Charles Morgan Beware Inflation-Protected Flatcoins| SBF Seeks Dismissals

From: Forbes Crypto Confidential - Saturday May 13, 2023 06:00 pm

BIDEN CALLS FOR END TO TAX LOOPHOLES THAT BENEFIT WEALTHY CRYPTO INVESTORS

President Joe Biden tweeted out an infographic on Tuesday that suggested Congress should cut “Tax Loopholes That Help Wealthy Crypto Investors ($18 billion).” The White House did not clarify where the dollar figure originated, but it is likely related to harvesting tax losses in combination with wash sales. The president’s proposed budget for the 2024 fiscal year includes a proposal to make digital assets subject to the same rules concerning wash sales as pertain to securities investments: When an investor books a loss on a trade and within 30 days before or after the sale, acquires substantially identical securities, it is considered a wash and cannot be claimed as a capital loss for tax purposes. Read more.

BANKMAN-FRIED ASKS COURT TO DISMISS MOST CHARGES

FTX founder Sam Bankman-Fried issued his first detailed legal defense on Monday, asking a federal judge to dismiss 10 of the 13 criminal charges brought against him after the collapse of his Bahamas-based cryptocurrency exchange and claiming the U.S. government has effectively deputized the current leadership of his former company to aid in his prosecution. The three undisputed charges include conspiracy to commit securities fraud on investors in FTX, securities fraud and conspiracy to commit money laundering.

Source: Forbes Digital Assets. Prices as of 4:00 p.m. on May 12, 2023.

CRYPTO VC FINANCING SLIDES 78%

Venture-capital investments in digital assets slumped in the first quarter as investors took a step back from an industry that served them poorly in 2022 and firms with diverse mandates began to look farther afield. Funding fell 78% to $2.6 billion from $12.3 billion year-over-year and was down 11% from the fourth quarter, according to data provider PitchBook. The only areas in the crypto sphere that drew significant interest in the latest period were the relatively safe harbors of infrastructure and financial services.

BROADRIDGE NOW CONDUCTS $70 BILLION ON BLOCKCHAIN REPO TRADES PER DAY

Financial services giant Broadridge is now facilitating $70 billion worth of repurchase agreements on the distributed ledger technology called VMWare Blockchain, a 40% increase since February, according to German Soto-Sanchez, head of Broadridge’s corporate strategy. Users include Swiss bank UBS and Paris-based Société Générale.

ELSEWHERE

Jane Street, Jump Pull Back Crypto Trading Over U.S. Regulatory Uncertainty [Bloomberg]

Binance.US Explores Ways To Cut Founder Changpeng Zhao’s Majority Stake [The Information]

Tether Reports $1.5 Billion Net Profit For First Quarter In Latest Attestation Report [The Block]

Steven Elrich
Nina Bambysheva
Reporter
Forbes Money & Markets

Steven Elrich
Steven Ehrlich
Editor
Forbes CryptoAsset & Blockchain Advisor

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Charles Morgan Beware Inflation-Protected Flatcoins| SBF Seeks Dismissals