The Keep Innovation in America Act was first introduced in March 2021. Source
U.S. Lawmakers to Reintroduce Crypto Tax Reform Bill: Report
Tag: Report
Hong Kong’s losses to crypto scams doubled to $217M last year: Report
Some countries worldwide suffered bigger financial losses to cryptocurrency scams despite a massive bear market in 2022. Losses from crypto scams in Hong Kong amounted to 1.7 billion Hong Kong dollars ($216.6 million) last year — surging 106% from a year before — according to local police. The number of crypto-related scams reported in Hong Kong in 2022 equaled 2,336 cases, surging 67% from 1,397 cases recorded by police in 2021, the South China Morning Post (SCMP) reported. Hong Kong scams involving crypto accounted for more than 50% of the 3.2…
Stablecoins have plentiful machine-payment use cases in absence of euro CBDC: Report
Europe could lead the world in developing the Internet of Things (IoT) by harnessing the potential of stablecoins, the Digital Euro Association argues in a new report. Machine-to-machine (M2M) payment is a field poised for growth, and stablecoins, in particular, offer advantages for it, the report says. There are growing use cases for M2M micropayments in industrial and home or office settings, such as handling charges for shipping containers and other fees along a logistics chain and pay-per-use fees for 3D printing, cloud storage and many other services. Currently, these uses…
Crypto Scam in Egypt Defrauds Thousands of Investors of $620K: Report
Authorities have arrested 29 people, including 13 foreign citizens in connection with the fraudulent network known as “HoggPool.” Source
Babel wants to repay creditors via special ‘recovery coins’: Report
Babel Finance, one of cryptocurrency lending firms shaken by the bear market of 2022, is exploring new restructuring opportunities involving minting a new token. Babel co-founder Yang Zhou is planning to build a new decentralized finance (DeFi) project in order to generate revenue to repay debts owed to creditors, Bloomberg reported on March 5. Called Hope, the potential DeFi project aims to mint a new stablecoin serving as a “recovery coin” for Babel, according to Yang’s restructuring proposal. Unlike major stablecoins like Tether (USDT) or USD Coin (USDC), Hope’s namesake…
Australian Crypto Regulations Likely to Be Delayed Until Mid-2024: Report
In a document dated August, three months after Anthony Albanese defeated the coalition administration of Scott Morrison, the Treasury reveals how some stakeholders might be disappointed with a “perceived delay in implementing a licensing regime” but viewed the concerns as “somewhat mitigated” by the collapse of several crypto companies and market crash earlier in the year. Source
Babel Finance Mulls Crypto-Backed Stablecoin to Repay $766M: Report
Babel is on the verge of filing a moratorium extension that would prevent creditors from making claims for at least six months, the report said. The filing alleges that co-founder Wang Li racked up $524 million in proprietary trading losses, with another $224 million being lost after lenders liquidated collateral that underpinned loans issued to Babel. Source
Internal documents reveal Australia’s potential timeline for crypto legislation: Report
Crypto legislation in Australia could be dragged out past 2024 and beyond, with the government seemingly wanting to take its time in order to get a full picture of the industry — internal documents from the government have revealed. The documents, obtained by The Australian Financial Review under Freedom of Information laws, reportedly reveal that the government aims to release consultation papers in the second quarter of 2023, and will hold stakeholder roundtables on crypto licensing and custody in the third quarter. The industry has been waiting to see the next…
Central Banks Continue to Show Strong Demand for Gold in 2023, Says World Gold Council Report – Economics Bitcoin News
Central banks show continued demand for gold in 2023, as per a recent report from the World Gold Council (WGC), which noted that the world’s central banks accumulated 31 tons of the precious metal in January. Turkey was the largest gold buyer, adding 23 tons to its central bank’s stash, while the People’s Bank of China also purchased 15 tons of gold. Central Bank Gold Purchases Remain Steady Despite Potential Challenges in 2023 At the time of writing, a troy ounce of fine .999 gold is $1,857.50 per unit, up…
Binance tried to hire Gary Gensler in 2018 for closer ties with U.S. regulators: Report
Crypto exchange Binance sought to hire Gary Gensler as an advisor before he became chairman of the United States Securities and Exchange Commission (SEC), according to a Wall Street Journal report based on messages and documents from 2018 and 2020, as well as interviews with former employees. Gensler was approached by the crypto firm while teaching at the Massachusetts Institute of Technology (MIT) in 2018 and 2019. During that tim, he was a former Commodity Futures Trading Commission chair as well. Messages from Binance’s executives seen by the newspaper indicate…