Crypto hacks down by 54.2% in June, $176M lost in a month
May was the biggest month in terms of crypto losses in 2024 so far, with nearly $385 million in net losses suffered from crypto hacks.
May was the biggest month in terms of crypto losses in 2024 so far, with nearly $385 million in net losses suffered from crypto hacks.
While exempt from the Money Transmitter License requirement, crypto firms in Hawaii must still comply with any federal licensing laws.
Keith Gill is facing a new class-action lawsuit for his recent social media posts. However, a lawyer says the case is likely “doomed” to fail.
According to Foresight News, the US Internal Revenue Service (IRS) and the Treasury Department have finalized new tax regulations for cryptocurrency. From 2026, cryptocurrency trading platforms will be required to report transactions to the IRS. This regulation essentially implements a provision of the Infrastructure Investment and Jobs Act passed by the Biden administration in 2021. Even without these new rules, cryptocurrency holders are required to pay taxes. However, there has been no real standardization on how to report these holdings to the government and individual investors. Starting from 2026, covering transactions from 2025, cryptocurrency platforms must provide a standard 1099 form, similar to the forms sent by banks and traditional brokerage firms. This move is aimed at bringing more transparency and regulation to the rapidly growing cryptocurrency market. The new rules are expected to provide a clearer framework for both the government and individual investors in the cryptocurrency market.
According to PANews, the US District Court in the District of Columbia has dismissed the claim by the US Securities and Exchange Commission (SEC) that secondary sales of BNB are securities. The court's decision marks a significant development in the ongoing debate over the classification of digital assets. The SEC's claim was based on the assertion that BNB secondary sales fell under the category of securities, a classification that carries specific regulatory implications. However, the court rejected this claim, providing a potential precedent for future cases involving digital assets and their classification. This decision could have far-reaching implications for the digital asset industry, potentially influencing future regulatory decisions and the legal status of various digital assets. The court's decision is a significant development in the ongoing debate over the classification of digital assets.
According to Odaily, the US Treasury Department's Internal Revenue Service (IRS) has announced a cryptocurrency tax system for 2025. The system is designed to establish record-keeping rules for digital asset brokers. However, the rules related to Decentralized Finance (DeFi) and non-custodial wallets have been temporarily shelved. The agency believes that mainstream crypto platforms handling the 'vast majority' of transactions can no longer wait for rules, but other issues require more research and will establish corresponding rules 'later this year'.The newly released tax rules will take effect for transactions from 2025 and require brokers to closely monitor the cost basis of their clients' tokens from 2026. The new rules for cryptocurrency brokers require trading platforms, custodial wallet services, and digital asset exchange platforms to submit disclosures about client asset changes and earnings. These assets will also include stablecoins such as USDT and USDC and high-value Non-Fungible Tokens (NFTs) in very limited circumstances, although the IRS explicitly refuses to resolve the long-standing debate about whether tokens should be considered securities or commodities.Under the new rules, the IRS will not require reporting of most regular stablecoin sales and has set an annual threshold of $600 for NFT earnings, which needs to be reported only if it exceeds this threshold.
The Ethereum co-founder says we’d all be better off with either anarchy or tyranny, but not both.
The SEC commented on the S-1 forms and requested resubmissions by July 8, potentially delaying the launch of spot Ether ETFs until mid-to-late July.
According to Odaily, the US Securities and Exchange Commission (SEC) has filed a lawsuit against Consensys, the company behind the development of the MetaMask wallet. The details surrounding the lawsuit are yet to be disclosed. Consensys is well-known in the digital currency industry for its development of the MetaMask wallet, a popular tool among cryptocurrency enthusiasts. The lawsuit by the SEC marks a significant development in the ongoing scrutiny of digital currency companies by regulatory bodies. Further information regarding the lawsuit and its potential implications for Consensys and the MetaMask wallet will be provided as it becomes available.
According to Odaily, the United States' inflation rate expectations for a one-year period in June have been predicted at 3%, a slight decrease from the previous value of 3.30%. Similarly, the inflation rate expectations for a five to ten-year period in June are also projected at 3%, down from the previous value of 3.10%. These figures indicate a marginal decline in inflation rate expectations, suggesting a potential stabilization in the economic climate. However, these are merely predictions and the actual inflation rates may vary based on various economic factors and market conditions. It is important for investors and economists to keep a close watch on these figures as they can significantly impact financial planning and investment strategies.