The network of rules, statutes, and legal procedures governing the cryptocurrency and blockchain businesses is collectively called “crypto regulation.” The legal standing of these businesses has been a hot topic of discussion ever since Bitcoin’s 2008 white paper. The issues facing legislators and regulators have completely changed. Some authorities have reacted negatively because they perceive cryptocurrency as threatening monetary authority. Others have embraced the sector due to its ability to connect distant economies and promote secure global commerce. However, the majority of the globe is still figuring out how to enact, oversee, and enforce the body of regulations governing such a new industry.
Circle, the company that issued the USDC stablecoin, said late Friday that it still has about (1) $3.3 billion in reserves at Silicon Valley Bank out of a total of $40 billion. Once a panicked public rushed to withdraw their money from the high-tech lender, the stock price plummeted. On Friday, 48 hours after one … Read more
In light of the significant worsening in the macroeconomic factors, Blockchain.com concluded that it was necessary to terminate BACM, which catered to institutional players. Some crypto companies have been feeling the effects of market instability and liquidity problems. The prominent cryptocurrency business Blockchain.com has decided to close down its crypto wealth management arm in the … Read more
Bakkt has announced (1) its earnings for the fourth quarter of 2022, reporting $15.6 million in revenue. Although this number was lower than the expected $16 million, it still marks a 14% rise over the previous year (YoY). Q4 revenue growth for the digital asset management software system was met with increased costs. This turn of … Read more
The share price of Silicon Valley Bank, which also operates under the name SVB Financial Group, has dropped by 23.52% in the Pre-Market, after a stunning drop of 60.41% on Thursday. The company is currently experiencing the worst of its days. Considering the significant drop in the price of the bank’s shares, SVB Financial Group … Read more
For the past twenty-four hours, interesting price activity has been seen in Huobi Token. This digital currency, which is native to the Huobi Global market, has witnessed a flash crash, which has resulted in its price falling by as much as 93 percent. During a short period, the value of digital money rebounded to practically … Read more
In a recent lawsuit, the New York Attorney General’s office accused KuCoin of “ignoring our laws and placing investors in danger.” New York Attorney General Letitia James has filed suit against KuCoin (KCS) as part of a larger effort to crack down on virtual currencies. On Wednesday, the New York Attorney General’s office sued (1) … Read more
Coinbase, the major crypto exchange in the US, has introduced (1) an innovative feature that it believes will bring millions of users to web3. Businesses will be able to create cutting-edge web3 experiences with streamlined wallet onboarding made possible by releasing a new product called “Wallet as a Service” (WaaS). Because of the development of … Read more
The recent events involved a crypto investor mocking Senator Elizabeth Warren for her criticism of Silvergate bank. Following the current bank failure, Warren posted on Twitter, reacting to the news by referencing her previous warnings to the cryptocurrency community. Mike Novogratz, the founder of Galaxy Digital, responded sarcastically to Warren’s tweets, mocking her “knowledge” and … Read more
Altering the Tax Classification of Transactions Involving Cryptocurrencies Is Going to Be a Proposal in President Biden’s Budget Plan, Which Would Raise $24 Billion Reports indicate (1) that the new budget plan proposed by US Vice President Joe Biden could end the practice of tax loss harvesting on cryptocurrency transactions. A spokesperson from the White … Read more
Trading in Cryptocurrencies In Europe, consumers will soon be able to acquire a Visa crypto debit card from Gate.io, which was developed in collaboration with payment processing giant Visa. Reports suggest that Gate.io’s parent firm, Gate Group, will introduce the Gate Visa crypto debit card through Gate Global UAB, a Lithuanian subsidiary of Gate.io Group … Read more