DeFi News Official TheBitTimes.com

Gary Gensler, Chair of the U.S. Securities and Exchange Commission (SEC), called for compliance from an industry he has frequently tagged as “rife with fraud”. Gensler advised cryptocurrency operators and service providers to stop tricking investors in his message to the digital industry on the Bitcoin white paper’s 15th anniversary.  Rhetoric from the SEC’s Chairman has consistently painted virtual currencies akin to the wild west, where bad actors defraud unsuspecting customers with the guise of decentralized technology.  The regulator’s short address saluted Satoshi Nakamato’s brainchild as the progenitor of crypto while throwing aspersions on the so-called anonymity achieved through blockchain networks.  If Satoshi Nakamoto went as Satoshi Nakamoto for Halloween, would we be able to tell? Happy 15th anniversary to Satoshi’s famous white paper that started crypto . Any crypto companies that are tricking investors should start treating them to compliance with the ...

In a groundbreaking move, the IRS has unveiled fresh regulations for reporting taxes on cryptocurrency in August. Should these regulations receive the green light, they are slated to take effect from January 2026. Paul Singh Grewal, the Chief Legal Officer of Coinbase, a leading crypto exchange, has rallied the crypto community to stand against the proposed tax reporting guidelines from the United States Treasury. Grewal passionately implored the community to resist these regulations, cautioning that they might establish a worrisome precedent for extensive surveillance. Expressing his concerns on X (formerly Twitter), Grewal delved into the potential issues tied to the suggested crypto tax reporting rules. He asserted that these rules extend beyond the mandate set by Congress for establishing tax reporting guidelines. Furthermore, he warned that if these regulations metamorphose into law, they could disadvantage digital assets and pose a threat to a burgeoning industry in its infancy...

The Binance CEO claimed that algorithmic USD stablecoins may become more popular as well, although they “have risks.” The crypto industry will “probably” start using euro, yen, or Singapore dollar based stablecoins in the future, reducing its reliance on US dollar based stablecoins, according to a Feb. 14 statement on Twitter Spaces by Binance CEO Changpeng Zhao, also known as “CZ.” CZ gave the statement in answer to a question about the crypto industry using gold as a standard of value instead of the US Dollar. CZ agreed that it “makes sense” to use gold. However, “most people’s costs are still in fiat currencies.” For this reason, most people calculate their investment returns in dollars, which is why US Dollar backed stablecoins are “still important.” However, CZ argued that the US government’s recent actions against US dollar stablecoins will probably lead the global crypto industry to rely on other currencies such as the Euro, Yen, and Singapore Dollar to back stablecoins, as he ...