Tag: Digital

Central Bank Digital Currencies (CBDCs) Are Unexpectedly Becoming a U.S. Presidential Election Issue

China is indeed the most visible champion of this technology. While the digital yuan is still far from ubiquitous in China, it still covers 13.6 billion RMB, 260 million wallets and 25 cities, according to Ananya Kumar at the Atlantic Council. It may not be so scary to think of a CBDC as one form of payment, co-existing alongside cash, stablecoins and decentralized cryptocurrencies like bitcoin. But China’s CBDC project is so ambitious that it’s not impossible to conceive of Beijing pulling levers to incentivize citizens to primarily rely on…

North Carolina House Unanimously Passes Ban on Digital Dollar Payments to the U.S. State

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SEC steps back from defining digital assets in new hedge fund rules

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The United States securities regulator is holding off from ratifying the definition of the term “digital assets” in rules that govern reporting disclosures for hedge and private equity funds, despite proposing to do so some nine months ago. On May 3 the Securities and Exchange Commission (SEC) published amendments to Form PF — a form that SEC-registered funds complete to disclose basic information about their fund so the regulator can assess potential “systemic risks.” The SEC originally included a digital assets definition in an August 2022 proposal for the changes.…

U.S. SEC Changes Its Mind on Officially Labeling Digital Assets in Hedge Fund Regulation

“The SEC is a regulator that requires transparency from its registrants, but it is continuing to withhold regulatory clarity by not defining digital assets,” said Anne-Marie Kelley, a partner at Mercury Strategies who was a longtime SEC official. She suggested the commission may have deleted the definition because “any recognition of digital assets uniqueness as a novel product weakens their litigation stance that digital assets are securities and subject to the SEC securities laws.” Source

Breaking the Barriers of Traditional Banking With Digital Assets – Op-Ed Bitcoin News

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Another one bites the dust! The banking industry in the United States is in trouble, and regional banks are feeling the squeeze. A number of banks have failed recently due to mismanagement, poor risk management, and other factors which are leading to bailouts and buyouts from large players. They’re consolidating with larger banks faster than a college student cramming for exams. This trend not only affects the banking industry but also the wider economy, as access to credit is a crucial element for businesses and individuals to thrive. The following…

White House advisors renew push for 30% digital mining energy tax

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The Biden administration has renewed its push for a 30% Digital Asset Mining Energy (DAME) tax on cryptocurrency miners, part of efforts to minimize the industry’s alleged impact on climate change.  The proposed crypto-mining tax was first announced on March 9 as part of President Biden’s FY2024 budget and seeks to impose a phased-in 30% excise tax on electricity used by crypto-miners. Today the CEA released a blog highlighting a new tax in the President’s budget, the Digital Asset Mining Excise Tax (“DAME Tax”), a tax equal to 30 percent…