Top crypto tweets of the day – August 29th

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  TL;DR Breakdown The U.S. House Financial Services Committee is advancing two bills to prevent the Federal Reserve from issuing a Central Bank Digital Currency (CBDC) without Congressional approval. The topic has become a divisive issue, even entering presidential campaigns, with candidates like Robert F. Kennedy Jr. and Ron DeSantis opposing a CBDC due to financial privacy concerns. Despite the legislative push against CBDCs, Rep. Stephen Lynch (D-Mass.) reintroduced a bill advocating for a digital dollar pilot program, highlighting the ongoing debate and division among lawmakers. Description The United States House Financial Services Committee, chaired by Patrick McHenry, is progressing with two bills aimed at preventing the Federal Reserve from issuing a Central Bank Digital Currency (CBDC) without Congressional approval.   The first bill, known as the Digital Dollar Pilot Prevention Act or H.R. 3712, was introduced by Representative Alex Mooney (R-W.V) in … Read more The United States House Financial Services Committee, chaired by Patrick McHenry, is progressing with two bills aimed at preventing the Federal Reserve from issuing a Central Bank Digital Currency (CBDC) without Congressional approval.   #NEW: Chairman @PatrickMcHenry…

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• Filecoin price analysis: FIL consolidates with clear bearish pressure at $4.42

  TL;DR Breakdown Filecoin price analysis is bearish today. The resistance is found at $4.58. The support for FIL is found at $3.99. The latest assessment of the Filecoin price analysis indicates a bearish trend as the cryptocurrency faces yet another decline. Following a downward trajectory for two days, the price has now dropped to $4.42. While bears currently hold sway in the market, the situation remains relatively stable as the coin enters a consolidation phase. This is supported by the coin’s adherence to a specific price range during the previous bearish period, and today’s loss appears to be under control. FIL/USD 1-day price chart: Bearish sentiment results in the price going below $4.5 The Filecoin price analysis chart depicts a bearish movement as the price steadily declines, resulting in significant losses throughout the current month. Despite trading within a narrow range over the past few days, today’s FIL/USD price witnessed a slight drop to $4.42. Although the coin has registered a 0.59 percent increase in value over the past 24 hours, it has experienced a 1.91 percent loss over the…

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• Today’s crypto wrap-up: Key events that occurred

  Description The crypto landscape is nothing if not dynamic. As one traces the daily footprints of this evolving world, two major narratives surface: Binance‘s continuous run-ins with challenges and the rise (and potential fall?) of the decentralized social media app, Friend.tech. Binance’s Euro Troubles and Legal Battles Binance, the leading crypto exchange, has found itself in … Read more The crypto landscape is nothing if not dynamic. As one traces the daily footprints of this evolving world, two major narratives surface: Binance‘s continuous run-ins with challenges and the rise (and potential fall?) of the decentralized social media app, Friend.tech. Binance’s Euro Troubles and Legal Battles Binance, the leading crypto exchange, has found itself in hot waters once again. Reports flooded in about European users grappling with withdrawal difficulties. The reason? A snag related to Single Euro Payments Area (SEPA) transfers. Although a hasty post on X (the platform that replaced Twitter) cited the suspension of euro withdrawals via SEPA, Binance was quick to execute damage control, asserting that the customer support message was sent erroneously. To clear the fog, Binance…

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• Celsius Network strikes key settlements to return customer assets

  TL;DR Breakdown Celsius Network has reached settlements potentially enabling asset return to customers and bankruptcy conclusion. The settlements address customer fraud claims and disputes between depositors and loan borrowers. Celsius’s reorganization plan proposes returning customer crypto and offering shares in a new entity overseeing bitcoin mining and other assets. Description Celsius Network has reached pivotal settlements that could potentially clear the path for court approval of its plan to return assets to its customers and conclude its bankruptcy, according to court filings on Friday. However, the settlements come after the company, one of the largest crypto firms catering to retail investors, filed for bankruptcy last … Read more Celsius Network has reached pivotal settlements that could potentially clear the path for court approval of its plan to return assets to its customers and conclude its bankruptcy, according to court filings on Friday. However, the settlements come after the company, one of the largest crypto firms catering to retail investors, filed for bankruptcy last year. As per the filings, one of the settlements resolves customer claims over allegations of fraud and…

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• Crypto industry exposed as major source of tax evasion

  TL;DR Breakdown Members of the US Congress have written a letter to Treasury Secretary Janet Yellen and IRS Commissioner Daniel Werfel, urging the implementation of tax regulations for the cryptocurrency industry. Earlier in May, the Biden administration proposed a 30% Digital Asset Mining Energy (DAME) tax on bitcoin miners. Congressmen Sherman and Lynch’s letter highlights the pressing need to regulate the industry and enforce tax compliance. Members of the United States Congress, Brad Sherman, and Stephen Lynch have written a letter to Treasury Secretary Janet Yellen and IRS Commissioner Daniel Werfel, urging the implementation of tax regulations for the cryptocurrency industry. Sherman and Lynch expressed concerns about the widespread tax evasion within the crypto sector, referring to it as a significant contributor to the country’s tax gap. In their letter, the congressmen referenced an audit report from September 2020, conducted by the Treasury Inspector General for Tax Administration (TIGTA), which highlighted the IRS’s failure to identify taxpayers involved in cryptocurrency transactions due to a lack of reporting. They emphasized that despite the passage of the Bipartisan Infrastructure Bill in November…

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