Crypo News

ADVANCE WARNING: The U.S. Department of the Treasury is calling for businesses that receive transfers of more than $10,000 in crypto to report them to the IRS. The policy is said to go into effect in 2023, though it may have contributed to market volatility.

EXPECT ACTION: SEC chief Gary Gensler said Thursday that federal financial regulators should “be ready to bring cases” against bad actors in crypto, cyber and fintech. While far from descriptive, the statement shows consumer financial protections may become a greater concern under the Biden administration.

CAPITAL ALLOCATION? Coinbase is in talks to acquire Osprey Funds, an asset management firm with a popular closed bitcoin fund and newly launched Polkadot fund. In other institutional product news: ETF provider Teucrium Trading filed an application with the SEC to launch an ETF, benchmarked by bitcoin futures rather than physical BTC. This product could have an edge in getting SEC approval.

GREENING BTC: Greenpeace USA has stopped accepting bitcoin donations, citing its carbon footprint and lack of use. Bitcoin companies are scrambling to deal with the increasingly heated energy debate. BitMEX said today it is committed to becoming carbon neutral – it’ll start buying carbon offsets. Separately, Chinese mining firm invested $25 million in a new Texas facility, claiming its energy mix is 85% renewable.

BLOCKCHAIN BLOCKERS: On Tuesday, China issued a warning to institutions not to service crypto-related businesses, a restatement of existing policy that sent ripples through the market. The notice – though familiar – signals a sharpened focus on the financial industry. Separately, the Hong Kong government is moving to license virtual asset service providers and set up “necessary intervention powers” to restrict or prohibit some crypto services. Finally, Iran’s intelligence agency will begin cracking down on illegal crypto miners to reduce strain on the nation’s electricity grid.

Privacy Coin Monero Rises 30% After Biden Reveals Tax Plans for Crypto Transactions (Decrypt)

How Crypto Might Offer Haiti an Escape From Its Slavery Debt Legacy

via: coindesk

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