Crypto News

FDIC eliminates reputational risk as part of bank supervision The Senate Banking Committee recently made an announcement on March 25 stating that the Federal Deposit Insurance Corporation (FDIC) will no longer consider reputational risk as a factor in bank supervision. This move is seen as a major step towards embracing the cryptocurrency industry and its potential for growth and innovation. White House “Crypto Czar” praises FDIC decision David Sacks, also known as the White House “Crypto Czar”, has publicly praised the FDIC's decision to eliminate reputational risk as a component of bank supervision. He believes that this move is a significant correction and will pave the way for further adoption and integration of cryptocurrencies in the traditional banking system. Impact on crypto industry and market trends This decision by the FDIC is being viewed as a positive development for the crypto industry, as it removes a major barrier for trad...

David Sacks vs. Crypto Tax Popular tech entrepreneur, David Sacks, recently made headlines when he publicly rejected the idea of a 0.01% crypto tax. His reasoning? The potential risks of expansion and government intervention. Sacks, a major investor in crypto, believes that imposing taxes on digital currencies could stifle innovation and hinder the growth of this emerging market. He also cautioned against giving the government too much control over the regulation of cryptocurrencies. Trump's Team and the IRS While Sacks argues against the implementation of a crypto tax, President Trump's team is reportedly considering a different approach to handling tax revenues. According to recent reports, they are exploring the possibility of replacing the Internal Revenue Service (IRS) with tariffs. This would mean a significant shift in the way taxes are collected and could potentially impact the way cryptocurrencies are taxed as well. Crypto Tick...

Risks of Expanding Crypto Taxes Crypto investors and enthusiasts were recently hit with news of a proposed 0.01% tax on all cryptocurrency transactions in the United States. The idea was initially proposed by David Sacks, the former COO of PayPal and founder of Yammer, as a way to fund infrastructure projects. However, Sacks quickly rejected the idea, warning of the potential risks and consequences of expanding crypto taxes. Sacks' Warning In a series of tweets, Sacks highlighted the dangers of imposing such a tax on the crypto market. He argued that it would stifle innovation and push businesses and investors to move their operations to other countries with more favorable tax laws. Sacks also raised concerns about the potential for government overreach and the negative impact on smaller businesses and individuals. Trump's Team Considers Tariffs In light of Sacks' warning, the Trump administration is reportedly considering an alter...