SEC ‘backed into a corner,’ IRS tracks crypto trades, and Mickey Mouse NFTs
Bitcoin ETF Approval: Bloomberg analyst James Seyffart suggests that the U.S. Securities and Exchange Commission (SEC) may approve a spot Bitcoin exchange-traded fund (ETF) soon, with a 90% chance between January 8 and 10. Approval could lead to substantial inflows of around $10 billion into Bitcoin ETFs in the first year.
IRS Tracking Crypto Trades: Crypto brokers in the United States are now required to report personal information on digital asset transactions exceeding $10,000 to the Internal Revenue Service (IRS). This regulation, part of the 2021 infrastructure bill, aims to address the tax gap in the country. Brokers must provide sender information within 15 days of completing a transaction.
Mickey Mouse NFTs: The original incarnation of Disney's Mickey Mouse recently entered the public domain, leading to the emergence of Mickey Mouse-themed non-fungible tokens (NFTs). The "Steamboat Willie Public Domain 2024" collection became the top trending NFT on OpenSea, generating around $1.2 million in trading volume.
Bitcoin's 15th Birthday: Bitcoin's genesis block was mined on January 3, 2009. As of January 2024, Bitcoin is the 9th most valuable asset globally based on market cap. The occasion marks Bitcoin's 15th birthday, highlighting its journey from creation to becoming a significant global asset.
SEC Lawsuit Against Binance: The SEC has filed a motion in federal court related to its lawsuit against crypto exchange Binance. The motion cites a recent ruling in a case involving Terraform Labs, stating that the issues in both cases are similar. Binance and its CEO Changpeng Zhao had previously filed a motion to dismiss, arguing against the SEC's authority.
These developments highlight ongoing trends and regulatory changes in the cryptocurrency and blockchain space, covering areas such as ETF approval, regulatory scrutiny on crypto transactions, NFT trends, and legal actions against prominent crypto exchanges.
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