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satoshin • Jan 2, 2024, 2:51 pm EST

New Crypto Tax Reporting Requirements Now in Effect

Effective January 1, 2024, new crypto tax reporting obligations have been implemented as part of the Infrastructure Investment and Jobs Act passed by Congress in November 2021. These new obligations require that any receipt of cryptocurrency transactions totaling $10,000 or more must be reported to the IRS within 15 days. Non-compliance with this rule is considered a felony. This new requirement is cumulative, meaning that multiple transactions that together amount to $10,000 cannot avoid the reporting rule. The challenge for crypto holders is the lack of a clear process for compliance. The current IRS form for cash transactions does not

2 minutes

johnd • Jan 1, 2024, 9:51 am EST

Additional Charges Against SBF Dropped

The US Federal Government has opted not to pursue a second trial against Sam Bankman-Fried, the former head of cryptocurrency exchange FTX. Prosecutors have dropped six charges against the scammer including campaign finance violations and conspiracy to commit bribery charges. The development follows the first criminal trial where Bankman-Fried was found guilty on multiple counts, including wire fraud and conspiracy to commit financial fraud. The decision was made by U.S. District Judge Lewis Kaplan who claimed that much of the evidence relevant to the additional charges was already presented during Bankman-Fried’s initial trial. In that month-long trial, which featured the

2 minutes

jennyl • Dec 29, 2023, 9:53 am EST

Bitcoin Day Naples, FL, January 20th 2024

On January 20th, Naples, Florida, will host Bitcoin Day Naples, an event that promises to be a comprehensive exploration of Bitcoin. Byte Federal is proud to be a sponsor of the one day conference. This event distinguishes itself as more than a typical gathering; designed as a deep dive into the intricacies of Bitcoin, its technology, and its role in the financial revolution. “BitcoinDay Naples is an opportunity to increase your understanding of Bitcoin, connect with experts and influencers, and play a part in the sound money revolution,” highlight the organizers. The event will feature a series of intriguing panels

2 minutes

satoshin • Dec 19, 2023, 10:48 am EST

The ETF Paradigm Shift: Grayscale’s Vision

In a recent interview on CNBC, Michael Sonnenshein, the CEO of Grayscale Investments, discussed the potential introduction of a spot Bitcoin Exchange-Traded Fund (ETF) in the United States, which has been a highly anticipated development in the cryptocurrency investment space. Unlike its more speculative counterparts, a spot Bitcoin ETF would be backed directly by the cryptocurrency, offering a more tangible and secure investment option. Sonnenshein projected that the approval of a regulated Bitcoin ETF could unlock approximately “$30 trillion worth of advised wealth,” signaling a significant opportunity for institutional investors and financial advisors. The approval of such an ETF could represent a significant shift in how Bitcoin is perceived by the financial industry, transitioning from a high-risk, speculative asset to a legitimate investment option. While the discussions around approving a spot Bitcoin ETF are still ongoing, experts believe its approval could profoundly impact the market, ushering in a new era of financial innovation and institutional involvement.

3 minutes

arusso • Dec 13, 2023, 1:32 pm EST

Senator Warren’s Unyielding Quest to Over-regulate Crypto

Senator Elizabeth Warren’s legislative proposal, the “Digital Asset Anti-Money Laundering Act,” has garnered attention and controversy. The bill, supported by additional co-sponsors, seeks to extend Bank Secrecy Act requirements to various participants in the crypto sector. While the intention is to combat illicit finance, critics argue that the proposed measures are overly broad and could stifle innovation and privacy within the blockchain ecosystem. The bill’s focus on surveillance measures has raised practical and constitutional concerns, with some suggesting that it may not effectively address cryptocurrency’s real challenges and opportunities. As the debate around crypto regulation intensifies, it is clear that a nuanced approach is needed to strike the right balance between consumer protection, innovation, and privacy within the crypto industry.

3 minutes

arusso • Dec 4, 2023, 11:53 am EST

Argentina’s Path Out of Economic Ruin

Amid profound economic disarray, Argentina undergoes a significant political transition as the Peronist duo hands over power to libertarian economist Javier Milei. Milei inherits a troubled economic landscape characterized by high inflation, a bankrupt central bank, and a poverty-stricken population. His proposed solutions, including dollarization and sweeping deregulation, aim to address the country’s economic challenges. However, Milei faces formidable opposition and the need to navigate a complex fiscal and regulatory environment as he seeks to transform Argentina’s economic trajectory.

3 minutes

johnd • Dec 2, 2023, 11:43 am EST

SoFi Exits Crypto

SoFi’s exit from the cryptocurrency sector, impacting almost 7 million customers, underscores the impact of regulatory scrutiny on financial institutions involved in crypto. The company’s move to wind down its crypto operations is a significant development in the U.S. regulatory landscape. It reflects the need for clear guidelines to foster growth and innovation in the crypto space.

3 minutes

carlp • Nov 22, 2023, 2:33 pm EST

Binance CEO Changpeng Zhao (CZ) to Plead Guilty in Landmark Settlement

In what stands as the largest industry charge to date, Changpeng Zhao (‘CZ’), founder and CEO of Binance, the world’s largest cryptocurrency exchange, is set to plead guilty to U.S. anti-money laundering law violations. This move, confirmed following previous leaks, highlights the extraordinary power of the US banking system. Zhao established Binance in 2017, and the platform quickly became a dominant force in the global cryptocurrency market. However, its prominence has attracted considerable attention from regulatory bodies. The U.S. Commodity Futures Trading Commission (CFTC) has criticized Binance for not implementing sufficient measures to prevent money laundering and terrorist financing. Additionally,

3 minutes

carlp • Nov 21, 2023, 10:40 am EST

Binance’s Potential $4 Billion Settlement with DOJ

In a pivotal development for the cryptocurrency industry, Binance, the globally dominant crypto exchange, is reportedly in talks to settle a comprehensive investigation by the US Justice Department. A $4 billion settlement is on the table to conclude the inquiry that has probed allegations of various financial crimes. Sources close to the matter indicate that the Justice Department’s investigation has centered on accusations of money laundering, bank fraud, and violations of sanctions laws. This potential agreement, involving a hefty financial penalty, would enable Binance to maintain its operations stateside, mitigating broader market upheaval and protecting the interests of numerous cryptocurrency

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satoshin • Nov 21, 2023, 10:20 am EST

Kraken Faces SEC Lawsuit in Ongoing Regulatory Scrutiny of Crypto Exchanges

In a move signaling intensified regulatory oversight in the cryptocurrency arena, the Securities and Exchange Commission (SEC) has launched a lawsuit against Kraken, a well-known digital currency exchange. The suit alleges that Kraken operated as an unregistered securities business, marking the latest in a series of SEC actions targeting crypto trading platforms. The charges against San Francisco-based Kraken underscore the growing regulatory scrutiny of the cryptocurrency industry. This action adds to the SEC’s recent crackdowns, including lawsuits against Binance, the largest global crypto exchange, and Coinbase, a significant US competitor. This is not the first time Kraken has faced regulatory

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