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arusso • Sep 22, 2023, 10:17 am EDT

Vivek Ramaswamy’s Crypto Vision: A Bold Policy Platform on the Horizon

Vivek Ramaswamy: The Crypto-Friendly Contender In a crowded field of Republican presidential contenders, Vivek Ramaswamy is positioning himself as the crypto-friendly candidate, outlining an ambitious plan to craft a comprehensive policy on digital currencies by Thanksgiving. With the 2024 election drawing closer, the former biotech entrepreneur and finance professional is making waves in the crypto sphere, seeking to define a path for the United States in this transformative era of digital finance. Contrasting Approaches At the Messari Mainnet conference, Mr. Ramaswamy shared with the audience that his proposed policy framework is already 75% complete. His proactive approach starkly contrasts the Biden

2 minutes

carlp • Aug 28, 2023, 3:28 pm EDT

U.S. Treasury and IRS Set Sights on a New Era of Financial Oversight

1. Closing the Tax Gap In a significant attempt to further regulate the emerging digital frontier, the U.S. Department of the Treasury, in conjunction with the Internal Revenue Service (IRS), has announced a set of proposed regulations targeted at the sale and exchange of digital assets by brokers. These new rules, part of the bipartisan Infrastructure Investment and Jobs Act (IIJA), aim to tighten tax compliance within the burgeoning cryptocurrency sector. 2. Introducing Form 1099-DA To “simplify” the process for taxpayers, the proposed regulations will introduce a new IRS form, 1099-DA. This form will serve as a means for brokers to report sales and exchanges and for users to determine if they owe taxes on their digital asset transactions. According to the IRS, the goal is to provide a standardized process akin to that in conventional financial markets, minimizing the risk of tax evasion. 3. Projected Revenue and Implementation Timeline According to the Joint Committee on Taxation estimations, the new provisions could generate nearly $28 billion in additional revenue over the next decade. The proposed timeline suggests that reporting would begin in 2026 for transactions occurring during the year 2025. While it may seem like a slow rollout, the timeline provides the industry with adequate time to adapt to the new regulatory landscape.

3 minutes

arusso • Aug 16, 2023, 3:08 pm EDT

Coinbase Secures Landmark Approval to List Crypto Futures in the U.S.

In a landmark moment for the cryptocurrency industry, Coinbase, a leading cryptocurrency exchange in the United States, has won approval to list crypto futures nearly two years after its initial application. The groundbreaking decision was announced on Wednesday when Coinbase Financial Markets secured permission from the National Futures Association (NFA) to operate as a Futures Commission Merchant (FCM). This significant development marks Coinbase as the first crypto-focused platform in the U.S. to offer regulated and leveraged crypto futures alongside traditional spot trading, according to its announcement. “Offering US investors access to secure and regulated crypto futures is key to unlocking

3 minutes

johnd • Aug 14, 2023, 4:11 pm EDT

The End of the Road: Yellow Corporation’s Century-Long Journey Concludes

For almost a century, the highways and byways of America were graced by trucks bearing the iconic Yellow Corporation insignia. As one of the nation’s most prominent trucking companies, Yellow’s sudden shutdown sent shockwaves throughout the industry and the broader economy. The question now reverberating through the corridors: Is Yellow’s demise indicative of a more significant economic downturn on the horizon? Every taxpayer, knowingly or unknowingly, held a stake in Yellow’s journey. Thanks to the Coronavirus, Aid, Relief, and Economic Security (CARES) Act, Yellow Corporation secured a hefty $700 million from the $735.9 million reserve earmarked for national security loans.

2 minutes

carlp • Aug 9, 2023, 1:22 pm EDT

Federal Reserve Introduces New Oversight for Stablecoin Activity

The Federal Reserve, in its latest attempt to navigate the rapidly evolving digital currency landscape, announced on Tuesday that state banks must now seek approval before they can issue, hold, or transact crypto stablecoin payments. This pivotal directive underscores the growing concern of federal regulators as the world of finance gets increasingly intertwined with complex technological partnerships and blockchain advancements. Stablecoins, a type of cryptocurrency pegged to fiat currencies like the U.S. dollar, have grown in prominence as they offer a semblance of stability compared to the volatile nature of cryptocurrencies such as Bitcoin and Ethereum. Their growing popularity has

2 minutes

arusso • Aug 4, 2023, 2:28 pm EDT

Understanding the Risk of a Recession Despite Rising Stock Markets

While a surging S&P 500 index may seem like a comforting signal of economic prosperity, this view might be overly optimistic, perhaps even misleading. It’s essential to remember that stocks’ gains are not an unequivocal indication of confidence that there’s no imminent recession. The popular notion that the stock market is a forward-looking economic predictor is a flawed belief that reinforces a self-sustaining cycle of misplaced confidence. Examining the S&P 500 US equity benchmark data dating back more than 95 years uncovers a different narrative. Of the 15 recessions recorded in this period, the stock market only foresaw a downturn

3 minutes

carlp • Jul 21, 2023, 2:42 pm EDT

The Strategic Petroleum Reserve: A Brief History

Resource acquisition is a vital part of any countries economic strategy. In uncertain times, you can’t have enough resources particularly when it comes to hard assets such as precious metals, Bitcoin and oil. Enter, the Strategic Petroleum Reserve. The U.S. Strategic Petroleum Reserve (SPR), a should be robust fortress of emergency oil reserves designed as a bulwark against sudden and severe energy disruptions, has for years been a prominent fixture in U.S. energy policy. Enshrined in law in December 1975, post the 1973 OPEC oil embargo, the SPR’s primary purpose has always been to reduce the impact of significant energy

3 minutes

satoshin • Jul 21, 2023, 11:42 am EDT

Rising Net Interest Payments: Is the U.S. Economic Stability at Risk?

Is the ticking time bomb of rising net interest payments endangering U.S. economic stability? Explore the potential risks and delve into the intricate web of financial consequences as interest burdens grow, shedding light on the challenges that lie ahead for the nation’s fiscal health.

3 minutes

arusso • Jul 21, 2023, 10:43 am EDT

US Justice Department Supercharges Crypto Crime Unit

In a decisive move to bolster its digital crime unit, the United States Department of Justice (DoJ) announced on Thursday, July 20 its strategy to fortify the National Cryptocurrency Enforcement Team (NCET), marking a significant expansion of resources in the fight against cryptocurrency-related offenses. The department plans to more than double the staff of its cryptocurrency crime division, established in 2021, merging it with the Computer Crime and Intellectual Property Section (CCIPS). Nicole Argentieri, a senior Justice Department official, made the announcement at the Center for Strategic and International Studies, emphasizing that the merger would extend the resource pool and

3 minutes

johnd • Jul 20, 2023, 4:13 pm EDT

Embracing FedNow: Unveiling the Centrally Controlled Instant Payment Infrastructure, a New Era Beyond CBDCs

Discover FedNow: A closer look at the centrally controlled instant payment infrastructure poised to transform transactions. Explore its implications beyond CBDCs, as real-time payments redefine the landscape of digital finance.

6 minutes