Money

Crypto world reacts to Biden’s “crypto tax”

Published

3 months ago

August 28, 2023

ticker NEWS

Prominent figures in the cryptocurrency community have expressed concerns regarding the new crypto tax reporting rules proposed by United States President Joe Biden.

The Internal Revenue Service (IRS) has introduced new rules for brokers, requiring them to follow stricter guidelines for selling and trading digital assets. These rules aim to enhance tax compliance and prevent tax evasion in the crypto space.

The U.S. Department of the Treasury has suggested that these rules will align digital asset reporting with the reporting requirements for traditional assets. However, many within the cryptocurrency industry are worried that these stringent regulations could discourage crypto firms from operating in the United States.

Ryan Selkis, the CEO of Messari, voiced his skepticism about the future of the crypto industry in the United States if Biden wins reelection. Chris Perkins, the president of CoinFund, believes that these rules will stifle innovation in the country and that a more conducive regulatory environment is necessary to encourage safe innovation in the crypto sector.

Crypto champions

Some individuals within the crypto community expressed doubts about whether either major political party in the U.S. would effectively champion crypto interests. Additionally, concerns were raised about the privacy implications of the new rules, particularly in relation to tax and sanction surveillance.

Kristin Smith, CEO of the Blockchain Association, emphasized the need for tailored regulations that acknowledge the unique characteristics of the crypto ecosystem. She argued against treating digital asset reporting in the same way as traditional assets.

These proposed rules come on the heels of Biden’s suggestion to impose taxes on crypto mining, aiming to reduce the energy consumption associated with mining operations. The crypto industry in the United States has consistently raised concerns about regulatory decisions that could stifle innovation and drive crypto firms to operate elsewhere.

Money

RBA maintains 4.35% rates as mortgage applications surge

Published

14 hours ago

December 5, 2023

ticker NEWS

The Reserve Bank of Australia (RBA) has decided to keep its official cash rate at 4.35%, citing concerns over the rapidly increasing number of mortgage applications.

This decision comes after several consecutive meetings where the RBA has refrained from adjusting interest rates.

The central bank’s decision to hold rates steady reflects their cautious approach to managing the current housing market boom. Mortgage applications have seen a significant surge in recent months, driven by record-low interest rates and increased demand for housing. While this has been a boon for the real estate industry, it has raised concerns about the potential for a housing bubble and financial stability.

Experts are divided on whether the RBA’s decision is the right course of action.

Some argue that maintaining low-interest rates is necessary to support economic recovery, especially in the wake of the COVID-19 pandemic. Others worry that the continued surge in mortgage applications without rate adjustments could lead to unsustainable levels of household debt.

In light of this decision, homeowners, prospective buyers, and investors will be closely watching the housing market’s trajectory and wondering how long the RBA can maintain its current stance.

Money

There’s a 50/50 chance of a 2024 recession

Published

20 hours ago

December 5, 2023

ticker NEWS

The economy has been remarkably resilient despite massive pressures – but is that about to change in 2024?

The US economy is in for a sharp slowdown in 2024 as a closely watched survey of top economists foresees stubbornly high inflation, a rise in unemployment and a 50% chance of recession.

#ticker today #money

Money

Tesla insurance sued for ‘inflated’ premiums, judge rules

Published

23 hours ago

December 5, 2023

ticker NEWS

A judge has ruled that Tesla’s insurance unit must face a lawsuit alleging “inflated” premiums.

The decision comes after policyholders claimed the electric car company’s insurance division overcharged them for coverage.

The lawsuit, which was filed by a group of Tesla policyholders, alleges that the premiums charged by Tesla’s insurance unit were significantly higher than market rates for similar coverage.

The plaintiffs argue that Tesla’s insurance division engaged in unfair pricing practices, leading to overpayment by policyholders.

Tesla has not yet commented on the judge’s decision, but the lawsuit raises questions about the transparency and fairness of the company’s insurance pricing.

It also highlights the growing scrutiny on how tech companies enter and compete in traditional industries like insurance.