Day: March 9, 2023

Biden wants to double capital gains and clamp down on crypto wash sales: Reports

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U.S. President Joe Biden’s upcoming budget proposal has a few surprises for crypto traders and investors, including a proposed doubling of capital gains and a crackdown on crypto wash sales.  The Biden administration is set to release its fiscal 2024 budget plan on Mar. 9 which is reportedly aimed at reducing the deficit by almost $3 trillion over the next decade. It also includes changes to crypto tax treatment with the aim of raising around $24 billion, according to reports. One of these proposals includes an end to a strategy…

​​Stablecoins and Ether are ‘going to be commodities,’ reaffirms CFTC chair

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Stablecoins and Ether (ETH) are commodities and should come under the purview of the United States Commodity Futures Trading Commission (CFTC), its chairman has again asserted at a recent Senate hearing. At the Mar. 8 Senate Agricultural hearing, CFTC chair, Rostin Behnam, was asked by Senator Kirsten Gillibrand about the differing views held by the regulator and the Securities and Exchange Commission (SEC) following the CFTC’s 2021 settlement with stablecoin issuer Tether, Behnam said: “Notwithstanding a regulatory framework around stablecoins, they’re going to be commodities in my view.” “It was…

Mt. Gox Trustee Reminds Creditors To Submit Repayment Claims By Mar. 10 

Summary: Mt. Gox rehabilitation trustee Nobuaki Kobayashi reminded creditors to file registration claims before the Mar. 10 deadline. The deadline was extended from January to March at the start of 2023, along with the repayment deadline. Creditors can pick between four repayment options including cryptocurrency and money transfer services. Mt. Gox rehabilitation trustee Nobuaki Kobayashi reminded creditors to file registration claims before the Mar. 10 deadline. Customers of the defunct Bitcoin (BTC) exchange have waited almost a decade to receive repayments. Kobayashi’s reminder letter to creditors on Tuesday came after…

UK Widens Crackdown on Unauthorized Crypto ATMs – Regulation Bitcoin News

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Britain’s top financial regulator, the Financial Conduct Authority (FCA), has widened its crackdown on unauthorized cryptocurrency ATMs. “There are currently no crypto ATM operators registered with the FCA, which they must be to operate legally,” the regulator noted. FCA Cracks Down on Illegal Crypto ATMs Britain’s top financial regulator, the Financial Conduct Authority (FCA), announced Wednesday that it has taken further action against unregistered crypto ATMs in East London in collaboration with the Metropolitan Police, the largest police force in the U.K. The announcement followed a series of raids the…

AirBit Club execs face decades in prison after pleading guilty to $100M fraud

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Six people involved in a cryptocurrency “Ponzi scheme” that raked in about $100 million over five years have pled guilty to a series of fraud and money laundering charges, each carrying a maximum sentence of 20 to 30 years of prison. One of the founders of “AirBit Club,” Pablo Renato Rodriguez, was the latest to plead guilty to wire fraud conspiracy charges on Mar. 8. According to a Mar. 8 statement from the United States Department of Justice (DOJ), AirBit Club was a fake cryptocurrency mining and trading company operating…

U.S. Government’s $1B Bitcoin Transfer Spooks Investors, Bitcoin Dips

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PeckShield published its findings on Twitter early Wednesday morning, and investors were quick to notice. In the hours after the report’s release, investors expressed their fears that authorities would sell the recovered bitcoin on the open market, potentially tanking the price of bitcoin, which has recovered from its two-year low of roughly $15,500 in November. The concerns caused bitcoin’s price to dip roughly 2%, pushing it below $22,000. Original

Marathon Digital terminates credit facilities with Silvergate Bank

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Bitcoin mining firm Marathon Digital has paid off its term loan and terminated its credit facilities with crypto-friendly Silvergate Bank, just as the bank announced it will be winding down operations. Marathon announced on Mar. 8 that it had prepaid its outstanding loan balance earlier that day, and would be terminating the revolving line of credit facility between the firms after providing Silvergate Bank with the required 30-day notice in early February. Marathon Digital Holdings has repaid its term loan and terminated its credit facilities with Silvergate Bank, reducing Marathon’s…