Reading Time: 2 minutes Gary Gensler has warned that the public remains “vulnerable” while crypto exchanges remain unregulated Gensler told reporters that he has staff working on ways to bring them into line The global nature of the crypt space causes unusual problems The head of the Securities and Exchange Commission (SEC), Gary Gensler, has warned that the public remains “vulnerable” if cryptocurrency exchanges aren’t brought into regulatory line this year. Speaking to reporters in a virtual press conference yesterday, Gensler said he has tasked his staff with bringing the various cryptocurrency platforms that serve the US into the regulatory fold, while expressing hope
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Reading Time: 2 minutes A memo published in advance of a crypto mining hearing has highlighted the inaccuracies perpetuated by so-called studies The memo cited ‘research’ that cites “approximate figures” The report also doesn’t name any of the “external sources” from which it got its data The forthcoming congressional hearing over the impact of cryptocurrency mining is not one that the crypto industry is particularly looking forward to, and if the preliminary notes are anything to go by then it’s clear to see why. The 9-page memo released ahead of the hearing contains a number of statistics that paint the crypto mining space in
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Reading Time: 2 minutes Crypto mining advocates will face a grilling during a House Energy and Commerce Committee hearing on Thursday This is the first time that crypto mining itself has come under the spotlight We can expect misinformation and lack of education to be rife Crypto mining advocates will face the Oversight and Investigations subcommittee of the House Energy and Commerce Committee on Thursday, and if history is our guide they face a tough ride. Energy usage has become the most vilified aspect of the crypto sector, and Thursday’s hearing represents the first time that representatives from the mining sector will face lawmakers,
Reading Time: 2 minutes Celebrities Kim Kardashian, Floyd Mayweather Jr, and Paul Pierce have been sued over the EthereumMax pump and dump The trio promoted EthereumMax, which dumped soon after hitting exchanges A group of retail investors claim that the trio, and the EthereumMax founders, intentionally lied about the coin’s potential A group of celebrities who promoted the pump and dump scheme EthereumMax have been hit with a class action lawsuit after they were accused of causing investors to lose their money. The collective, Kim Kardashian, Floyd Mayweather Jr, and basketball player Paul Pierce, promoted the cryptocurrency prior to its launch in June 2021,
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Reading Time: 2 minutes Taxbit has announced Taxbit Network, a market-wide integration with several major crypto platforms Users of those platforms can export their tax data and have Taxbit run the sums Taxbit says that the network is free to use, at least for now There’s a saying that there’s nothing certain in life but death and taxes, and those who have tried to complete the latter without the help of a third party will know what the former feels like. As we have said in the past, even accountants struggle with crypto taxes and the only way to be sure you’re doing things
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