650:IRS Tax Overreach, BRICS' Anti-Dollar Alliance, Powell's BTC Fluctuation

Episode 650:
IRS Eyes DeFi and NFTs - The IRS's new tax proposal under the 2021 Infrastructure Investment and Jobs Act is creating a buzz in the crypto world. Targeting a broad range of entities as 'brokers,' it could both clarify and complicate the crypto tax landscape.

BRICS' Dollar Snub - BRICS nations have unanimously decided to abandon the U.S. dollar for international trade. The move, which also includes six new members like Saudi Arabia and the UAE, could potentially shift global power dynamics and weaken the dollar's status.

Powell's BTC Shockwave - Federal Reserve Chair Jerome Powell's recent speech at the Jackson Hole Symposium has affected Bitcoin's market value. His hawkish stance on inflation and warnings about interest rate hikes triggered price fluctuations.

Worldcoin Unraveling - Worldcoin, a crypto project aiming for a universal basic income, has hit a wall of regulatory scrutiny and public distrust. The project's ambitious biometric data collection has led to investigations in multiple countries and a decline in social activity.

PayPal's PYUSD Falters - PayPal's stablecoin, PYUSD, is struggling to gain traction despite being listed on Coinbase. The coin is primarily held by its issuer, Paxos Trust, raising concerns about centralization.

HashKey & HKMA's Moves - HashKey is launching retail trading services in Hong Kong, becoming the first crypto company to obtain a new type of license for retail services in the region.

Crypto Overnighter Podcast (8/26/2023): Welcome back to the Crypto Overnighter with your host, Nikodemus. We provide nightly updates on cryptocurrency, NFTs, the metaverse, and the surrounding industry. Remember, this show does not offer financial advice.

Email: nick@cryptoovernighter.com
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