Trump Goes Web3: HNY 2023!
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Major Headlines
Trump Releases $99 NFTS and Fails to Deliver
Trump’s NFT collection is being launched by a crypto company called NFT INT LLC, which has nothing to do with a Trump Presidential Campaign. Although the Trump NFTs have reached $1.17 million in trading volume within the first 24 hours, buyers have started coming out with strange checkout experiences. Read more. . .
The SEC’s Howey Test isn’t Enough
Peirce notes that the Howey test does not address whether a crypto asset itself is a security, and does not even account for a decentralized asset.? Believes that the US SEC needs to become more clear in defining what digital assets are.? Read more. . .
US Senators Propose Digital Assets Anti-Money Laundering Bill
A US senator proposed an anti-money laundering bill called “The Digital Asset Anti-Money Laundering Act (DAILA)”. This bill would require financial institutions to report transactions involving "unhosted wallets". These are wallets where the user has complete control over its contents, rather than being in the hands of a third party. Read. . .
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Future Financial Committee Chair Requests Yellen to Postpone Crypto Tax Provisions
Cryptocurrency tax provisions in the Infrastructure Investment and Jobs Act should be delayed, Rep. Patrick McHenry says. He argues the definition of a "broker" for tax reporting purposes is too broad and could include miners and other groups. A reputed crypto industry group has sued the Treasury Department over this provision, calling it unconstitutional. Read more. . .
BlockFi Anon: “ Up To 80% of Funds Will Be Returned To Customers.”
BlockFi was raising funds at a valuation above $5 billion and raised $1 billion throughout its funding rounds. It was the de facto institution to bridge retail users into the space with its intuitive interface and simple features. By July and August, the firm was making only $15 million a quarter, a 70% drop and with costs well above that. Read more. . .
SEC Crypto Regulation Has Seen ‘No Real Movement’, says Commissioner
Hester Peirce, a Commissioner at the US Securities and Exchange Commission (SEC), has long been pro-crypto. Despite this, she says regulatory measures toward crypto have been at a standstill since she started her role in 2018. The US SEC Chair Gary Gensler has viewed the crypto industry as a Wild West that is in dire need of regulation. Read more. . .
Over $3B drained: Is Binance Going Through a Bank run?
Withdrawals from crypto firms and users out of Binance have seen a total net outflow of over $3.6 billion within the past week. Tuesday marked the highest amount of withdrawals recorded over one day since June. Over 24 hours, Binance's international operations saw amounts of over $8.78 billion withdrawn by users. Read more. . .
FTX Founder Sam Bankman-Fried Arrested in Bahamas, says Authorities
The Bahamas has arrested Sam Bankman-Fried, the founder and former CEO of the failed FTX crypto-currency. The arrest in the Bahamas came after the US authorities filed criminal charges against him. Bahamian authorities expect that the US will request his extradition in short order. Read more. . .