Bitcoin dropped precipitously after huge swings over the last 24 hours.
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Zcash Sets Roadmap for Blockchain Upgrades in 2018
The zcash development team is planning a series of network upgrades for next year, according to a roadmap published today.
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U.S. Senate Mulls Reporting Requirements for Cryptocurrencies
American Bitcoin holders may soon have to report their holding to the United States government.
First introduced on May 25, 2015, by Sen. Chuck Grassley [R-IA], Senate Bill S.1241, the
“Combating Money Laundering, Terrorist Financing, and Counterfeiting Act of 2017,” can have serious implications for those involved in the cryptocurrency space. The hearing for S.1241 was held with virtually no public notice on November 28, 2017; the full two-hour hearing can be viewed here.
Currently, the definition of “financial institution” includes banks, trust companies, credit unions, currency exchanges and the like. But according to Section 5312(a) of title 31, the new bill would amend the definition of “financial institution” to include “an issuer, redeemer, or cashier of prepaid access devices, digital currency, or any digital exchanger or tumbler of digital currency.”
This is most specifically embedded in Section 13:
Sen. Dianne Feinstein [D-CA] said in her opening remarks of the hearing, “The bill criminalizes intentionally concealing ownership or control of a bank account.” Although, during the hearing, no further clarifications were given as to the effects this would have on the cryptocurrency community, based on the amended definition of “financial institution,” it would seem that the bill would criminalize anyone intentionally concealing ownership or control of a digital currency or exchange account. While there is no finalized bill yet, the implication would be that cryptocurrency holders need to fill in federal registration forms for tax disclosure, quarterly reporting and more.
Notably, while the purpose of the bill and hearing had to do with adding digital currencies and exchanges to the definition of financial institutions, there was almost no discussion on the topic other than briefly in reference to drug cartels using them to launder money. For example, nowhere in the testimony by Coinbase board of directors member Kathryn Haun Rodriguez does she mention digital currencies or exchanges, and at no time was she asked any questions about them.
Unsurprisingly, the bill is receiving pushback from some cryptocurrency holders. Activists on Reddit have started a social media campaign in opposition to the bill, and are suggesting others to tweet: “@senjudiciary that #Bitcoiners are not #Crooks Remove #DigitalCurrencies from Section 13 of S1241.” Others are contacting their senators directly.
The post U.S. Senate Mulls Reporting Requirements for Cryptocurrencies appeared first on Bitcoin Magazine.
Trade.io – Blockchain Trading Platform Makes Traders Owners and Shares the Profits
Has the post-2008 bank cleanup allowed the banks to mop up more client money? Despite tighter financial regulation, banks are behaving like teenagers with no house rules. Not only are financial services fees rising, but it is becoming harder to see what big banks are doing with their money. In fact, about 10 percent of … Continue reading Trade.io – Blockchain Trading Platform Makes Traders Owners and Shares the Profits
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SEC Commissioner Defends Bitcoin Expert Against Union Director’s Verbal Assault
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Bitcoin Frenzy Puts Digital Currency Exchange Under Pressure
The bitcoin price surged to over ,000 yesterday with frenzied demand slowing trading at one of the largest cryptocurrency exchanges. […]
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Billionaire Investor Marc Lasry: I Should Have Bought Bitcoin When It Was $300
Billionaire investor Marc Lasry has said that he should have bought bitcoin when it was worth 0 a few years ago. […]
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Bitcoin seen at $50000 in 2018 as volatility persists
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LiveTree’s Reverse ICO to Empower Fans and Filmmakers of Hollywood’s half Trillion Dollar Industry
Creative capital funding platform LiveTree has had a successful run with the film, television and content business in the UK, capturing 5% of the domestic entertainment crowdfunding market over the past two years. Disclosure: This is a Sponsored Article In this period, it has created strong partnerships with high-profile actors in the industry, including the likes of the British Film Institute, Red Rock Entertainment and the Screen Arts Institute, while building relationships with some 14,000 industry suppliers across the globe. LiveTree ADEPT With the experience and know-how accumulated from its successful dealings, the next step of expansion sees the
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Ripple Price Leaps 13% After Company Escrows 55 Billion XRP
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