Cryptocurrency is becoming increasingly mainstream. Between the entrance en masse of traditional financial institutions — from investment funds, to banks, to insurance companies — to the multitrillion-dollar market capitalization, crypto is truly unignorable. As such, it is also increasingly on the radar of regulators around the world, particularly in the United States. How can this industry balance stability and investor protection on the one hand with the promotion and support of innovation on the other? There are three paths to regulating crypto. The first is to not regulate it as much, but given the incredible growth and increasing overlap with …

A bill which would have required miners in New York to halt operations for three years as part of an apparent effort to slow the environmental impact of crypto has been defeated in the state legislature. New York Senate Bill 6486 failed to pass the state assembly today after lawmakers in the Democrat-controlled state senate approved the legislation earlier this week. The bill was aimed at establishing “a moratorium on the operation of cryptocurrency mining centers” while experts considered the environmental impact of mining, particularly those backed by fossil fuels. According to a Connecticut-based National Public Radio affiliate, the International …

The United States Internal Revenue Service classifies crypto as property, meaning you can trigger taxes every time you use crypto to buy something. You might be using it to pay for a Tesla electric vehicle — oh, sorry, that’s not possible anymore — a cup of coffee or even a castle in Europe. You might be paying someone for services, either as an independent contractor or as an employee. But no matter what the transaction, you may have a gain or a loss, something quite apart from the income tax impact on the person you are paying. Not so simple …

The U.S. Securities and Exchange Commision (SEC) has warned investors about the risks of Bitcoin futures trading — citing market volatility, a lack of regulation and fraud to name a few issues. In a June 10 Investor Alerts bulletin, the SEC outlines key points that investors should “carefully consider” before investing in a fund that buys or sells Bitcoin futures. “Investors should understand that Bitcoin, including gaining exposure through the Bitcoin futures market, is a highly speculative investment,” the bulletin read. This latest Bitcoin-related risk warning from the SEC follows up on a note it sent out last month, warning …

Last week, I made the mistake of being just about the only DeFi denizen who actually went to the Bitcoin 2021 event in Miami. While I managed to catch up with a handful of builders and big brains in the convention center, my time would have been better spent tracking down degens at the various satellite events, yacht parties, and nightclub meetups — the “shadow conference” for DeFi taking place while boomercoin maximalists talked over the same points they’ve been parroting for the better part of a decade. What little time I did get to spend with DeFi folks was …

Dubbed as “the largest Bitcoin event in history,” Bitcoin 2021 consisted of 12,000 attendees from across the globe. Undoubtedly, Bitcoin (BTC) adoption is growing at an impressive rate. Yet judging by the attendance at Bitcoin 2021, men still appear to be the primary audience for Bitcoin. While the lines to the bathroom made it obvious that there were nowhere near as many female attendees as there were males, there were also fewer women speakers than men at Bitcoin 2021. For example, only 27 women are featured on the Bitcoin 2021 website, which consists of over 150 speakers in total. Although …

On June 7, the United States government task force seized more than $2 million in Bitcoin (BTC) to pay a ransom following an attack on the Colonial Pipeline system. A warrant filed with the U.S. District Court for the Northern District of California shows that authorities recovered 63.7 BTC. As news of the recovery spread through mainstream media, some outlets suggested that the U.S. government somehow hacked the Bitcoin address in order to extract the funds. For example, University of Michigan professor and New York Times contributor Justin Wolfers tweeted: News that the government has figured out how to snatch …

The bill introduced by the president of El Salvador to make Bitcoin (BTC) legal tender in the nation passed the Legislative Assembly with a supermajority just before 6:00 am UTC. In a Twitter Spaces conversation with 22,000 listeners that began just after 5:00 am UTC, President Nayib Bukele said he would sign off on the historic law later that night or first thing the next day. “It goes into effect immediately,” he said, clarifying the government would allow 90 days for the infrastructure to be put into place. The #BitcoinLaw has been approved by a supermajority in the Salvadoran Congress. …

Eduardo Murat Hinojosa, a senator of the federal government of Mexico, has said he will be submitting a proposal to lawmakers seemingly aimed at crypto adoption in the country. In a tweet today, Hinojosa changed his profile picture to feature the senator speaking into a microphone with the iconic “laser eyes,” indicating support for crypto. The lawmaker said he would be “promoting and proposing a legal framework for crypto coins in Mexico’s lower house,” specifically mentioning Bitcoin (BTC). Voy a promover y proponer ante la Cámara de Diputados un marco legal para las criptomonedas en México #btc I will be …

Internal Revenue Service chief Charles Rettig called out lawmakers for not taking the initiative on addressing the problem of many U.S. residents not paying taxes on crypto. In a Tuesday senate hearing on the IRS’ fiscal year 2022 budget, Rettig said that the agency would likely require a "clear dictate from Congress" to regulate crypto. The IRS has listed $32 million in its budget for “crypto-related enforcement operations” as well as $41 million related to cybercrime in its attempts to address the issue of non-reporting or underreporting taxpayers. "The authority for us to collect that information is critical," said Rettig. …

May was a testing time for cryptocurrencies like Bitcoin (BTC). The flagship digital asset was already wobbling after rallying to nearly $65,000 in mid April, owing to profit-taking sentiment among traders. Elon Musk accelerated the sell-off by reversing his company's plans to accept Bitcoin as payment for Tesla's electric cars. Later in the month, the People's Bank of China reiterated to the country's financial institutions against the use of virtual currencies for payments. Chinese authorities are also starting to keep a close eye on crypto mining — the process by which computers mine cryptocurrencies like Bitcoin. More blows to the …

Gabriel Silva, a Panamanian congressman, is moving to follow in El Salvador’s footsteps by proposing legislation to adopt Bitcoin and other cryptocurrencies on a national scale. El Salvador’s president, Nayib Bukele announced during the Miami Bitcoin conference on June 6, that he will submit a bill to lawmakers demanding that Bitcoin be made legal tender. In a June 8 tweet, Silva emphasized the significance of Panama not being left behind by Bukele’s progressive crypto plans, which also includes removing capital gains tax on Bitcoin in El Salvador. According to a rough translation, Silva asserted: “This is important. And Panama cannot …