TradFi execs say crypto derivatives will play larger role in Bitcoin’s future

May 31, 2024 Coin Telegraph

Ex-Florida congressman joins Coinbase Global Advisory Council

May 21, 2024 Coin Telegraph

Stephanie Murphy, Tim Ryan, and Pat Toomey — all former U.S. lawmakers — are on the council advising Coinbase on regulatory matters.

Kendrick Meek, previously serving as the House Representative for Florida's 17th congressional district, has joined cryptocurrency exchange Coinbase’s council to address the digital asset regulatory landscape.

In a May 20 X post, Coinbase Chief Policy Officer Faryar Shirzad said Meek had joined the exchange’s Global Advisory Council as part of efforts to “updat[e] the system” governing digital assets in the United States. The former Florida congressman served in the U.S. House of Representatives from 2003 to 2011 and was a member of the Committee on Ways and Means, which has jurisdiction over taxes.

According to a report from The Hill, Meek spoke in favor of digital assets as they “offer new opportunities to address the systemic issues that have plagued our financial system.” He will join other former U.S. lawmakers on the council, including Stephanie Murphy, Tim Ryan and Pat Toomey. Cointelegraph reached out to Meek for comment but did not receive a response at the time of publication.

India’s SEBI recommends local regulators to monitor crypto trading

May 16, 2024 Coin Telegraph

CFTC announces $1.8M settlement against brokerage firm FalconX

May 13, 2024 Coin Telegraph

CFTC announces .8M settlement against brokerage firm FalconX

bitcoin regulation

The regulator reported the firm voluntarily improved its practices after the CFTC’s civil suit with Binance and its former CEO Changpeng Zhao.

The United States Commodity Futures Trading Commission (CFTC) announced that it had both filed and settled charges against cryptocurrency brokerage firm Falcon Labs for roughly $1.8 million in disgorgement and penalties.

In a May 13 notice, the CFTC said Falcon Labs, owned by FalconX, had failed to register as a futures commission merchant, “inappropriately facilitat[ing] access to digital asset exchanges.” The settlement required FalconX to cease offering services to U.S. residents and pay roughly $1.2 million in disgorgement and $600,000 in civil monetary penalties.

“The CFTC’s enforcement program has made clear it will not tolerate digital asset exchanges that fail to register with the CFTC or comply with the agency’s rules that maintain integrity in the derivatives markets,” said Enforcement Director Ian McGinley. “And now the CFTC is taking the fight one step further by, for the first time, charging an intermediary that inappropriately facilitated access to those exchanges.”

SEC has taken ‘too expansive’ a view of crypto, says former commissioner

May 9, 2024 Coin Telegraph

Anti-crypto SEC commissioner’s term is up in 41 days — Will she be replaced?

April 25, 2024 Coin Telegraph

VanEck files fifth amendment for spot Bitcoin ETF under ‘HODL’

December 9, 2023 Coin Telegraph

Bitcoin’s many deaths: Is crypto market past ‘point of no return?’

December 8, 2023 Coin Telegraph

BlackRock received $100K seed funds for Bitcoin ETF — SEC filing

December 5, 2023 Coin Telegraph

BlackRock received 0K seed funds for Bitcoin ETF — SEC filing

Bitcoin Price

BlackRock and other financial giants have entered the race to launch the first spot Bitcoin ETF in the United States.

The world’s largest asset manager, BlackRock, received $100,000 in seed funding from an unknown investor for its spot Bitcoin (BTC) exchange-traded fund (ETF) in October 2023, according to its latest United States Securities and Exchange Commission (SEC) filing.

The SEC filing revealed that the investor agreed to purchase 4,000 shares for $100,000 on Oct.

The latest filing by BlackRock also revealed certain details on the asset manager’s plans to pay the sponsor’s fee, where it plans to borrow Bitcoin or cash as trade credit from the trade credit lender on a short-term basis.

The settlement of trade credits will occur on the business day following the execution date, attracting a financing fee of 11% plus the federal funds target rate divided by 365 ((11% + fed funds target)/365).

ETF analyst Eric Balchunas called the new revelations an interesting development in the nerdiest way.

This is so interesting in the nerdiest way.
— James Seyffart (@JSeyff) December 5, 2023

BlackRock was among the first institutional giants to file for a spot Bitcoin ETF in July.

Brazilians may soon need to stump up taxes on crypto held abroad

November 30, 2023 Coin Telegraph

Bitcoin Price

The new rules would make income from crypto held on exchanges outside Brazil taxable at the same rate as local income.

Brazilians may soon be required to pay up to 15% tax on income derived from cryptocurrencies held on exchanges outside the country, after new income tax rules were approved by the Brazil Senate on Nov. 29.

The bill has already passed in the Chamber of Deputies and is expected to be approved by President Luiz Inácio Lula da Silva, as his administration initiated the income tax rule changes, Cointelegraph Brazil reports.

Under the bill, any Brazilian who earns more than $1,200 (6,000 Brazilian reals) on exchanges based outside Brazil would be subject to the tax, effective Jan. 1, 2024. The change makes those funds taxable at the same rate as funds held domestically. Funds earned before that date would be taxed when accessed by the owner, meanwhile, earnings on funds accessed before Dec. 31 will be taxed at 8%.

Fortunately, you are misunderstanding this

Brazil is not taxing people regardless of residency

What changes with PL 4173/23:

CURRENTLY: Tax-deferral

If you own an offshore company or trust while being a Brazil tax resident, you only pay tax when it distributes profits to… https://t.co/iiG1YyVUr9
— BowTiedGlobe | Your Freedom Dealer (@BowTiedGlobe) November 29, 2023

The bill also affects “exclusive funds” — investment funds with a single shareholder — and foreign companies active on the Brazilian financial market. The government hopes to raise $4 billion (20.3 billion Brazilian reals) in 2024. Senator Rogério Marinho voiced his opposition to the bill. He said:

“The government is creating a tax because it is a poor manager.”

In September, the governor of the Banco Central do Brazil Roberto Campos Neto, announced plans to tighten regulations on cryptocurrency in connection with a sharp rise in its popularity in the country. At the time, he said he suspected crypto was being used for tax evasion.

The Brazilian central bank was given jurisdiction over virtual asset service providers in June.

Crypto-based securities are regulated by the Comissão de Valores Mobiliários — Brazil’s equivalent of the United States Securities and Exchange Commission.

Magazine: 6 Questions for Lugui Tillier about Bitcoin, Ordinals, and the future of crypto

bitcoin regulation

Share this video