‘Being this wrong should be illegal’ — Crypto pundits slam Fed’s Kashkari
Minneapolis Federal Reserve President Neel Kashkari said crypto is “almost never” used outside of drugs and criminal activity — but evidence points to the contrary.
Minneapolis Federal Reserve President Neel Kashkari said crypto is “almost never” used outside of drugs and criminal activity — but evidence points to the contrary.
Still, CFTC Chair Rostin Behnam said a new Congress and president may accelerate crypto regulations.
The transaction happened just two months before the firm went bust in September 2022, the Australian financial regulator said.
According to Odaily, tokenization, which involves representing traditional assets like U.S. Treasury-backed money market funds through blockchain tokens, is becoming increasingly popular among traditional financial companies. Legal & General (L&G), a London-based pension and investment management firm overseeing $1.5 trillion in assets, is planning to enter the blockchain-based tokenization sector, a trend that is gaining favor among financial giants.This movement has been further accelerated by BlackRock, the world's largest asset manager, launching its BUIDL fund on the Ethereum blockchain. Other notable companies in this space include Franklin Templeton, State Street, and Abrdn. L&G executives have stated, 'We are evaluating ways to offer Legal & General Investment Management liquidity funds in tokenized form.'
According to Cointelegraph: Yuichiro Tamaki, the leader of Japan’s Democratic Party for the People (DPP), has proposed a plan to lower the tax rate on cryptocurrency gains to 20%. He announced this proposal in an X post on October 20, urging voters to support the DPP in the upcoming election if they favour separate taxation for crypto assets. Currently, crypto profits are taxed as miscellaneous income between 15% and 55%, depending on personal income.The ProposalTamaki’s plan aims to simplify the tax treatment of crypto assets, aligning it with the tax structure for stock market profits, which are taxed at a flat rate of 20%. The plan also proposes no tax event when exchanging one crypto asset for another, offering significant tax relief for investors. This move is intended to position Japan as a leader in the Web3 space by creating a more favorable regulatory environment for crypto investments.DPP’s policy statement. Source: DPPPolitical Landscape and UncertaintyThe DPP currently holds only 7 out of 465 seats in Japan’s House of Representatives, making the likelihood of implementing this plan uncertain. However, recent opinion polls from local news outlet Mainichi suggest the party could increase its seats to as many as 20 in the upcoming election on October 27. The Liberal Democratic Party and its coalition partner Komeito are expected to retain a majority of the seats, potentially limiting the DPP’s ability to enact this policy.Tax Reform Efforts in JapanEarlier this year, Japan's Financial Services Agency proposed a comprehensive overhaul of the country's tax code, including lowering crypto asset taxes by fiscal year 2025. Corporate crypto holders in Japan face a flat 30% tax on their holdings at the end of the financial year, regardless of profit or loss.Future ImplicationsWhile the DPP’s chances of winning a majority in the election are slim, Tamaki's crypto tax proposal has brought attention to the need for reform in Japan’s tax system for digital assets. The proposed reduction could make Japan more competitive in the global cryptocurrency market and encourage further innovation in the Web3 sector.
More than 18 million registered voters in the Lone Star State will decide whether to replace Senator Ted Cruz with Representative Colin Allred.
The exchange asked regulators to disclose documents relating to an ongoing crackdown on crypto companies among US banks.
Chris Larsen suggested that Democratic lawmakers could have a “new approach to tech innovation” under a Kamala Harris presidency starting in 2025.
Chainalysis faces a $650 million defamation lawsuit, the EU’s ESMA pushes for MiCA amendments, Cyprus and Ireland scramble to align with regulations, and Italy plans to hike tax on Bitcoin.
As part of its coverage of the 2024 US elections, Cointelegraph asked several congressional candidates for their positions on cryptocurrency and blockchain.