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Crypto world reacts to Biden’s “crypto tax”

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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.

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Money

Federal Reserve lowers rates amid eased job market

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The Federal Reserve has cut interest rates by a quarter-point, bringing the benchmark rate to a range of 4.5% to 4.75%, as economic growth continues but job gains slow.

The Fed noted that labour market conditions have “generally eased,” even with low unemployment, signalling a more cautious approach amid a stable economic expansion.

The statement marks a shift in Fed language, now saying inflation has “made progress” toward the 2% goal instead of the prior “further progress.”

With inflation holding steady around 2.6%, policymakers aim to keep economic risks balanced, despite pressures from slower job growth.

This rate cut reflects a strategic move to sustain economic momentum while cautiously watching inflation’s gradual trend toward the Fed’s target.

The decision was unanimous, aligning Fed priorities with a balanced approach to support both employment and price stability.

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Trump victory sparks market surge as Wall Street soars

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Donald Trump’s election victory has sparked a massive rally in the stock market.

Banks and industrial companies led the surge as investors bet that Trump’s plans for deregulation and tax cuts will boost economic growth.

Shares of big banks, like JPMorgan and Goldman Sachs, soared as investors predicted fewer regulatory restrictions.

Meanwhile, industrial giants such as Caterpillar and steelmakers like Nucor also hit record highs, reflecting optimism about U.S. manufacturing.

In contrast, clean-energy stocks took a hit, as Trump’s policies are expected to favour traditional energy sectors.

This surge comes amid rising Treasury yields and falling gold prices as investors gain confidence in the transition to a Trump administration.

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Australian Treasurer and RBA chief clash over economy

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A rare dispute has emerged between Australia’s Treasurer Jim Chalmers and Reserve Bank Governor Michele Bullock over the nation’s economic trajectory.

Governor Bullock argues the economy remains overheated, even as growth data shows recent slowdowns.

Treasurer Chalmers, however, warns that sustained high interest rates are “smashing the economy.”

This debate is critical for Australians, as it will influence the future of interest rates and inflation.

Data shows a mixed economic picture: while inflation is down, it’s still above target, and the jobs market remains historically strong.

Ultimately, deciding who’s right may come down to theory and perspective on economic health.

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