Weekly Crypto News (October 12th to 19th): Get Deep Insights!
Nova Reyes
Markets Navigator
TL;DR
This week in crypto news, key developments include Patric McHenry becoming the acting Speaker of the House, Coinbase's resistance to IRS tax proposals, and significant growth in Liquity's LQTY token. Additionally, Hamas's use of Binance for fundraising and new insights on Jimmy Zhong's case were highlighted.
Key Takeaways
- Patric McHenry's temporary role may delay crucial crypto legislation.
- Coinbase opposes IRS's proposed crypto tax tracking rules.
- Liquity's LQTY token surged 80% in a month.
- Hamas reportedly used Binance for fundraising amid conflict.
- New details emerge about Jimmy Zhong's arrest and Bitcoin seizure.
Patric McHenry's Role and Its Impact on Crypto Legislation
On October 13th, the U.S. House of Representatives faced uncertainty as the top Republican candidate withdrew from the speaker race. Patric McHenry, chairman of the House Financial Services Committee, was appointed as the acting speaker. While McHenry is a known supporter of crypto, his temporary position may delay discussions on important bills regarding stablecoins and crypto regulations until 2024.
Coinbase's Opposition to IRS Crypto Tax Proposal
On October 13th, Coinbase publicly criticized the IRS's proposed tax rules for crypto brokers. The exchange described the proposal as an unprecedented and unchecked tracking of Americans' daily lives, expressing strong opposition to the new guidelines.
Liquity's LQTY Token Surge
Crypto analysts noted a significant rise in Liquity's LQTY token, which increased from $0.75 to $1.35 in a month. Liquity is a platform that allows users to secure loans in its stablecoin, LUSD. The growth of LQTY has been attributed to increased activity on the platform.
Hamas's Fundraising via Binance
Following the recent conflict, reports surfaced that Hamas was using Binance to collect funds. This revelation sparked discussions within the crypto community regarding the implications of such actions on the industry.
Insights on Jimmy Zhong's Case
A recent CNBC report provided new details about Jimmy Zhong, who was arrested for wire fraud and stealing 50,000 bitcoins from the Silk Road Marketplace. The U.S. Department of Justice resolved the case, resulting in a one-year prison sentence and forfeiture of his Bitcoin.
FDIC's Guidance Issues
On October 18th, the FDIC's General Inspector criticized the agency for failing to provide proper guidance to U.S. banks regarding crypto activities. A new strategy is being negotiated to address these issues by January.
Wrapping Up
Staying informed about developments in the crypto landscape is essential for anyone interested in the industry. Keep an eye out for further updates and weekly news in the coming weeks. Enjoy your weekend, and stay informed!