The Treasury Select Committee says unbacked “cryptoassets” have no intrinsic value or useful social purpose and retail trading is more like gambling than financial services. Bad news for the UK Government’s plan to make the country into a crypto hub.
Binance.US and CEO Changpeng Zhao are exploring strategies to reduce his majority stake in the company to ease tension between Binance and U.S. regulators and continue operations in the region.
The Treasury Select Committee says unbacked “cryptoassets” have no intrinsic value or useful social purpose and retail trading is more like gambling than financial services. Bad news for the UK Government’s plan to make the country into a crypto hub.
Binance.US and CEO Changpeng Zhao are exploring strategies to reduce his majority stake in the company to ease tension between Binance and U.S. regulators and continue operations in the region.
The Central Bank of Russian Federation has been developing the country's first central bank digital currency – the Digital Ruble for several years. There have been announcements by authorities that it might be launched soon.
The U.S. may impose additional tax on cryptocurrency mining (cryptomining) operations. According to the White House, the tax is intended to offset the expenses that cryptomining operations place on society.
Crypto assets are a new and complicated category for accountants. Clear accounting and reporting guidelines are one of the signs of a mature industry. Currently, it is difficult to call US GAAP and IFRS guidance on crypto-assets comprehensive, but the work is ongoing.
Coinbase publicly responded to the SEC’s Wells notice and now is trying to force the regulatory agency to respond to a petition for rulemaking that the company filed last summer aiming to get proper regulation rules for digital assets.
Hydrogen Technologies and its former CEO have been found guilty of market manipulation in a case brought by the SEC. The court ordered Hydrogen Corporation to pay damages of approximately $2.8 million.
