• The U.S. government has issued 4 million pages of discovery documents to Bankman-Fried and their attorneys.
• Rep. Patrick McHenry has called proposed crypto tax rules an ‘attack on the digital asset ecosystem’.
• Nate Chastain was sentenced to three months for insider trading at OpenSea, while Binance allegedly maintains ties with blacklisted Russian banks despite Western sanctions: WSJ
U.S Government Cracks Down on Bankman-Fried
The U.S government has hit Bankman-Fried and their related attorneys with a massive 4 million page document of discovery documents in an effort to combat money laundering activities within the cryptocurrency world. This comes as a response to the increased attention that cryptocurrencies have been receiving over the past few years, and is part of a larger effort by government agencies to regulate financial activity related to digital currencies more tightly.
Rep. Patrick McHenry Criticizes Proposed Crypto Tax Rules
Rep. Patrick McHenry has spoken out against proposed crypto tax rules from the IRS, calling them an “attack on the digital asset ecosystem” that would be detrimental for US citizens who own or use cryptocurrencies. He argued that rather than imposing hefty taxes, regulators should instead focus on creating more consumer protection measures and promoting innovation in the industry.
Nate Chastain Sentenced For Insider Trading
Nate Chastain was recently sentenced to three months in prison after being found guilty of insider trading at OpenSea, a popular online marketplace for buying and selling digital assets like cryptocurrencies and tokens. According to prosecutors, Chastain had used confidential information he had received while employed at OpenSea in order to make profitable trades on his own account, resulting in illegal profits of over $800k USD worth of Ethereum’s Ether token (ETH).
Binance Allegedly Maintains Ties With Blacklisted Banks
According to The Wall Street Journal (WSJ), popular cryptocurrency exchange Binance is allegedly still maintaining ties with blacklisted Russian banks despite ongoing Western sanctions placed against them by international governments such as the United States and Europe Union (EU). These allegations have raised serious concerns amongst members of Congress who are worried about potential money laundering activities taking place within Binance’s platform if these reports prove true.
How Bitcoin’s Falling Reserve Risk Counters Its Price Decline
Despite Bitcoin’s recent price drop from $29,400 to $25,000, long-term holders remain confident due to an often overlooked metric known as reserve risk which reveals insights about Bitcoin’s long-term potential which could affect investment strategies going forward..