Bitfinex and Tether's Appeal Rejected by New York Judge
Judge Cohen reportedly decided to give a 90-day extension to the case, which will give the New York Attorney General’s office to continue investigating. Judge Cohen also dismissed Bitfinex and Tether’s motion to appeal after the ruling.
IRS Sends Warning Letters to Prevent Crypto Owners from Evading Tax
The Internal Revenue Service began sending warning letters out to cryptocurrency owners in the United States, announcing that taxpayers should be paying back taxes they owe or to file amended tax returns in regards to their cryptocurrency holdings.
Unlicensed Bitcoin Exchange Operator Faces Up to 5 Years in Prison in the US
William Green, a 46-year-old American citizen of New Jersey has been indicted on one count of operating an unlicensed money transmitting business through his website, Destination Bitcoin.
India’s Crypto Bill Hearing Postponed by Supreme Court
The Indian supreme court has set a new date to hear the crypto case, which was originally scheduled for July 23. The purpose of the hearing was to address the writ petitions against the central bank’s crypto restriction.
China Declares Bitcoin as Virtual Property with Monetary Value
China has taken a new step with an important legal precedent regarding Bitcoin in a property dispute case in Hangzhou. Read more about how this case affirmed the legal status of Bitcoin as a virtual property with protection under Chinese law.
U.S Senator Sherrod Brown: Facebook is delusional
“Mark Zuckerberg has said that Facebook is more like a government than a company. That’s delusional.” U.S Senator Sherrod Brown said in a video tweet.
US Treasury Secretary: Cryptocurrencies are Dominated by Illicit Activities
“I think to a large extent, these cryptocurrencies have been dominated by illicit activities and speculation.” The United States Treasury Secretary Steven Mnuchin said at a press conference on 15 July.
Keep Big Tech out of Finance? Draft Bill Surfaced Ahead of Libra Hearings
The draft bill entitled “Keep Big Tech out of Finance” has appeared online ahead of Facebook’s hearing on 16 and 17 July. The bill is allegedly circulating among The United States House of Representatives Financial Services Committee, as revealed by media outlet The BLOCK on 13 July.
US SEC Approved the First-Ever Token Offering In History
The United States Securities and Exchange Commission (SEC) approved the first token offering to blockchain-based startup Blockstack under the SEC Regulation A+, as revealed in the company’s announcement. Blockstack will start its SEC-approved token sale of USD 28 mn today.
The IRS Plans to Require Tech Giants to Provide Users Crypto Activity
The United States’ Internal Revenue Service (IRS) is allegedly planning to require corporate giants such as Apple, Google and Microsoft to provide the taxpayer’s download history of cryptocurrency applications, as revealed in the tweet and reportedly the presentation from IRS on 9 July.