US Senate introduces bill to put CFTC in charge of regulating Bitcoin, Ethereum

Leaders of the Senate Agriculture Committee introduced a bill on Aug. 3 to make the Commodity Futures Trading Commission (CFTC) the chief regulator of digital assets that are commodities. The CFTC currently regulates the derivatives market such as futures and swaps but not underlying commodities. According to the bill, the CFTC would get “exclusive jurisdiction” … Read more

European Central Bank hints at PoW-based crypto ban by 2025

The European Central Bank (ECB) blasted Proof-of-Work (PoW) mining as a significant climate change risk in research bulletin published in July. As expected, the report specifically mentioned Bitcoin. However, it also raised issues with Ethereum, despite its transition to a Proof-of-Stake (PoS) consensus mechanism. Researchers compiled estimated carbon footprint data on the above tokens and … Read more

Internal documents show EU policy makers want to push Ethereum over Bitcoin

EU policymakers are back in the spotlight less than a month after voting for stricter rules on unhosted crypto wallets. This time it’s to do with internal documents that show discussion to “protect” Ethereum at the expense of Bitcoin over its supposed greener credentials. The issue raises questions over protectionism and picking winners versus losers, … Read more

BTC, ETH plummet amid US stock futures decline as investors prepare for Q1 earnings

The market price of bitcoin (BTC) dropped below $39,000 on April 18 in a declining trend during the Easter holidays. Meanwhile, ether (ETH) price fell below $3,000 for the first time since mid-March. The combined crypto market has lost almost $400 billion since early April, with analysts warning a “disaster in the financial markets” could … Read more

Belarusian crypto exchange stops trading for Russians over war in Ukraine

Announced in a blog post published on Tuesday, April 12, the Belarusian crypto exchange Currency.com says it will restrict its services for Russian users following Vladimir Putin’s invasion of Ukraine earlier this year. “The Russian invasion of Ukraine brought violence and disorder to the people of Ukraine. We condemn the Russian aggression in the strongest … Read more

40% of African-Americans say they use crypto

A new poll conducted by NBC News shows that 40% of all African-Americans said they have traded or used crypto, while 42% of all Americans aged between 18 and 34 have traded or used crypto. According to NBC News, the poll shows that digital assets continue to get more popular even as lawmakers warn of market … Read more

Bank of America: coming “recession shock” possible boon for crypto

The macroeconomic picture is deteriorating fast and could push the U.S. economy into recession as the Federal Reserve tightens its monetary policy to tame surging inflation, Bank of America strategists warned in a weekly research note, Reuters reports. Bank of America chief investment strategist Michael Hartnett wrote, in a note to clients, that “Inflation shock” … Read more

Confirmed: Russians do not evade sanctions using crypto, Chainalysis

As Russia’s war in Ukraine continues, cryptocurrencies are taking on an important role in the conflict, but not in the capacity of evading sanctions on Russian entities or oligarchs. On the contrary, crypto has proven itself to be very useful in supporting Ukraine as users around the world have donated over $56 million in cryptocurrency … Read more

U.S. Treasury wants to include crypto in foreign accounts reporting rules

A new proposal published by the U.S. Treasury suggests that cryptocurrencies such as Bitcoin and Ethereum should be added to the Internal Revenue Service’s (IRS) rules for reporting taxpayers’ offshore accounts. A recently published document, titled “General Explanations of the Administration’s Fiscal Year 2023 Revenue Proposals,” explains that Section 6038D of the Internal Revenue Code … Read more

Retail giant El Corte Inglés and Deloitte in cahoots to launch crypto exchange

El Corte Inglés, allegedly the third-largest department store chain in the world, has entered a partnership with Deloitte, one of the “big four” accounting firms, to develop and launch a crypto exchange aimed at El Corte Inglés’ 11 million registered customers. The retailer has hired Deloitte to develop a technological platform through which it can … Read more