Biden budget proposes 30% tax on crypto mining electricity usage

[ad_1] A phased-in 30% tax on cryptocurrency mining electricity costs has been proposed by United States president Joe Biden in his administration's 2024 fiscal year budget. A Department of the Treasury supplementary budget explainer paper released Mar. 9 said any firm using resources — whether they be owned or rented — would be "subject to an excise tax equal to 30 percent of the costs of electricity used in digital

Investors might have avoided FTX if the SEC had addressed Bitcoin ETFs, says BitGo CEO

[ad_1] The collapse of crypto exchange FTX and other bearish events in the space were at the center of discussions among lawmakers and witnesses at the inaugural hearing of the United States House Committee on Financial Services’ Subcommittee on Digital Assets, Financial Technology and Inclusion.Addressing lawmakers at the March 9 hearing, BitGo co-founder and CEO Mike Belshe criticized the U.S. Securities and Exchange Commission, or SEC, for enforcement actions against

NY AG sues KuCoin for selling securities and commodities without registration

[ad_1] New York state Attorney General Letitia James announced that she has filed suit against cryptocurrency exchange KuCoin after she was able to buy and sell crypto on the exchange, which is not registered in New York. “This action is one of the first times a regulator is claiming in court that ETH, one of the largest cryptocurrencies available, is a security,” according to her statement.  The complaint, filed on
Business suspends its asset management subsidiary launched in April: Report

[ad_1] Cryptocurrency financial services company will suspend operations of its asset management subsidiary, according to a Bloomberg report published March 9. The service had existed less than a year and appears to be the latest casualty of the crypto winter.The subsidiary, known as Asset Management, is based in London. It applied to be removed from the United Kingdom companies register on March 5. The application itself is dated

Crypto industry braces for impact with Silvergate exit

[ad_1] The closure of Silvergate Bank is not a systematic risk for the United States banking system but could have a significant impact on the crypto markets, multiple sources told Cointelegraph. The consequences may include increasing banking concentration among a few partners and presenting challenges for venture capital firms seeking to establish banking relationships in the country.Silvergate had been a crypto-fiat gateway network for financial institutions and a significant on-ramp

CBDCs threaten our future, so it’s time to take a stand

[ad_1] If the development of blockchain technology was a financial revolution, central bank digital currencies (CBDCs) are the counter-revolution. Their development has intensified in 2023 across the globe, and it’s now more important than ever for the world to know what could lay behind the acronym.While there are some who think central banks can be trusted to proceed, the facts stand against them. This technology would give central banks unprecedented

Bitcoin price drops to $20.8K as regulatory and macroeconomic pressure mounts

[ad_1] Bitcoin (BTC) traders saw continued downward pressure after the 5.5% decline in BTC price on March 7. Increased odds of further interest rate increases by the Federal Reserve and regulatory pressure in cryptocurrencies explain some of the movement.Financial markets showed signs of stress as the inverted bond curve reached its highest level since the 1980s. Longer-term dated yields have stalled at 4%, while two-year treasury notes traded above 5%

Women in Web3 advocate for increased diversity in the ecosystem

[ad_1] Although the Web3 ecosystem is rapidly evolving, the industry still faces many challenges, one of which is its lack of diversity. The underrepresentation of women in the field remains a significant concern, as their involvement is indispensable in addressing some of the critical challenges in the sector.Web3, the next generation of the internet, is an exciting new space creating opportunities for entrepreneurs across various industries. While the field is

House Republicans directly criticize Biden administration for digital asset policies

[ad_1] Statements from Republican lawmakers ahead of the inaugural hearing of the United States House of Representatives subcommittee focused on digital assets, financial technology and inclusion suggest partisan divides on crypto regulation.In a March 6 memo, House Financial Services Committee Republicans said the first hearing of the Subcommittee on Digital Assets, Financial Technology, and Inclusion would focus on the Biden administration’s “attack on the digital asset ecosystem”. The hearing is

US REPO task force names crypto as target in efforts involving $58B in sanctioned assets

[ad_1] The United States Treasury has announced deputies of the multilateral Russian Elites, Proxies, and Oligarchs, or REPO, Task Force have targeted crypto in Russian entities’ attempts to evade sanctions.In a March 9 announcement, the U.S. Treasury said the task force had blocked or frozen more than $58 billion worth of assets subject to sanctions since Russia’s military invaded Ukraine in February 2022. Members of the REPO team have worked