The decentralization that promised to make cryptocurrencies accessible, transparent, and an everyman’s investment dream has turned into a nightmare for many. While professional investors have largely done well shorting blockchain stock, other individuals haven’t been as successful. Fortune wrote of “crypto carnage” in a market that has so far lost $1 trillion in this year’s market selloffs. Bitcoin has lost about 50 percent of its market value this year, while Ethereum has fallen by 56 percent since January. Last week, the European Union advanced a framework for crypto-assets that includes consumer protection and safeguards against cybercrime. Continue reading EU Advances Crypto Regulation in Face of Small Investor Pain

A debate as to whether cryptocurrencies are more like commodities than securities is playing out in Washington, with Senators Cynthia Lummis (R-Wyoming) and Kirsten Gillibrand (D-New York) introducing legislation to regulate them like commodities. If passed, the bill would put digital currency under the regulatory purview of the Commodity Futures Trading Commission (CFTC) rather than the Securities and Exchange Commission (SEC), a win for the crypto sector, which prefers the smaller agency. SEC chair Gary Gensler takes the position that digital assets are akin to publicly traded stock and should be regulated by the SEC.
Continue reading Senate Cryptocurrency Bill Could Be a Victory for Blockchain

Faced with new tax rules for cryptocurrencies, Ashton Kutcher, Elon Musk and Square chief executive Jack Dorsey were among those who brought the fight to Washington. They and others in the industry including lobbyists, executives and trade group officials reached out to Congress over a provision in the massive new infrastructure bill that would “expand and strengthen tax enforcement of crypto transactions.” Dorsey “brought the Twitter heat” over the issue, igniting a grass roots reaction among thousands of crypto enthusiasts. Continue reading Bitcoin Experts & Advocates Lobby Congress Over Tax Rules