The IRS is planning to increase its surveillance of cryptocurrency usage, which could result in the DOJ seizing cryptocurrency at an unprecedented rate. The DOJ's 2022 report on Executive Order 14067 recommends expanding its authority over criminal, civil, and administrative forfeiture. Despite the FBI and IRS seizing over $4 billion in cryptocurrency between 2014 and 2021, the DOJ argues that the US government is struggling to seize cryptocurrency. With the IRS collecting vast amounts of new information on Americans' cryptocurrency use, the DOJ may find new arenas for cryptocurrency confiscation, even without an actual crime being committed. The proposed crackdown on cryptocurrency by the IRS highlights the risks of mass data collection and should be monitored closely by users. The government's increasing interest in cryptocurrency, whether for audits or confiscation activities, is a cause for concern. Nicholas Anthony, a policy analyst at the Cato Institute, questions the rationale for the cryptocurrency provisions in The Infrastructure Investment and Jobs Act and advocates for a better framework for financial privacy in the digital age. This article is for informational purposes only and does not constitute legal or investment advice.
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UniSat Wallet posted on X platform that addresses with 1000+ UniSat points can now access brc20-swap through unisat.io/swap. In addition, the withdrawal function of brc20-swap has now been enabled.
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Starknet Foundation announced the establishment of a DeFi committee on social media. The committee is chaired by six members and its main purpose is to guide and develop the decentralized financial ecosystem on Starknet.
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According to TechFlow news, Richard Teng, the head of Binance's regional markets, announced the launch of a self-custody Binance Web3 wallet at Binance's flagship event, Istanbul Binance Blockchain Week, aimed at providing users with a simple, secure, one-stop Web3 experience.The wallet is built into the Binance App, allowing users to explore the Web3 world without the need for complex registration or concerns about losing their mnemonic phrases.
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SEC Chairman Gary Gensler stated that cryptocurrencies are rife with "fraud and manipulation," and I am proud of the cryptocurrency cases we have handled. Investors need to understand the use cases of tokens.
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Lookonchain monitoring shows that a whale address has withdrawn 96 million USDT from the Tether Treasury in the past 10 hours and deposited it into OKX, Kraken, and Coinbase. Since October 20th, the whale has received a total of 992 million USDT from Tether Treasury and deposited it into exchanges.
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Whale Alert monitoring showed that at 14:22 Beijing time, 13,369,995 MATIC tokens (worth $10,748,509) were transferred from Polygon Stake to an unknown wallet.
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According to Dune data, on November 8th, the Ethereum NFT transaction volume exceeded 10,000 ETH yesterday, reaching 10,351 ETH, a new high in nearly three months.
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On November 6th, according to the Snapshot governance page, the Arbitrum community has passed the "Activate ARB Staking" proposal, with the result showing that the community supports funding the staking mechanism with 100 million ARB tokens (1% of the total ARB supply). This is aimed at providing incentives for long-term holders and further stimulating and consolidating the community's long-term development. In the next 12 months, this new mechanism will be monitored by the "Arbitrum Alliance" to collect data and assess its impact on the ecosystem.
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The United States Securities and Exchange Commission (SEC) is struggling to recruit staff with crypto expertise because of rules around ownership.
Read more on: https://thecryptobasic.com/2023/11/07/hiring-challenge-us-sec-struggles-to-recruit-crypto-experts-amid-asset-sale-request/
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According to CCData and The Block's Data Dashboard, spot trading volumes on centralized exchanges increased in October for the first time in four months. CCData reported a total trading volume of $632 billion, while The Block recorded a lower figure of $516.43 billion. The increase in activity in digital asset markets was attributed to the anticipation of a potential approval of a spot bitcoin ETF and the overall bullish price action of major digital assets. Top-tier exchanges such as Coinbase and Binance also increased their market share of trading activity in the past month.
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According to The Data Nerd, 12 hours ago, Galaxy Galax deposited 7 million MATIC (worth $5.89 million) at an average price of $0.84 to Binance and still holds 1.27 million (worth $1 million); 9 hours ago, Falcon X deposited 5 million MATIC (worth $4.21 million) to Binance and currently holds 1.845 million (worth $1.51 million).
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Llama, a platform that provides on-chain access control and governance, has secured $6 million in funding from investors including Founders Fund and Electric Capital. The company, founded in 2021 by Shreyas Hariharan and Austin Green, aims to offer a solution for companies that use smart contracts but lack a comprehensive system to manage them. Llama integrates with smart contracts to manage permissions and proposals for changes, using a user-friendly interface that displays recent changes and pending proposals. The founders believe that as smart contracts become more complex, there will be an increasing need for effective management systems.
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