Author: Ethan Carter

Key takeaways:Spot Ether ETFs recorded unprecedented inflows of $7.88 billion in July and August, boosting custodial holdings to 6.42 million ETH.ETH hit $4,650 after a 10% surge following Powell’s hints of a possible rate cut in September.Ether surges 10% post-Powell’s Jackson Hole addressEther surpassed the $4,350 resistance on Thursday, exploring the supply zone between $4,550 and $4,650 after Federal Reserve Chair Jerome Powell indicated the potential for a rate cut in September, eliciting a significant response across risk assets.Powell’s statements reflect a changing policy stance, asserting that the balance of risks “may require adjusting policy.” He highlighted increased downside risks…

Japan’s Financial Services Agency (FSA) is set to implement extensive changes to its digital asset framework. These modifications, which include tax reforms and regulatory improvements, may allow for the introduction of exchange-traded funds (ETFs) linked to cryptocurrencies. This initiative demonstrates Japan’s commitment to incorporating crypto into mainstream finance and attracting wider investment. Tax Burden Under Review The reform package, reported in domestic sources, comprises two main components. Firstly, it involves updating the tax code to classify crypto similarly to equities, moving it away from comprehensive taxation. Secondly, it includes a legal revision that redefines crypto as a financial product, permitting…

Despite the UK government’s ambition to be a global hub for digital assets, the situation suggests otherwise. The British crypto community is raising concerns, claiming that the nation is lagging in the global Bitcoin race. Experts from various crypto organizations in the UK have informed BeInCrypto that the nation’s cautious stance hampers innovation and drives businesses abroad. This ongoing atmosphere will erode any competitive edge the UK once possessed in financial innovation. A Lagging Financial Hub The consensus among the UK’s crypto community is that legislative progress towards creating a competitive crypto hub is alarmingly sluggish. As countries worldwide strive…

Trish Turner has stepped down as the head of the digital assets division at the United States Internal Revenue Service (IRS) after approximately three months in the position.“After more than 20 years with the IRS, I have closed an extraordinary chapter of my career with deep appreciation for those who shaped my journey and made the work so meaningful,” Turner stated in a LinkedIn post on Friday.“Together, we navigated complex challenges, built lasting programs, and laid the groundwork for the IRS’s digital asset strategy as it transitioned from niche to mainstream,” Turner added.Turner is reportedly transitioning to the private sectorTurner…

Trish Turner has stepped down as the head of the United States Internal Revenue Service’s (IRS) digital assets division after approximately three months in this position.“After over 20 years with the IRS, I have concluded an incredible chapter of my career, filled with gratitude for those who influenced my journey and made my work truly meaningful,” Turner stated in a LinkedIn post on Friday.“Together, we tackled complex challenges, established enduring programs, and paved the way for the IRS’s digital asset strategy as it transitioned from niche to mainstream,” Turner added.Turner is reportedly transitioning to the private sectorWhile Turner did not…

Opinion by: Bill Repasky, attorney at Frost Brown Todd LLPWith over 55 million Americans integrating cryptocurrency into their everyday lives, cryptocurrencies have become a vital part of our nation’s financial landscape.Similar to traditional ATMs, a vast network of virtual currency kiosks — commonly referred to as Bitcoin ATMs — has emerged across the United States, facilitating cryptocurrency transactions, from cash-to-crypto conversions to coin trading. The introduction of the GENIUS Act could further increase public interest in Bitcoin ATMs as stablecoins come into play.Unfortunately, as seen with any emerging technology, scammers have adapted these tools to perpetrate fraud. To protect their…

The entire market for US dollar-pegged stablecoins is expected to reach $1.2 trillion by 2028, fueled by extensive crypto regulations in the United States, as reported by crypto exchange Coinbase.Coinbase indicated that these projections suggest the US Treasury would need to issue $5.3 billion weekly over the next three years to meet the demand from stablecoin issuers, who rely on short-term US Treasury bills as backing for their digital fiat tokens.Forecast of stablecoin market cap by 2028. Source: CoinbaseThis issuance plan could lead to a small and fleeting reduction in three-month Treasury yields by approximately 4.5 basis points (BPS), contrary…

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A judge in New Jersey has provisionally approved a $13-million settlement involving investors and the cryptocurrency lending firm BlockFi after prolonged delays.In a filing made on Thursday in the US District Court for the District of New Jersey, Judge Claire Cecchi mandated that BlockFi’s insurers deposit over $13 million into an escrow account within 30 days as part of a class-action lawsuit initiated in 2023. This order follows a preliminary approval motion from February, which faced delays partly due to an objection from one investor.The judge has set a hearing for December 11 to finalize the settlement plan and consider…

On Friday, the cryptocurrency market saw a notable uptick, with Ethereum (ETH) and Bitcoin (BTC) spearheading the growth and rekindling the positive trend observed in the previous week, which had driven it to unprecedented highs. Among significant updates, the market’s top altcoin surged past the $4,700 threshold while achieving double-digit increases and moving closer to the $4,878 record highs it attained during the last crypto bull run four years ago. Following an extended period of consolidation and decline, ETH’s recent advancements signify renewed market optimism, particularly after remarks made by Federal Reserve (Fed) Chair Jerome Powell. Ethereum, XRP, And BNB…