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- Ohio Senator Proposes Bill to Allow Crypto Tax Payments and State Investments
Ohio Senator Proposes Bill to Allow Crypto Tax Payments and State Investments
News on the Blockchain
October 01, 2024
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@newsontheblockchain, 01/10/2024
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🌍 Daily Crypto Market Overview
Global Stats:
Cryptocurrencies: 2.4M+
Exchanges: 749
Market Cap: $2.26T (+0.83%)
24h Volume: $76.05B (+9.10%)
Bitcoin Dominance: 55.8%
Ethereum Dominance: 14.0%
ETH Gas Price: 12 Gwei
Fear & Greed Index: 48/100 (Neutral)
🪙 Top 5 Cryptocurrencies by Market Cap:
Name | Price | 24h Change | Market Cap | 24h Volume |
|---|---|---|---|---|
Bitcoin (BTC) | $63,939.21 | +0.54% | $1,264.03B | $32.57B |
Ethereum (ETH) | $2,639.15 | +1.33% | $317.58B | $16.52B |
Tether (USDT) | $0.9998 | +0.01% | $119.61B | $58.41B |
BNB (BNB) | $579.29 | +1.25% | $84.54B | $1.74B |
Solana (SOL) | $157.14 | +1.84% | $73.60B | $2.01B |
💹 Market Highlights:
Total DeFi Volume: $4.19B (5.50% of total volume)
Stablecoins Volume: $70.08B (92.16% of total volume)
Coin with Highest % Change: Bonk (BONK) +26.16%
📈 Preview On Today’s News:
- Ohio Senator Proposes Bill to Allow Crypto Tax Payments and State Investments
- Binance Secures Digital Asset License in Kazakhstan
- Fake WalletConnect App Scam on Google Play
🔥Heat Map:
Top 10 News for today:
1)
Ohio Senator Proposes Bill to Allow Crypto Tax Payments and State Investments
Ohio State Senator Niraj Antani introduced a bill on September 30, seeking to legally enable residents to pay state taxes using Bitcoin and other cryptocurrencies. The legislation, if enacted, would require state and local governments to accept crypto as a payment method and make it permissible for pension funds and state universities to invest in digital assets. This initiative is not Ohio's first attempt to integrate crypto into its tax system, as the state previously accepted Bitcoin for tax payments in 2018 but suspended the program in 2019 following regulatory concerns. The bill now awaits consideration by the Ohio General Assembly.
Crypto Tax Payments in Ohio: The proposed bill by Senator Antani aims to mandate state and local governments to accept Bitcoin and other cryptocurrencies for tax payments and fees, marking a renewed effort following Ohio's initial 2018 crypto tax experiment.
State Investments in Crypto: Beyond tax payments, the bill also seeks to allow state pension funds and universities to legally invest in cryptocurrencies, further integrating digital assets into Ohio's financial system.
2)
Binance Secures Digital Asset License in Kazakhstan
Binance has obtained a Digital Asset Trading Facility (DATF) license from the Astana Financial Services Authority (AFSA) in Kazakhstan. This license allows the exchange to offer digital asset trading, brokerage, and custody services, making Binance the first digital asset platform in the region to achieve such regulatory compliance. The licensing process involved meeting stringent criteria, including external financial audits and ISO certifications, to ensure Binance’s operations are in line with Astana International Financial Centre’s (AIFC) Digital Asset Activities and Anti-Money Laundering (AML) regulations. With the license, Binance Kazakhstan can operate more securely and expand its services to cater to the growing number of cryptocurrency investors in the region.
Key Achievement: Binance’s DATF license from AFSA is the first of its kind in Kazakhstan, enabling compliant trading, brokerage, and custody services for digital assets.
Future Prospects: This regulatory milestone positions Binance to grow its user base and expand its services securely within a region with high potential for cryptocurrency adoption, especially for cross-border payments.
3)
Fake WalletConnect App Scam on Google Play
A fake WalletConnect app on the Google Play Store has scammed over 150 users, stealing more than $70,000 in cryptocurrency. The app, which impersonated a legitimate crypto tool, utilized sophisticated social engineering tactics such as name changes, fake reviews, and advanced redirection methods based on user location and device type. It remained undetected for five months before being removed. The malicious app exploited WalletConnect’s brand trust, convincing users to grant permissions and connect their wallets, which allowed scammers to execute fraudulent transactions and drain funds. WalletConnect has since reiterated that there is no official WalletConnect app and urged users to remain cautious.
Key Information: A fake WalletConnect app scammed over 150 victims out of $70,000 by posing as a legitimate tool, using fake reviews, advanced social engineering tactics, and targeting users based on IP address and device type.
Security Measures: WalletConnect has reminded users to be vigilant, confirming that no official WalletConnect app exists, and is working to prevent similar scams in the future.
4)
Donald Trump’s DeFi Initiative with World Liberty Financial: KYC and Regulatory Implications
Donald Trump and his family have initiated the Know Your Customer (KYC) process for their new DeFi project, World Liberty Financial, aiming to establish the U.S. as a leader in the cryptocurrency sector. The project targets U.S.-based accredited investors and adheres to strict anti-money laundering (AML) regulations. While the initiative could bolster the American economy and provide alternative financial solutions outside traditional banking, it faces potential legal scrutiny from the SEC. Trump’s move is seen as both a strategic financial endeavor and a political maneuver, highlighting his pro-crypto stance ahead of the elections.
World Liberty Financial’s DeFi project requires U.S. participants to be accredited investors and comply with AML regulations.
The initiative aims to position the U.S. as a global crypto hub, though SEC members have advised Trump to seek legal counsel due to potential regulatory challenges.
5)
Apple's Potential Entry into the Bitcoin Market
Apple is reportedly considering a significant move into Bitcoin, which could reshape the digital payments landscape and boost its market presence. While Apple has been cautious about adopting cryptocurrencies, recent developments suggest growing internal discussions and industry pressure to embrace Bitcoin. Tim Cook previously stated Apple had no plans for digital currencies, yet the introduction of USD Coin (USDC) payments on iPhones and small steps towards crypto integration through Apple Pay have sparked speculation. Industry leaders argue that adopting Bitcoin could benefit Apple financially and strategically, particularly as competitors like PayPal advance in this space. However, challenges such as Bitcoin’s energy consumption and regulatory scrutiny may impact Apple's decision-making process.
Apple's Crypto Strategy: Speculation is growing that Apple may invest in Bitcoin to capitalize on digital payments growth, though the company has not made any concrete announcements. This move could significantly influence both tech and cryptocurrency sectors.
Industry Pressure and Market Competition: With competitors like PayPal making strides in cryptocurrency integration, industry leaders are urging Apple to adopt Bitcoin to boost profits, while overcoming concerns about regulation and sustainability remains a key challenge.
6)
Bitcoin ETFs Surge Amid Growing Investor Enthusiasm
Bitcoin ETFs have experienced record inflows, accumulating $494.4 million, signaling heightened investor interest. The ARK 21Shares Bitcoin ETF led the surge with $203.1 million, surpassing traditional leaders like BlackRock’s IBIT. Bitcoin's market performance has also shown positive trends, recently peaking at $65,000 before settling at $63,602. However, former Chinese finance minister Lou Jiwei has cautioned about potential risks to financial stability due to the rapid expansion of cryptocurrency markets.
Record Inflows and Market Performance: Bitcoin ETFs saw a resurgence with $494.4 million in new investments, indicating strong market confidence. The ARK 21Shares Bitcoin ETF led with $203.1 million, followed by Fidelity’s FBTC ($123.6M) and IBIT ($110.8M).
Cautionary Perspective: Former Chinese finance minister Lou Jiwei urged caution in light of the growing popularity of crypto ETFs, warning of risks such as volatility and financial instability.
7)
CFTC Takes Legal Action Against Cryptocurrency Fraud Targeting Asian Americans
The U.S. Commodity Futures Trading Commission (CFTC) has filed a lawsuit against a fraudulent trading platform, Aipu Ltd., for defrauding Asian American investors out of $3.6 million through a fake commodity futures trading scheme. The defendants allegedly promised high returns and lured investors from over 32 countries before diverting their funds to offshore entities. The CFTC aims to seek restitution, civil penalties, and a permanent injunction to prevent future violations. This case highlights the growing need for vigilant regulation in the rapidly evolving cryptocurrency market, emphasizing that investors should conduct thorough research before investing.
CFTC's Response and Goals: The lawsuit against Aipu Ltd. and its associates aims to secure restitution, civil monetary penalties, and trading bans, while also setting a precedent for future enforcement against crypto-related fraud.
Impact on Investors and the Industry: The case illustrates how sophisticated scams can target unsuspecting investors, underscoring the importance of robust regulatory oversight and investor education to prevent financial losses in the digital asset space.
8)
ANZ Joins Project Guardian to Explore Tokenized Assets and Blockchain Interoperability
Australia’s ANZ Bank has become the first Australian bank to join Project Guardian, an initiative led by the Monetary Authority of Singapore to explore digital asset tokenization and blockchain interoperability. ANZ is partnering with Chainlink Labs and ADDX to experiment with cross-chain interoperability using Chainlink’s protocol, aiming to facilitate the efficient and secure movement of tokenized real-world assets across various blockchain networks. This collaboration is part of ANZ’s broader effort to advance digital asset strategies and improve financial flows in the Asia-Pacific region.
ANZ Bank is partnering with Chainlink Labs and ADDX under Project Guardian to test cross-chain interoperability for tokenized assets.
This initiative aims to enhance liquidity and efficiency in financial markets, improving the movement of digital assets across blockchain networks in the Asia-Pacific region.
9)
Metaplanet's Bold Bitcoin Bet
Japanese investment firm Metaplanet Inc. has significantly increased its Bitcoin holdings, purchasing ¥1 billion ($6.9 million) worth of the digital asset at an average price of ¥9.26 million ($64,168) per Bitcoin. This brings its total Bitcoin holdings to 506.745 BTC, valued at approximately $32.2 million. This strategic move aligns with other institutional players like MicroStrategy and Marathon Digital, highlighting Metaplanet’s commitment to diversifying its portfolio with Bitcoin as a reserve asset. Following this announcement, Metaplanet’s stock rose by over 4%, although it has since settled at a slightly lower price. The firm’s decision to ramp up its BTC purchases was backed by a ¥1 billion loan from MMXX Ventures at a favorable interest rate of 0.1%.
Metaplanet's Investment Strategy: The firm acquired 107.913 Bitcoin for ¥1 billion ($6.9 million), bringing total holdings to 506.745 BTC, worth $32.2 million. This purchase was part of a broader strategy to hedge against yen volatility and mirrors MicroStrategy’s aggressive Bitcoin acquisition approach.
Impact on Metaplanet’s Stock: The purchase announcement triggered a 4% increase in Metaplanet’s stock price, which subsequently stabilized. The firm’s Bitcoin buying spree was supported by a low-interest loan from its shareholder, MMXX Ventures, indicating strong institutional confidence in the digital asset’s future.
10)
Robinhood Introduces Crypto Transfer Services in Europe
Robinhood Crypto has launched its long-awaited cryptocurrency transfer service in Europe, enabling customers to deposit and withdraw over 20 digital assets, including Bitcoin (BTC), Ethereum (ETH), Solana (SOL), and USD Coin (USDC). This service aims to provide users with enhanced flexibility and a stepping stone into decentralized finance (DeFi). Additionally, Robinhood offers a limited-time 1% matching bonus on crypto investments, commission-free trading for Bitcoin, and staking opportunities for Solana (SOL) with an annual yield of 5.23%. To prioritize security, the majority of customer assets are stored in cold wallets, and Robinhood insures against hacking and theft.
Key Features: Robinhood's European crypto transfer service supports over 20 cryptocurrencies, commission-free Bitcoin trading, and staking options with up to 5.23% yield.
Security and Flexibility: Robinhood emphasizes asset security through cold storage and insurance against hacking, while offering users more control over their digital assets.
Trade Smarter with these Free, Daily Stock Alerts
It’s never too late to learn how to master the stock market.
You’ll receive daily trade alerts sent directly to your phone and email detailing the hottest stock picks.
The best part? There’s no cost to join!
Expert insights will be at your fingertips instantly.
That’s all for today folks, see you tomorrow. 👋
Disclaimer
The information provided in this overview is based on our data findings and opinions. It is intended for informational purposes only and should not be considered financial advice. Cryptocurrency investments carry significant risk, and it is important to conduct your own research and consult with a qualified financial advisor before making any investment decisions. We are not responsible for any financial losses or gains you may incur as a result of using this information.