(SnapBots News Review) Top Crypto News of the Week
Here is this week’s news recap.
1) Biden Budget Includes New IRS Report Requirements Concerning Crypto Assets
President Biden released his administration’s proposed budget for fiscal year 2022. While spending focuses on infrastructure, clean energy, etc., it includes two proposals that would give the Treasury Department additional requirements around what type of financial institutions must report to the Internal Revenue Service (IRS) or other Treasury sub-departments. Read more.
2) SnapBots News Review — Bitcoin Bounces Back Up, Hits $38,000
After a dramatic drop last week, Bitcoin has slightly recovered and has turned bullish. Earlier this morning (June 1), Bitcoin was trading around the threshold of nearly $ 38,000. A series of other cryptocurrencies also increased sharply, and the total market capitalization increased. Read more.
3) RBI Gives Green Signal for the Trade of Cryptocurrencies
While there has been a lot of speculation regarding the crypto law in India, some major banks have sent an email to customers warning against using their services to trade in cryptocurrencies. However, The Reserve Bank of India (RBI) on May 31 has related that banks and other regulated entities cannot cite its 2018 circular on cryptocurrencies as it has been set aside by the Supreme CourtSC) on March 2020. Read more.
4) Ripple Is Seeking Docs from 15 Offshore Exchanges that It Claims Might Prove “Fatal” to the SEC’s Allegations
Ripple CEO Brad Garlinghouse and co-founder Chris Larsen have filed a motion with the Securities and Exchange Commission (SEC) seeking that the SEC examine Bitfinex’s parent firm, iFinex, as well as 14 other international crypto exchanges. Ripple thinks offshore exchange data will show its executives did not violate Section 5 of the Securities Act by selling XRP to the general public in the United States. Read more.
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