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Italy’s finance minister defends 42% crypto capital gains tax plan

Coin Telegraph
Italy’s finance minister defends 42% crypto capital gains tax plan
Bitcoin

Giancarlo Giorgetti said cryptocurrencies like Bitcoin presented a “very high level of risk,” highlighting the need for additional taxes.

Giancarlo Giorgetti, the Italian Minister of Economy and Finance, has pushed back against critics of a plan to raise the country’s capital gains tax on cryptocurrencies like Bitcoin to 42%.

At a World Savings Day event on Oct. 31, Giorgetti said digital assets presented a “very high level of risk,” defending the government’s decision to change the capital gains tax. Italy’s Council of Ministers approved a budget bill to increase withholding taxes for Bitcoin (BTC) from 26% to 42%.

Italian finance minister Giancarlo Giorgetti at World Savings Day on Oct. 31. Source: YouTube

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Sony’s Soneium Might Be the Answer to Mass Web3 Adoption

Sony’s Soneium Might Be the Answer to Mass Web3 Adoption

Coinbase CEO to New SEC Chair: Apologize to the American People and Drop ‘Frivolous’ Cases

Bitcoin.com
Coinbase CEO to New SEC Chair: Apologize to the American People and Drop ‘Frivolous’ Cases
bitcoin.com
Coinbase CEO to New SEC Chair: Apologize to the American People and Drop ‘Frivolous’ CasesCoinbase’s CEO calls on the next SEC chairman to drop “frivolous cases” and apologize to the American people for past actions, citing inconsistent crypto regulations. ‘Withdraw Cases, Apologize’: Coinbase CEO’s Challenge to Future SEC Leadership Coinbase CEO Brian Armstrong criticized the U.S. Securities and Exchange Commission (SEC) for its handling of crypto regulation in a […]
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Sony’s Soneium Might Be the Answer to Mass Web3 Adoption

Sony’s Soneium Might Be the Answer to Mass Web3 Adoption

Ex-FTX exec sentenced to time served after guilty plea

Coin Telegraph
Ex-FTX exec sentenced to time served after guilty plea
Coin Telegraph

Nishad Singh will receive no prison time after pleading guilty to six felony charges in February 2023, cooperating with prosecutors and FTX’s debtors after the exchange’s collapse.

A federal judge has sentenced Nishad Singh, the former engineering director of FTX, to time served and three years of supervised release for his role in misappropriating user funds and campaign finance violations.

In an Oct. 30 hearing in the United States District Court for the Southern District of New York, Judge Lewis Kaplan sentenced the 29-year-old Singh to time served. He was the fourth individual named in the indictment of FTX executives to stand before a judge following sentencing hearings for former CEO Sam Bankman-Fried, former Alameda Research CEO Caroline Ellison, and former FTX Digital Markets co-CEO Ryan Salame.

According to reporting from the courtroom by Inner City Press, Singh’s lawyers alleged “most of” the fraud at FTX was the result of Bankman-Fried’s and Ellison’s actions. The former FTX executive said he was “overwhelmed with remorse” for his role.

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Sony’s Soneium Might Be the Answer to Mass Web3 Adoption

Sony’s Soneium Might Be the Answer to Mass Web3 Adoption

FTX CEO hints Nishad Singh should remain free to assist bankruptcy case

Coin Telegraph
FTX CEO hints Nishad Singh should remain free to assist bankruptcy case
Coin Telegraph

John Ray, who took over as FTX CEO in November 2022, suggested Nishad Singh’s cooperation in the firm’s bankruptcy would be “important to maximize recovery” for creditors.

Scheduled to be sentenced on the afternoon of Oct. 30, former FTX engineering director Nishad Singh has submitted an eleventh-hour letter from the company’s current CEO, who said he would provide “further assistance and cooperation” in the firm’s bankruptcy case.

In an Oct. 29 filing in the United States District Court for the Southern District of New York, Singh’s lawyers filed a sentencing letter from FTX Trading Ltd. CEO John Ray detailing the former engineering director’s assistance in the firm’s Chapter 11 case. According to the FTX CEO, Signh assisted the FTX debtors with information about the firm’s computers shortly after the firm filed for bankruptcy, provided relevant documents, and helped return Bahamian property purchased with company funds.

Source: SDNY

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Sony’s Soneium Might Be the Answer to Mass Web3 Adoption

Sony’s Soneium Might Be the Answer to Mass Web3 Adoption

US President Biden Applauds Nigeria’s Crypto Cooperation and Push for Global Reform

Bitcoin.com
US President Biden Applauds Nigeria’s Crypto Cooperation and Push for Global Reform
bitcoin.com
US President Biden Applauds Nigeria’s Crypto Cooperation and Push for Global ReformU.S. President Joe Biden has praised Nigeria’s efforts in combating crypto-related financial crimes, including the recent release of a former Binance executive. Biden, Tinubu Strengthen US-Nigeria Ties With Crypto Crime Initiative The White House announced Tuesday that U.S. President Joe Biden held a call with Nigerian President Bola Tinubu, touching on recent humanitarian and diplomatic […]
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Sony’s Soneium Might Be the Answer to Mass Web3 Adoption

Sony’s Soneium Might Be the Answer to Mass Web3 Adoption

SEC Chair Doubles Down on Regulation by Enforcement as Political Pressures Mount

Bitcoin.com
SEC Chair Doubles Down on Regulation by Enforcement as Political Pressures Mount
bitcoin.com
SEC Chair Doubles Down on Regulation by Enforcement as Political Pressures MountSEC Chair Gary Gensler, facing bipartisan pressure and Trump’s vow to remove him, defended the agency’s regulation by enforcement. SEC Chair Stands Firm: ‘We’re Going to Continue to Do That Which We Do Well’ U.S. Securities and Exchange Commission (SEC) Chair Gary Gensler has reaffirmed his regulatory approach despite calls for his dismissal and former […]
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Sony’s Soneium Might Be the Answer to Mass Web3 Adoption

Sony’s Soneium Might Be the Answer to Mass Web3 Adoption

US Treasury strategy for financial inclusion mentions digital assets

Coin Telegraph
US Treasury strategy for financial inclusion mentions digital assets
Coin Telegraph

Lael Brainard credited Vice President Kamala Harris, who is campaigning to be the next US President, with helping expand “access to capital, credit, and economic opportunity.”

The United States Department of the Treasury has released its national strategy for financial inclusion, only including cryptocurrencies as a potential risk for consumers.

In an Oct. 29 notice, the US Treasury said its National Strategy for Financial Inclusion in the United States report resulted from a request from Congress and included recommendations to “advance consumer access to safe financial products and services and strengthen financial security.”

According to the department, one of its methods of financial inclusion was through research of a “series of publications on consumer activities and risks related to digital assets,” citing a September 2022 report.

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Sony’s Soneium Might Be the Answer to Mass Web3 Adoption

Sony’s Soneium Might Be the Answer to Mass Web3 Adoption

President Biden thanks Nigerian President for Binance exec’s release

Coin Telegraph
President Biden thanks Nigerian President for Binance exec’s release
Binance

A former IRS special agent and Binance’s head of financial crime compliance, Tigran Gambaryan had been in Nigerian custody with reports of deteriorating health since February.

United States President Joe Biden spoke to President Bola Tinubu of Nigeria, offering his appreciation that Binance’s head of financial crime compliance had been released on humanitarian grounds.

According to an Oct. 29 notice from the White House, President Biden had a call with President Tinubu in which he thanked the Nigerian leader for helping secure “the release on humanitarian grounds of American citizen and former US law enforcement official Tigran Gambaryan.”

The Binance executive had been in Nigeria custody for roughly eight months until being allowed to leave the country on Oct. 23.

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Sony’s Soneium Might Be the Answer to Mass Web3 Adoption

Sony’s Soneium Might Be the Answer to Mass Web3 Adoption

Crypto PAC’s final media buys before US Election Day go to Wisconsin

Coin Telegraph
Crypto PAC’s final media buys before US Election Day go to Wisconsin
Coin Telegraph

The Fairshake PAC reported to the FEC spending more than $760,000 on a media buy supporting Wisconsin Representative Bryan Steil, running for reelection in 2024.

The cryptocurrency-backed political action committee (PAC) Fairshake has reported one of its last expenditures before Election Day in the United States — and it’s supporting a Republican candidate in Wisconsin.

In an Oct. 28 filing with the Federal Election Commission, Fairshake reported spending more than $760,000 on a media buy supporting Wisconsin Representative Bryan Steil, running for reelection in the state’s 1st congressional district. With seven days until US voters decide who their elected representatives will be in Congress and the White House, the media buy for Rep. Steil will likely be one of Fairshake’s final actions before Election Day.

Steil, who has served as a Wisconsin representative in the US Congress since 2019, voted in favor of the Financial Innovation and Technology for the 21st Century Act and a resolution overturning the US Securities and Exchange Commission’s Staff Accounting Bulletin No. 121. The Republican lawmaker will face off against Democrat Peter Barca on Nov. 5, with an October poll showing Barca trailing Steil by three points.

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Sony’s Soneium Might Be the Answer to Mass Web3 Adoption

Sony’s Soneium Might Be the Answer to Mass Web3 Adoption

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