546:CBDC Alert (UK)::Biden Attacks “Wealthy Crypto Owners”::SEC’s Proposed Custody Rule

Overnighters,

Episode 546:
CBDC Alert (UK)
Biden Attacks “Wealthy Crypto Owners”
SEC’s Proposed Custody Rule
and More

Collect this Cover at: https://awrd.gg/4669

The TL;DL -

President Biden criticized the Republican Party's proposed budget cuts, taking a swipe at wealthy crypto investors. Biden's proposed budget for 2024 suggests changing the tax treatment for wash sales and a 30% tax on the energy used in crypto mining operations.

CBDC Alert (UK) The United Kingdom is planning to introduce a central bank digital currency (CBDC), called the digital pound. The digital pound would be a digital version of the British pound sterling, and would be issued by the Bank of England. The digital pound would not be anonymous, and would not be interoperable with cryptocurrencies. The U.K.'s crypto stakeholders have largely welcomed the nation's proposed legislation for the industry, but they want the country to collaborate with regulators globally to avoid post-Brexit isolation.

A former product manager at Coinbase, was sentenced to 2 years in prison for insider trading. Ishan Wahi and his co-conspirators used confidential information to profit off new listings of tokens, totaling up to $1.5 million. This is the first insider trading case involving cryptocurrency.

The SEC proposed a new rule that would require investment firms to safeguard all of their clients' assets, including crypto, with approved custodians. This proposal has been met with criticism from a variety of groups, including the Small Business Administration and JPMorgan Chase. The SEC is still reviewing public comments on the proposal, and it is not yet clear whether it will be finalized. If it is, it could have a significant impact on the cryptocurrency market.

House Committees to Hold Hearing on Digital Asset Regulation The House Agriculture and Financial Services Committees will hold a joint hearing on Wednesday to discuss regulatory gaps for cryptocurrencies. The hearing is seen as a sign of growing momentum for digital asset legislation, and could have implications for the markets in the short and long term.

(5/10/2023)-Welcome back to the Crypto Overnighter. My name is Nikodemus, I’ll be your host as we take a nightly look at the crypto, NFT, and metaverse space and the industry surrounding it. And keep in mind, nothing in this show should ever be considered financial advice.

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