Guy Ficco, the chief of criminal investigations at the IRS, recently highlighted a concerning trend in the world of taxation. According to Ficco, taxpayers are increasingly engaging in tax crimes related to cryptocurrency. These crimes, known as “pure crypto tax crimes,” involve violations of Title 26 of the US Code, which deals with federal income
Regulation
The European Securities and Markets Authority (ESMA) recently highlighted the high level of concentration in the crypto markets, expressing concerns over the potential risks associated with it. According to ESMA, the dominance of a small number of assets, such as Bitcoin (BTC), Ethereum (ETH), and Tether (USDT), could lead to significant impacts on the entire
Uniswap Labs, the company behind the popular Ethereum-based decentralized exchange, Uniswap, has recently been served with a Wells notice by the US Securities and Exchange Commission (SEC). This Wells notice indicates the SEC’s intention to take legal action against Uniswap Labs for alleged violations of securities laws. Hayden Adams, the founder of Uniswap, took to
During a recent Senate hearing, Senator Tim Scott made a pointed critique of the current US administration, accusing them of unfairly targeting digital assets as the source of terrorism financing. Scott argued that the focus on cryptocurrencies ignores more traditional sources of funding, such as Iran’s $35 billion in oil exports and an additional $16
In a recent testimony to the Senate Banking, Housing, and Urban Affairs Committee, US Treasury Deputy Secretary Adewale Adeyemo highlighted the increasing use of alternative payment mechanisms like Tether’s USDT stablecoin by Russia to bypass economic sanctions. This trend has raised concerns about the misuse of stablecoins for illicit activities, prompting government investigations and calls
The disconnect between policymakers and technology has resulted in regulatory gaps in overseeing emerging technologies like blockchain and AI. While some lawmakers, such as Senator Cynthia Lummis, have recognized the importance of innovation in the financial sector and proposed legislation like the Digital Asset Innovation Act, the current “regulation-through-enforcement” approach, as seen in the SEC’s
Lithuania is planning to implement strict licensing requirements for cryptocurrency firms by 2025. The goal is to regulate the industry more effectively as digital assets become more integrated into the financial system. According to Central bank board member Simonas Krepsta, the current number of 580 active firms in the country is expected to decrease significantly
Singapore has taken a proactive approach to enhancing its regulatory framework within the cryptocurrency industry. The Monetary Authority of Singapore (MAS) recently amended its Payments Service Act (PSA) to expand its jurisdiction and bolster user protection. These changes demonstrate Singapore’s commitment to becoming a cryptocurrency-friendly hub while prioritizing investor safeguarding. With the incorporation of three
Coinbase CFO Alesia Haas’s assertion that Ethereum is not a security brings attention to the ongoing regulatory uncertainty surrounding cryptocurrencies in the United States. The lack of a clear and comprehensive regulatory framework at the federal level has led to confusion and inconsistency in how different agencies view digital assets such as Ethereum. Haas advocates
When we look at the current landscape of AI, especially generative AI, it is evident that there are significant concerns regarding the transparency and openness of the models being developed and deployed. While many vendors claim to have “open” models, the reality is far from open. The lack of access to training data sets and