Crypto ▪︎ Bitcoin ▪︎ Trading ▪︎ News

2022-12-11 04:03:00 SEC Urges Firms to Disclose Crypto Exposure in New Letter

The Securities and Exchange Commission (SEC) has unveiled new guidelines for companies making financial disclosures, which call on them to provide a more detailed record of their exposure to the crypto industry in the wake of recent market chaos. The letter also includes guidelines on exposure to third-party crypto market participants, risks related to firms’ liquidity, their ability to obtain financing, as well as risks relating to “legal proceedings, investigations, or regulatory impacts” within the crypto markets.SEC is now asking firms about any relevant exposure to the chaotic crypto industry.

More Crypto News Open / Comment

2022-12-10 19:49:01 UK Includes Crypto Assets in Financial Services Reform Package

The UK government today announced a package of more than 30 reforms to financial regulation, including the extension of tax breaks for investment managers to cover crypto assets. Dubbed the “Edinburgh Reforms,” the measures are designed to replace EU regulation. The announced measures include publishing a formal response to the consultation on expanding the Investment Manager Exemption to cover crypto assets, which will facilitate their inclusion in the portfolios of overseas funds managed in Great Britain without creating a risk of UK taxation. Treasury include setting up a financial market infrastructure sandbox next year.

More Crypto News Open / Comment

2022-12-10 16:03:02 Stablecoin wars heat up as Coinbase offers fee-free swaps from USDT to USDC

Coinbase has called on users to convert their Tether stablecoins to the stablecoin it cofounded, USD Coin — while waiving fees for doing so. The exchange added that USDC delivers monthly attestations and is "always redeemable 1:1 for U.S. dollars.". Now more than ever, stability and trust are of the utmost importance to customers," the crypto exchange said in an official blog post, adding that the ability to swap USDT to USDC at no cost represents a continued effort to give users "safe, responsible ways to hold and grow their crypto. The move by Coinbase may be seen as a shot at Tether's USDT in the so-called "stablecoin wars."

More Crypto News Open / Comment

2022-12-10 10:03:01 UK financial reforms push for more investment in crypto businesses

UK’s financial services, in an effort to boost economic growth post-Brexit. Issuing a digital pound, experimenting with blockchain and boosting investment in crypto businesses made the cut. The government is committing to publish a consultation on establishing a central bank digital currency for the UK. The Treasury and the Bank of England continue to investigate the digital pound, as plenty of jurisdictions around the world scramble to issue their own central bank-backed digital coin. investors to bring their funds into the UK’s crypto industry.

More Crypto News Open / Comment

2022-12-10 04:03:01 Billion-dollar Aptos Labs lawsuit resolved, Glazer says

Shari Glazer, who sued Aptos Lab CEO Mo Shaikh and claimed she had been cheated out of of an equity stake in the new firm, now says the case is resolved. Glazer had claimed Aptos CEO Mo Shaikh conspired to deprive her of a stake in the company. Glazer’s announcement comes roughly two months after a judge denied Shaikh's motion to dismiss the lawsuit. In October, the court did, however, dismiss four legal claims, including fraud while allowing the case to proceed on the merits of determining if there had been a breach of agreement, unjust enrichment, or if Glazer was entitled to a 50% stake in Matonee, also known as Aptos Labs.

More Crypto News Open / Comment

2022-12-09 20:07:13 PayPal expands crypto services to Luxembourg

Payments giant PayPal will allow customers in Luxembourg to buy, sell and hold Bitcoin, Ethereum, Litecoin and Bitcoin Cash in their accounts. In June, the company rolled out new features allowing users to transfer crypto between PayPal and other wallets. Adding the ability to transfer, send, and receive cryptocurrencies is another step in our journey to building a more inclusive and effective financial system,” said Jose Fernandez da Ponte, SVP and GM of blockchain, crypto and digital currencies at PayPal. PayPal launched into the crypto business first in the U.S. in 2020, later expanding into the UK in 2021.

More Crypto News Open / Comment

2022-12-09 16:03:00 EU crypto taxation proposal will target firms all over the world

Companies offering EU residents crypto services will need to report on transactions to tax authorities.A new proposal from the European Commission will require crypto asset service providers of all sizes and geographical locations to report on the transactions of EU-based clients to tax authorities. Tax authorities currently lack the necessary information to monitor proceeds obtained by using crypto-assets, which are easily traded across borders,” the European Commission wrote in a statement. “This severely limits their ability to ensure that taxes are effectively paid, which means European citizens lose important tax revenues.”The European Commission aims for the new rules to be enforced on Jan 1. 2026.

More Crypto News Open / Comment

2022-12-09 10:03:00 Grayscale’s GBTC discount nears 50% causing further concern in community

Grayscale Bitcoin Trust (GBTC) is trading at a record-low discount of 49.20% to the underlying assets’ net asset value (NAV), as of Dec. 8. The crypto community has become increasingly concerned with GBTC’s record discount trades. Speculations emerged around the product when its sister company Genesis halted withdrawals for customers’ citing FTX’s implosion. Reports later revealed that their parent company Digital Currency Group had debt amounting to roughly $2 billion — with the majority owed to Genesis. DCG likely used its GBTC’s holding as collateral for its loan with the crypto lender.

More Crypto News Open / Comment

2022-12-09 04:03:01 Collapsed FTX Sought $100M Sponsorship Deal With Taylor Swift: Report

According to a Financial Times report citing people familiar with the matter, the abortive deal reportedly revolved around a potential tour sponsorship and included a ticketing arrangement with digital certificates in the form of non-fungible tokens (NFTs). One former FTX employee reportedly said that the exchange had sought a “light degree of endorsement” from Swift on social media—though Swift herself, according to a person close to the discussions, never contemplated agreeing to endorse the exchange.worth more than $100 million with Taylor Swift.

More Crypto News Open / Comment

2022-12-08 19:45:31 Kim Kardashian, Floyd Mayweather EthereumMax Lawsuit Dismissed

A federal judge in California has dismissed a class action suit against several notable celebrities, including Kim Kardashian and Floyd Mayweather, for promoting the cryptocurrency EthereumMax (EMAX). The lawsuit was first filed in January. The judge reportedly stated that it was unclear if the plaintiffs had seen the specific promotions shared by the celebrities. Judge Michael Fitzgerald also said that investors should be expected "to act reasonably before basing their bets on the zeitgeist of the moment.".Despite the dismissal, Judge Fitzgerald said the plaintiffs can refile with amended claims.

More Crypto News Open / Comment