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Treasury Secretary Yellen Warns US Could Default on Its Debt by June 1
2.5.2023
U.S. Treasury Secretary Janet Yellen has warned that the Treasury will not be able to pay all of the government’s debt “as early as June 1, if Congress does not raise or suspend the debt limit before that time.” Yellen also cautioned that the U.S. defaulting on its debt obligations...
JPMorgan Chase Assumes Control of First Republic Bank Following Seizure by California Regulators
1.5.2023
On May 1, 2023, the California Department of Financial Protection and Innovation (DFPI) seized First Republic Bank, placing it into Federal Deposit Insurance Corporation (FDIC) receivership. According to reports, this move came after the bank’s financial troubles made it insolvent and unable...
Hillary Clinton Warns of ‘Worldwide Financial Meltdown’ and Dollar Losing Reserve Currency Status if US Defaults on Its Debt
26.4.2023
Former U.S. Secretary of State Hillary Clinton has warned that the U.S. defaulting on its debt obligations could lead to a global financial meltdown. “If Congress keeps flirting with default, calls for dethroning the dollar as the world’s reserve currency will grow much louder,” she stressed....
Economist Peter Schiff Warns US Will Default on Its Debt — Raising Debt Ceiling Will Make Problem Worse
26.4.2023
Economist Peter Schiff has warned that the U.S. will default on its debt obligations. He further stressed: “All the bad stuff that they’re saying is going to happen if we don’t raise the debt ceiling is guaranteed to happen because we do raise the debt ceiling.” Peter Schiff on U.S. Debt Default...
Republicans Seek to Repeal Biden’s Inflation Reduction Act in Exchange for Raising US Debt Limit
23.4.2023
There has been a lot of commentary concerning the U.S. raising its debt limit, as Treasury secretary Janet Yellen said last month that a U.S. default would be “devastating,” and European Central Bank president Christine Lagarde warned it would be a “major disaster” if...
ECB President Lagarde Warns of ‘Major Disaster’ If US Defaults on Debt Obligations
18.4.2023
There is a lot of discussion lately about the U.S. government’s debt ceiling and whether Congress will act before defaulting. In a recent interview, Christine Lagarde, the president of the European Central Bank (ECB), said she is confident the U.S. can maintain its debt obligations. However...
India's Crypto Businesses Handed Anti-Money Laundering Obligations for First Time
8.3.2023
They will have to register with the Financial Intelligence Unit and voluntarily report suspicious activities
El Salvador Considers Opening Second Bitcoin Embassy in Texas to Boost Economic Exchange
15.2.2023
On Feb. 14, 2023, Milena Mayorga, the Salvadoran ambassador to the United States, announced that her country is considering opening a second bitcoin embassy in the Lone Star State. Mayorga said that Texas is “our new ally” and the goal is to expand “commercial and economic...
3AC Co-Founder Kyle Davies Fails to Respond to Liquidators’ Subpoena Despite Twitter Delivery
8.2.2023
According to recent court filings, Kyle Davies, co-founder of the defunct cryptocurrency hedge fund Three Arrows Capital (3AC), has allegedly failed to respond to a subpoena from the firm’s current liquidators, despite it being sent via Twitter. Representatives from advisory company Teneo...
Treasury Secretary Yellen Urges Swift Action to Increase Spending Limit, Avert Default on US Obligations
14.1.2023
Janet Yellen, the U.S. secretary of the Treasury, sent a letter to Congress on Friday urging lawmakers to increase the spending limit. Yellen stressed that the country would reach its statutory debt limit on Jan. 19, 2023. She warned that “failure to meet the government’s obligations...
Crypto Exchange Bybit Does Not Plan to Sanction Russian Users Despite MAS Call, Report
6.11.2022
Cryptocurrency exchange Bybit has no intention to introduce restrictions for Russian traders, despite a recent reminder by the Monetary Authority of Singapore (MAS) about the obligations of crypto providers in that respect. According to a crypto media report, the platform shared its position...
MEXC and Coinbase Reach Partnership to Jointly Fulfil the Privacy and Security Obligations of Cryptocurrency Under the TRUST Framework
5.11.2022
PRESS RELEASE. On October 31st, the cryptocurrency trading platform MEXC announced that it had reached a cooperation with Coinbase to jointly fulfil the privacy and security obligations of cryptocurrency under the framework of Coinbase’s TRUST Network (TRUST). The TRUST network is an alliance...
Robinhood Crypto Fined $30 Million by New York Regulator for ‘Significant Failures’ in Multiple Areas
3.8.2022
The New York State Department of Financial Services (DFS) has fined Robinhood Crypto $30 million for “significant failures in the areas of bank secrecy act/anti-money laundering (‘BSA/AML’) obligations and cybersecurity.” Robinhood Crypto Settles With the DFS The...
Tax Agency Starts Checking Crypto Traders in Romania
3.7.2022
Authorities in Romania are going after investors who failed to report revenues from crypto trading and pay tax. The offensive is part of efforts to respond to financial trends, the country’s tax body said in a statement, unveiling it was able to identify almost €50 million...
Australian Tax Office Warns Crypto Investors on Capital Gains Obligations
16.5.2022
The Australian Taxation Office (ATO) has published a guideline that sets out warnings for crypto investors on tax obligations around digital assets and NFTs
Russian Government Approves Plan to Regulate Cryptocurrency
9.2.2022
The federal government in Moscow has adopted a concept for regulating the Russian crypto space as early as this month. The new framework is expected to place cryptocurrency flows under state oversight, introduce strict obligations for market participants, and ensure investor protection. Russian...
Ukraine Adopts Law ‘On Virtual Assets’ to Regulate Crypto Market
9.9.2021
The parliament in Kyiv has passed legislation determining the rules for crypto-related operations in Ukraine. The law “On Virtual Assets” recognizes cryptocurrencies as intangible goods while denying them the status of legal tender. It also regulates the activities and obligations...
Taxpayers to avoid obligations by sending mining proceeds to IRAs
29.7.2021
The IRS has considered crypto mining revenue as part of taxable income since 2014
Australian Tax Office to Prompt 400,000 Crypto Holders to Report Their Gains
29.5.2021
Australia’s revenue service has reminded a growing number of crypto investors about their tax obligations. Rejecting the common misconception that crypto gains are only taxable when coins are cashed back into dollars, the tax office is going to prompt hundreds of thousands of taxpayers...
IRS Will Seize Cryptocurrencies From Investors to Settle Tax Debts, Official Warns
14.5.2021
An official of the U.S. Internal Revenue Service (IRS) has clarified that the agency is prepared to seize cryptocurrencies and sell them to satisfy tax collection if taxpayers fail to meet their tax obligations. Robert Wearing, IRS’ deputy associate chief counsel for Procedure &...