Month: May 2023

JPMorgan CEO Jamie Dimon in Favor of Abolishing Debt Limit; States Getting Close to Default Can Cause Panic – Economics Bitcoin News

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Jamie Dimon, CEO of JPMorgan, stated that he favored abolishing the debt limit, giving the government the faculties to extend its debt without congressional action. Dimon also stated that even the drama surrounding the build-up to extending or not extending the debt limit could cause panic, as the U.S. economy is foundational for the world. JP Morgan’s Jamie Dimon Favors an Unlimited Debt Ceiling Jamie Dimon, CEO of JPMorgan, one of the largest banks in the world, has given his opinion when it comes to the issue of the congressional…

‘We can’t keep putting band-aids on the current system’ — OKX

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A provocative new advertising campaign from cryptocurrency exchange OKX challenges traditional finance and Web3 competitors by calling for a rewrite of current financial and digital systems. The company released its latest production-quality advert, which subtly aims at the American exchange Coinbase and the broader traditional finance space. In an in-depth interview with Cointelegraph, OKX chief marketing officer Haider Rafique outlined the exchange’s belief that blockchain-enabled technology is imperative in rebuilding financial infrastructure and empowering digital ownership. Under Rafique’s tenure as CMO, OKX has embarked on high-profile partnerships and bold advertising campaigns…

Coinbase Newsletter Irks Crypto Twitter by Pointing Out Pepe Meme’s Connection to ‘Alt-Right’

CryptoX – Cryptocurrency Analysis and News Portal “The token is based on the Pepe the Frog meme, which first surfaced on the internet nearly 20 years ago as a comic-strip character,” the Coinbase newsletter said. “Over time it has been co-opted as a hate symbol by alt-right groups, according to the Anti-Defamation League.” Source The post Coinbase Newsletter Irks Crypto Twitter by Pointing Out Pepe Meme’s Connection to ‘Alt-Right’ appeared first on CryptoX. CryptoX Portal

Crypto tax liability reduction strategies may be changing in US

Glassnode has revealed some effective strategies that could enable crypto investors to minimize their tax liability, including relocation, self-directed Individual Retirement Accounts (IRAs), and tax loss harvesting, as the Biden administration gears up to address the “loophole” in wash sale rules to prevent revenue loss. Reducing crypto tax liabilities  The cryptocurrency landscape is evolving rapidly, not only in terms of investment opportunities but also concerning tax regulations. Accointing by Glassnode, a portfolio tracking, and tax compliance provider, has highlighted various legal ways for crypto investors to reduce their tax liability.…

Seoul Court Greenlights Seizure of Do Kwon’s Assets Worth $176 Million – Bitcoin News

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According to a local report, South Korean prosecutors have been given the green light by the Criminal Division of the Seoul Southern District Court to seize assets owned by Do Kwon, the co-founder and former CEO of Terraform Labs. The report discloses that a total of 233.3 billion won ($176 million) worth of assets have been frozen, which includes imported vehicles, bank deposits, and cryptocurrency accounts held at a digital currency exchange. Seoul Court Gives Nod to Seize $176 Million in Assets Owned by Do Kwon After reports surfaced claiming…

Bitcoin miner Marathon Digital hit with another SEC subpoena

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Bitcoin (BTC) miner Marathon Digital has disclosed that it received another subpoena from the United States Securities and Exchange Commission (SEC) relating to its 100-megawatt data center in Hardin, Montana. According to Marathon’s quarterly report filed May 10, it received the subpoena on April 10 “relating to, among other things, transactions with related parties” that occurred while it was creating the facility in Montana, adding: “We understand that the SEC may be investigating whether or not there may have been any violations of the federal securities law. We are cooperating…

Fiat-backed stablecoins could be used to post bail in New York under proposed bill

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A New York lawmaker has introduced a new bill that would see dollar-pegged stablecoins accepted as a legal form of payment for bail bonds.  The partisan bill, introduced on May 10 by New York State Democrat Latrice Walker, details the pre-existing methods of paying bail bonds, including cash, insurance bonds, and credit cards and seeks to add “fiat-collateralized stablecoins” to the list. The New York Assembly Bill 7024. Source: Legiscan. The bill seeks to amend the state’s current criminal procedure law to include the fiat-collateralized class of digital assets. It…

Tech giant slings raft of new AI tools — So what’s coming?

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Tech giant Google announced a plethora of new Artificial Intelligence (AI)-backed features during its annual Google I/O conference, with updated AI tech set to appear across its major platforms. On May 10, the annual Google I/O conference took place in California, with CEO Sundar Pichai giving a keynote address on the most significant updates to the firm’s AI stack, among other announcements. Google shows its hand The Pathways Language Model (PaLM) was revealed by Google last August. Since then, developers have used the language learning model to ship generative AI-related…

Circle reportedly adjusts USDC reserves to avoid US default risk

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Stablecoin issuer Circle has reportedly adjusted its reserves treasury in an effort to reduce the risks of United States debt defaults. hadAccording to a May 10 Politico newsletter, Circle CEO Jeremy Allaire said that the firm has adjusted the mix of reserves backing its USD Coin (USDC) by switching to short-dated U.S. Treasurys to avoid getting caught up in a potential U.S. debt default. He said that the firm no longer holds Treasuries maturing beyond early June because it wants to avoid debt exposure. “We don’t want to carry exposure…