Today, we see what's going on with the U.S. crypto plan and how NYC will use blockchain for land deeds.
Today’s Top Crypto News Stories
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Binance ‘Pivots’ to Compliance 💸
Under attack by regulators across Asia and Europe, the top crypto exchange Binance is “pivoting… to proactive compliance” with regulators on topics including tax reporting and anti-money laundering rules. Binance slashed withdrawals for unverified customers, cut leverage 80%, and ended futures or pulled out of a half dozen major markets. Read more here.
White House Backs ‘Unworkable’ Crypto Tax Plan 😨
The White House has come out in support of a crypto taxation plan that critics say demands the impossible — such as identity reporting on DeFi platforms. It could potentially kill off environmentally friendly proof-of-stake mining in the U.S. by favoring proof-of-work. The plan is part of an effort to raise $28 billion in taxes. More details here.
NYC Targets Deed Fraud With Blockchain 🏘️
New York City has teamed up with a blockchain-based public records firm to test putting deeds and land sales on a transparent and immutable digital ledger. The plan should reduce deed fraud and decrease home buyers’ closing charges, showing clearly who owns land. The UN is using similar technology in developing nations to decrease poverty. Read all about it.
February Trial Set for Alleged Tether Plunderer 👨⚖️
The former NFL Minnestoa Vikings partner who allegedly left the Bitfinex exchange on the edge of insolvency in 2018 is scheduled to go on trial for fraud next year. Fowler helped Bitfinex’s payment processor get money to U.S. customers when banks cut the exchange off. But he also helped himself to as much as $300 million, prosecutors say. Get details here.