White House will support rescinding DeFi broker rule: David Sacks
The ongoing battle between the US government and the cryptocurrency industry has taken a new turn as President Donald Trump’s advisers have announced their support for a resolution that would repeal a controversial IRS rule. This rule, which was introduced in 2014, requires cryptocurrency users to report any transactions over $10,000 to the Internal Revenue Service (IRS).
The resolution, if passed by both the House and Senate, would effectively nullify the IRS rule and provide much-needed relief to the cryptocurrency community. This move has been welcomed by many in the industry, who have long argued that the rule is burdensome and unnecessary.
The Trump administration’s support for the resolution comes as no surprise, as the President has been vocal about his skepticism towards cryptocurrencies. In a series of tweets last year, he expressed his concerns about the potential use of cryptocurrencies for illegal activities and stated that he is “not a fan” of Bitcoin.
However, with the growing popularity and adoption of cryptocurrencies, it seems that the administration is now taking a more pragmatic approach. The repeal of the IRS rule would not only ease the regulatory burden on cryptocurrency users but also send a positive signal to the industry, encouraging innovation and growth.
But the battle is far from over. The resolution still needs to pass through the House and Senate before it can reach the President’s desk for his signature. And with the current political climate, it is uncertain whether it will receive enough support to become law.
In the meantime, the cryptocurrency community continues to face regulatory challenges and uncertainty. However, with the support of the Trump administration, there is hope that the industry will be able to thrive and contribute to the economy without unnecessary restrictions. Only time will tell how this saga will unfold, but for now, the industry can breathe a sigh of relief knowing that they have the backing of the White House.
‘We have excess electricity’: Belarus president orders development of crypto mining
Belarus, a small country in Eastern Europe, has recently made headlines for its unique approach to cryptocurrency mining. The country’s president, Alexander Lukashenko, has made it a priority to boost Belarus’ energy grid and utilize excess power for mining digital currencies.
Lukashenko, who has been in power since 1994, was recently re-elected for a sixth term in office. With a new government in place, he has set his sights on modernizing Belarus’ energy infrastructure. This includes investing in renewable energy sources and upgrading the country’s power grid.
But what sets Belarus apart from other countries is its plan to use excess energy for cryptocurrency mining. The country has an abundance of cheap and reliable energy, thanks to its nuclear power plants and natural gas reserves. This excess energy will now be channeled towards mining digital currencies, such as Bitcoin and Ethereum.
This move has been met with both praise and criticism. Some see it as a smart and innovative way to utilize excess energy and boost the country’s economy. Others, however, are concerned about the environmental impact of cryptocurrency mining and the potential strain it could put on the energy grid.
Despite the controversy, Belarus is moving forward with its plans. The country has already attracted several cryptocurrency mining companies, including a partnership with a Chinese firm to build a mining farm. This has the potential to bring in significant revenue for Belarus and create new job opportunities.
In addition to boosting the energy grid, Lukashenko has also expressed interest in developing a national digital currency. This would further solidify Belarus’ position as a leader in the cryptocurrency space.
Only time will tell if Belarus’ unique approach to cryptocurrency mining will be successful. But one thing is for sure, the country is making bold moves to embrace the digital currency revolution and position itself as a key player in the industry.
Is crypto’s ‘Trump effect’ short-lived?
After the highly anticipated inauguration of President Joe Biden, the cryptocurrency market experienced a slight dip in prices. This was not entirely unexpected, as many analysts predicted a post-inauguration cooldown. However, if Biden’s administration fails to deliver on their promises, it could have a more significant impact on market sentiment.
The cryptocurrency market has been closely following the political landscape, particularly in the United States, as the new administration’s policies and actions could have a significant impact on the industry. During his campaign, Biden promised to provide clarity and regulations for the cryptocurrency market, which has been a major concern for investors and businesses alike.
However, as the new administration settles in, there has been a lack of concrete actions towards fulfilling these promises. This has caused some uncertainty and hesitation among investors, leading to a slight dip in prices. As one analyst told Cointelegraph, if this trend continues, it could further dampen market sentiment.
Despite this, there is still optimism within the cryptocurrency community. Many believe that the new administration will eventually follow through on their promises and provide a more favorable regulatory environment for the industry. In fact, some experts predict that the market will bounce back stronger once there is more clarity and stability in the political landscape.
It is also worth noting that the dip in prices is not unique to the cryptocurrency market. The stock market also experienced a similar trend, with investors taking a cautious approach as they wait to see how the new administration’s policies will unfold.
In conclusion, while the post-inauguration cooldown in the cryptocurrency market may have caused some concern, it is not entirely unexpected. As the new administration settles in and takes action towards their promises, it is likely that market sentiment will improve. In the meantime, it is essential for investors to stay informed and cautious, as the political landscape continues to evolve.
Bitcoin sags toward $80K as US dollar strength bounces off 12-week low
The recent announcement of US trade tariffs has caused a stir in the cryptocurrency market, particularly for Bitcoin bulls. As the world’s leading digital currency, Bitcoin has been known for its volatility and ability to react to global events. And with the threat of trade tariffs looming, it seems that BTC price action is once again taking center stage.
For those unfamiliar with trade tariffs, they are essentially taxes imposed on imported goods, with the intention of protecting domestic industries and promoting local production. In this case, the US government has announced tariffs on Chinese goods, sparking fears of a potential trade war between the two economic giants.
So, how does this affect Bitcoin? Well, as a decentralized currency, Bitcoin is not tied to any government or central authority. However, it is still subject to market forces and can be influenced by global events. In this case, the uncertainty and potential economic impact of the trade tariffs have caused a ripple effect in the cryptocurrency market.
Bitcoin’s price has been on a rollercoaster ride in recent months, with highs of over $60,000 and lows of $30,000. And now, with the threat of trade tariffs, it seems that BTC price action is once again aiming for a rematch with its previous low of $78,000. This has caused concern among Bitcoin bulls, who were hoping for a sustained upward trend.
However, as with any market, there are always two sides to the story. Some experts believe that the trade tariffs could actually benefit Bitcoin in the long run. With the potential for economic instability and inflation, investors may turn to Bitcoin as a hedge against traditional assets.
Only time will tell how the trade tariffs will ultimately impact Bitcoin and the wider cryptocurrency market. But one thing is for sure, the volatility and unpredictability of Bitcoin continue to make it an exciting and intriguing asset to watch.
Could solo mining beat corporate Bitcoin miners?
The rise of Bitcoin has brought about a new era of decentralized currency, challenging the traditional financial system and its reliance on centralized institutions. One of the key factors contributing to Bitcoin’s success is its decentralized nature, with a network of individuals known as miners working together to verify transactions and maintain the integrity of the blockchain.
But what if this network of miners were to grow even larger? What if millions of people around the world were to join in on the mining process? This could have a profound impact on the future of Bitcoin, potentially weakening the dominance of corporations and strengthening the network’s security.
Currently, a handful of large mining companies control a significant portion of the Bitcoin network, leading to concerns about centralization and potential manipulation. However, with more individuals participating in the mining process, the power would be distributed among a larger group, reducing the influence of any one entity.
Moreover, a larger network of miners would also enhance decentralization, one of the core principles of Bitcoin. This would make the network more resilient to attacks and censorship, as there would be no single point of failure. It would also make it more difficult for governments or other institutions to control or regulate Bitcoin.
In addition to these benefits, a larger mining network would also strengthen the security of the Bitcoin network. With more miners working to verify transactions, it would become increasingly difficult for malicious actors to manipulate the blockchain. This would make Bitcoin a more secure and reliable form of currency, further solidifying its position as a viable alternative to traditional financial systems.
In conclusion, the potential for millions of people to join the Bitcoin mining community could have a significant impact on the future of the cryptocurrency. It could lead to a more decentralized and secure network, challenging the dominance of corporations and reshaping the landscape of the financial world. As the popularity and adoption of Bitcoin continue to grow, it will be interesting to see how this decentralized network evolves and shapes the future of currency.
SSV Network proposes decentralized staking module for Lido on Ethereum
Lido, a leading decentralized finance (DeFi) platform, is set to expand its node operator set and enhance staking risk mitigation through a new module developed by SSV Labs. The CEO of SSV Labs, a blockchain security and infrastructure firm, shared this exciting news with Cointelegraph.
The new module, which is expected to be integrated into Lido’s platform, will provide additional support to the existing node operators and improve the overall staking process. This is a significant development for Lido, as it will not only strengthen its network but also enhance the security and reliability of its staking services.
According to the CEO of SSV Labs, the new module will play a crucial role in mitigating staking risks, which have been a major concern for DeFi platforms. With the increasing popularity of staking, the risk of malicious attacks and network failures has also risen. However, with the integration of this new module, Lido will be able to better protect its network and ensure a smooth staking experience for its users.
The module is also expected to attract more node operators to Lido’s platform, further diversifying its network and increasing its decentralization. This will not only make the platform more resilient but also provide more opportunities for users to participate in staking and earn rewards.
Lido has been making significant strides in the DeFi space, and this latest development is a testament to its commitment to providing a secure and efficient staking platform. With the integration of the new module, Lido is well-positioned to continue its growth and solidify its position as a leading DeFi platform.
In conclusion, the new module developed by SSV Labs is set to bring numerous benefits to Lido and its users. From improving staking risk mitigation to expanding the node operator set, this development is a significant step towards a more secure and decentralized DeFi ecosystem.
Turkish digital bank Bankpozitif to debut crypto custody with Taurus
Turkish banks have been increasingly moving into crypto by offering their clients investments in diverse crypto assets, with BankPozitif being the latest.
THORChain generates $5M in fees, $5.4B in volume since Bybit hack
THORChain, a decentralized liquidity protocol, has recently come under fire for its involvement in a major crypto hack. Bybit, a popular cryptocurrency exchange, was the victim of a $1.4 billion hack, and it has been revealed that the hacker used THORChain to move the stolen funds.
This revelation has sparked controversy and raised questions about the responsibility of decentralized protocols in preventing illicit activities. While THORChain has generated over $5 million in revenue from this transaction, many are questioning the ethics of profiting from criminal activities.
THORChain operates as a cross-chain decentralized exchange, allowing users to swap assets between different blockchains. This makes it an attractive option for hackers looking to launder stolen funds, as it provides a quick and easy way to move large amounts of cryptocurrency without being traced.
The hack on Bybit has once again highlighted the vulnerabilities of the crypto industry and the need for stronger security measures. While decentralized protocols offer many benefits, they also come with their own set of risks. As the industry continues to grow and attract more attention, it is crucial for protocols like THORChain to prioritize security and take responsibility for their role in preventing illicit activities.
In response to the controversy, THORChain has stated that they are working with law enforcement to track down the hacker and recover the stolen funds. They have also implemented stricter security measures to prevent similar incidents from happening in the future.
This incident serves as a reminder that the crypto industry is still in its early stages and there is a lot of room for improvement. As more regulations are put in place and security measures are strengthened, we can hope to see a safer and more trustworthy environment for all participants in the crypto space. In the meantime, it is important for users to do their due diligence and research the protocols they are using to ensure the safety of their assets.