MicroStrategy may owe taxes on $19B unrealized Bitcoin gains: report
MicroStrategy’s Bitcoin portfolio has an unrealized gain of over $19.3 billion at press time.
Trump’s executive order excludes Fed, FDIC from crypto working group
The recent executive order issued by the US government has caused quite a stir in the cryptocurrency world. The order, which aims to regulate stablecoins, has sparked concerns and debates among industry insiders. One of the most significant aspects of this order is the exclusion of the US central bank from any future regulation of stablecoins.
Stablecoins, as the name suggests, are a type of cryptocurrency that is designed to maintain a stable value. This is achieved by pegging the value of the coin to a fiat currency or a commodity. They have gained popularity in recent years due to their potential to reduce the volatility often associated with traditional cryptocurrencies like Bitcoin.
The exclusion of the US central bank from regulating stablecoins has raised eyebrows and sparked discussions among experts. Some argue that this move could lead to a lack of oversight and potential risks for consumers. Others believe that it could pave the way for innovation and growth in the stablecoin market.
One of the main concerns is the potential impact on the US dollar. As the world’s reserve currency, any instability or manipulation in the value of stablecoins could have a ripple effect on the global economy. This is why many believe that the US central bank should have a say in the regulation of stablecoins.
On the other hand, some argue that the exclusion of the central bank could lead to a more decentralized and free market for stablecoins. This could encourage competition and innovation, ultimately benefiting consumers.
Regardless of the differing opinions, one thing is certain – the executive order has brought the topic of stablecoin regulation to the forefront. It remains to be seen how this will play out and what impact it will have on the cryptocurrency market. But one thing is for sure – the future of stablecoins is a topic that will continue to be closely monitored and debated by industry insiders and experts alike.
Elizabeth Warren joins call for probe of Trump over crypto tokens
Senator Elizabeth Warren has recently expressed concerns about the potential impact of Donald Trump’s memecoin on the US political landscape. In a statement, the senator warned that this new form of digital currency could open the door to foreign interference in the country’s political affairs.
For those unfamiliar, a memecoin is a type of cryptocurrency that is based on internet memes and often used as a form of satire or parody. In this case, the proposed Trump memecoin would feature the president’s likeness and be used to raise funds for his re-election campaign.
While the idea of a memecoin may seem harmless and even comical, Senator Warren believes it could have serious consequences. She argues that the lack of regulation and traceability in the cryptocurrency world could make it easy for foreign entities to use these coins to influence the US political system.
In her statement, Senator Warren stated, “The specter of uninhibited and untraceable foreign influence over the US president is a serious concern. We cannot allow a digital currency, especially one based on internet memes, to potentially undermine the integrity of our democracy.”
This is not the first time that concerns have been raised about the potential impact of cryptocurrencies on politics. In 2016, there were allegations that Russian hackers used Bitcoin to fund their interference in the US presidential election. And with the rise of memecoins, the risk of foreign interference may only increase.
While the Trump memecoin has not yet been officially launched, Senator Warren’s warning serves as a reminder of the potential dangers of unregulated digital currencies. As the world becomes increasingly reliant on technology, it is crucial that we address these issues and ensure the integrity of our democratic processes.
Cardano Foundation research shows ‘fundamental shift’ in blockchain use
In today’s digital age, where online scams and frauds are becoming increasingly prevalent, the need for authenticity and secure verification has become more important than ever. This is especially true in the world of cryptocurrency, where trust and legitimacy are crucial for the success of any project.
One area that has seen a significant focus on authenticity is the verification of identity and legitimacy. With the rise of blockchain technology, many projects have been able to establish secure and reliable methods of verifying the identity of their users. This not only helps to prevent fraud and scams, but also creates a sense of trust and transparency within the community.
One such project that has made strides in this area is the use of biometric verification. By utilizing unique physical characteristics such as fingerprints or facial recognition, users can be easily and securely verified, ensuring that only legitimate individuals have access to the platform. This not only protects users from potential scams, but also helps to prevent money laundering and other illegal activities.
Another aspect of authenticity that has been addressed by projects is the verification of information and data. With the rise of fake news and misinformation, it has become increasingly important to ensure that the information being shared is accurate and reliable. This is where blockchain technology has once again proven to be a valuable tool. By utilizing a decentralized system, information can be verified and validated by multiple parties, ensuring its authenticity.
Overall, the focus on authenticity in the cryptocurrency space has been a positive development. It not only helps to protect users and prevent fraud, but also promotes a sense of trust and legitimacy within the community. As technology continues to advance, we can expect to see even more innovative solutions being developed to ensure the authenticity of projects and information in the cryptocurrency world.
Bitcoiners donated $270K to fund Ross Ulbricht’s ‘personal expenses‘
The recent news of Silk Road founder Ross Ulbricht receiving a presidential pardon has sparked a lot of discussion and controversy in the crypto community. While some are celebrating his release, others are questioning the decision and wondering about his financial status.
For those unfamiliar with the Silk Road, it was an online marketplace that operated on the dark web and allowed users to buy and sell illegal goods and services using Bitcoin. Ulbricht, also known as “Dread Pirate Roberts,” was the mastermind behind this operation and was sentenced to life in prison in 2015 for charges including money laundering, computer hacking, and conspiracy to traffic narcotics.
However, on January 19th, 2021, in the final hours of his presidency, Donald Trump granted Ulbricht a full pardon, citing his good behavior in prison and the support he received from the likes of Roger Ver and Tim Draper. This decision has caused quite a stir in the crypto world, with some praising Trump for his mercy and others questioning the motives behind the pardon.
But one aspect that has remained unclear is Ulbricht’s financial status. After spending six years in prison, it’s uncertain how much money he has left, if any. Some speculate that he may have hidden a significant amount of Bitcoin before his arrest, while others believe he may have lost it all during the market crash in 2018.
Despite the uncertainty, many crypto users have come forward to support Ulbricht’s “transition into his new life.” A donation fund has been set up, and within a few days, it has already received over $100,000 in various cryptocurrencies. This gesture shows the strong sense of community and support within the crypto world, even for someone with a controversial past.
As Ulbricht begins his new life outside of prison, the debate over his pardon and his financial status will likely continue. But one thing is for sure, his release has once again brought the Silk Road and its impact on the crypto industry into the spotlight.
Crypto donations to extremist groups rise in Europe — Report
The world of cryptocurrency has been a hot topic in recent years, with its decentralized nature and potential for financial freedom drawing in many investors and enthusiasts. However, with its rise in popularity, there have also been concerns about its use in illegal activities, such as funding extremist groups.
Fortunately, recent data shows that crypto donations to extremist groups have actually been declining globally. This is a positive trend that reflects the efforts of governments and law enforcement agencies to crack down on illegal activities involving cryptocurrency.
According to a report by Chainalysis, a leading blockchain analysis company, crypto donations to extremist groups have decreased by 70% in 2020 compared to the previous year. This decline is seen across all regions, except for Europe where there has been a slight increase.
In North America, which has been a major hub for cryptocurrency, donations to extremist groups remain at the top of the charts. However, the good news is that there has been a significant decrease in these donations as well, with a 76% drop in 2020.
This decline can be attributed to the increased awareness and regulations surrounding cryptocurrency, making it more difficult for extremist groups to receive and use these funds. Additionally, the rise of legitimate and regulated crypto exchanges has also played a role in deterring illegal activities.
While there is still work to be done in combatting the use of cryptocurrency for illegal purposes, these numbers show that progress is being made. It is important for governments and law enforcement agencies to continue their efforts in regulating and monitoring the use of cryptocurrency, while also educating the public on the potential risks and scams associated with it.
As the world of cryptocurrency continues to evolve, it is crucial for all stakeholders to work together in ensuring its responsible and ethical use. With the decline in crypto donations to extremist groups, we can hope for a future where this innovative technology is used for positive and legitimate purposes.
WazirX gets Singapore court approval to repay victims of $235M hack
WazirX, a popular cryptocurrency exchange, has recently announced a major restructuring plan that has been approved by the Singapore High Court. This move is a significant step towards recovering the user funds that were stolen in a massive hack worth $235 million. The hack has been linked to the notorious North Korean hacking group, Lazarus Group.
The restructuring plan involves the creation of a new entity, WazirX Pte Ltd, which will take over the operations of the exchange. This new entity will be responsible for managing the recovery of the stolen funds and ensuring the safety and security of user assets in the future. The plan also includes the appointment of a new board of directors and a chief restructuring officer to oversee the process.
The hack, which took place in May 2021, was a major blow to WazirX and its users. It resulted in the loss of millions of dollars worth of cryptocurrency, leaving many users devastated and skeptical about the future of the exchange. However, with the approval of the restructuring plan, there is renewed hope for the affected users.
The involvement of the Singapore High Court in the approval of the plan is a testament to the seriousness of the situation and the commitment of WazirX to make things right for its users. The exchange has also assured its users that it will continue to work closely with law enforcement agencies to track down the perpetrators and recover the stolen funds.
This restructuring plan is a crucial step towards restoring the trust and confidence of WazirX’s users. It shows the exchange’s determination to overcome this setback and emerge stronger and more secure. With the support of the Singapore High Court and the new management team, WazirX is on the path to recovery and is committed to providing a safe and reliable platform for its users to trade and store their cryptocurrency.
Bitcoin not a ‘threat’ to the US dollar: Goldman Sachs CEO
In a recent interview, Goldman Sachs CEO David Solomon shared his thoughts on the original cryptocurrency, Bitcoin. While many financial institutions have been hesitant to embrace Bitcoin, Solomon had a more open-minded perspective, referring to it as an “interesting speculative asset.”
Solomon acknowledged the growing interest and popularity of Bitcoin, but also highlighted its volatile nature. He emphasized that it should not be considered a stable investment, but rather a speculative one. This aligns with the general sentiment of the financial industry, which has been cautious about fully embracing Bitcoin due to its unpredictable fluctuations.
However, Solomon did not dismiss the potential of Bitcoin entirely. He recognized its potential as a store of value and a means of exchange, but also noted that it is still in its early stages and has a long way to go before it can be considered a mainstream asset.
Despite his cautious approach, Solomon’s comments are a significant shift from Goldman Sachs’ previous stance on Bitcoin. In 2018, the investment bank stated that Bitcoin was not a viable investment option and that it had no plans to offer it to its clients. This change in attitude could be a reflection of the increasing acceptance and adoption of Bitcoin in the financial world.
Solomon’s comments also come at a time when Bitcoin has been making headlines for its record-breaking price surge. The cryptocurrency has gained mainstream attention and has even been embraced by some major companies, such as Tesla and PayPal.
While the future of Bitcoin remains uncertain, it is clear that it has caught the attention of influential figures like David Solomon. As the cryptocurrency continues to evolve and gain legitimacy, it will be interesting to see how financial institutions like Goldman Sachs adapt and incorporate it into their services.
Kraken ramps up donations to Ulbricht amid $47M wallet rumors
The Silk Road creator walked free on Jan. 22 after 12 years in prison. Wallets tied to him are rumored to be worth around $47 million.
US lawmaker says TRUMP coin could risk national security
During a recent meeting of the US House Financial Services Committee, tensions ran high as Maxine Waters, the committee’s chairwoman, called out Republican lawmakers for their lack of action regarding potential conflicts of interest involving the US president.
Waters, a Democrat from California, expressed her frustration with the lack of action from her Republican colleagues, stating that it was their responsibility to address any potential conflicts of interest that may arise from the president’s business dealings. She also criticized their lack of oversight and accountability, stating that it was their duty to ensure that the president was not using his position for personal gain.
The issue of conflicts of interest has been a hot topic since the beginning of the Trump administration, with many questioning the president’s business ties and how they may influence his decisions as the leader of the country. Despite these concerns, Republican lawmakers have largely remained silent on the matter, choosing to focus on other issues instead.
Waters’ comments come at a time when the Trump Organization is facing multiple lawsuits and investigations, including a lawsuit from the state of New York alleging that the organization misused funds from a charity event for personal gain. These ongoing legal battles only add to the concerns about potential conflicts of interest and the need for proper oversight.
As the meeting continued, Waters urged her Republican colleagues to put aside their political affiliations and prioritize the well-being of the country. She emphasized the importance of holding the president accountable and ensuring that he is acting in the best interest of the American people.
In the end, Waters’ passionate remarks served as a reminder that it is the responsibility of all lawmakers, regardless of party affiliation, to address any potential conflicts of interest and uphold the integrity of the presidency. Only time will tell if her words will spark any action from her Republican colleagues.