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Exactly 35 days ago, President Donald Trump signed an executive order requiring all federal government agencies to audit their crypto holdings within 30 days. That expired five days ago, but the audit is nowhere online. Trump’s appointed “Crypto Czar,” David Sacks, repeatedly promised that he’d fulfill the directives of the order. On a media tour after the announcement, he lamented the lack of information about how much crypto the government actually owned and swore that this audit would finally bring clarity and accountability to the government’s crypto finances. He was supposed to deliver a full, unabridged report by last week to Treasury Secretary Scott Bessent. It should have been, according to Trump’s presidential imperative, “A full accounting of all government digital assets in such agency’s possession, including any information regarding the custodial accounts in which such government digital assets are currently held.” Nevertheless, no one, includ...

The Italian government has proposed hiking capital gains tax on Bitcoin and other cryptocurrency profits to 42% from 26% in a move that shocked local investors.  The government announced the tax hike as a part of its 2025 budget proposal to generate extra revenue to support public services. Deputy Minister Maurizio Leo told a press conference that it is needed to address the country’s budget shortfalls. Crypto Capital Gains Tax Would Be One Of The Highest In Europe If implemented, the tax would be one of the highest in Europe on crypto profits, and it prompted harsh criticism from the community on social media platforms. “It’s a death move to increase taxes as that only serves to detract wealth and new ideas,” said macro trader and investor Jason Pizzino on X. “Italy is a dying state.” Italy is a dying state. It's a beautiful IRL museum to visit as a tourist. Note that I am an Italian citizen. I love the place. But no one cares if they rai...

The U.S. Securities and Exchange Commission delayed multiple decisions on proposed spot Bitcoin (BTC) ETFs ahead of a possible government shutdown . Pending applications from VanEck, WisdomTree and Fidelity were all delayed on Sept. 28, per The Block. The regulator said it was instituting additional proceedings to determine whether the proposed ETFs should be approved or disapproved. The SEC asked for input from commentators, who have 21 days to submit written data, views, and arguments. There’s another 35-day rebuttal period, which suggests the approval process will drag on for at least a few more months. Institution of proceedings does not indicate that the Commission has reached any conclusions with respect to any of the issues involved. SEC’s WisdomTree filing You might also like: SEC delays Bitcoin ETF proposal, seeks public input Do commenters agree with the Exchange that the Chicago Mercantile Exchange, on which CME Bitcoin futures trade, represents ...

Invesco, Bitwise and Valkyrie are the other three firms that were hit with delays by the SEC. The United States securities regulator has delayed the decision on several spot Bitcoin exchange-traded fund (ETF) proposals, including BlackRock, ahead of an anticipated government shutdown.  Invesco, Bitwise and Valkyrie are the other three firms that were hit with delays by the Securities Exchange Commission in separate Sept. 28 filings. Bloomberg ETF analyst James Seyffart is also expecting the applicants of Fidelity, VanEck and WidsomTree to be pushed back by the securities regulator. ANOTHER: @BlackRock joins the party on spot #Bitcoin ETF delays . Three out of seven down. https://t.co/Cn9DSibqf8 pic.twitter.com/eJTzDNInCi — James Seyffart (@JSeyff) September 28, 2023 The latest delays by the SEC come two weeks ahead of the second deadline for many applicants who were expecting to hear from the securities regulator by Oct. 16-19. The U.S. Government is looking at a potential ...

The Spring Development Bank is Myanmar’s first financial institution to run entirely on crypto and blockchain. Myanmar’s first entirely crypto - based banking institution has announced a soft launch for July 22 — a move that could see the country’s shadow government given greater access to financial services and funding. The Spring Development Bank is named after the Spring Revolution, the opposition movement led by Myanmar’s exiled National Unity Government (NUG) against the ruling State Administration Council (SAC) — a military junta that seized control of the country in February 2021. The bank’s target demographic isn’t just the 55 million Burmese living in Myanmar, but also the two-million-strong “Burmese diaspora”, who live and work outside of Myanmar and frequently send money back to the country. Constructed on Polygon, the bank’s main goal is to make both domestic and international payments faster and more efficient, as well as offer international access to a broad array of...

American venture capital investor Tim Draper warned business founders to prepare for "more and more" bank failures if the government continues to "print money and whipsaw interest rates." American venture capital investor and entrepreneur Tim Draper advised founders to keep at least two payrolls worth of cash in Bitcoin (BTC) or alternative cryptocurrencies,in response to the uncertainty created by the collapse of Silicon Valley Bank (SVB). In a March 25 report directed at business founders, Tim Draper stated that Bitcoin is a hedge against a “domino run” on the Banks and on overbearing Government intervention, adding that businesses “can no longer rely” on a single bank or governing body to manage their cash. Some tips for business cash management post SVB. https://t.co/dVEw0EJJyZ #bitcoin #trust #freedom — Tim Draper (@TimDraper) March 24, 2023 Draper suggested that business founders keep at least “6 months of short-term cash" in two separate bank accounts...

Join Our Telegram channel to stay up to date on breaking news coverage It’s interesting to think what will happen when people have access to crypto tools that enable them to send money, form groups, and enter into financial contracts — all with greater secrecy than Bitcoin offers. If the spread of social media to the Middle East sparked the Arab Spring, let’s imagine what will happen when people have access to these tools. Amir Taaki, a pioneering Bitcoin developer who is presently collaborating with a global team of anarchist programmers on cutting-edge software meant to answer this question, made the astonishing claim in his pitch. The programmers think their system will pose a greater threat to governments than other developments on the internet over the past 20 years. According to numerous members and the content of a draft announcement, the group is getting ready to deploy a testnet, a crucial early milestone on the road to launching a finished product, a...

After making Bitcoin legal tender in the country, El Salvador has faced a tough year of critics and the nonstop sinking of Bitcoin pricing. Cryptocurrency adoption has been on the rise in El Salvador in recent years, with the country becoming the first in the world to adopt Bitcoin (BTC) as a legal tender. This landmark decision has attracted the attention of the global cryptocurrency community and has sparked discussions on the potential benefits and challenges of widespread adoption. El Salvador’s controversial move with its cryptocurrency adoption would not have been possible if it was not due to President Nayib Bukele, who garnered international attention after announcing the Bitcoin adoption plan and passed it into law. The legislation required all businesses within the country to accept Bitcoin as a form of payment for goods and services. As a legal tender, Bitcoin now has the same status as traditional fiat currencies, which worries other regulators, economic experts and many...

Support for cryptocurrency regulation in the United States is “bipartisan & bicameral” according to Ripple CEO Brad Garlinghouse. Ripple's CEO, Brad Garlinghouse, shared in a Jan. 3 Twitter thread he's “cautiously optimistic ” about the United States gaining "breakthrough" regulatory clarity for the crypto currency industry in 2023. To mark the first day of the 118th Congress, Garlinghouse shared his hopes of 2023 being the year the U.S. gained regulatory clarity for crypto and added support for regulation is “bipartisan & bicameral.” Today is the first day of the 118th Congress. While prior efforts at regulatory clarity for crypto in the US have stalled, I am cautiously optimistic that 2023 is the year we will (finally!) see a breakthrough. A thread on why… — Brad Garlinghouse (@bgarlinghouse) January 3, 2023 Garlinghouse said the U.S. was not starting with a “blank slate” for regulation, referencing bills such as the Securities Clarity Act, the Responsi...