SEC chair uses crypto enforcement in justification for FY2023 budget

Gary Gensler, chair of the United States Securities and Exchange Commission, or SEC, has cited concerns about cryptocurrency enforcement in its budget request for the next fiscal year. In written testimony for a Wednesday hearing of the U.S. House Committee on Appropriations, Gensler said he supported President Joe Biden’s request to budget more than $2.1 billion for the SEC in FY2023, allowing the regulatory body to increase its enforcement division by 50 people. The SEC chair cited concerns about the crypto space, referring to markets as “highly volatile and speculative”…

Introducing the Coinbase Institute: Advancing the policy debate around crypto and the future of web3 | by Coinbase | May, 2022

By: Hermine Wong, Director of the Coinbase Institute Tl;dr: Today signals the launch of the Coinbase Institute, a global crypto-native think tank. Our mission is to accelerate rigorous, novel research, and to bring together the best minds across disciplines to fuel progress on decentralization, web3, and the future of finance. Today, we’re launching the Coinbase Institute — a global crypto-native think tank grounded in evidence-based research. Our mission is to accelerate rigorous, novel research, and to bring together the best minds across disciplines to fuel progress on decentralization, web3, and…

NFT prices take a gut punch as the crypto bear market deepens

Without fail, crypto has a way of humbling even the most self-assured and this market is definitely not for the faint of heart. NFT investors have entered what appears to be a bear market and the recent chaos is also impacting community morale.  The decline in NFT prices occurred as the United States Federal Reserve raised interest rates, Terra’s Luna and UST-based platforms collapsed and traders came to terms with the reality that the entire sector could be in a bear market. Things aren’t as bad as they were in…

Robinhood Plans ‘Web 3’ Crypto Wallet for DeFi Traders, NFT Buyers

Robinhood’s upcoming wallet – it begins testing in the summer, with a waitlist now open – is slated for direct competition with Coinbase’s own offering, with expanded features announced Monday. Both investing giants are making it easier for their crypto-trading customers to actually deploy assets into DeFi without leaving their wallet ecosystems. Doing so could end up goosing DeFi protocols with a raft of new users. Author: Cameron Thompson Source link

Coinbase Commerce expands merchant access to crypto payment acceptance with Primer | by Coinbase | May, 2022

TL;DR: Our latest integration with Primer will enable merchants to quickly and easily add cryptocurrency acceptance into their checkout experiences. As the payments ecosystem continues to evolve, the checkout experience is getting even more complex. Consumers are faced with an increasing number of options for payment, and it’s crucial for merchants to ensure that consumers are offered maximum flexibility otherwise they risk losing business. For business owners, establishing and managing all of the connections needed to provide this flexibility can be convoluted, expensive, and time consuming. 40% of consumers surveyed…

BitMEX launches spot crypto exchange following $30M penalty

Global crypto derivatives exchange BitMEX is expanding its platform beyond just derivatives by finally launching a spot crypto trading platform. BitMEX officially announced on May 17 that its spot crypto exchange, the BitMEX Spot Exchange, is now live, allowing retail and institutional investors to buy, sell and trade cryptocurrencies like Bitcoin (BTC) and Ether (ETH). At launch, the exchange supports seven pairs of cryptocurrencies, including BTC, ETH, Chainlink (LINK), Uniswap (UNI), Polygon (MATIC), Axie Infinity (AXS) and ApeCoin (APE), all trading against the Tether stablecoin (USDT). The launch of the…

Portugal to lose crypto tax haven status as state announces gains duties

To the chagrin of many Golden Visa seekers, Portuguese Finance Minister Fernando Medina has confirmed that his country will begin taxing cryptocurrency but has not committed to a date. The move to start taxing crypto was seconded by Secretary of State for Tax Affairs António Mendonça Mendes on May 13 according to Sapo, a local news outlet. There is not yet an effective date for the tax to start or a set rate, however. It will be levied on investment gains made from cryptocurrencies like Bitcoin (BTC), the largest crypto…

US federal judge approves of Justice Dept criminal complaint on using crypto to evade sanctions

The United States Department of Justice may move forward on a criminal prosecution case against a U.S. citizen who allegedly violated sanctions through cryptocurrency. According to a Friday opinion filing in U.S. District Court for the District of Columbia, the unnamed individual who is the subject of a criminal investigation by the Justice Department allegedly sent more than $10 million in Bitcoin (BTC) from a U.S.-based crypto exchange to an exchange in a country for which the U.S. currently imposes sanctions — suggesting Russia, Cuba, North Korea, Syria, or Iran.…

California regulator will revisit long-running ban on crypto donations on May 19

A California state regulator may be looking at overturning a ban on cryptocurrency donations to political campaigns which has been in effect since 2018. According to its May 2022 agenda, California’s Fair Political Practices Commission, or FPPC, has scheduled a “prenotice discussion” on Thursday on the use of cryptocurrencies to make campaign contributions in the state. The commission said it will be considering drafting amendments to its regulations requiring that “no contribution may be made or received in cryptocurrency.” In September 2018, the FPPC voted to ban both sending and…