform as part of our ongoing risk management initiative,” a spokesperson revealed via an email. “These projects have relatively lower market liquidity trading pairs and/or a smaller market capitalization, which potentially exposes users

According to a study of open interest in bitcoin (BTC) futures on the Chicago Mercantile Exchange (CME), the unwinding of long positions appears to be nearing its conclusion rather than just getting started, according to a research paper released on Thursday by JPMorgan (JPM).The total amount of derivative contracts, such as options or futures, that are still in effect but have not yet been settled is referred to as open interest. “As a result we see limited downside for crypto markets over the near term,” analysts led by Nikolaos Panigirtzoglou wrote. The correction in crypto markets in August, “which reversed the post Securities and Exchange Commission (SEC) versus Ripple court decision rally” can be partly credited to the “broader correction in risk assets such as

Due to the country’s regulatory framework, Bitstamp said it will be discontinuing its staking service in the U.S. as of September 25. Staking has been heavily criticised by the Securities and Exchange Commission (SEC), which claims it satisfies the Howey Test’s conditions for investment contracts. Following a meeting behind closed doors, Kraken decided to end

According to a recent post by Binance’s customer service team on X, formerly Twitter, the company is ending support for its cryptocurrency-backed debit card across Latin America and the Middle East. The bitcoin exchange reiterated that the card service would end in the Middle East on August 25 and in Latin America on September 21.

After revoking the FTX founder’s bail just weeks before his trial, a federal judge allowed Sam Bankman-Fried’s attorneys to visit their client in jail, according to an order made public on Wednesday.The court decreed that Bankman-Fried’s legal representatives “can take unlimited advantage of the legal visitation hours” at the Metropolitan Detention Center (MDC) in Brooklyn, New York, to get their client ready for a trial that will last for many weeks and start on October 3.The judge stated in the ruling that Bankman-Fried will have “frequent access” to a computer to review discovery materials and that he has the option to request that “selected materials” be loaded onto hard drives for his inspection. Other adjustments provided by the New York Bureau of Prisons are also included in the ruling, but they were redacted in a letter submitted by the prosecution last week.The defense requested that Bankman-Fried be moved to a lower-security jail in Putnam County, two hours north of New York City, or released for daily sessions with his attorneys at their Manhattan office, but Judge Lewis Kaplan’s concessions fell short of these demands. Following the judge’s ruling that the former executive had repeatedly broken the terms of his bail by seeking to contact witnesses who were supposed to testify against him, Bankman-Fried was sent to a maximum security jail two weeks ago.The crypto kingpin was censured by authorities for speaking to one of his former executives earlier this year while using a virtual private network (VPN).Months later, he received a similar reprimand for allegedly leaking the journal entries of former Alameda Research CEO Caroline Ellison to the New York Times in an effort to intimidate Ellison, according to the prosecution.

Following news that cryptocurrency exchange Nexo has incorporated the Near network, the price of NEAR, the native token of the Near Protocol, has increased by 5% over the past 24 hours. On that exchange, users can now deposit and withdraw NEAR. The significant gain occurs as the overall crypto markets are declining. Despite today’s increase,

Because traders are looking to profit from price changes rather than adopting a buy-and-hold strategy, the general market bearishness has put pressure on tokens that could have otherwise been supported by favourable fundamentals. According to data, XRP, one of the largest coins in the world by market capitalization, has lost almost all of its gains

Sam Bankman-Fried plans to contend that he acted in “good faith” when he loaned money to FTX and Alameda officials, put Signal messages to auto-delete, and established a number of North American businesses because he was doing so on the advice of attorneys, notably the law firm Fenwick & West.In a statement sent by the FTX founder’s defense team on Wednesday, they described their intended “advice of counsel” strategy and stated that they will present proof that both in-house and Fenwick attorneys “were involved in reviewing and approving decisions related to these matters.” “Evidence of the defendant’s reliance on counsel is relevant to the question of intent and is not limited to situations where the defense can establish that the defendant formally sought out the advice of counsel, received legal advice, and followed the advice given,” the letter said. The letter disputed the Department of Justice’s demand for more defense-related information, noting that prosecutors had previously resisted the defense team’s fruitless attempt to obtain information from the law firm. Bankman-Fried showed up in court on Tuesday to enter a not guilty plea to the most recent superseding indictment against him, which alleged conspiracy and wire fraud.He will stand trial at the beginning of October.

The Federal Bureau of Investigation (FBI) warned on Tuesday that North Korean hackers might try to cash out stolen bitcoin (BTC) worth more than $40 million.The FBI said that the Lazarus Group, based in North Korea, and APT38 were responsible for a slew of cryptocurrency attacks earlier this year, including the theft of $60 million from payment processor Alphapo and the $100 million heist of Atomic Wallet. The FBI identified the two organizations as the perpetrators of the $100 million-plus Horizon Bridge hack from the previous year in January.The FBI advised cryptocurrency companies against communicating with six wallets that were linked to the hacker groups and contained a combined total of 1,580 bitcoin ($41 million). “The FBI will continue to expose and combat the DPRK’s use of illicit activities—including cybercrime and virtual currency theft—to generate revenue for the regime,” it said.

Recently, the prestigious UK university Imperial College London and the fintech company FluidAI established a strategic relationship. The partnership uses cutting-edge artificial intelligence (AI) technology to identify and address inefficiencies in the market for digital assets. The main objective of this collaboration is to address the sporadic liquidity problems that are present in the crypto

Anchorage Digital has been chosen by cryptocurrency exchange EDX Markets, which will debut its clearinghouse operation later this year and is backed by Wall Street heavyweights like as Citadel Securities and Charles Schwab, to offer custody. The clearinghouse will assist in settling trades that were matched on EDX. The “ideal partner,” according to EDX CEO

Komainu, the joint venture between Nomura, Ledger, and CoinShares for cryptocurrency custody, has been granted an operating permit by the Dubai-based Virtual Asset Regulatory Authority (VARA).According to a statement from the company, Komainu can now provide clients in the emirate with its full range of custody services, including institutional staking and collateral management, through its Komainu Connect platform.While they are still in segregated custody and are verifiable on-chain, the platform enables clients to deploy their digital assets in collateralization scenarios. The area has been working hard to draw cryptocurrency industry.The UAE announced VARA as the first autonomous cryptocurrency regulator in the world in March 2022.Earlier this month, VARA issued an operating license to Laser Digital, the Nomura company that deals in digital assets.The biggest cryptocurrency exchange in the world, Binance, was granted a license to operate in Dubai in July. “We see tremendous opportunities to scale our business here amid a significant boom in assets driven by fund formation and exchange launches,” said Sebastian Widmann, head of strategy at Komainu. Launched in June 2020, Komainu offers custody services to enterprises, government organizations, financial institutions, asset managers, and exchanges.

One of the most well-known cryptocurrency exchanges in India, CoinDCX, is laying off around 12% of its workforce as a result of the prolonged bear market and India’s tax laws, which are hurting earnings.71 employees of the exchange are being let go because their positions don’t align with the company’s current business aims, a company representative said in an interview on Tuesday.About 590 people work for the Mumbai-based business that Neeraj Khandelwal and Sumit Gupta launched in 2018.The job losses had an effect on numerous teams. A 30% tax on cryptocurrency revenues as well as the more contentious 1% tax deducted at source (TDS) on all transactions starting on February 1, 2022, are among the onerous taxes India has imposed on cryptocurrencies.Trading volumes and revenue have been badly hurt by the TDS in particular and the global bear market in cryptocurrencies, forcing the nation’s crypto exchanges into survival mode.In May, Khandelwal said in an interview that CoinDCX has the funds to sustain itself for four years. “Startups and businesses globally are going through challenging times due to tough macro conditions, more so in crypto because of the prolonged bear market and impact of TDS on domestic exchanges,” the company said in a statement. “These factors had a significant impact on our volumes and

Thailand’s Ministry of Digital Economy and Society (DES) has warned Meta’s (META) Facebook to reduce the volume of fraudulent cryptocurrency investment scams being marketed on the platform or risk being ejected from the nation.According to a statement posted on the Ministry’s website, more than 200,000 people have been impacted by these fake adverts.The DES Minister, Chaiwut Thanakmanusorn, has asked a Thai court to draft an order that would shut down Facebook by the end of the month if the social media site disobeys. According to prior reports, Facebook (formerly known as Meta) has steadily loosened its prohibitions on blockchain- and cryptocurrency-related advertising by extending the requirements and accepting regulatory licenses.The company was accused of engaging in false, misleading, or deceptive behavior by publishing fraudulent cryptocurrency adverts linked to well-known Australian celebrities, and the Australian Competition and Consumer Commission filed a lawsuit against them in March 2022.

The Friend.tech project, which has recently attracted a lot of interest in the cryptocurrency world due to its explosive financial growth, is currently under fire due to security and data leak issues. Over 100,000 Twitter accounts linked to certain wallet addresses, according to a tweet from Cos, may have been compromised, alarms were raised. As

After the U.S. Trustee objected to an earlier request, bankrupt cryptocurrency exchange FTX changed its motion for settlement, according to a court document made on Sunday. Although the FTX debtors criticised the U.S. Trustee as the “sole objector to the Motion” and accused it of trying to “inject itself into a routine settlement process that

Beginning on September 1, new clients will need to finish level 1 know-your-customer (KYC) verification. Regulators frequently lambast cryptocurrency exchanges for what they claim is a lack of KYC checks, claiming that this encourages fraud, money laundering, and terrorism financing. The Seychelles-based cryptocurrency exchange Bitget will start next month with stricter know-your-customer (KYC) procedures for

Gemini, a cryptocurrency exchange, has submitted a reply brief in an effort to have the case against the Securities and Exchange Commission of the United States (SEC) dismissed. According to the lawsuit, Gemini Earn, a program that lets users lend digital assets like Bitcoin to Genesis, violated securities laws by providing unregistered securities.Gemini asserted that the SEC has not made a clear claim, according to court documents submitted on August 18 to the U.S. District Court for the Southern District of New York.The complaint claimed that the SEC has not made explicit the standards for alleging a violation of the securities act, saying that section 5 is “not difficult to understand.” “The fact that the SEC cannot decide what is the security at issue only underscores the weakness of its position.” Furthermore, it contended that the SEC should put forth simple tests to evaluate whether it meets the requirements for being a security rather than presenting “convoluted analyses” to the court.It raised a number of queries, such as: When was the supposed security sold? One who purchased?The seller’s name was?What was the cost, either offered or imposed? The SEC, according to Gemini, must first identify the sale or offer to sell the unregistered security before highlighting the registered one.It stated that the SEC had not accomplished this.“However, the SEC has not met that burden, and its opposition avoids the question before the court,” the filing stated. Gemini requested that the SEC dismiss the complaint on May 27 in a court filing where it claimed that transactions made through the Gemini Earn program were effectively loans.An assertion that the SEC is altering its defense as the lawsuit progresses was made on X (formerly Twitter) on August 19 by Jack Baugham, a founding partner of JFB Legal, the firm that represents Gemini. “The SEC is floundering. They can’t even decide what the

David Schwartz, the chief technology officer of Ripple Labs, recently provided an update that highlighted a recent event regarding the appeal of the US Securities and Exchange Commission (SEC). According to Schwartz, the SEC believes that the legal case has not yet come to a conclusion and is therefore requesting an appeal at this particular