Crypto Newsletter

Here’s What Elon Musk Thinks About Crypto Taxation in US Infrastructure Bill

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.”

What form of digital assets will be the future of payments?

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 Whales Suddenly Move $1,700,000,000 in BTC, Santiment Says Holdings of Crypto Millionaires Near All-Time High

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.

Ripple (XRP) founder slams US SEC over its crypto ‘clarity’

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.

South Korea will shut down a dozen of crypto exchanges amid new regulations.

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.

Ethereum (ETH) Shoots To $3000, Crowd Sentiment Overwhelms Bitcoin

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.

Storing Crypto in a Wallet Vs an Exchange

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.

Binance CEO Brian Brooks steps down amid rising regulatory scrutiny.

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.”

DEXs could see demand boost as regulators target centralized exchanges

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.

US SEC files first lawsuit against a Defi Project for $30 Million Fraud

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).