Crypto Market in Recovery Mode After ‘Fake’ News Volatility Amidst Increased Regulatory Scrutiny

The mainstream media outlets decry crypto after jumping fast on the fake Walmart press release announcing support for Litecoin payments while CT started dissecting the news right from the moment it got published and declared it “fake.”

The crypto market had a rough Monday as rumors of crypto derivatives exchange FTX being hacked floated on Twitter which turned out to be fake.

FTX CEO and founder Sam Bankman-Fried then took to Twitter to clarify that,

“For those who don’t know, Bitcoin withdrawal processing involves combining together UTXOs from deposit addresses etc; a few days ago we consolidated some UTXOs into an address to make processing quicker.”

Before this, Litecoin (LTC) pump and dump news shook the market as crypto asset prices experienced a bout of volatility. Today, we are back on track, i.e., upwards with Bitcoin (BTC) trading above $46k, Ether (ETH) $3,300, and the total market nearly at $2.2 trillion.

However, the mainstream media outlets picked up on the fake Walmart press release announcing support for Litecoin payments pretty quickly.

This news sent the price of Litecoin up by more than 30%, only to tumble back on the ground after it became clear that the press release sent out by GlobeNewswire was fake. Walmart spokesman also confirmed the inauthenticity of the PR.

GlobeNewswire then issued a “notice to disregard” the original release and said that a fraudulent user account was used to issue the release. A spokesperson said,

“This has never happened before, and we have already put in place enhanced authentication steps to prevent this isolated incident from occurring in the future.”

“We will work with the appropriate authorities to request – and facilitate – a full investigation, including into any criminal activity associated with this matter.”

Even the Litecoin Foundation tweeted out the fake news, which was then quickly deleted. In a statement, the Litecoin Foundation said one of their social media team members “was a little too eager” and shared the story and that they have taken steps to correct the future issues.

Charlie Lee, the creator of Litecoin and managing director of the Litecoin Foundation, also described the incident as an “unfortunate situation.”

The Crypto community started dissecting the news right from the moment it became public and already declared it “fake” with Neeraj Agrawal of CoinCenter noting how it was not in Walmart’s newsroom, the wire account for “Walmart Inc” didn’t post anything, and Walmart’s contact email in the PR was owned by a squatter. Not to mention, ​​the retail giant’s email domain used in the PR was registered just last month and didn’t link back to any official website.

In the aftermath, mainstream media is now talking about the industry needing regulatory oversight.

“It’s hard to know what’s legitimate in the anything-goes world of cryptocurrencies,” reads an opinion piece on Reuters.

Bloomberg also wrote that the incident “will only add to the perception that cryptocurrency is at best a play thing for investors and at worst a hotbed of corruption.”

Meanwhile, the article on Reuters talked about US regulators routinely cracking down on such scandals in the stock market and expects similar enforcement here.

“This happens with the regular stock market also. It happens a lot more with the regular stock market than with crypto,” said Litecoin creator Lee.

The Securities and Exchange Commission, meanwhile, has said it does not comment on such matters.

SEC Chair Gary Gensler has recently called crypto the “Wild West,” adding,

“This asset class is rife with fraud, scams, and abuse in certain applications. We can do better.”

Regulators around the world have already increased their scrutiny of the cryptocurrency industry and are working on trying to strike a balance in regulating the market to protect investors and punish the wrongdoers while ensuring that innovation continues to flourish.

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Author: AnTy

UAE Adopts Regulatory Framework for Crypto Assets

The National Committee for Combating Money-Laundering and Financing of Terrorism and Illegal Organisations of United Arab Emirates (UAE) endorsed a regulatory framework for crypto assets, said the central bank.

The committee tasked with fighting money laundering has the Central Bank of the UAE as one of its members. On Wednesday, it announced,

“The adoption of a regulatory framework for virtual assets in the UAE, concordant with approved anti-money laundering and combating the financing of terrorism standards.”

The statement said that both the Gulf state’s central bank and the Securities and Commodities Authority (SCA) had been tasked with overseeing the implementation of the rules.

The central bank of the UAE further said that this regulatory framework is just “an initial step in providing comprehensive regulation of virtual assets” and to safeguard the investors and financial system from the risks of money laundering and terrorist financing.

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Author: AnTy

Ether Fees Skyrocket During Flash Crash Making it Deflationary, SOL Provides an Opportunity to Those Who Missed ETH

The flash crash on Tuesday saw Ether falling to $3,000 after hitting $4,030 just four days back. Momentarily wiping out all the progress made in the past month, Ether is currently above $3,400.

ETHBTC also went down to 0.0694 and is currently around 0.0737.

Before the crash, the amount of ETH open interest reached a new all-time high at $11.62 billion, growing by more than $3 billion in just 6 days of this month.

This rapid rise in ETH OI was likely aided by high amounts of leverage as the more the traders became bullish about ETH’s future, they began to take out leveraged long positions, anticipating that the price would continue to rise.

Before the crash, ETH perpetual futures funding rates ticked up to their highest levels since May. The fact that a growing amount of long contracts were willing to pay the funding rate in order to remain open shows a sign of positive market sentiment for the cryptocurrency.

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With ETH seeing significantly more futures trading volume than spot trading volume, like most cryptos, it made the crypto asset susceptible to these types of crashes, as was also seen in May.

But while leverage flushes are painful in the short-term, they are typically healthy over the long-term as some of the riskier contracts are flushed out of the system and reset to healthier levels creating a more solid foundation for the next leg up.

Unlike the prices, underlying fundamentals remain unchanged. Ethereum added more than 6.2 million addresses holding 0.01-1 ETH since the start of 2021, showing that user adoption is growing at a rapid rate.

But one effect of this crash was high fees on the network, which, while negative for the users, is good for the network ever since EIP 1559 implementation earlier last month.

ETH gas prices spiked trading activity, and transfers picked up during the sell-off. NFT mania meanwhile continued with the launch of a new project called “the Sevens.”

These high fees translated into negative ETH issuance during many blocks of Tuesday. This was the second deflationary day for ETH after Sept. 2nd when $54 mln of ETH was burned. So far, overall, 240,135 ETH has been burned worth $816 million.

The average transaction fee had surged past $63, near the May 19 all-time high of $70.83, according to Blockchair. As of writing, it is $38.47, while the cheaper and faster alternative Solana currently costs 0.000005 SOL per transaction worth $0.00080 at the current SOL price of $155.21. SOL 10.92% Solana / USD SOLUSD $ 192.18
$20.9910.92%
Volume 13.21 b Change $20.99 Open $192.18 Circulating 292.84 m Market Cap 56.28 b
8 h FTX Intensifies its Marketing Efforts with A New Ambassador and Shareholder, NBA’s Stephen Curry 9 h Ether Fees Skyrocket During Flash Crash Making it Deflationary, SOL Provides an Opportunity to Those Who Missed ETH 1 d Bitcoin (BTC) Finally Records Inflows After 8 Weeks, Solana (SOL) Remains the Favorite Altcoin

Ethereum competitor Solana also showed its resilience during this flash crash, yet again. Tuesday, SOL made a new all-time high at $195.5, up from $1.52 on January 1st. The same day, the price fell more than 31% to $134.4, only to surge to a new ATH at $200 on Coinbase.

Meanwhile, British banking giant Standard Chartered in its first report on crypto on Tuesday, valued Ether in a $26,000-$35,000 range in the long term adding, for Ether to get there, Bitcoin needs to first trade at $175,000. BTC -1.51% Bitcoin / USD BTCUSD $ 46,137.85
-$696.68-1.51%
Volume 48.96 b Change -$696.68 Open $46,137.85 Circulating 18.81 m Market Cap 867.88 b
6 h UK Bank Standard Chartered Publishes Bullish Ethereum Prediction; ETH to $35k If BTC Hits $175k 6 h LATAM’s Crypto Adoption: Panama Introduces Bill to Regulate Crypto and Recognize BTC and ETH as Payment Methods 9 h Ether Fees Skyrocket During Flash Crash Making it Deflationary, SOL Provides an Opportunity to Those Who Missed ETH

While Ether’s price prediction shows it having “greater” reward potential than Bitcoin, it also has “higher” risk in terms of “relative complexity” and “uncertainty” around its development, the report added.

On the other hand, according to John Street Capital, a lot of parallels have been drawn between SOL on Tuesday when it hit new ATHs and when ETH crossed $100.

“ETH found PMF w/ ICOs & for those who “missed” BTC. SOL is finding PMF w/ DeFi NFT’s & for those that missed ETH or remain ideologically flexible,” it said while noting that SOL is a much smaller percentage of Bitcoin and of the total market cap than Ether was while having “greater utility” than the second-largest cryptocurrency had in Q2 of 2017.

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Author: AnTy

DeFi Rallies Towards New Highs As Multiple Layer 1 Blockchains Amaas $50 Bln in TVL

The decentralized finance (DeFi) sector has started to go up, yet again.

DeFi tokens are in the green, gradually moving up with Perpetual protocol (PERP), leading the gains up 16% in the past 24-hours. Popular DeFi coins, PancakeSwap, AMP, Thorchain, Synthetix, Bancor, Curve, Swipe, Alpha, Venus, Polkastarter, and Akropolis are also up 5% to 10%.

This has the total DeFi market cap climbing towards its all-time high of almost $150 bln from mid-May, according to CoinGecko. As of writing, the market cap is above $143 bln.

But it is the total value locked (TVL) in the sector that is rising even more rapidly, which has surpassed the May peak of $156.2 bln last month, as per DeFi Llama. Currently, the TVL of the entire sector is sitting at almost $180 bln, with Aave contributing the highest at $16.33 bln.

In terms of layer 1 blockchains, Ethereum is a clear winner with roughly $131 bln in TVL, followed by Binance Smart Chain at $19.32 bln. Other popular blockchains with smart contract capability attracting the most capital include Terra $7.63 bln, Polygon $5.28 bln, Solana $4.81 bln, Avalanche $2.42 bln, and Fantom $1.25 bln.

Binance and Polygon are the only ones that are about 40% down from their ATH TVLs, while others are hitting new highs.

Deflationary Pressure

With these latest uptrends, DeFi is actually catching up to the rest of the market, with the overall market capitalization of crypto reaching $2.45 trillion, just inches away from May 12 ATH of $2.55 trillion.

Ether, in particular, has been rallying for the past month thanks to being the popular chain for the latest mania in town NFTs.

Ether briefly hit $4,000 late Friday and is currently trading around $3,950.

Besides NFTs, the London upgrade early in August, which implemented EIP 1559, is another factor behind its success as it reduced Ether’s supply increases and, at times, even making it deflationary.

Since the EIP 1559 upgrade a month ago, more than 212,000 ETH worth $714 mln has been burned, “resulting in continued disinflationary pressure on the Ethereum supply,” the Fundstrat crypto team wrote in a note Friday.

Onto New Highs

The breakout in Ethereum has cascaded into other cryptos and is also expected to help Bitcoin lead the way now.

The gains recorded by the leading cryptocurrency have been relatively smaller than its peers. But BTC also jumped $52,000 early on Monday and is hovering around this level now.

“Hold $50,000 and I expect Bitcoin to have another leg up to $60,000 and test the April highs,” said Antoni Trenchev, co-founder of crypto lender Nexo. But Bitcoin “needs to start closing above $50,000 and settle in the early 50s to temper concerns that this is a double top and we’re heading down to $30,000 again,” he said.

Amidst this, users on platforms including Reddit and Twitter are discussing plans to buy $30 worth of BTC en masse on Sept. 7 to mark El Salvador’s law-making Bitcoin a legal tender coming into effect.

El Salvador has already begun installing Bitcoin ATMs for the conversion of the token into USD, and Congress has approved the creation of a $150 million fund to back conversions.

Meanwhile, USD went back above 92.2 to start the week after dipping to 91.941 for the first time since August 4. Benchmark 10-year US Treasury yields firming to over a week high helped boost the dollar. US markets are shut for Labor Day.

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Author: AnTy

Uniswap Labs, Startup Behind Powerhouse DEX, is Being Investigated by the SEC: Report

The US Securities and Exchange Commission (SEC) is investigating Uniswaps Labs, the startup behind the leading decentralized exchange (DEX), reported The Wall Street Journal on Friday, citing people familiar with the matter.

According to the report, enforcement attorneys are seeking information about how people use the DEX and how it is marketed.

The agency, however, didn’t confirm or deny the investigations to the news outlet. But the report says the investigation appears to be in its early stages and may not even result in any formal allegations of wrongdoing.

This comes as regulators probe further into the cryptocurrency market, going for the decentralized protocols which don’t have any middleman and provide direct access to investors without any broker.

SEC Chair Gary Gensler recently said that decentralized finance (DeFi) projects are not immune from oversight. He also called on lawmakers to give the SEC more power to oversee these platforms.

The absence of clear investor protection obligations means “the investing public is left vulnerable,” said Gensler this week.

Gensler has repeatedly said that the agency could regulate DeFi, and they even have a “fair amount of centralization” in terms of governance, fees, and incentives and called DeFi a “bit of a misnomer.”

Uniswap Labs, however, is “committed to complying with the laws and regulations governing our industry and to providing information to regulators that will assist them with any inquiry,” a Uniswap Labs spokesperson told The Journal.

“They went after a company building software. They don’t operate the exchange. It’s a very shitty precedent,” commented Banteg, a lead developer of DeFi blue-chip Yearn Finance. “Probably every DeFi project got hit at this point, even NFTs and full decentralization didn’t protect Uniswap.”

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Author: AnTy

BIS and Hong Kong Regulator To Launch Green Bonds on the Blockchain

The Bank of International Settlements (BIS) is continuing its focus on blockchain technology.

In its new initiative, the agency’s Innovation Hub has partnered with the Hong Kong Monetary Authority (HKMA) to examine the possible impacts of tokenized green bonds.

Using Blockchain to Help the Planet

Also known as climate bonds, green bonds are fixed-income instruments linked to environmental and climate change solutions. They are usually asset-linked and backed by the balance sheet of the issuing entity. So, they tend to carry the same credit ratings as their issuers’ debts.

In its announcement, the BIS introduced Project Genesis, a collaboration with the HKMA to launch a prototype digital infrastructure. The project is expected to enable sustainable investments while examining the transparency of proceeds allocation. The agencies believe that blockchain-based bond tokenization will allow investors to buy small denominations of the assets, thus boosting investment.

Besides spurring investment, the tokenized green bonds will also allow investors to track environmental output in real-time. The objective is to help companies meet regional and global environmental standards.

Along with the BIS and HKMA, the tokenized green bonds project is in sync with several other partners. These include GFT Technologies Hong Kong, Swiss-based Digital Asset, the Liberty Consortium, and SC Ventures – the venture capital arm of British banking giant Standard Chartered.

These companies will deploy permissioned blockchains to assist the project. At the same time, Hong Kong-based start-up Allinfra will provide tracking data to help the partners monitor the projects’ real-time environmental impact.

The head of the BIS Innovation Hub Hong Kong Centre, Bénédicte Nolens, explained that the partners would enable investors to provide liquidity for safe government bonds that will go to a good cause by simply downloading an app. Thanks to blockchain capabilities, tracking the bonds and their performance will be transparent.

BIS Looks to Bring CBDCs to Life

Project Genesis will start with design thinking workshops, although development teams are already working on sprints to build the prototypes. Results will be published in Q4 2021.

The launch of the blockchain-based green bonds is the latest blockchain-based affinity for the BIS, which has primarily focused more on central bank digital currencies (CBDCs). Last month, the BIS and the International Monetary Fund (IMF) – published a statement at the G20, arguing that CBDCs are a requirement for global financial developments.

In the joint report, the agencies explained that a cross-border network of CBDCs, which will be underpinned by effective global cooperation and efficient technology, will help the world’s economy.

Amongst other things, the agencies criticized the current cross-border payments system, which remains boggled by long transaction times and high costs as several intermediaries need to process transactions before they are verified. Several intermediaries work across different time zones and banking processes, and corresponding isn’t so easy.

The BIS isn’t just talking but has taken steps to achieve this goal.

In June, its Innovation Hub joined the Bank of France and the Swiss National Bank to test a wholesale CBDC. The project, named “Jura,” will also receive participation from several private companies, led by financial services giant Accenture. Other names include UBS, Credit Suisse, and blockchain giant R3.

The experiment will use two wholesale CBDCs – one pegged to the franc and the other pegged to the euro. Per the report, the exchange will involve exchanging financial instruments against each of the CBDCs via a delivery versus payment settlement structure. Settlement on both sides of the transaction will also be conducted in banks domiciled in both countries.

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Author: Jimmy Aki

NFT Summer: Art Blocks Leads the NFT Mania This Week while an EtherRock Is Now Worth Over $1 Million

The euphoria around non-fungible tokens clearly states that this summer is all about NFTs.

This week, payment processor giant Visa also announced its entry into the NFT space by buying CryptoPunk for $150,000.

Late on Monday, Cuy Sheffield, Head of Crypto at Visa, tweeted that “NFTs represent the intersection of culture and commerce and could play an important role in the future of online retail, social media, and entertainment.”

After bridging the crypto ecosystem and Visa’s global network, the online payments company now wants to participate in adopting NFT-commerce, he added.

Mathew Graham of Sino Global Capital called Visa buying an NFT “a bigger signal” than El Salvador announcing Bitcoin as a legal tender. However, Ryan Wyatt, the head of gaming at YouTube who recently said he is “bullish on NFTs,” doesn’t see Visa’s NFT adoption as edgy.

“I didn’t anticipate a company getting into NFT’s on such a short timeline. It was a brilliant move for them, because their earned media they got today was 100x the NFT acquisition itself,” said Wyatt.

Next month, Christie’s is also set to auction CryptoPunks, Meebits, and Bored Ape Yacht Club NFTs. Ahead of this, every day, the floor prices of these NFTs are climbing through the roof.

The most notable one being digital rocks which are now getting sold for more than a million dollars, while two days ago, the cheapest one was sold for $300k and less than $100k two weeks back.

On Monday, one of the EtherRock collections was sold for 400 ETH or about $1.3 million. With only 100 EtherRock out there, the scarcity of this collection is driving up their value. The website reads,

“These virtual rocks serve NO PURPOSE beyond being able to be brought and sold, and giving you a strong sense of pride in being an owner of 1 of the only 100 rocks in the game.”

But it’s Art Blocks leading the NFT scene this week. NFTs from the Ringers and Fidenza series have made it to the top, now being sold for over $1 million, up from $300k three weeks ago.

However, an NFT avatar named Sirxn 0 – Biobluminescent Sirxn from the GHxSTs collection sold for more than $2 million. But that was before late on Monday, Tyler Hobbs’ Fidenza 313 called “The Tulip” was the first one to be sold for 4-digits, 1,000 ETH worth $3.3 mln.

According to Dapp Radar, while NFTs from the Axie Infinity series generate the most trading volume over the past week, the generative artworks form Art Blocks is closing in as it dominates the top 10 NFT collections.

This top list also consists of CryptoPunks with $47 million in sales and Cyberkongz VX and Cyberkongz, Pudgy Penguins, Generative Masks, and the Gutter Cat Gang collection. Cool Cats, MeeBits, World of Women, and Bored Ape Kennel Club are outside the top 10.

Money Stack, with only 150 unique collectibles on the Ethereum blockchain available, is also capturing the attention this week as they see their floor price slowly rising to 6.5 ETH, a new record.

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Author: AnTy

Bitcoin Stays Above Critical 200-Day Moving Average as DeFi and Meme Coins Pump

The total market value of the cryptocurrency has risen above $2.11 trillion on Monday, down just 19% from its May 12 all-time high of $2.61 trillion.

This spike in the overall crypto market cap came as Bitcoin went above $48,000 only to slide back just under $46k. Reaching the highest level since May 16 is showing its staying power above its 200-day moving average.

To start the week, a US Securities and Exchange Commission (SEC) filing by the Northern Investment Advisors disclosed that the Denver-based wealth management firm increased its Grayscale Bitcoin Trust (GBTC) holdings to 8,955 as of June 30, from 4,811 shares at the March-end.

The second-largest crypto Ether went past $3,345 and is currently trading just over $3,200, last recorded during the May 19 sell-off. ETH/BTC is also maintaining its support at around 0.07.

“Bitcoin continues above its critical 200-day moving average,” wrote Fundstrat strategists in a note Friday. “Also on our radar is Cardano (ADA), which after signaling smart contracts are soon to hit the platform earlier this week is up” significantly.

The biggest gains over the past week have been seen by Ravencoin (65.5%), XRP (64.7%), Axie Infinity (63.2%), Solana (62.7%), Terra (60%), Cardano (52.8%), Waves (51%), Holo (46%), Dogecoin (46%), Arweave (45.2%), and Polygon (42.1%).

And in the past 24 hours, AR, SOL, LUNA, DOGE, and SHIB really started going up.

Trader DonAlt, however, isn’t confident in the bullish market setup given that retail favorites DOGE and SHIB are pumping.

“I’ll give it 10-30 days and will cut every position I’ve got no matter how much I like the setup as we approach that window,” said the trader.

“Hope there is some retail blood left to squeeze otherwise we’ll be the bagholders this time.”

Much like the revival of meme coins, the DeFi ecosystem is also back on track, with the DeFi market cap surpassing $122 billion, the highest level since May 19th and nearing the May 12th peak of $150 billion.

Meanwhile, the latest gains came despite the fact that the amendment in the crypto provision of the trillion-dollar infrastructure bill failed to win as the original bill passed the Senate and is now in the House.

“The price of Bitcoin was surprisingly resilient in the wake of the news,” wrote NYDIG Global Head of Research Greg Cipolaro in a note on Saturday. “We interpreted this price action as extremely bullish,” and, “we think the recognition of the crypto industry by lawmakers was ultimately a legitimizing event, one that should give investors comfort that this industry is here to stay.”

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Author: AnTy

Dogecoin (DOGE) Resumes its Rally as the Meme Coin Heads to the Premier League

The billionaire owner of Dallas Mavericks Mark Cuban comes in support of DOGE yet again, saying it is “spendable, usable, gamified, memified, collectible and fun,” making it the ‘strongest’ cryptocurrency as a medium of exchange.

Watford Football Club players, which became the world’s richest soccer league this year, will wear a Dogecoin (DOGE) logo on their sleeves for the 2021-2022 season as part of their sponsorship deal with gambling company Stake.com, The Athletic reported on Saturday.

The Premier League is a hot target for sponsors due to the fact that it’s the most lucrative soccer league in the world, with 5.86 billion euros ($6.92 billion) of revenue in 2019 – according to UEFA.

Watford, however, is no stranger to crypto as for its 2019/20 Premier League season, it sported a Bitcoin logo on its shirts as part of a sponsorship deal with Sportsbet.io.

Sports and crypto tie-ups are actually becoming more and more common as recently football star Lionel Messi signed a new contract with Paris Saint Germain, and as part of it, he will be paid partly in crypto fan token PSG.

Digital asset exchange Crypto.com is also sponsoring the Aston Martin Formula 1, team.

Cryptocurrency exchange FTX is particularly known for its partnerships which inked a $135 million deal with Miami-Dade County to name the home of the Miami Heat “FTX Arena.” This year, FTX also partnered with Major League Baseball (MLB), eSports Team TSM, NFL quarterback Trevor Lawrence, and more recently signed popular NFL player Tom Brady and Shark Tank’s Kevin O’Leary as an ambassador.

“DOGE Is The People’s Way To Pay”

This time, it’s DOGE, which rallied over 41% in the past week and more than 63% in the last two weeks.

Trading at about $0.34, DOGE is still down 54% from its all-time high in early May. Still, so far, in 2021, it is up a whopping 5,818%.

With a market cap of $44 billion, Dogecoin is currently the 7th largest cryptocurrency. Started as a joke in 2013, Doge is based on Shiba Inu dog, which counts Tesla CEO Elon Musk among its fans.

Billionaire Mark Cuban is another fan who yet again came in support of Dogecoin, saying it is all about the community, and that’s what makes not only DOGE work but also other cryptocurrencies, making DOGE “spendable, usable, gamified, memified, collectible and fun,” he said.

It’s not that Cuban prefers DOGE over BTC,

“They are completely different. But to say DOGE doesn’t have a place is wrong.”

As for 5.2 billion DOGE mined every year, “It’s a declining inflation rate,” which is good for the coin because “Finite supply / Scarcity only works for Stores of Value like BTC. Which is one of the reasons BTC will always struggle to be a currency,” said Cuban.

The owner of Dallas Mavericks further talked about how DOGE is really cheap, where $1 can get one 337 DOGE (at current prices) and “have fun as part of a fun community.”

“I would argue that it is cheaper because the time it takes to figure out how to buy it and the cost associated with buying it is much less. You can buy 25c worth on RH (Robinhood) for 25c.”

The latest discussion began as last week, Cuban announced that they would soon be launching a Mavs summer merch sale with special pricing for those who pay with Dogecoin and said in an interview that dogecoin is the ‘strongest’ cryptocurrency as a medium of exchange.

In response to the Shark Tank investor’s claims, Elon Musk also chimed in with, “I’ve been saying this for a while.”

In a separate tweet, Cuban said while his company allows people to pay in any crypto, 95% of the sales are in DOGE, and while people can argue which crypto is the best, customers have chosen.

“We can argue everything and anything re BTC, but right now DOGE is the people’s way to pay. #DOGEFACTS”

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Author: AnTy

US Treasury Set to Ease Crypto Concerns by Clarifying What A ‘Broker’ Covers

The US Treasury Department is set to clarify what exactly entails “broker” for the purpose of reporting to the Internal Revenue Service after the crypto tax provision of the controversial $1 trillion bipartisan infrastructure bill was passed in its original form that overreaches to cover miners, developers, stakers, and validators to report information on clients to the IRS.

The tax provision is estimated to raise $28 billion over a decade.

The Treasury will clarify that only cryptocurrency companies it considers brokers will need to comply with the proposed IRS reporting requirements. Developers, miners, and hardware and software providers won’t be covered, so long as they don’t act as brokers, reported Bloomberg citing an unnamed Treasury official.

Instead of granting blanket exemptions, Treasury’s guidance would rather focus on how the firms identify themselves. Whether their activities qualify as a broker under the tax code, the official added.

The guidance that could address some concerns of the crypto industry is expected to be made public as soon as next week.

As we reported, two amendments and then a compromise was discussed to remove these parties from reporting only for a lone senator Richard Shelby to end all the development. The original overreaching bill has now made its way to the House, where the crypto community will again work on having a clear definition of a ‘broker.’

The new reporting rules, however, even if signed into law, won’t go into effect until 2023.

During the Senate voting on these amendments, even Treasury Secretary Janet Yellen expressed her support for them. Yellen said in a statement,

“I am grateful to Senators Warner, Portman, Sinema, Toomey, and Lummis for working together on this amendment to provide clarity on important provisions in the bipartisan infrastructure deal that will make meaningful progress on tax evasion in the cryptocurrency market. I am also thankful to Chair Wyden for his leadership and engagement on these important issues.”

Yellen’s support for the amendment came despite her attempt to have more regulatory control over the $2 trillion cryptocurrency industry.

Last month, she summoned the OCC, FDIC, and the President’s Working Group (PWG) on Financial Markets to assess the potential benefits of stablecoins while mitigating their risks.

Earlier this year, she said she is “not a fan” of crypto as many are used “mainly for illicit financing” and that they need to “curtail their use, and make sure that anti-money laundering doesn’t occur through those channels.”

Now, the Treasury seems to be taking steps towards easing some of the crypto industry’s concerns.

The Treasury official told Bloomberg that some of these concerns were valid but that much of the lobbying limited the Treasury Department’s authority to collect legitimate tax information. But the department isn’t looking to go after businesses who don’t have transaction data, the official added.

It will give more clarity as to how the Treasury would apply the definition of a broker to entities that transfer crypto assets on behalf of another person.

These latest efforts by the agencies are also part of a broader push by the Treasury to crack down on crypto tax evaders, as IRS Commissioner Chuck Rettig has said that it is a key contributor to the growing gap between what’s owed in taxes and what the IRS actually collects.

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Author: AnTy