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The Biden administration took a long-delayed step against tax evasion in cryptocurrency markets, though it left some work unfinished amid fierce lobbying by companies like Coinbase, The Wall Street Journal reported. The Treasury Department adopted a final rule Friday requiring many cryptocurrency platforms to report information about their users’ transactions to the Internal Revenue Service. Officials say the measure should
President Joe Biden issued an order blocking a Chinese-backed cryptocurrency mining firm from owning land near a Wyoming nuclear missile base, calling its proximity to the base a “national security risk” The Associated Press reported.
A Russian national pleaded guilty today to conspiracy to commit money laundering related to his role in operating cryptocurrency exchange BTC-e from 2011 to 2017, the U.S. Department of Justice reported. According to court documents, Alexander Vinnick, 44, was one of the operators of BTC-e, which was one of the world’s largest virtual currency exchanges. From its inception in or
Bankrupt crypto exchange FTX on Monday sued the parents of founder Sam Bankman-Fried, saying that Stanford professors Joseph Bankman and Barbara Fried used the company to enrich themselves at the expense of FTX’s customers, Reuters reported. FTX, now being led by turnaround specialist John Ray, said that company founder Sam Bankman-Fried ran FTX as a “family business” and misappropriated billions
Coinbase has introduced the Stand With Crypto Alliance. It starts with a “TL;DR” (posted yesterday) that said: Today marks the launch of the Stand with Crypto Alliance, an advocacy organization focused on mobilizing the crypto community to directly engage in the legislative process. Join the Alliance to help secure the future of crypto in America by helping drive clear, sensible
Sam Bankman-Fried, the disgraced wunderkind whose cryptocurrency exchange platform FTX imploded last November, will go from house arrest at his parents’ home to jail, a judge has ordered ahead of his trial on fraud charges, Rolling Stone reported. In a Friday hearing, Judge Lewis Kaplan of Federal District Court in Manhattan formally revoked Bankman-Fried’s bail, ending his residence with his
New York Attorney General Letitia James is proposing new legislation that would give her office more authority to regulate the increasingly tumultuous cryptocurrency industry, The Wall Street Journal reported. The bill would give the attorney general’s office broader enforcement authority over crypto firms that have operations in the state, while codifying the New York State Department of Financial Services’ authority