30/06/2024. Weekly CryptoNews Digest (June, 24 – June, 30)

Welcome back to the MNO blog, your trusted source for all things crypto since 2007! You’re most likely familiar with my popular Weekly CryptoNews Digest, since you’re already reading it after all, which keeps you up-to-date on the latest crypto happenings.

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In today’s article on the MNO blog, I want to begin by revealing the results of the latest TalkBack poll, followed by the usual Sunday posting of our Weekly CryptoNews Digest on MNO.

MNO TALKBACK – POLL RESULTS AND NEW POLL POSTED

A huge thank you to everyone who has voted in the latest poll that was available for your votes over the past couple of weeks on the MNO TalkBack page. It’s now time to draw the final results of the poll and ask you another question, which will be open for your voting within the next month or so.

Based on the poll results, it’s interesting to note that the votes have split evenly among the three options, with each category receiving 33.3% of the total votes. This suggests that there is a significant amount of uncertainty and disagreement among the respondents regarding the future price of ETH.

The fact that 33.3% of the respondents believe that the price of ETH will set a new record and surpass the $5,000 mark by the end of June 2024 is a bullish prediction, indicating that some investors are optimistic about the future of the cryptocurrency. On the other hand, the 33.3% who believe that the price will hover around the current $4,000 mark suggests that others are more cautious and expect the price to stabilize at its current level. The 33.3% who predict that the price will go down to or below the $3,000 mark is a bearish prediction, indicating that some investors are concerned about the future of the cryptocurrency and expect the price to decline.

It’s also worth noting that the current price of Ethereum is around $3,400, which means that those who voted for the current price to be maintained by the end of June have technically “won” their predictions, as the price has not yet reached the $5,000 mark or fallen below $3,000.

Get ready to share your thoughts on the latest poll on the MNO TalkBack page! The next question will be read as this – ‘Are you currently more likely to invest in, sell, or hold your existing crypto holdings?‘

Here are the answer options and a brief explanation of each:

– ‘Invest more’: If you choose this option, you’re indicating that the recent price fluctuations have not deterred you from investing in cryptocurrencies. You might be a long-term investor who believes in the potential of cryptocurrencies to grow in value over time, or you might be a trader who sees this as an opportunity to buy in at a lower price.
– ‘Sell some’: If you choose this option, you’re indicating that the recent price fluctuations have made you reconsider your investment strategy. You might be a short-term trader who’s looking to lock in profits or reduce your exposure to potential losses, or you might be a long-term investor who’s concerned about the market’s volatility.
– ‘Hold’: If you choose this option, you’re indicating that you’re sticking to your existing investment strategy and holding onto your existing crypto holdings. You might be a long-term investor who believes that the market will eventually recover, or you might be a trader who’s waiting for a better entry point to buy or sell.

So, which option do you think best represents your current investment strategy? Cast your vote on the MNO TalkBack page and let your voice be heard! The poll will be open for the next four weeks and we’ll be sharing the results with you soon. Stay tuned for that and thanks in advance for your votes!

Now, get ready to take a thrilling journey through the most significant crypto news from June 24th to 30th, 2024! In this article, we’ll be delving into the latest breakthroughs, innovative investment opportunities, and the most noteworthy events that caught my attention. Join me as we explore the exciting world of crypto together!

TREASURY DEPARTMENT RELEASES DRAFT CRYPTOCURRENCY TAX REGULATIONS FOR 2025

The US Treasury Department has released a draft outlining cryptocurrency tax regulations for 2025, which aims to provide clarity and guidance to taxpayers on how to report and pay taxes on their cryptocurrency transactions.

The draft, titled “Guidance on the Taxation of Virtual Currencies,” provides detailed guidance on how to apply existing tax laws to cryptocurrency transactions, including the sale, exchange, and use of cryptocurrencies such as Bitcoin, Ethereum, and others.

The draft outlines several key provisions, including:
1) Reporting requirements: The draft requires taxpayers to report their cryptocurrency transactions on their tax returns, including the sale, exchange, and use of cryptocurrencies.
2) Capital gains and losses: The draft provides guidance on how to calculate capital gains and losses on cryptocurrency transactions, including the treatment of short-term and long-term capital gains.
3) Self-employment taxes: The draft clarifies that cryptocurrency transactions are subject to self-employment taxes, including the 15.3% self-employment tax rate.
4) Foreign account reporting: The draft requires taxpayers to report their cryptocurrency transactions on their FBAR (FinCEN Form 114) and Form 8938 (Statement of Specified Foreign Financial Assets) if they have a financial interest in or signature authority over a foreign financial account.
5) Withholding taxes: The draft provides guidance on how to withhold taxes on cryptocurrency transactions, including the 30% withholding tax rate on foreign-source income.

The draft also provides examples and illustrations to help taxpayers understand how to apply the regulations to their specific situations.

The Treasury Department is seeking public comment on the draft, which is open until October 31, 2024. The final regulations are expected to be released in 2025.

The release of the draft regulations is a significant development in the taxation of cryptocurrencies, as it provides much-needed clarity and guidance to taxpayers and the cryptocurrency industry. The regulations are expected to have a significant impact on the way cryptocurrencies are taxed and reported, and will likely affect a wide range of taxpayers, from individual investors to businesses and financial institutions.

The draft regulations are available on the Treasury Department’s website, and taxpayers are encouraged to review and comment on the draft to help shape the final regulations.

TON AND BITCOIN BECOME NEW TARGETS FOR CRYPTOCURRENCY DRAINERS

As Ethereum’s phishing attacks become increasingly sophisticated, cryptocurrency drainers are shifting their attention to Telegram’s TON (The Open Network) and Bitcoin. TON, which has been gaining popularity this summer, is now being targeted by these malicious actors.

For those unfamiliar, TON is a blockchain platform developed by Telegram, the popular messaging app. It was launched in October 2020 and has since gained a significant following, with many developers and users attracted to its fast transaction times and low fees.

The rise of TON has not gone unnoticed by cryptocurrency drainers, who are increasingly targeting the platform with phishing attacks. These attacks typically involve creating fake TON wallets or exchanges, which are designed to look legitimate but are actually designed to steal users’ cryptocurrency.

The shift to TON is likely due to the platform’s growing popularity and the increasing difficulty of phishing attacks on Ethereum. Ethereum’s phishing attacks have become so sophisticated that even experienced users are falling victim. As a result, drainers are looking for new targets, and TON’s relative lack of regulation and oversight makes it an attractive option.

Bitcoin, too, is being targeted by drainers. While Bitcoin is generally considered to be a more secure platform than Ethereum or TON, it is still vulnerable to phishing attacks. Drainers are using a variety of tactics to steal Bitcoin, including creating fake exchanges and wallets, as well as using social engineering tactics to trick users into sending their Bitcoin to the wrong addresses.

The rise of TON and the increasing sophistication of phishing attacks on all three platforms highlight the need for users to be vigilant when interacting with cryptocurrency. It is essential to only use reputable exchanges and wallets, and to be cautious when interacting with unfamiliar platforms or individuals.

In addition, users should always verify the authenticity of any cryptocurrency-related messages or emails, and should never send cryptocurrency to an address that they are not familiar with. By taking these precautions, users can help to protect themselves from the growing threat of phishing attacks in the cryptocurrency space.

In conclusion, the rise of TON and the increasing sophistication of phishing attacks on all three platforms highlight the need for users to be vigilant when interacting with cryptocurrency. By taking precautions and being cautious, users can help to protect themselves from these threats and ensure the continued growth and success of the cryptocurrency industry.

SEC WINS MAJOR VICTORY AGAINST BINANCE

A US judge has ruled in favor of the Securities and Exchange Commission (SEC) in its case against Binance, the world’s largest cryptocurrency exchange, allowing most of the charges to proceed. The SEC had accused Binance of violating securities laws by offering and selling unregistered securities, including digital assets such as Binance Coin (BNB) and other tokens.

The judge’s ruling is significant because it sets a precedent for the regulation of cryptocurrency exchanges and digital assets in the US. The SEC has been increasingly active in regulating the cryptocurrency space, and this ruling could have far-reaching implications for the industry.

The SEC’s case against Binance was filed in 2021, alleging that the exchange had violated securities laws by offering and selling unregistered securities to US investors. The SEC claimed that Binance had failed to register its digital assets as securities, despite the fact that they were being traded on the exchange.

The judge’s ruling allows most of the SEC’s charges to proceed, but it also dismissed some of the allegations. The SEC had claimed that Binance had violated securities laws by offering and selling unregistered securities, but the judge ruled that the SEC had not provided sufficient evidence to support this claim.

The implications of this ruling are significant for the cryptocurrency industry. It sets a precedent for the regulation of cryptocurrency exchanges and digital assets in the US, and it could lead to increased scrutiny and oversight of the industry. The ruling also sends a message to other cryptocurrency exchanges and digital asset issuers that they must comply with securities laws and regulations.

The SEC’s case against Binance is part of a broader trend of increased regulatory activity in the cryptocurrency space. The SEC has been increasingly active in regulating the industry, and it has brought several high-profile cases against cryptocurrency exchanges and digital asset issuers.

The ruling could also have implications for the future of cryptocurrency regulation in the US. It could lead to increased calls for greater regulation of the industry, and it could pave the way for the SEC to bring more cases against cryptocurrency exchanges and digital asset issuers.

In a statement, the SEC said that it was “pleased” with the judge’s ruling and that it would continue to work to protect investors in the cryptocurrency space. Binance has not commented on the ruling, but it has previously denied any wrongdoing and has argued that its digital assets are not securities.

The case is ongoing, and it is expected to go to trial in the coming months. The outcome of the case could have significant implications for the cryptocurrency industry, and it could set a precedent for the regulation of digital assets in the US.

SEC SUES CONSENSYS OVER META MASK SECURITY CLAIMS

The Securities and Exchange Commission (SEC) has filed a lawsuit against ConsenSys, a leading blockchain technology company, alleging that its popular digital wallet product, MetaMask, acts as an unregistered security. This move has sent shockwaves through the cryptocurrency and blockchain communities, as MetaMask is widely used by developers and users to interact with decentralized applications (dApps) and Ethereum-based projects.

The SEC’s lawsuit claims that MetaMask’s functionality, which allows users to store, send, and receive cryptocurrencies, as well as interact with smart contracts, constitutes an investment contract under the Securities Act of 1933. This means that ConsenSys is alleged to have failed to register MetaMask as a security with the SEC, despite its widespread use and potential for significant returns.

The SEC’s case against ConsenSys is significant because it sets a precedent for the regulatory treatment of digital wallets and other blockchain-based products. If the SEC is successful in its lawsuit, it could lead to a broader crackdown on unregistered securities in the cryptocurrency space.

ConsenSys has denied the SEC’s allegations, stating that MetaMask is a software product and not a security. The company has also argued that the SEC’s lawsuit is an overreach and that the agency is attempting to regulate the blockchain industry through litigation rather than through clear and consistent regulatory guidance.

The implications of this lawsuit are far-reaching and could have significant consequences for the cryptocurrency and blockchain industries. If the SEC is successful, it could lead to increased regulatory scrutiny and potentially even criminal charges for companies that fail to register their digital products as securities. On the other hand, if ConsenSys is able to successfully defend itself against the SEC’s allegations, it could pave the way for greater clarity and regulatory certainty in the blockchain space.

The outcome of this lawsuit will likely have significant implications for the future of blockchain technology and the cryptocurrency industry as a whole. As the case unfolds, it will be important to monitor the developments and assess the potential impact on the industry.

GERMANY MOVES $24 MILLION IN BITCOIN

The German government recently moved a significant amount of Bitcoin, valued around $24 million, to major cryptocurrency exchanges like Kraken and Coinbase. This action follows a series of similar transfers over the past week, totaling roughly $150 million worth of Bitcoin.

These funds originated from a record-breaking seizure by German authorities in January, where they confiscated nearly 50,000 Bitcoin from the illegal film piracy website Movie2k. The government has been systematically transferring portions of this seized Bitcoin to cryptocurrency exchanges.

The reasons behind these transfers remain unclear. Some speculate the government might be planning to sell the Bitcoin, potentially impacting the cryptocurrency’s market price. However, there hasn’t been any official confirmation on this. There’s also the possibility that the Bitcoin is being moved for safekeeping purposes within these exchanges.

Additionally, the transfers included some Bitcoin being sent to an unidentified address, labeled “139Po,” alongside receiving Bitcoin back from some exchanges like Kraken. This adds another layer of complexity to understanding the government’s overall strategy for these seized funds.

MT. GOX REPAYMENTS: BITCOIN PRICE BRACE FOR POTENTIAL SELL-OFF

Mt. Gox, a defunct cryptocurrency exchange that famously lost a massive amount of Bitcoin in a 2014 hack, is set to begin repaying its creditors in July 2024. This has caused some worry in the Bitcoin market.

The concern centers on the possibility that these creditors, who will be receiving Bitcoin after a long wait, might decide to sell a portion of their holdings. This sudden influx of Bitcoin into the market could lead to a drop in price.

There are two main reasons for this fear:
– Profit taking: Many creditors likely bought their Bitcoin at a much lower price than it is currently. With a chance to finally regain their lost funds, they might be tempted to cash out on some of their Bitcoin, taking advantage of the significant price increase.
– Market uncertainty: A large influx of Bitcoin can disrupt market equilibrium. If a significant number of creditors sell simultaneously, it could overwhelm existing buyers and drive the price down.

This isn’t a guaranteed outcome, but it’s a scenario that has some investors on edge. Some analysts believe the price may dip initially but then recover, especially if other positive events occur in the market.

That’s all for this week, MNO readers! I want to extend a huge thank you to each and every one of you for staying engaged with my site. Here’s to a fantastic weekend and a prosperous week ahead – you’ve earned it!

Before you go, don’t forget to cast your vote in our latest poll on the MNO TalkBack page. I’ll be sharing the results in a few weeks.

Until then, I’ll see you back here next Sunday for another round of crypto updates and insights. Thanks again for being part of the MNO family! Remember to stay informed, stay prosperous, and always keep in mind: MNO – For Money Lovers!