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Legal experts have warned that a section in the U.S. Infrastructure Bill, which is due for a vote later today, November 5, would amend part of the tax code and make failing to report a cryptocurrency transaction by both businesses and individuals a criminal offense.
CryptoCompare has received authorization from the Financial Conduct Authority (FCA), the United Kingdom’s markets regulator, to operate as a Benchmark Administrator. The authorization was awarded to CryptoCompare’s data and index subsidiary CC Data Limited.
The total value secured by Chainlink has surged 10-fold to hit $75 billion in less than a year, as it was at around $7 billion at the end of last year. Chainlink’s oracles feed data such as weather and sports results from external sources to blockchains such as Ethereum.
Sponsored: You’ve probably heard all about Curve Finance, the popular decentralized exchange for stablecoins, but may be put off by having to manage another on-chain wallet. Bybit has simplified the process for users like you, so you can get easy access to DeFi on Bybit.
Top stories in the Crypto Roundup today:
- CryptoCompare Receives FCA Authorization to Operate as Benchmark Administrator
- Legal Experts Warn Against ‘Dangerous’ Crypto Amendment in Infrastructure Bill
- Value Secured by Chainlink Data Soars to $75 Billion
- Crypto Market Movers – SAND, MANA, LRC
- Sponsored: Check Out The Newest Liquidity Mining Pool on Curve Finance
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CryptoCompare Receives FCA Authorization to Operate as Benchmark Administrator
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CryptoCompare has received authorization from the Financial Conduct Authority (FCA), the United Kingdom’s markets regulator, to operate as a Benchmark Administrator. The authorization was awarded to CryptoCompare’s data and index subsidiary CC Data Limited.
It allows the firm to issue benchmarks for financial instruments, financial contracts and measure fund performance. CryptoCompare’s proprietary family of benchmarks for pricing digital assets, CCCAGG, is based on a 24-hour, volume-weighted average calculator, time-penalty factor and outlier methodology covering over 500 liquid asset pairs.
Charles Hayter, CEO of CryptoCompare, said:
“Over the last seven years, our pioneering standards have brought rigour and accuracy to this flourishing sector. I am delighted that CryptoCompare has now achieved FCA authorisation, creating new avenues for institutional and retail investors to gain exposure to our standard-setting digital asset indices.”
CryptoCompare’s indices are used by various globally recognized clients and offer comprehensive market valuation benchmarks that power leading digital asset financial products.
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Legal Experts Warn Against ‘Dangerous’ Crypto Amendment in Infrastructure Bill
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Legal experts have warned that a section in the U.S. Infrastructure Bill, which is due for a vote later today, November 5, would amend part of the tax code and make failing to report a cryptocurrency transaction by both businesses and individuals a criminal offense.
According to University of Virginia School of Law lecturer Abraham Sutherland, this is a separate provision to the controversial one that did not properly define the term “broker.” The bill, Sutherland said, is especially bad for decentralized finance, as it imposes reporting requirements that “given the way DeFi works, would make it impossible to comply.”
CoinShares CSO Meltem Demirors also raised concerns, saying she sees the amendment as unconstitutional and of anti-American nature. The amendment is for section 6050I of the tax code, which requires businesses and individuals that receive physical cash or bank transactions above $10,000 to report the sender’s information.
The eight-word amendment in the new bill would include “any digital asset” in the definition of “cash.” Coinbase CEO Brian Armstrong pointed out the amendment “seems like a disaster” that “could freeze a lot of healthy crypto behavior.”
Crypto lawyer Jake Chervinsky noted the provision doesn’t go into effect until 2024, and the community can try to get it repealed or amended before then.
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Value Secured by Chainlink Data Soars to $75 Billion
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The total value secured by Chainlink has surged 10-fold to hit $75 billion in less than a year, as it was at around $7 billion at the end of last year. Chainlink’s oracles feed data such as weather and sports results from external sources to blockchains such as Ethereum.
The data is then used by decentralized finance (DeFi) applications to trigger their smart contracts when certain conditions are met. Sergey Nazarov, co-founder of Chainlink, said that without trusted price data to trigger smart contracts it would be impossible to build DeFi applications.
Chainlink works with multiple blockchains, as such, it has now more than 900 integrations in the space. It reportedly secures an approximate 30% of all assets locked in the DeFi ecosystem across Ethereum, Solana, Binance Smart Chain, Avalanche, and others. The total value locked in DeFi is now above $250 billion.
In August Swisscom, Switzerland’s largest telecommunications provider announced it was launching a Chainlink oracle node to provide data for DeFi applications.
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Crypto Market Movers – SAND, MANA, LRC
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Several tokens are leading the charge in the last 7-day period. Some of these are well-known cryptocurrencies with more liquid trading pairs, so we’ll be focusing on these over low-cap cryptos that may have higher percentage changes.
The Sandbox (SAND) – The Sandbox is a community-driven platform where creators can monetize voxel ASSETS and gaming experiences on the blockchain. SAND holders will be also able to participate in the governance of the platform via a Decentralized Autonomous Organization (DAO), where they can exercise voting rights on key decisions of The Sandbox ecosystem.
Decentraland (MANA) – Decentraland is a virtual reality platform powered by the Ethereum blockchain. Users can create, experience, and monetize content and applications. Land in Decentraland is permanently owned by the community, giving them full control over their creations.
Loopring (LRC) – Loopring is an open, multilateral token exchange protocol for decentralized exchange on the Ethereum blockchain. Loopring is intended to serve as a common building block with open standards, driving interoperability among decentralized applications (DAPPs) that incorporate exchange functionality.
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Bybit’s DeFi Mining – Check Out The Newest Liquidity Mining Pool on Curve Finance
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You’ve probably heard all about Curve Finance, the popular decentralized exchange for stablecoins, but may be put off by having to manage another on-chain wallet.
Bybit has simplified the process for users like you, so you can get easy access to DeFi on Bybit.
All you have to do so:
- Choose among 7-, 14-, and 21-day product plans.
- Stake USDT.
- Sit back and collect your rewards.
It’s that easy.
Terms and conditions apply. Check it out now!
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State of the Crypto by Top Tier Exchange Volume
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