Day: March 10, 2023

Biden Administration Seeks to End Crypto Tax Subsidies and Fix the Loophole

The Biden administration seeks to terminate the tax-loss harvesting strategy for crypto investors which would help the White House save $31 billion over a ten year period. On Thursday, March 9, the Biden administration proposed some important changes to crypto tax treatment in the federal budget. This could be a major game-changer for crypto investors putting an additional tax burden on them. Currently, US crypto investors use the “Tax-loss harvesting strategy” which gives investors the ability to sell their digital assets at a loss and immediately buy the same crypto…

Judge mulls removing Shaq and Naomi Osaka from FTX lawsuits

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A federal judge in Florida, United States, is considering dismissing NBA superstar Shaquille O’Neal and tennis athlete Naomi Osaka from the FTX lawsuit, pointing out that it’s unclear whether the two have been served.  In a paperless order, U.S. District Judge K. Michael Moore reportedly told the plaintiffs to provide cause on why O’Neal and Osaka shouldn’t be dismissed from the suit. According to Moore, it’s unclear whether the two sports stars have been served. The judge gave the FTX customers until December to show cause. The show cause order…

Coinbase Launches New Web3.0 Discovery Surface

The new web3 discovery surface will afford users the opportunity of exploring the best decentralized applications (dApps) available on Web3. As part of its web3 expansion efforts, American crypto exchange, Coinbase Global Inc (NASDAQ: COIN), has just added a new web3 discovery surface. This comes a few hours after recently introducing its Wallet as a Service (WaaS) solution to help companies onboard their users onto web3. According to a Twitter announcement, the new web3 discovery surface will afford users the opportunity of exploring the best decentralized applications and services (dApps) available…

Iran’s Crypto Rial Project Enters Trial Phase – Finance Bitcoin News

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The pre-trial stage of the project to introduce a digital Iranian rial has been completed successfully, the country’s central bank announced. The authorities in Tehran plan to expand the use of the state-backed currency and integrate it into Iran’s payment system. Iranian Government Prepares to Trial Its Digital Currency The project to issue a digital version of the Iranian national fiat, also referred to as the “crypto rial,” is entering its trial phase, the head of the payment systems supervision department of the Central Bank of Iran (CBI) revealed this…

Meta working on text-based decentralized social network codenamed P92

Meta, the parent company of Facebook and Instagram, is reportedly creating a separate text-based content app that will support ActivityPub — the decentralized social networking protocol that powers Mastodon and other decentralized apps that compete with Twitter.  The upcoming app — codenamed P92 — will be Instagram-branded and allow users to log in with their existing Instagram credentials, according to a report by TechCrunch. The P92 team plans to follow the “fork” approach in the initial product version, with users’ profiles populated with their Instagram account details, such as name,…

Starbucks Launches its NFT Collection Which Sold Out in Minutes

Just like the name, the Siren Collection featured the firm’s iconic brand Siren and they were priced at $100 each. American multinational chain of coffeehouses, Starbucks Corporation (NASDAQ: SBUX) has launched its latest Non-Fungible Token (NFT) collection dubbed “The Siren Collection.” The collection made up of 2000 collectibles dubbed stamps was floated under the Odyssey program and reportedly sold out in just about 18 minutes. This record selloff was despite the hitches that the launch caused as users experienced some forms of difficulty accessing the website which was overwhelmed with…

NYAG Sues KuCoin for Violating Securities & Commodities Laws

The office of the NYAG recently filed a lawsuit against crypto exchange KuCoin for “disregarding our laws and putting investors at risk.”  New York Attorney General (NYAG) Letitia James has sued KuCoin (KCS) as part of a broader crackdown against digital currencies. On Wednesday, the NYAG’s office filed a lawsuit against the crypto exchange for allegedly violating securities and commodities laws in New York. The NYAG now seeks to block access to KuCoin in the state. James’ petition read: “One by one, my office is taking action against cryptocurrency companies that are…

SEC of Thailand wants public feedback on crypto lending, staking ban

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Thailand’s Securities and Exchange Commission (SEC) is preparing to hold a new public hearing on a potential ban on staking and lending services in the country. Thailand’s SEC officially announced on March 8 that the authority is seeking public comments on a draft regulation prohibiting virtual asset service providers (VASPs) from providing or getting involved in any type of crypto staking and lending transactions. According to the SEC’s policy, VASPs should not be allowed to deploy users’ deposits and provide lending services in order to prevent possible damage to investors…