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“# IRS needs congressional authority to handle crypto, says chief ” Internal Revenue Service chief Charles Rettig called out lawmakers for not taking the initiative on addressing the problem of many U.S. residents not paying taxes on crypto. In a Tuesday senate hearing on the IRS’ fiscal year 2022 budget, Rettig said that the agency…
“# Tim Wu, the ‘father of net neutrality’ reportedly owns over $1M in Bitcoin ” Cryptocurrencies might be anathema for certain members of United States President Joseph Biden’s administration, but that has not stopped one staffer from owning a small fortune in Bitcoin (BTC). According to a report by Politico on Monday, Tim Wu, special…
“# Biden to discuss crypto’s role in ransomware attacks at G7, says national security adviser ” According to Joe Biden’s National Security Adviser Jake Sullivan, the United StatePresident will speak directly about cryptocurrency regarding its role in the attack on the Colonial Pipeline and other ransomware breaches. In a Monday White House press briefing, Sullivan…
“# Global banking regulator plans to hold consultation on crypto exposure ” The Basel Committee on Banking Supervision has said it will be publishing a consultation paper aimed at banks reducing their risk of exposure to crypto. According to the Switzerland-based Bank of International Settlements, or BIS, the Basel Committee will publish the paper on…
“# No, Bitcoin is not ‘technobabble’ ” Many years ago, I ran hedge funds on Wall Street. With a long pause for philanthropic and government work, I eventually found my way to blockchain, and now, I spend my days writing about decentralized finance versus centralized finance. Some of my old Wall Street friends still run…
“# Chinese government agency issues blockchain development roadmap ” China’s Office of the Central Cyber Security and Information Committee of the country’s Ministry of Industry and Information Technology (MIIT) has identified four essential application areas for blockchain adoption. The MIIT’s five-point agenda for blockchain adoption was part of a document issued on Monday detailing guiding…
“# South Korea moves to ban cross trading for crypto exchanges ” South Korea’s Financial Services Commission has moved to ban cross trading on crypto exchanges in the country. The move is part of a raft of amendments to the country’s Act on the Reporting and Use of Certain Financial Transaction Information. Cross trading, an…
“# Traders, analysts offer mixed reactions to El Salvador’s BTC announcement ” While it was billed as the “one of the biggest announcements in Bitcoin’s history,” the market seems to be puzzling over the landmark reveal that El Salvador’s sitting President will be submitting legislation to recognize Bitcoin as legal tender. In a presentation at…
“# Hybrid smart contracts will replace the legal system ” The era of unintelligible contracts written in legalese by lawyers in $2,000 suits with degrees from Ivy League schools is over. The contracts of the next century will be hybrid smart contracts, written in code by programmers wearing $20 hoodies and living in their NYC-shared…
“# US Congressman expresses importance of crypto wallet privacy ” At the bustling Bitcoin 2021 conference in Miami, Congressman Warren Davidson, alongside United States Senator Cynthia Lummis, sat down to field interview questions. The interview took a turn toward privacy, with Davidson responding with comments on crypto wallets. “At the end of the year, if…