Day: July 29, 2023

US crypto bills on the move, Worldcoin launches, Russia’s CBDC…

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Top Stories This Week Crypto bills pass congressional committee in ‘huge win’ for US crypto A key United States House panel has approved a pair of bills that could finally deliver some regulatory clarity to crypto firms in the country. On July 26, lawmakers voted in favor of the Financial Innovation and Technology for the 21st Century Act, which establishes rules for crypto firms on when to register with either the Commodity Futures Trading Commission or the Securities and Exchange Commission. The panel also approved the Blockchain Regulatory Certainty Act,…

Shiba Inu millionaires accumulating POMD in Pomerdoge presale

Shiba Inu is a popular meme coin with deep liquidity. Early investors who picked out the project’s potential have seen significant benefits.  Meanwhile, investors are showing interest in the presale phase of Pomerdoge (POMD) as they seek to capitalize on potential price surges. The article delves into Pomerdoge’s increasing popularity and its appeal to investors seeking potential growth. Click here to find out more about the Pomerdoge presale Shiba Inu is falling Shiba Inu prices are down 26.9% over the past year, allowing most holders and investors to exit. This…

D.C. Circuit reverses SEC ruling on SPIKES futures, calls it “arbitrary and capricious”

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The U.S. Securities and Exchange Commission (SEC) suffered another setback on July 28 as the D.C. Circuit overturned a ruling by the regulator ordering that SPIKES Index securities should be treated as ‘futures’ rather than as ‘securities futures’. The judge panel called the SEC order “arbitrary and capricious.” The decision relates to an order from 2020, in which the SEC exempted SPIKES Index — a stock volatility index — from the definition of security futures, thus eliminating heavy taxes and other regulatory requirements attached to the term ‘security’. The relief,…

JBA proposes tax reforms to empower Japan’s crypto ecosystem

The Japan Blockchain Association (JBA) has reportedly requested Prime Minister Fumio Kishida to revise the nation’s tax system concerning crypto assets. The JBA has put forward three main changes to promote the expansion of the crypto industry and make it more accessible to individuals.  Top of the list, the association recommends doing away with year-end unrealized gains taxation on tokens issued by third parties.  The lobby group also wants the JBA to bring in separate taxation for individual crypto asset transactions and set a consistent % tax rate of 20%.  JBA further…

Court Filing Suggests FTX’s $2 Billion Lawsuit Against Genesis Is Coming To An End

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The legal tussle between bankrupt crypto exchange FTX and crypto lender Genesis seems to be coming to a resolution, a recent court filing reveals. According to the letter filed yesterday at the US bankruptcy court for the Southern District of New York, both firms – who happened to have filed for bankruptcy – have agreed to settle their ongoing billion-dollar dispute.  How The Feud Began FTX filed a motion in May this year to recover its funds from Genesis and “non-debtor affiliates” so the company could pay back its creditors.…

Price analysis 7/29: BTC, ETH, XRP, BNB, ADA, SOL, DOGE, MATIC, LTC, DOT

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Bitcoin’s price action remains lackluster, but select altcoins are showing signs of breaking out of their respective resistance levels. The 25 basis point rate hike by the Federal Reserve on July 26 and the subsequent commentary by Fed Chair Jerome Powell failed to catapult Bitcoin (BTC) out of its range. This suggests that the event did not have any surprises and the outcome was already priced in by the markets. The crypto markets continued their lackluster performance on July 28 after the United States Personal Consumption Expenditures (PCE) Index print…

GitHub, Hugging Face, urge EU to relax open-source AI rules

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An open letter from GitHub, Hugging Face, Creative Commons and other tech firms are calling the European Union to ease upcoming rules for open-source artificial intelligence models. The letter urges policymakers to review some of the provisions of the EU’s Artificial Intelligence Act, claiming that regulating upstream open-source projects as if they are commercial products or deployed AI systems would hinder open source AI development. “This would be incompatible with open source development practices and counter to the needs of individual developers and non-profit research organizations,” noted GitHub in a…

Japan Blockchain Association Proposes Cryptocurrency Tax Reforms to Government

The Japan Blockchain Association (JBA), led by Representative Director Yuji Kano of bitFlyer, submitted a proposal for cryptocurrency tax reforms to the government on July 28, 2023. The JBA is advocating for a review of the current tax system, which they argue is hindering the growth of Web3 businesses in Japan. They are calling for a more conducive environment for citizens to hold and use cryptocurrencies. The specific requests in the proposal are as follows: 1. Abolish the year-end unrealized gain tax on tokens issued by third parties. In June…

US lawmakers raise concerns over Apple’s crypto and NFT policies

Two United States lawmakers have written to Apple CEO Tim Cook, raising concern about how the company’s guidelines may restrict crypto and NFTs. Congressman Gus Bilirakis of Florida and his Illinois counterpart Jan Schakowsky, on July 28, jointly sent a letter to Apple CEO Tim Cook expressing concern that Apple’s App Store guidelines could potentially curb the growth of emerging technologies such as blockchain and non-fungible tokens (NFTs).  Today, I sent a bipartisan letter to @Apple regarding iOS App Store policies and their impact on emerging technologies like blockchains and…

SEC Warns Accountants Not To Partake in Mislabeled ‘Audits’ for Crypto Exchanges

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The U.S. Securities and Exchange Commission (SEC) issued a warning to accountants this week, cautioning them to avoid partaking in misrepresented “audits” for crypto firms. Paul Munter, the chief accountant at the SEC, says in a new statement that crypto exchanges and other digital asset companies have been tapping accounting firms to review parts of their businesses and then passing those partial reviews off as “audits.” “As accounting firms increasingly engage in this sort of non-audit work, their clients’ marketing and terminology risks misleadingly suggesting that these alternative, non-audit arrangements…