The ever-changing landscape of crypto regulation in the United States has led financial technology company Revolut to make a significant decision. In a recent announcement, Revolut revealed that it will be “suspending” its crypto services in the US. This move comes in response to the evolving regulatory environment and uncertainties surrounding the crypto market in
Regulation
In a recent plea to Treasury Secretary Janet Yellen and IRS Commissioner Daniel Werfel, a group of US Senators led by Elizabeth Warren have called for immediate action on implementing new tax reporting requirements for digital asset brokers. The lawmakers reference the Infrastructure Investment and Jobs Act (IIJA), a bipartisan measure enacted nearly two years
Ripple, the digital payment company, has made the decision to remove the details of its XRP transactions from its quarterly reports. This change has been driven by a lawsuit filed by the U.S. Securities and Exchange Commission (SEC) against the company. In their latest quarterly report published on July 31, Ripple explained that the SEC’s
The Internal Revenue Service (IRS) recently released updated guidelines regarding the taxation of cryptocurrency staking rewards. These guidelines specify that taxpayers who engage in cryptocurrency staking on a proof-of-stake blockchain and receive additional cryptocurrency units as validation rewards must include the value of these rewards in their gross income within the same taxable year. For
Binance, one of the leading digital asset exchanges, has recently faced regulatory challenges in various European countries. However, it has now become the first exchange to receive an Operational Minimum Viable Product (MVP) license from Dubai’s Virtual Assets Regulatory Authority (VARA). This pivotal development allows Binance to provide regulated virtual asset exchange services under VARA’s
In a surprising turn of events, U.S. senator Elizabeth Warren has reintroduced the Digital Asset Anti-Money Laundering Act with backing from the Wall Street banks. This legislation aims to address the national security risks associated with cryptocurrencies, a topic that Warren and the Bank Policy Institute have historically disagreed on. The bipartisan bill seeks to
The United States Securities and Exchange Commission’s (SEC) Commissioner Hester Peirce recently raised valid concerns about the regulator’s approach towards promoting transparency within the cryptocurrency industry. Her skepticism emerged in response to a statement made by the SEC chief accountant, Paul Munter, who cautioned accounting firms engaged in auditing duties for crypto firms about the
Jason Lowrey, the author of “Softwar: A Novel Theory on Power Projection and the National Strategic Significance of Bitcoin,” has recently taken the unexpected step of withdrawing his book from public access. This decision has left readers and academics puzzled, as the work was previously presented as a thesis to the System Design and Management
In a recent interview with BBTV, U.S. Securities and Exchange Commission (SEC) Chairman Gary Gensler highlighted his growing concerns about the cryptocurrency sector. While acknowledging that there are reputable players in the industry, he emphasized that the sector is “rife with fraud” and lacks sufficient investor protections. Gensler cited the speculative nature of the crypto
Ripple’s recent legal victory against the U.S. Securities and Exchange Commission (SEC) has significant implications for other ongoing cases in the crypto industry. Stuart Alderoty, Ripple’s Chief Legal Officer (CLO), discussed in a TechCrunch podcast episode how this ruling could impact the SEC’s cases against Coinbase and Binance. In his analysis, Alderoty highlighted the importance