Cryptocurrency Financial News
Nevada’s financial regulators have changed their interpretation of what constitutes a money transmitter within the state, declaring that any transfer of value – money, credit, virtual currency, or other – will fall under money transmission laws. This change will require operators of the state’s cryptocurrency kiosks to each obtain a transmitter license.
After its initial letter campaign targeting crypto holders who may not have reported their gains or losses on their tax returns, the Internal Revenue Service’s second round of letters targets those who may have misreported their crypto holdings on tax documents.
The US Securities and Exchange Commission filed an emergency lawsuit against “financial guru” Reginald Middleton and his two companies, Veritaseum LLC and Veritaseum Inc., to safeguard $8 million of investor funds Middleton raised during an allegedly fraudulent initial coin offering.
In a recently amended complaint filed against Ripple, investors have cited guidelines from the Securities and Exchange Commission to argue that they were duped into purchasing unregistered securities when they bought XRP.
The US Congressional Research Service has released a report titled “Bitcoin, Blockchain, and the Energy Sector” that details the current state of energy consumption related to crypto mining and explores the possibility of integrating blockchain tech into current energy systems.
As part of its “Operation Cryptosweep” initiative, the New Jersey Bureau of Securities called for the halt of two initial coin offerings taking place in the state, stating that both companies were offering fraudulent securities. The companies in question were Zoptax, which was selling its Zoptax Coin, and UNOcall, which was offering investment opportunities in its staking protocol.
In its 130-page document, Kik claims the US Securities and Exchange Commission “twisted facts” and took quotes out of context when it decided to sue the messaging app for its $100 million Kin token ICO.
Last week, the US Internal Revenue Service sent letters to crypto holders regarding the proper way to report gains and losses on tax returns. Now, fraudulent letters are being sent to crypto holders claiming they owe unpaid taxes to the “Bureau of Tax Enforcement.”
The Bank of Mexico’s newly enforced FinTech law targets crowdfunding and electronic payments services, requiring businesses to have a minimum annual profit of $100,000 and asking for up to $35,000 in compliance fees.
The Information Commissioner’s Office, the UK’s data protection watchdog, has sent a statement to Facebook and 28 other companies behind the Libra project asking for details on how customers’ personal data will be processed in line with data protection laws.
A UK court has thrown out Craig Wright’s lawsuit against Roger Ver in which Wright claimed Ver defamed him in a YouTube video featuring Ver’s denouncement of Wright’s claims of being Satoshi Nakamoto.
The Financial Conduct Authority (FCA), the UK’s financial watchdog, released the finalized version of its crypto asset guidelines, detailing which assets do and do not fall under its regulatory reach. “Exchange tokens” like Ether or bitcoin, as well as utility tokens, fall outside the FCA’s authority, whereas security tokens and stablecoins that fit the definition of e-money will be regulated by the agency.
During today’s congressional hearing with the Senate Committee on Banking, Housing, and Urban Affairs, committee members met with a panel of experts, including Circle CEO Jeremy Allaire, and expressed some doubts about blockchain and cryptocurrency. One congressman compared the lauded tech advancements to banking moves that brought about the 2008 financial crash.
New York Supreme Court Judge Joel M. Cohen has postponed the decision regarding the New York attorney general’s jurisdiction over Bitfinex and Tether, with the court planning to mull over the case for another 90 days.
Following earlier reports this year that the US Internal Revenue Service was working to update cryptocurrency tax guidelines, the agency sent warning letters out to more than 10,000 crypto-holding taxpayers, advising them to submit an amended tax return if they didn’t report their holdings.
Pocketful of Quarters, the startup with a 12-year-old CEO that created the ERC-20 token “Quarters,” received a no-action letter from the US Securities and Exchange Commission. The letter means the SEC will not take enforcement action against the company.
Jon Barry Thompson, director of Bitcoin escrow firm Volantis, was arrested for two counts of wire fraud and two counts of commodities fraud, according to the US Department of Justice.
The crypto celebrity was reportedly arrested a day after being released in the Dominican Republic.
The FBI is investigating possible insider trading and securities fraud committed by Long Blockchain in 2017 during its pivot from beverage provider Long Island Iced Tea.
Los Angeles federal judge Otis Wright II ruled that telecom giant AT&T must answer a lawsuit brought on by crypto investor Michael Terpin who claims to have lost $24 million in cryptocurrencies as a result of a SIM-swap hack.
