TL;DR Breakdown US prosecutors have teamed up with the IRS to investigate traders guilty of misusing Puerto Rico’s tax breaks. The IRS is looking into fund managers and wealthy crypto traders. Description In recent developments, US prosecutors, in collaboration with the Internal Revenue Service (IRS), are reportedly conducting investigations into wealthy crypto traders and fund managers suspected of illegally benefiting from Puerto Rico’s tax breaks. These tax breaks, introduced in 2012, have attracted over 5,000 American individuals to relocate to the island, enticed by the opportunity to … Read more In recent developments, US prosecutors, in collaboration with the Internal Revenue Service (IRS), are reportedly conducting investigations into wealthy crypto traders and fund managers suspected of illegally benefiting from Puerto Rico’s tax breaks. These tax breaks, introduced in 2012, have attracted over 5,000 American individuals to relocate to the island, enticed by the opportunity to save on federal income tax. US prosecutors teamed up IRS for the investigation According to a Bloomberg report published on June 12, US prosecutors are actively pursuing civil and criminal cases against hedge fund managers,…

TL;DR Breakdown Polygon proposes upgrading its native token MATIC to POL, aiming to create a unified token for all Polygon-based networks. The upgrade would allow network validators to support multiple chains using a single token and provide various benefits such as improved security and scalability. The transition from MATIC to POL involves sending MATIC to an upgrade smart contract, with a proposed transition period of four years or more if supported by the community. Description Polygon’s founders and researchers have proposed upgrading the network’s MATIC token to POL. However, the upgrade would enable POL to function as a single token for all Polygon-based networks, including the main Polygon blockchain, the Polygon zkEVM network, and various supernets. The announcement of the token upgrade sparked an immediate market response, with MATIC experiencing … Read more Polygon’s founders and researchers have proposed upgrading the network’s MATIC token to POL. However, the upgrade would enable POL to function as a single token for all Polygon-based networks, including the main Polygon blockchain, the Polygon zkEVM network, and various supernets. The announcement of the token upgrade…

TL;DR Breakdown World Mobile secures authorization to provide services to California, New Mexico, Nevada, and Utah The license is consistent with the U.S. government’s plan to promote widespread connection Description World Mobile, a blockchain-powered internet provider, has announced that it has secured authorization to provide services to parts of the United States. The move is consistent with one of the company’s main objectives to provide a dependable and affordable internet connection to underserved regions. World Mobile secures license in 4 states World Mobile’s ambitions for … Read more World Mobile, a blockchain-powered internet provider, has announced that it has secured authorization to provide services to parts of the United States. The move is consistent with one of the company’s main objectives to provide a dependable and affordable internet connection to underserved regions. World Mobile secures license in 4 states World Mobile’s ambitions for U.S. expansion are strongly backed by the acquisition of up to 20MHz spectrum in California, New Mexico, Nevada, and Utah. The spectrum will play a significant role in the company’s decentralized hybrid-connection solution, which combines blockchain technology…

TL;DR Breakdown Market analysis shows that entities partnering with Coinbase for a Bitcoin ETF could face trouble rather than success. Lawyers following the Coinbase – SEC situation closely point out that they “don’t think it’s necessarily a badge of honor to say that you’re using an entity that the SEC is suing.” There remains a notion that the SEC under Gary Gensler will not waive their stand on BTC ETFs regardless of who files them. Description Here’s a long story short – the SEC went after Coinbase and Binance.US in June, and all hell broke loose in the crypto ecosystem. Soon after that, market behemoth BlackRock filed for Bitcoin ETF and named Coinbase as their security service provider. And for a while, all seemed to work out best for the American … Read more Here’s a long story short – the SEC went after Coinbase and Binance.US in June, and all hell broke loose in the crypto ecosystem. Soon after that, market behemoth BlackRock filed for Bitcoin ETF and named Coinbase as their security service provider. And for a while,…

TL;DR Breakdown The US SEC crypto crackdown continues, and Celsius and Alex Mashinsky are its most recent victims.  The arrest of Mashinsky and the lawsuit against Celsius come only months after the SEC filed cases against Binance and Coinbase.  The lawsuit and arrest came on the same day, with Celsius officially announcing that the firm has initiated voluntary Chapter 11 proceedings. Description According to a Thursday court filing, the SEC is prosecuting defunct crypto lender Celsius Network and the company’s former CEO Alex Mashinsky for four counts of fraud and one count of securities violations. Alex Mashinsky, the former CEO of the bankrupt crypto lender Celsius, was reportedly arrested on the morning of July 13. The news … Read more According to a Thursday court filing, the SEC is prosecuting defunct crypto lender Celsius Network and the company’s former CEO Alex Mashinsky for four counts of fraud and one count of securities violations. Alex Mashinsky, the former CEO of the bankrupt crypto lender Celsius, was reportedly arrested on the morning of July 13. The news broke shortly after the United…

TL;DR Breakdown Coinbase argues that a recent Supreme Court ruling on student debt cancellation supports its defense against charges of operating an unregistered securities venue brought by the SEC. The exchange asserts that the SEC’s lawsuit is an attempt to exert excessive control over the digital asset industry, while lawmakers have yet to establish clear rules for cryptocurrencies. Coinbase presents legal defenses, including the major questions doctrine, abuse of discretion, equitable estoppel, unclean hands, and laches, and opposes the SEC’s motion to strike these defenses. Description Coinbase argued in a legal filing on Wednesday that a recent U.S. Supreme Court judgment on student debt cancellation strengthens its fight against charges of operating an unregistered securities venue. The Securities and Exchange Commission (SEC) filed a lawsuit on June 6, accusing Coinbase of violating federal securities law. However, Coinbase maintains that the lawsuit … Read more Coinbase argued in a legal filing on Wednesday that a recent U.S. Supreme Court judgment on student debt cancellation strengthens its fight against charges of operating an unregistered securities venue. The Securities and Exchange Commission (SEC)…

TL;DR Breakdown Western sanctions on Russia have disrupted global trade and caused inflation. Russia’s VTB bank, is creating a new payment infrastructure focusing on rubles and currencies of friendly states. The current financial situation is likened to the 2008 banking crisis, and its effects are spreading to Europe. Description As Russia reels from Western sanctions, the international commerce arena is grappling with the aftershocks. The punitive actions are reshaping global finance and igniting an inflation surge. This paradigm shift is reminiscent of the 2008 U.S. banking crisis, and according to experts, has started seeping into Europe’s financial landscape. The impact of sanctions on Russia … Read more As Russia reels from Western sanctions, the international commerce arena is grappling with the aftershocks. The punitive actions are reshaping global finance and igniting an inflation surge. This paradigm shift is reminiscent of the 2008 U.S. banking crisis, and according to experts, has started seeping into Europe’s financial landscape. The impact of sanctions on Russia and the world When the West levied sanctions against Russia, the goal was to put the country in…

TL;DR Breakdown Meta is contesting EU antitrust charges at a closed hearing today. The EU alleges Meta unfairly ties its social network to its classified ads service and imposes unfair conditions on services. If found guilty, Meta could face a fine of up to 10% of its global turnover and be ordered to change its business practices. Meta’s new app, Threads, is not yet available in the EU due to the bloc’s stringent privacy regulations. Description Facing the prospect of a hefty fine, Meta, the parent company of Facebook, heads to a closed-door hearing today to refute European Union (EU) antitrust allegations. The EU accuses the tech giant of leveraging its social network, Facebook, to give its classified advertisements service, Facebook Marketplace, an undue edge in the market. Meta Stands Against … Read more Facing the prospect of a hefty fine, Meta, the parent company of Facebook, heads to a closed-door hearing today to refute European Union (EU) antitrust allegations. The EU accuses the tech giant of leveraging its social network, Facebook, to give its classified advertisements service, Facebook Marketplace,…

TL;DR Breakdown Verena Ross, the chairperson of ESMA, emphasized the risks associated with cryptocurrencies and stated that the EU would not tolerate forum shopping within the crypto sector. Ross also reminded consumers that, despite the implementation of MiCA, no crypto-asset can be considered entirely safe. MiCA is set to come into effect in 2024 and aims to enable wallet providers and exchanges to operate across all 27 EU member states with a single license. Description The European Securities and Markets Authority (ESMA) has issued a warning to the cryptocurrency industry following the release of its initial proposals for the Markets in Crypto-Assets (MiCA) regulation. The proposed regulations primarily focus on conflict-of-interest rules and the handling of customer complaints by crypto-asset service providers (CASPs). Verena Ross, the chairperson of ESMA, emphasized … Read more The European Securities and Markets Authority (ESMA) has issued a warning to the cryptocurrency industry following the release of its initial proposals for the Markets in Crypto-Assets (MiCA) regulation. The proposed regulations primarily focus on conflict-of-interest rules and the handling of customer complaints by crypto-asset service providers…

TL;DR Breakdown The next Bitcoin halving is expected on April 16, 2024, just 277 days away, and market analysts predict that the event will cause a positive sentiment to the struggling crypto market. Cathie Wood on Ark Invest predicts that Bitcoin will hit $1 million by 2030. The law of supply and demand is set to increase the price of Bitcoin to new time highs due to the scarcity effect. Description  As the crypto market continues to evolve, it is crucial to understand the effects of significant events like Bitcoin halving on the market, investors, and the broader economy. The leading crypto sparked a global shift in digital assets and has a distinctive monetary policy. Bitcoin’s halving event occurs approximately every four years. Contents hide 1 … Read more  As the crypto market continues to evolve, it is crucial to understand the effects of significant events like Bitcoin halving on the market, investors, and the broader economy. The leading crypto sparked a global shift in digital assets and has a distinctive monetary policy. Bitcoin’s halving event occurs approximately every four…