The U.S. tax department will be requiring taxpayers to count staking rewards as gross income at the time they gain “dominion” over the tokens. United States crypto investors must report crypto staking rewards as gross income in the year it was received, according to a new ruling from the country’s top tax authority. On July...Continue Reading

Roar Studios will be acquired by Yuga Labs as the latter looks to onboard talent for its still-in-development Otherside metaverse. Yuga Labs accelerates Otherside plan Nonfungible token (NFT) conglomerate Yuga Labs has agreed to acquire the metaverse-building startup Roar Studios as Yuga looks to bolster its Otherside metaverse. Yuga tweeted the news on July 31...Continue Reading

Due to regulatory and transparency risks, CZ says that spreading risk across different stablecoins is the key to longevity. Binance CEO Changpeng ‘CZ’ Zhao is looking to bring smaller algorithmic stablecoins to the market, in a bid to offer investors options other than the current global stablecoin giants. Speaking in a July 31, ask me...Continue Reading

Smart contracts should be viewed as “proof-of-concept” rather than as critical for universal adoption. That may mean exploring alternatives. Smart contracts have reshaped the possibilities of what blockchain and crypto can achieve, and we can all acknowledge that. That doesn’t mean they’re the be-all-end-all solution to widespread adoption. Being overzealous about any kind of innovation...Continue Reading

Judge Jed Rakoff gave a detailed interpretation of the Howey test that was at odds with the decision on the SEC case against Ripple. A United States Securities and Exchange Commission (SEC) lawsuit against Terraform Labs is set to go ahead after a U.S. judge overseeing the case denied the firm’s motion to dismiss on...Continue Reading

“As president, on day one, CBDC goes into the trash can — we’re not going to allow it,” said Ron DeSantis at a New Hampshire campaign event. Florida Gov. Ron DeSantis has pushed a platform based partly on “economic independence” in his 2024 presidential campaign, specifically taking a stance on digital currencies.  Speaking at a...Continue Reading

According to the report, nearly half of the month’s losses were caused by the Multichain exploit, which resulted in $231 million in losses alone. The cryptocurrency market is having its worst month of 2023, according to a report from Web3 outlet De.Fi shared with Cointelegraph. Losses for July totaled $486 million, more than six times...Continue Reading