BitDigest - Friday October 29, 2021
Ether hits all-time-high breaking $4,400
Facebook rebrands in effort to build the metaverse
Biden infrastructure plan still targeting crypto traders
The Headlines
Build Back Better Act Still Includes Provisions Closing Crypto Tax Loopholes
The Build Back Better Act still contains language meant to close tax loopholes for digital currency investors by prohibiting wash trading and limiting traders from holding both short and long positions of the same asset.
India's Crypto Regulatory Framework Expected Next Year
Indian media is reporting that the Modi government will issue a legal framework to regulate and govern crypto investments and it is expected that this structure will be released in line with the next general budget in early 2022.
Australia’s Securities and Investments Commission (ASIC) has issued new crypto-asset guidance requiring service companies to become licensed and providing best practices for monitoring, holding and trading crypto-assets as well as disclosure and risk management.
Slovenia Crypto-Flat Tax Open for Public Review
Slovenia’s Finance Ministry has issued notice of a public consultation period for the nation’s proposed 10% flat tax on digital currencies gains above €15,000 (≈ $17,500).
Indonesia Islamic Group Declares Crypto 'Haram'
Indonesia’s largest Islamic organization has forbidden crypto activities suggesting that cryptocurrencies are similar to gambling and do not represent “an honest work.”
NJ Issues Cease and Desist Orders to Crypto Investment Companies
New Jersey’s Attorney General announced that the Bureau of Securities has issued five Cease and Desist Orders to companies touting fraudulent cryptocurrency investment opportunities. The companies are: Bulk Investments, Forte Trade, Fidelity Revenue, RealBitcore Mining, and FileFxOption.
MicroStrategy (Nasdaq: MSTR) announced that during the third quarter, the company “added nearly 9,000 bitcoin” ($540 million) to its balance sheet making MSTR the “world’s largest publicly traded corporate owner of bitcoin with over 114,000 bitcoins” ($6.8 billion).
Note: overnight Canaccord Genuity released a research report on MSTR stating the stock is now trading at a discount to its sum-of-the-parts.
Voyager Digital (TSX: VOYG) announced a $75 million investment from Alameda Research.
MA Sees CBDC's Evolving into Payment Tools
In Mastercard’s (NYSE: MA) Q3 Earnings Call, CEO Michael Miebach said he sees an important role for the payment network company to help crypto investors buy and sell digital currencies, and expects crypto to evolve into a payment tool through the evolution of central bank digital currencies.
Environmental Activists Targeting GREE
The CEO of crypto miner Greenidge Generation (NASDAQ: GREE) has written a letter to environmental advocates requesting that they refrain from making false statements about the company and its operations. The activists responded that these letters are threats and now fear for their safety.
Facebook’s "Meta"verse to Actively Support NFTs
Facebook (NASDAQ: FB) CEO Mark Zuckerberg announced a new corporate identify for the social media site as “Meta” and introducing a new focus on developing the metaverse. As part of this announcement, Vishal Shah, the company head of Metaverse Products explained, this effort will “make it easier for people to sell Limited Edition digital objects like NFTs, display them in their digital spaces and even resell them to the next person securely.”
Facebook Financial Rebranding as Novi
As part of Facebook’s (NASDAQ: FB) re-branding, all payment and financial services, including Facebook Pay, will be transition from the “F2” (Facebook Financial) name and unified under the Novi brand.
Nifty Gateway Becoming NFT Aggregator
Gemini owned NFT exchange Nifty Gateway has become an NFT aggregator, providing users with access to permissionless NFT listings from across the decentralized ecosystem.
Fortune Favours the Brave | Crypto.com
Matt Damon: 'Fortune Favors the Brave'
Cryoto.com has released a new advertising campaign with actor Matt Damon discussing innovators who “embrace the moment and commit.”v
Thoughts on the Ecosystem
CFPB Should Have Role in Policing Crypto
Senator Elizabeth Warren (D-MA) believes the CFBC “has a role to play as cop on the beat” and should be protecting American citizens against fraud and financial abuse when it comes to overseeing digital currencies.
No Bitcoin Spot ETF Till Next Year
The CIO of the Valkyrie Bitcoin Strategy ETF (BTF) said an exchange-traded-fund physically backed by bitcoin wont occur “until at least middle of next year” by which time the SEC may be able to provide “a little bit more regulatory structure” around the offering.
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BitDigest is a weekday news update on digital currencies and blockchain technology for friends and partners of Parsons & Whittemore, a single family office based in Rye Brook, New York. Receipt of BitDigest is by approval of the Author. The commentary, analysis, opinions and recommendations in this newsletter represent the personal and subjective views of the Author, and are subject to change at any time without notice. The information provided in this newsletter is obtained from sources which the Author believes to be reliable. However, the Author has not independently verified or otherwise investigated all such information. Neither the Author nor any of the Author's affiliates make any guarantee or other promise as to any results that may be obtained from reading this newsletter. While past performance may be analyzed in this newsletter, past performance should not be considered indicative of future performance. No reader should make any investment decision without first consulting his or her own financial advisor and conducting his or her own research and due diligence. The Author is not making a solicitation or offer to buy or sell any securities of any kind.