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U.S. BITCOIN BAN UNLIKELY
During the U.S. Senate Committee on Banking, Housing and Urban Affairs hearing on cryptocurrency and blockchain technology regulation this week, Senate Banking Committee Chairman Mike Crapo (R-ID) shared his belief that the United States will not be able to ban Bitcoin. “I’m pretty confident we couldn’t succeed in doing that,” he said.
The U.K.’s financial services watchdog, on the other hand, has warned potential investors that bitcoin and cryptocurrencies have “no intrinsic value.” Some took this as a signal that the country could be moving towards a bitcoin ban.
Plus: China may be changing its tune on bitcoin. The state-owned Bank of China has posted a pro-bitcoin infographic on its website, explaining the history of bitcoin and how cryptocurrencies work. This comes shortly after bitcoin was legally recognized by a Chinese court.
Is President Trump good for the price of bitcoin? Here’s how some of his statements shed light on the pros and cons of digital currency.
THE CRYPTO TAXMAN COMETH
The IRS has announced that it has begun sending letters to taxpayers who might have failed to report income and pay the resulting tax from virtual currency transactions, or did not report their transactions properly. More than 10,000 taxpayers are expected to receive letters by the end of August.
Tech giant Seagate is entering the pilot stage of its blockchain project, using distributed ledger technology to follow hard drives throughout the supply chain.
Plus, here’s how software maker Oracle is using blockchain to help startups succeed.
Jennifer Campbell, cofounder and co-CEO of institutional crypto trading firm Tagomi, spoke to Forbes about the need for new legislation for cryptocurrencies: “We need more clarity on what the regulatory paths should be…There should probably be some sensible legal reclassification of blockchains and cryptocurrencies, because a lot of the current regulation is a force-fit, and it’s unclear which paradigm cryptocurrencies really fit into.”
Litecoin Is ‘Halving’ Soon: What’s Happening And What You Should Know. [CoinDesk]
NBA Is Going Crypto, Launching Blockchain Souvenirs From The Maker Of CryptoKitties. [Yahoo Finance]
Why Bitcoin Needs A New Symbol. [Quartz]
Fed Cuts Interest Rates For The First Time Since The Birth Of Bitcoin. [The Block Crypto]