Presidential Candidate Tulsi Gabbard Backs Reintroduction of Bill to Exempt Tokens from SEC

Warren Davidson, arguably crypto’s best friend in Congress, reintroduced the Token Taxonomy Act yesterday. He originally introduced the bill alongside Florida representative Darren Soto last year. It never made it to a vote before the 115th Congress, but Davidson has decided to reintroduce in a Democrat-controlled 116th. The new bill already differs slightly from the original, and lawyer Jake Chervinsky says it might have more changes to come: The Token Taxonomy Act has been re-introduced in the U.S. Congress. This is the first step in a very long legislative process:…

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Shock Court Ruling Holds Crypto Exchange Liable in Singapore’s First Bitcoin Trial

A court has ordered the unhappy operator of crypto exchange Quoine to follow through with a glitched computer transaction that allowed a crypto market liquidity provider to swap ether for bitcoin at a rate of 10 bitcoin to every ether at a time when 1 ETH was worth .036 BTC, not 10. In the Republic of Singapore’s first trial regarding bitcoin, the Singapore International Commercial Court (SICC) issued a judgment Thursday to press Singaporean crypto exchange Quoine to execute a trade its computers allowed in error. A Crypto Exchange Error…

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Lawyer: Bitcoin Cash Ruling a ‘Mixed Bag’ for Coinbase

A federal judge has granted Coinbase’s motion to dismiss a lawsuit that claimed the cryptocurrency exchange operator had allowed insider trading related to its Dec. 2017 launch of bitcoin cash (BCH) trading. The order, filed on Tuesday by U.S. District Court Judge Vince Chhabria, dismissed plaintiff Jeffrey Berk’s claims, stating that he had failed to The post Lawyer: Bitcoin Cash Ruling a ‘Mixed Bag’ for Coinbase appeared first on CCN

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Mt. Gox Begins Taking Claims from Corporate Bitcoin Creditors

Defunct bitcoin exchange Mt. Gox has opened up its online rehabilitation claim filing system to corporate creditors who were holding cryptocurrency funds on the platform when it went belly up in 2014. Mt. Gox rehabilitation trustee Nobuaki Kobayashi made the announcement in a document dated Sept. 12 and published on the Tokyo-based bitcoin exchange operator’s The post Mt. Gox Begins Taking Claims from Corporate Bitcoin Creditors appeared first on CCN

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California Legislature Passes Blockchain Working Group Bill

The California Legislature has passed Assembly Bill 2658, which provides a legal framework for the recognition of blockchain technology in the state’s insurance code. Introduced by Democrat Ian Calderon, the bill sought to amend Sections 1624.5, 1633.2, and 1633.75 of the Civil Code, Section 25612.5 of the Corporations Code, Section 16.5 of the Government Code, and Section The post California Legislature Passes Blockchain Working Group Bill appeared first on CCN

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IRS Reminds Taxpayers Cryptocurrency Income Is Taxable

U.S. taxpayers are required to report income from virtual currency transactions, the Internal Revenue Service has advised taxpayers in a notice. The agency has provided guidance on virtual currency in IRS Notice 2014-21 for taxpayers and tax preparers.   Just like transactions in any other property, virtual currency transactions are taxable. Those who fail to report The post IRS Reminds Taxpayers Cryptocurrency Income Is Taxable appeared first on CCN

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Korean Law Firm Appeals Against Govt’s Cryptocurrency Trading Rules

The post Korean Law Firm Appeals Against Govt’s Cryptocurrency Trading Rules appeared first on CCN A law firm in Seoul, South Korea has filed an appeal against the government’s new cryptocurrency trading rules. Anguk Law filed the suit which claims regulating trading through administrative guidance has no legal basis and infringes on property rights, according to The Korea Times The suit was filed through the Constitutional Court’s online appeal system. The post Korean Law Firm Appeals Against Govt’s Cryptocurrency Trading Rules appeared first on CCN

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Cryptocurrency Use in Illicit Activity ‘Small’ Compared to USD Volume: US Treasury Official

The post Cryptocurrency Use in Illicit Activity ‘Small’ Compared to USD Volume: US Treasury Official appeared first on CCN In December, the U.S. Senate Judiciary held a full panel hearing focusing on a bill designed to modernise anti-money laundering (AML) laws, which included looking at the role that digital currencies play. The hearing on Bill S1241: Modernizing AML Laws to Combat Money Laundering and Terrorist Financing took place, chaired by Chuck Grassley, a senior U.S. Senator from The post Cryptocurrency Use in Illicit Activity ‘Small’ Compared to USD Volume: US Treasury Official appeared…

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