Happy Saturday!
The US Treasury Department is looking at new ways to reap tax dollars from the crypto industry. Bankrupt FTX is seeking to protect its remaining assets with help from Mike Novogratz of Galaxy Digital. Mastercard is following Visa by cutting loose Binance, and Dropbox is ending its unlimited storage option because some users, including Bitcoin miners, are overdoing it. Read on!
Here are some stories we’re looking at right now.
New crypto tax rules proposed
Crypto exchanges would have to report more extensively on sales and exchanges of digital assets to the Internal Revenue Service under a US Treasury Department proposal, Reuters reported. Rules for digital asset brokers would be similar to those for bonds and stocks.
“This is part of a broader effort at Treasury to close the tax gap, address the tax evasion risks posed by digital assets, and help ensure that everyone plays by the same set of rules,” a Treasury Department statement said. Public hearings on the proposal will be held Nov. 7-8.
FTX seeks to protect assets
Bankrupt crypto exchange FTX is seeking to protect its remaining assets through various strategies, including working with Mike Novogratz’s Galaxy Digital as its investment adviser, CoinMarketCap reported, citing recent court filings.
The company requested permission to engage in financial activities including hedging and yield generation utilising its cryptocurrency holdings, which amount to about $3.4 billion in value.
Mastercard ends collaboration with Binance
Mastercard will scrap its Binance-branded cards in Latin America and the Middle East, Binance said in a post on X, as CEO Changpeng Zhao’s company faces increased headwinds within the industry, CNBC reported.
Visa ended a similar accord with Binance in July, when it stopped issuing new co-branded cards in Europe.
Dropbox unlimited storage option ended
Dropbox will terminate its unlimited storage option because it was being over-used for crypto mining and other purposes, it said in a statement.
The company said it would drop the “as much space as you need” policy and transition to a metered model.
UK looks to stop cold calls
The UK is preparing a more complete ban on cold calls related to finance, CoinMarketCap reported, citing a consultation paper released by the Treasury that looks at cold calls for financial services that target vulnerable people.
Cold calling is already prohibited in the UK, but loopholes exist for scammers, including those involving crypto, the report said.
What we’re reading around the web
Circle’s CEO on the future of crypto regulation after the crypto winter and FTX’s failure in 2022 — Fortune
Ethereum Staking Is Booming—But Value of DeFi Assets Keeps Falling — Decrypt