Month: April 2023

UK Treasury seeks input on taxing DeFi staking and lending

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The tax treatment of lending and borrowing on decentralized finance (DeFi) protocols could soon be changed in the United Kingdom as the taxation arm of the Treasury is seeking input on a possible new regime. An April 27 consultation by HM Revenue and Customs will run until June 22 and asks for “investors, professionals and firms engaged in DeFi activities” along with representative bodies and think tanks to submit their views on the government’s proposed DeFi tax treatment. Under the proposed legislative changes, crypto used in DeFi transactions wouldn’t be…

AI tool created by JPMorgan analyzes Fed speeches to signal trades

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Investment banking giant JPMorgan has reportedly unveiled an artificial intelligence (AI) tool to analyze Federal Reserve statements and speeches to detect potential trading signals. On April 27, Bloomberg reported the Wall Street investment bank is using a ChatGPT-based language model to digest comments from United States central bankers. These Fed policy signals will be rated on a scale from easy to restrictive to derive what the bank has called a Hawk-Dove Score. “Hawkish” is a monetary policy term that refers to raising interest rates to keep inflation under control. The…

‘You Need Bitcoin’ — Critics Insist BTC Is Too Volatile – Featured Bitcoin News

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Micheal Saylor, the founder of Microstrategy, has told people living in inflation-stricken Argentina that they now “need bitcoin.” While many bitcoiners have welcomed Saylor’s suggestion, a few critics have said the top crypto asset’s volatility makes it an unsuitable alternative for the faltering local currency. The Dollarization Option As the Argentinian currency — the peso — continued with the slide that has seen it depreciate by more than 40% over the past twelve months, Micheal Saylor, the founder of Microstrategy, has chimed in by tweeting that people living in the…

CTFC wins record $3.4B penalty payment in Bitcoin-related fraud case

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A record-breaking $3.4 billion penalty has been handed down by a Judge in a lawsuit brought by a United States financial regulator involving a fraudulent scheme involving Bitcoin (BTC). An April 27 statement from the Commodity Futures Trading Commission (CFTC) said Texas District Court Judge Lee Yeakel ordered Cornelius Johannes Steynberg to pay the sum for his role in perpetrating a fraudulent commodity pool scheme involving foreign currency transactions and Bitcoin. Steynberg, a South African national and CEO of Mirror Trading International Proprietary Limited (MTI), a purported trading and networking…

Bitcoin BTC Price Holds Steady as Investors Look Toward Next FOMC Meeting

The largest cryptocurrency by market capitalization was recently trading at about $29,500, up roughly 2.2% over the past 24 hours. BTC topped $30,000 at one point, near its earlier week highs but still well off its April peak close to $31,000. Still, investors seem to have forgotten Wednesday’s dramatic seesawing when the crypto dipped to around $27,200 amid a mass liquidation of short and long positions and separate unfounded rumors of bitcoin sales – by the U.S. government and of crypto from failed exchange Mt. Gox – before rebounding. Source

Former President Donald Trump Says US Dollar Is Crashing — Warns ‘We’re Very Close’ to World War III – Economics Bitcoin News

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Donald Trump has warned that the U.S. dollar is crashing and soon will “no longer be the world standard.” The former president of the United States further warned that “we are very close” to a third world war happening. “Joe Biden has led us to the very brink of World War III,” he stressed. Trump on Inflation, Dollar Crashing, World War III Donald Trump released a video Tuesday following Joe Biden’s announcement that he is running for the president of the United States in 2024. The former U.S. president began…

Former FTX exec Ryan Salame’s home searched by FBI: Report

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The home of former FTX co-CEO Ryan Salame has reportedly been searched by the Federal Bureau of Investigation (FBI) as further scrutiny falls on the executive for his close advisory role to Sam Bankman-Fried. An April 27 report from The New York Times, citing people with knowledge of the matter, said the Bureau searched Salame’s $4 million home in Potomac, Maryland on the morning of April 27. It remains unclear what the authorities were looking for. Salame was the co-CEO of FTX Digital Markets, which was FTX’s Bahamas-based subsidiary. The…

SEC’s Gary Gensler takes another swipe at crypto in educational video

Another swipe has been taken at the crypto industry by the chair of the United States securities regulator, who claimed many crypto platforms are operating in violation of securities laws. In an April 27 tweet, Securities and Exchange Commission (SEC) chair Gary Gensler shared a 4-minute video of himself describing crypto assets as “investment contracts” before calling on platforms that offer such products to register with the SEC to protect American investors. “An Investment contract exists when you invest money in a common enterprise with a reasonable expectation of profits,…

3 Giga-Brained Ideas From Consensus Day 2

One of the major selling points of crypto is that the industry is brimming with new ideas. For one reason or another, crypto tends to attract heterodox thinkers or would-be revolutionaries, much in the same way a loose-hanging community formed around the internet in the 90s. Part of this stems from the nature of the tech itself, which offers radically new ways to build code-based systems. Another is Web3’s infamous barrier to entry, meaning the people that end up here tend to be committed – and, frankly, smart enough not…

Robert Kiyosaki Warns of Economic Chaos, War Breaking Out, Gold Crashing – Economics Bitcoin News

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Rich Dad Poor Dad author Robert Kiyosaki has warned of economic chaos, a war breaking out, hyperinflation, and rising starvation. Commenting on de-dollarization on a “massive scale,” he stressed: “It’s a weaponization of our U.S. dollar against the world … It’s all coming down fast right now.” Robert Kiyosaki on De-Dollarization on ‘Massive Scale’ The author of Rich Dad Poor Dad, Robert Kiyosaki, is back with more dire predictions about the U.S. economy, the dollar, and global economic chaos. Rich Dad Poor Dad is a 1997 book co-authored by Kiyosaki…