U.S. Crypto Regulation Heats Up 🔥
Meanwhile, Kevin O'Leary has resurfaced to claim crypto is dead 🤥🫠
On this episode we're diving into the recent debt ceiling proposal and its likelihood to not wreck the markets in a few months. We're also taking a look at the recent Bitcoin Policy Institute conference where U.S. Senator Cynthia Lummis (R-WY) highlighted the status of crypto regulation in the U.S. Meanwhile, Kevin O'Leary has resurfaced to claim crypto is dead.
PBN Research
GDP Misses Goal & BTC Gains Wiped
https://cointelegraph.com/news/us-gdp-misses-goal-as-bitcoin-price-seeks-to-erase-ultra-nasty-7-dip
The largest cryptocurrency had liquidated over $300 million in long and short positions after a snap correction over claims that Mt. Gox and U.S. government bitcoins had left their wallets.
“Today’s 1.1% Q1 #GDP growth confirms the economy is getting weaker as inflation is getting stronger,” he summarized.
“The Fed has already lost its war against inflation. Inflation won and the U.S. economy lost. The Fed’s next move will be to ‘rescue’ the economy by creating even more inflation.”
Hong Kong to Release Crypto Framework
https://watcher.guru/news/hong-kong-to-release-crypto-framework-in-may
The CEO of SFC, Julia Leung affirmed that over 150 interested parties responded to the licensing regime’s consultation process. The upcoming regulations will assist cryptocurrency trading platforms that will be permitted to provide trading services to retail investors.
It looks like Hong Kong is striving to emerge as a crypto hub. The region recently recognized crypto as a property.
UK Opens Tax Policy Consultation for Staking & Defi
https://www.theblock.co/post/228638/uk-defi-staking?utm_source=cryptopanic&utm_medium=rss
The Treasury said it wants to "create a regime that better aligns...with the underlying economic substance, whilst reducing the administrative burden on users,"
The Treasury's notice went on to say:
"Under the proposed changes, the use of cryptoassets in DeFi transactions would no longer be treated as giving rise to a disposal for tax purposes. Instead, a tax disposal would arise when the cryptoassets are economically disposed of in a non-DeFi transaction."