Government Financial News

09.02 / 21:42

Government coinbase PAC Support Coinbase forms a second PAC to support crypto-friendly candidates

Crypto exchange Coinbase has filed for a political action committee reportedly to support "crypto-forward lawmakers" ahead of the 2022 midterm elections in the United States.

09.02 / 20:04

Government CFTC Congress Bringing crypto market 'into the light' doesn’t address enforcement: CFTC chair

Commodity Futures Trading Commission chair Rostin Behnam is looking to members of Congress to address the commission’s lack of enforcement authority in the digital asset space.

08.02 / 21:19

Government Stablecoin Congress lawmaker hearing US lawmaker pushes for state-level regulations on stablecoins at hearing on digital assets

Whether regulations on stablecoins and digital assets should be addressed at the state or federal level was the topic of discussion among at least two U.S. lawmakers in a hearing for the House Committee on Financial Services.

08.02 / 17:29

Government proof-of-work Court Bitcoin Crypto Staking settlement No precedent: IRS court settlement doesn't clarify crypto staking taxes

In May 2021, a Nashville couple known as the Jarretts filed a lawsuit against the United States Internal Revenue Service (IRS) over taxes they had paid on unclaimed and unsold Tezos (XTZ) staking rewards. At the beginning of February,news broke that the lawsuit filed by the Jarretts had come to an end, resulting in the IRS issuing the couple a tax refund for $3,793.

07.02 / 13:31

Government Taxes Bitcoin Venezuelans reportedly hit by new Bitcoin tax of up to 20%

The Venezuelan government has approved a new tax bill aiming to collect up to 20% in taxes from cryptocurrency transactions, according to local reports.

05.02 / 17:59

Government Law SEC Threat SEC rule Stealth rulemaking: Is proposed SEC rule with no mention of crypto a threat to DeFi?

On Jan. 26, the United States Securities and Exchange Commission proposed amendments to Rule 3b-16 under the Exchange Act that lacks any mention of digital assets or decentralized finance, which could adversely affect platforms that facilitate crypto transactions. Some cryptocurrency advocates — including SEC Commissioner Hester Peirce — believe that the commission’s extended definition of an exchange could thrust an entire class of crypto entities under the regulator’s jurisdiction, subjecting them to additional registration and reporting burdens. How real is the threat?

05.02 / 17:59

Government Blockchain Ethereum 3 things every NFT investor should know to avoid a tax nightmare

2021 will be remembered as the year of nonfungible tokens (NFTs). In a year where names like Beeple and Bored Ape Yacht Club dominated the headlines, it’s estimated that NFTs have generated more than $23 billion in trading volume.

05.02 / 01:33

Government Law privacy America COMPETES Act passes House without 'disastrous' provision on crypto

A piece of legislation aimed at addressing supply chain issues to keep the U.S. economy and businesses competitive has passed the House of Representatives — without a provision many in the crypto space had criticized for giving the Treasury Secretary authority to shut down exchanges.

03.02 / 20:51

Government IRS Taxes lawmakers US lawmakers US lawmakers reintroduce bill to stop IRS from taxing crypto transactions under $200

A bill previously introduced by Washington Representative Suzan DelBene aims to exempt crypto users from paying taxes on transactions under $200.

03.02 / 07:25

Government Adoption regulation ‘Philly is ready’ for CityCoins says city council

Philadelphia is on the cusp of following in the footsteps of Miami, Austin and New York City by partnering with CityCoins to develop a crypto for the city of Brotherly Love.

02.02 / 13:32

Government Adoption Gemini Bitcoin tax evasion Colombia clamps down on crypto tax evasion as adoption thrives

Down in Bogotá, cryptocurrency adoption is raging on. Colombia’s tax authority, the DIAN, (Dirección de Impuestos y Aduanas Nacionales de Colombia) has begun to catch up. It seeks to take “special measures” to crack the whip on cryptocurrency tax avoiders.

02.02 / 13:31

Facebook Government Stablecoin Bitcoin Diem stablecoin co-founder praises Bitcoin for censorship resistance

Shortly after Meta, formerly Facebook, officially gave up on its stablecoin Diem, some of the key people in the project have become increasingly vocal about the uncensorable nature of Bitcoin (BTC).

02.02 / 00:39

Government regulation SEC SEC's proposed rule on exchanges could threaten DeFi, says Crypto Mom

Hester Peirce, a commissioner for the U.S. Securities and Exchange Commission known by many in the space as Crypto Mom, is warning that a proposed rule from the agency could potentially affect the regulation of firms involved with decentralized finance.

01.02 / 01:19

Government Law Law Decoded: Russia flounders, America competes, IMF keeps fuming, Jan. 24–31

One of the most fascinating implications of the collision between traditional political institutions and the crypto space is how it can reveal the glaring lack of cohesion within power systems that otherwise look monolithic. Digital assets reside in a parallel policy dimension where neither a centralized consensus nor a clear rulebook exists, leading to a surprising variety of voices and opinions emerging in the absence of a politically coordinated course. Last week, a rare lively policy debate broke out in Russia in the aftermath of its central bank’s attempt to promote a hardline stance on crypto. One does not often see such a public interagency disagreement on substantive issues.

31.01 / 15:31

Government Adoption Bitcoin El Salvador president predicts ‘gigantic price increase’ for Bitcoin

Salvadoran President Nayib Bukele has made yet another bullish Bitcoin prediction soon after the International Monetary Fund urged his government to remove Bitcoin’s status as legal tender.

31.01 / 12:31

business Government Blockchain Safeguards UNICEF calls for child safeguards amid mainstream crypto adoption

The United Nations Children's Fund has called for incorporating child safeguards into online child protection initiatives, citing financial and exploitative threats posed by unregulated crypto markets.

28.01 / 17:39

Government advertisement Clampdown on crypto ads: A one-off or a new phase of global regulation?

Over the last week, regulators in three major jurisdictions across two continents introduced new rules governing cryptocurrency-related promotions and advertisements. Citing consumer risks associated with digital asset investments, authorities in the United Kingdom, Singapore and Spain tightened the requirements around crypto firms’ marketing messaging and customer recruitment practices. While some experts view this emerging trend as a sign of a new global phase of cryptocurrency regulation, questions about the efficiency and universal applicability of this approach persist.

27.01 / 17:27

Government Law Ban Central bank overkill: Russia’s proposed crypto ban and why everyone’s against it

On Jan. 20, the Central Bank of Russia (CBR) issued a report summarizing its position on digital assets and proposing a ban on any crypto trading and mining operations in the country. Although the CBR’s strict position on the matter was never a secret, such a bold statement triggered waves of fear, uncertainty, and doubt — otherwise known as FUD — across the board, given Russians’ high rates of involvement in the global digital assets market.

27.01 / 17:09

business Government Blockchain Bitcoin Crypto industry seems willing to adopt FATF travel rule: Survey

The cryptocurrency industry is eager to comply with the Financial Action Task Force's (FATF) so-called Travel Rule, and appears willing to work with regulators in order to expedite the process, a new survey found.

27.01 / 15:31

Government Law Ban Framework regulatory Russian Finance Ministry submits crypto regulatory framework for review

In a new twist of the Russian crypto regulation saga, the country’s Ministry of Finance has come forward with an initiative that stands in stark contrast with the central bank’s hardline position.

26.01 / 21:27

Government Law privacy Crypto Policy Crypto policy advocacy group warns of 'disastrous' provision in a new US bill

Jerry Brito, the executive director of non-profit crypto policy advocate group Coin Center, suggested U.S. residents call their elected officials over possible privacy and due process concerns in a new bill proposed by House leaders.

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