The biggest discussion in the crypto universe at present is around crypto taxation amendments in the US Infrastructure Bill. All eyes are set on the Senate vote scheduled to take place on Saturday that could potentially decide the fate of crypto businesses in the US. At a time when the Biden administration has endorsed the controversial crypto amendment proposed at the last minute, Elon Musk has a piece of sane advice for lawmakers, “there is no crisis that compels hasty legislation.”
We’re living in a time where digital assets are moving towards mainstream adoption. From retail customers to traditional banks and financial service providers, digital assets are on the rise. Many of these assets promised to disrupt financial markets and large incumbents, and while they have received widespread attention, they haven’t quite achieved their potential. That said, large institutions are taking notice — 86% of the world’s central banks are exploring digital currencies, according to a report by the Bank for International Settlements.
Bitcoin (BTC) whales are moving massive amounts of BTC as the leading crypto asset prints a new 30-day high at $43,271.
Blockchain tracker Whale Alert spotted four large Bitcoin transactions in which crypto whales relocated 41,671 BTC, worth $1.78 billion, in a span of one hour.
Earlier this week at the Aspen Security Forum, an annual three-day conference for global leaders to discuss some of the key national security issues, Ripple’s CEO Brad Garlinghouse addressed the lack of clarity surrounding the crypto industry and its regulation in the US.
According to a local report, the South Korean financial services regulator is planning to shut down 11 cryptocurrency exchanges. The 11 crypto firms have reportedly engaged in illegal activities and used fraudulent collective bank accounts. According to the Korea Herald report, the Financial Services Commission plans on denying the 11 local exchanges approval to serve the South Korean market.
The Ethereum (ETH) bulls have continued to rage in pushing the ETH price all the way to $3000. As of press time, Ethereum is trading 8.34% up at a price of $2977 with a market cap of $344 billion. It is for the first time since May that the ETH price has crossed $3000 levels.
For anyone thinking of investing in cryptocurrencies, one of the most pressing issues could be how to store your digital assets. Crypto holders mainly use non-custodial wallets or custodial exchange wallets. The two are different and have unique features, advantages, and disadvantages.
The former acting Comptroller of the Currency Brian Brooks has resigned as the CEO of the crypto exchange giant Binance U.S. after just over three months. He cited “differences over strategic direction.” Brooks announced Friday on Twitter that he has resigned from Binance. He tweeted, “Greetings crypto community. Letting you all know that I have resigned as CEO of Binance US. Despite differences over strategic direction, I wish my former colleagues much success.”
Over the last 10 years, Bitcoin (BTC) has performed exceptionally well as a store of value and for speculative investment purposes. However, a lot of this can be attributed to its decentralized nature, which could have resulted in regulators and governments worldwide making attempts to shut it down long before it ever took off.
The US Securities and Exchange Commission (SEC) has charged two Florida men, Gregory Keough, Derek Acree, and their Cayman Island company, Blockchain Credit Partners against unregistered offerings and sales of over $30 million through the Defi system and smart contracts. Additionally, the respondents are also accused of misleading investors concerning the operations and profitability of the Defi Money Market (DMM).