Author: torips2016

Three months into the job, Brian Brooks, CEO of Binance.us, announced his resignation. His Twitter announcement stated he and his peers had “differences over strategic direction.” Prior to joining Binance.us, Brooks worked in the Office of the Comptroller of the Currency. This federal branch regulates all national banks. During his time as comptroller, Brooks advocated for many pro-crypto reforms. Greetings #crypto community. Letting you all know that I have resigned as CEO of ⁦⁦⁦@BinanceUS⁩ . Despite differences over strategic direction, I wish my former colleagues much success. Exciting new things to come!— Brian Brooks (@BrianBrooksUS) August 6, 2021 In hiring…

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U.S. Commodity Futures Trading Commission (CFTC) Commissioner Brian Quintenz, in response to a claim made by U.S. Securities and Exchange Commission (SEC) Chairman Gary Gensler, said that the SEC does not have authority over pure commodities, which is the category crypto assets belong to. Quintenz tweeted: “Just so we’re all clear here, the SEC has no authority over pure commodities or their trading venues, whether those commodities are wheat, gold, oil…or crypto assets.” Gensler’s point was that there is not enough investor protection, claiming that crypto assets are securities and, therefore, fall under the SEC’s jurisdiction. However, a previous U.S.…

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China has recently began tightening restrictions on Bitcoin miners, restricting local bitcoin mining and trading by, among other limitations, ordering power companies not to sell them power.. This crackdown has resulted in Chinese Bitcoin miners to turn elsewhere, even to small towns in rural America. Texas has seen a boom in interest for Bitcoin miners seeking new places to establish their rigs and continue their operations. Shenzhen-based BIT Mining said in May that it plans to invest more than $25 million in a Texas data center, while Beijing-based server firm Bitmain is already modernizing an old aluminum plant in the Rockdale-area…

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Many financial institutions offer free money for consumers. For example, credit card companies offer cash back on transactions and bank accounts offer interest. Now, you might be able to get this free cash offered in cryptocurrency. Using these methods for free crypto might not be a challenge for those who already have a crypto investment portfolio, but there are some additional responsibilities when tax season arrives. While some free crypto, like crypto credit card rewards, are only taxed on capital gains when you cash out, other crypto might be considered taxable income when you get it, and you must report…

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Cryptocurrency organizations have asked Congress to reconsider the $28 billion tax plan proposed in the Senate as they see this tax as an “imminent threat” to the crypto community. President Biden has proposed a $1.2 infrastructure package to upgrade America’s roads, railways, power grids, and broadband access. Within this package, $28 billion is allotted to come from a new proposed tax on cryptocurrency trade. This new tax would introduce new rules and regulations for crypto organizations and traders. This would require reporting on crypto transactions over $10,000. On Friday, the Blockchain Association posted an open letter to Congress, saying; “What…

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US Senators have voted to approve a surprise tax amendment on cryptocurrencies. The proposed new amendment seeks transactions of $10,000 or more to be reported to the IRS. This proposed amendment will now move through to the House of Representatives to be voted on. If passed, businesses will have a legal obligation to report cryptocurrency transactions of $10, 000 or more to the IRS. This threshold is already the minimum for IRS reporting, meaning that this tax amendment is moving to encompass crypto with other monetary transactions. This new tax amendment is a bit controversial. Some say that this new…

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On April 23, 2021, Binance Smart Chain announced a competition called Most Valuable Builder II, in which participants focused on NFT development. Winners of this competition were announced today! The contest had over 500 applicants, and the shortlisted projects had over 500,000 active addresses with 16 billion USD transacted. After two phases of criteria, Binance Chain selected 10 winning projects: Alpaca Finance: LendingApeSwap: AMMBiSwap: AMMBunnyPark: NFT GamingCrypto Blades: NFT GamingFaraland: NFT GamingMOBOX: NFT GamingMy DeFi Pet: NFT GamingStreamingFast: InfrastructureX World Games: NFT Gaming Each winning project received a $10,000 grant, a security QuikScan from Certik, sponsorship for a full security…

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Bitcoin mining isn’t just for the professionals anymore. Los Angles based Idan Abada is making sure of that. Abada took to TikTok to share a video of himself using a small bitcoin mining rig, retailing at $875. Often, these rigs are massive and very loud. Abada’s rig is different–it is powered by USB and can function with a household desktop or laptop. Abada took this mining rig to Starbucks and tapped into their free WIFI to run the machine. Although this mining rig looks cool, Abada says it is difficult to make a profit without free WIFI and electricity, which…

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Binance, the world’s largest cryptocurrency exchange company, is aiming to obtain status as a regulated financial institution in the US and other countries around the world. The company has faced a growing amount of scrutiny as government regulation agencies around the world have began questioning Binance and crypto exchange. Regulators in countries like Italy, Japan, and Canada have even gone so far as to announce that Binance is not allowed to operate within their respective countries. “I’ll be honored to continue to run Binance as a regulated financial institution until we find somebody who may do a better job.”Changpeng “CZ”…

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A City A.M. report alleged that Amazon would soon be in the business of accepting Bitcoin and other crypto currencies by the end of this year. However, Amazon released an email statement to Bloomberg stating that this is incorrect. In fact, Amazon states that they have no intention of accepting Bitcoin or other crypto by 2022, but that they are interested in continuing their work to explore opportunities to use cryptocurrencies and blockchain in the future. The City A.M. source said that Amazon’s use of cryptocurrencies and blockchain was a directive from Jeff Bezos himself, and that this project has…

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