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This Week on Unchained: Terrorist Funding, Harmful Regulations, Vivek Ramaswamy, and More!
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In this episode of Unchained, Peter Van Valkenburgh, director of research at Coin Center, explains why the IRS's proposed broker rule for tax reporting in crypto could harm the crypto industry as well as the security and privacy of users. He explains how Coin Center thinks the IRS should accomplish its aims, and why that would even work for collecting taxes on DeFi gains.
Additionally, Peter explains why he believes the Bank Secrecy Act might be unconstitutional and how that could potentially affect developers building in crypto.
The recent Wall Street Journal article that claimed Hamas raised $130 million via cryptocurrency has sparked considerable debate, especially after Sen. Elizabeth Warren used it as her sole source to ask for tighter regulations around crypto. However, the veracity of this claim has come under scrutiny.
Yaya Fanusie, Jessi Brooks, and Andrew Fierman delve into the veracity of reported figures, the methodology behind them, and the subsequent industry responses that sought to correct the public record. They examine the political implications of cryptocurrency, its use in funding organizations, and the nuanced role of stablecoins in this digital economy. Additionally, they address the broader challenges in regulating crypto to prevent illicit funding, emphasizing the need for factual accuracy and a comprehensive approach to understanding and tackling such complex issues.
Welcome to The Chopping Block – where crypto insiders Haseeb Qureshi, Tom Schmidt, Tarun Chitra, and Robert Leshner chop it up about the latest news. This week, the gang welcomes Republican presidential candidate Vivek Ramaswamy, who discusses his mission to end the U.S. government’s regulatory overreach of the crypto industry, the parallels between crypto and the biotech industry where he came from, whether “code is law” is an appropriate framework for crypto regulation, how Bitcoin could be a check on the Fed, and how less regulation would actually lead to fewer, not more, instances of fraud like FTX.
Ramaswamy is promising to release a comprehensive crypto policy plan this week.
In Case You Missed It 👀
Here are some of the most important news of this week:
Tether steps up its game in the Bitcoin mining industry, planning a hefty $500 million investment. The strategy involves constructing new facilities in Latin America, signaling a significant shift in Tether's operational focus.
Coinbase challenges the sanctions against Tornado Cash, arguing for the decentralized nature of the platform. This legal battle tests the limits of OFAC's authority in the crypto space.
Global asset giant BlackRock makes a strategic move into Ethereum, filing for a spot ETF. This decision reflects a growing institutional interest in cryptocurrencies, potentially shaping the market's future.
Emerging from bankruptcy, BlockFi confronts FTX over a billion-dollar dispute. The legal tussle underlines the ongoing fallout from FTX's dramatic collapse and its ripple effects in the crypto world.
ARK Invest's Cathie Wood casts doubts on SEC Chair Gensler's reluctance to approve Bitcoin ETFs, suggesting potential ulterior motives. Her comments add a new layer to the ongoing debate on cryptocurrency regulation.
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