Shares in payment technology firm Block Inc. tumbled after hours despite its second-quarter results beating earnings expectations, including a 34% year-on-year increase in Bitcoin (BTC) revenue. In a Q2 earnings call, Block reported a whopping $2.4 billion in Bitcoin sales on its Cash App platform, with gross profit from Bitcoin sales coming in at $44…
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A number of United States’ lawmakers have urged the Internal Revenue Service (IRS) and the Treasury to speed up the closure of tax loopholes being exploited by “crypto tax evaders.” In an Aug. 1 letter, Democratic Senators Elizabeth Warren, Bernie Sanders, Bob Casey and Richard Blumenthal warned the top officials of both agencies that they…
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A non-profit organization dedicated to growing the development of nonfungible tokens (NFTs) on Bitcoin (BTC) has been launched by the team behind the Bitcoin Ordinals protocol. The California-based nonprofit called the Open Ordinals Institute will bolster the Ordinals protocol by providing funding to the team’s core developers, which includes the project’s pseudonymous lead maintainer Raph.…
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Circle’s USD Coin (USDC) and other stablecoins could potentially face a compliance nightmare if a new national defense bill that passed in the United States Senate makes it all the way. In a July 31 investment note seen by Cointelegraph, Berenberg analyst Mark Palmer explained that a recent amendment to the 2024 National Defense Authorization…
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Binance CEO Changpeng ‘CZ’ Zhao is looking to bring smaller algorithmic stablecoins to the market, in a bid to offer investors options other than the current global stablecoin giants. Speaking in a July 31, ask me anything (AMA) session on Twitter, CZ cited risks associated with large stablecoins such as Tether (USDT) and Binance USD…
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Democratic presidential candidate Robert F. Kennedy Jr. has confirmed he purchased a significant amount of Bitcoin (BTC), earlier this year — buying two BTC for each of his seven children. Speaking in a July 26 Twitter space, Kennedy said the decision came after he received “a lot of criticism” from crypto industry pundits and the…
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A key United States House panel has approved a pair of bills that will be key to developing a regulatory framework for cryptocurrencies, reducing regulatory red tape for crypto, and setting clearer rules for the industry. On July 26, the majority of U.S. lawmakers voted in favor of the Financial Innovation and Technology for the…
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Concerns of a potential appeal by the United States securities regulator to the landmark Ripple ruling earlier this month were shrugged off by Ripple’s chief legal officer. Stuart Alderoty believes that if the SEC takes the case to an appeal, the court could move to consolidate Ripple Labs’ partial victory over the financial regulator even…
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Ripple CEO Brad Garlinghouse has condemned the United States securities regulator over recent comments from its lawyers that hint at a possible appeal to its case against Ripple. In a July 23 tweet, Garlinghouse slammed the regulator for its “regulation by enforcement” approach, arguing it has only served to hurt retail investors. “The SEC created…
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The British government is reportedly set to announce measures that could see banks stripped of their license if they choose to debank customers due to their political views. A July 20 report from The Times said the United Kingdom’s government is considering tighter conditions on banking permits that would seek to protect freedom of speech.…
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