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US gov’t job could allow Elon Musk to defer capital gains tax

The ‘DOGE’ department proposed by Elon Musk could allow the Tesla CEO to divest many of his assets and defer paying taxes.

Tesla CEO and the world’s richest man, Elon Musk, could get a deferment on potentially billions of dollars worth of federal taxes if he begins working for the United States government under President-elect Donald Trump.

Trump announced on Nov. 12 that Musk and Vivek Ramaswamy — a Republican rival-turned-ally — would be heading the ‘Department of Government Efficiency,’ or DOGE, once he took the oath of office on Jan. 20. The president-elect claimed that Musk — worth roughly $300 billion — and Ramaswamy would help “cut wasteful expenditures” in the federal budget. 

Despite the name, only an act of Congress can establish a new government department, suggesting that DOGE may operate as more of an advisory commission. However, Republicans will hold a majority in the Senate and House of Representatives starting in 2025, meaning they could seemingly pass legislation creating a new department if desired.   

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Venezuela bans crypto mining to protect power grid

This move follows a recent crackdown that involved confiscating 2,000 cryptocurrency mining devices as part of an anti-corruption initiative.

The Venezuelan government has joined the list of countries that have frowned on crypto mining due to its hefty electricity demands.

According to a local news outlet, Venezuela’s Ministry of Electric Power (MPPPE) has unveiled plans to disconnect cryptocurrency mining farms from the national grid. The move aims to regulate excessive energy consumption and guarantee a stable power supply for the population.

An X post from Venezuela’s National Association of Cryptocurrencies stated that crypto mining is prohibited throughout Venezuela. The move prioritizes energy stability over the burgeoning crypto-mining industry.

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London’s ‘Joe Rogan’ and crypto advocate Brian Rose makes bid for mayor

The former Wall Street and City of London banker is making his second bid to become mayor of London.

Pro-crypto American businessman Brian Rose is running for London mayor again.

Londoners go to the polls on May 2 to elect their next mayor, with incumbent Sadiq Khan and Susan Hall as leading candidates.

Rose previously stood for election in 2021, securing 1.2% of the vote, but expects to improve on that tally this time around.

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The Fall of Medici Bank: Lessons on Fractional Reserve Banking From 15th Century Italy

The Fall of Medici Bank: Lessons on Fractional Reserve Banking From 15th Century ItalyAmid the banking chaos of the 21st century, some are looking back more than 600 years ago, to the Medici Bank — one of the most powerful banks of its time. It established its business and became one of the most respected banks in Europe during its prime, and the prominent Italian family of bankers […]

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Elizabeth Warren Explains Her ‘Anti-Crypto Army’ Stance; Waves of Democrats Oppose Her Bitcoin Criticism

Elizabeth Warren Explains Her ‘Anti-Crypto Army’ Stance; Waves of Democrats Oppose Her Bitcoin CriticismElizabeth Warren, the Democratic senator from Massachusetts, has recently launched a political campaign against cryptocurrencies as she seeks a third term in office in 2024. In a recent interview on “Meet the Press Reports” with NBC’s Chuck Todd, Warren likened buying bitcoin to “buying air.” Despite her stated distrust of banks, Warren told the show […]

Ripple, Coinbase, Kraken Bet Big on Pro-Crypto Trump, Paving the Way for Crypto’s Bright Future

Former FTX CEO Sam Bankman-Fried Faces New Bribery Charges for Alleged Crypto Payment to Chinese Officials

Former FTX CEO Sam Bankman-Fried Faces New Bribery Charges for Alleged Crypto Payment to Chinese OfficialsSam Bankman-Fried (SBF), the former CEO of FTX, now faces a 13-count indictment as U.S. officials have added new charges. One of the new charges alleges that SBF leveraged $40 million to influence “one or more Chinese government officials.” Details of the Bribery Charges Against Sam Bankman-Fried Sam Bankman-Fried (SBF), the co-founder and former CEO […]

Ripple, Coinbase, Kraken Bet Big on Pro-Crypto Trump, Paving the Way for Crypto’s Bright Future

Head of Venezuelan Crypto Watchdog Sunacrip Arrested on Alleged Corruption Charges; Institution to Face Restructuring

Head of Venezuelan Crypto Watchdog Sunacrip Arrested on Alleged Corruption Charges; Institution to Face RestructuringJoselit Ramirez, head of the Venezuelan cryptocurrency authority Sunacrip, was arrested on March 18, according to reports from local media. Ramirez, who led the institution from its creation in 2018, was arrested for being allegedly involved in corruption schemes, including the embezzlement of $3 billion related to unregistered oil sales. Sunacrip Boss Joselit Ramirez Arrested […]

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Former FTX CEO Sam Bankman-Fried Faces New Charges in Multi-Billion Dollar Fraud Case

Former FTX CEO Sam Bankman-Fried Faces New Charges in Multi-Billion Dollar Fraud CaseSam Bankman-Fried (SBF), the disgraced co-founder of FTX, faces four more charges after a new indictment was unsealed on Wednesday. The charges include operating an unlicensed money transfer business and conspiring to commit bank fraud. SBF Gets 4 New Charges Tacked Onto His Indictment The former CEO of FTX was originally indicted 72 days ago […]

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Report: Former FTX Director of Engineering Nishad Singh Negotiating Plea Deal with Prosecutors 

Report: Former FTX Director of Engineering Nishad Singh Negotiating Plea Deal with Prosecutors Another member of Sam Bankman-Fried’s inner circle allegedly plans to plead guilty to criminal charges for his role in the alleged fraud that occurred at the cryptocurrency exchange FTX. According to unnamed sources familiar with the matter, Nishad Singh, FTX’s former director of engineering, is attempting to negotiate a deal with New York prosecutors. Sources […]

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Opposition press links Russian lawmaker to local crypto OTC

Russia’s crypto OTC platform Bankoff has reportedly not only helped officials avoid sanctions but has also generated some gains.

A Russian legislator who was one of the authors of the bill to legalize cryptocurrency mining in the country has been tied to a local over-the-counter (OTC) exchange known as Bankoff.

Russian opposition activist Mikhail Khodorkovsky linked Bankoff OTC to lawmaker Andrei Lugovoi in an article of London-based investigative project Dossier Center on Dec. 19.

The 6,000-word article was accompanied by a video titled “Crypto-Kremlin: How the authorities launder Bitcoin,” released on Khodorkovksy’s Live YouTube channel.

According to Dossier, Bankoff is the most active peer-to-peer trader using Russian rubles on the major global crypto exchange Binance. As previously reported, Binance continued to serve non-sanctioned Russians despite the European Union banning all crypto transactions for Russia in October. The Bankoff OTC platform accepts only cash from customers and has almost no Anti-Money Laundering or Know Your Customer controls.

The trader's office is reportedly on the 65th floor of a building in the Moscow City skyscraper district. The premises belong to the Bratsk Electricity Network, a company that distributes electricity around the east-central Russian city of Bratsk, which is a center of cryptocurrency mining.

According to Dossier, Bankoff could make up to $20,000 daily on up to 4% in commissions on users’ crypto transactions. Lugovoi’s wife Ksenia Lugovaya has reportedly also owned a share in Bratsk Electricity Network since 2018. A declaration filed by her husband and purportedly shown in the Dossier video indicates that Lugovaya had an income of 29.6 million rubles, or a little more than $400,000, in 2021 with no sources of income other than the Bratsk electric company.

The Dossier article and video also describe how a representative of Dossier was allegedly able to convert 100,000 rubles ($1,400) in Tether (USDT) using the sanctioned Russian crypto exchange Garantex. The representative was reportedly able to send USDT from Garantex to Binance and then successfully transfer to an account in the United Kingdom-based fintech Wise, thus enabling the distribution of that money despite sanctions from the United States.

Such a scheme not only allows the Russian government officials to avoid sanctions, but also generates money for them, the speaker in the video argued, stating:

“That doesn’t impede Russian officials and members of the security forces from using cryptocurrency not only to take millions out of the country, but also to make money from doing it. People who are under the close attention of law enforcement agencies worldwide have long been tied to this.”

While apparently benefitting from crypto themselves, Russian lawmakers have been actively opposing the idea of crypto investment by regular people. The Russian government has not legalized any local cryptocurrency exchange, while the central bank has taken a firm stance against crypto investment.

Related: Putin calls for blockchain-based international payment system

Apart from backing one of the biggest crypto OTC platforms in Russia, Lugovoi is known for developing local cryptocurrency laws. He is one of the authors of the cryptocurrency mining bill introduced into Russia’s lower house of parliament on Nov. 17. Lugovoi began his political career after he was implicated in the poisoning of former Russian security service officer Alexander Litvinenko in the U.K. in 2006.

Additional reporting by Helen Partz.

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