Friday, December 09, 2022

Law decoded, October 31-November 7: Here’s what you need to know about the upcoming US midterm elections

The United States will vote on November 8 to decide the fate of the 435 members of the House of Representatives and 34 of the 100 Senate seats. The outcome will determine the current balance of power in Washington and has the potential to influence the cryptocurrency industry., Perhaps that is why, according to a recent poll, qualified voters will take the candidate’s position on cryptocurrency into account. Another poll shows cryptocurrency regulation to be a bipartisan issue, with 87% of Democratic respondents and 76% of Republicans saying they want clarity from the US government on digital assets.

Fundraising is a normal part of the US political system, but cryptocurrency-related data may have raised some eyebrows. For example, Sam Banksman-Fried called $1 billion a “weak limit” for 2022 election contributions. There are also several political action committees related to cryptocurrencies. According to some reports, crypto-affiliated donors have overtaken major pressure groups or “lobbies” such as Defense and Big Pharma.

Although the non-partisan nature of cryptocurrencies is somewhat clichéd, there are clear signs of political division. Firstly, the cryptocurrency is leaning to the right. An analysis of lawmakers’ agenda shows that Republicans are generally more friendly towards digital assets. Why? Read Cointelegraph’s full analysis of the upcoming midterm elections and their relationship with the crypto industry.

The digital yuan will offer “controllable anonymity”

Chinese central bank governorYi Gang said that privacy protections “are at the top” as the country moves to adopt its central bank digital currency (CBDC) – the digital yuan., He then described a two-tier payment system that would provide controllable anonymity to users. At the first level, the central bank supplies the digital yuan to authorized operators and only processes information on inter-institutional transactions. At the second level, authorized dealers only collect personal information necessary for their exchange and circulation services to the public.

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South Korean prosecutors accuse Do Kwon of manipulating Luna’s price

Another week, another update on the founder of Terra and their adventures. This time, South Korean prosecutors have obtained evidence suggesting that Do Kwon once ordered an employee to manipulate the price of Luna, which has since been known as Luna Classic (LUNC). The evidence presented comes in the form of a “messaging” conversation between Kwon and a former Terraform Labs employee. Meanwhile, Kwon continues to deny all the allegations and moves around the world., Previous reports have suggested that he first moved from South Korea to Singapore before moving to Dubai. It is now believed that he may have been living somewhere in Europe without a valid passport.

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12 independent entities pledge legal backing for Ripple

Ripple is gaining more support from the cryptocurrency and finance industry in its ongoing battle with the United States Securities and Exchange Commission. The number of companies, developers, exchanges, associations and investors who have filed reports in support of the company has reached 12. among these, There are industry stalwarts such as Coinbase, Digital Chamber of Commerce, Cryptocurrency Council for Innovation, Blockchain Association, Wallhill Capital, i-Remit, Spend the Bits, TapJets, Investor Choice Advocates Network and John Dethon.

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US IRS braces for spike in cryptocurrency cases next tax season

The Criminal Investigation Division of the United States Internal Revenue Service is gearing up for tax season, with the cryptocurrency community eyeing it. Division head Jim Lee said he is preparing “hundreds” of cryptocurrency-related cases, many of which will soon be available to the public. Lee said that over the past three years, The digital asset investigation conducted by the IRS has undergone a major change. Previously, these investigations were mainly related to money laundering; Whereas now, tax related matters are almost half. This includes what is often referred to as “off-grid” transactions, where digital assets are exchanged with fiat currency as well as non-reporting of cryptocurrency payments.

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the explanation: The information and/or opinions expressed in this article do not necessarily represent the views or editorial line of Cointelegraph. The information provided here should not be construed as financial advice or investment recommendation. All investment and commercial activities involve risk and it is the responsibility of each individual to do their due research before making an investment decision.

Investing in crypto assets is not regulated. They may not be suitable for retail investors and the entire amount invested may be lost. The offering of services or products is not targeted or accessible to investors in Spain.

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