• Ratcliffe SEC investigate Chinese control crypto
    Bitcoin,  Cryptocurrencies,  Ethereum,  Politics,  Regulation,  Ripple

    U.S. intelligence head asked SEC to investigate Chinese control over crypto: Report

    The Washington Examiner reports that Director of National Intelligence John Ratcliffe asked SEC Chairman Jay Clayton to investigate the control China’s mining dominance gives it over cryptocurrency

    The article said Ratcliffe’s letter represented “a push by President Trump's spy chief to convince the SEC to implement rules that make it easier for U.S.-owned cryptocurrency companies to compete against those based in and controlled by China.”

  • IRS crypto traders tax bills
    Cryptocurrencies,  Regulation

    IRS sending crypto traders tax bills they don’t owe

    In many cases, the IRS has been treating every trade as gross income, regardless of gains or losses, according to CryptoTrader.tax

    On Nov. 23, the firm reported one its users received a worrying notice from the IRS. The document in question was a CP2000 Notice claiming that he had underreported his 2018 income to the tune of $250,000 by failing to include his cryptocurrency investing activity on his taxes.

  • China second digital yuan lottery
    Cryptocurrencies,  Politics,  Regulation

    China launches second lottery to test digital yuan

    China’s central bank will repeat its $1.5 million “red envelope” central bank digital currency program in Suzhou, following the successful run in Shenzhen

    The Shenzhen test acted as both a stress test and a marketing initiative. The City government gave away $1.5 million to 50,000 randomly selected citizens, who each received 200 yuan—about $30—usable at any of the 4,000 merchants who accept the digital yuan. The Suzhou test will include important new features that did not factor into the Shenzhen trials, most notably the ability to pay while offline.

  • Chainalysis goes unicorn
    Cryptocurrencies,  Regulation

    Chainalysis goes unicorn

    The blockchain intelligence firm’s latest fundraising round valued it north of the VC magic number: $1 billion

    Along with cryptocurrency exchanges and financial firms, Chainalysis' bitcoin and cryptocurrency tracking tool have been used by law enforcement agencies including the FBI, IRS, and U.S. Department of Homeland Security in a number of high-profile cases, including the closure of the largest-ever child pornography ring, “Welcome to Video.” Other cases included operations targeting bitcoin fundraising by terrorist groups Al-Qaeda and Hamas.

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