Fund managers have cut commodities allocations to their lowest levels for three years in a shift that illustrates declining confidence in the outlook for Chinese demand for raw materials and fears that the global economy will enter recession. Bank of America’s monthly global fund manager survey showed that a net 3 percent of managers held
A majority of U.S. crypto exchange Coinbase’s revenue could be at risk as a result of the Security and Exchange Commission’s (SEC) crypto crackdown (from NotChaseColeman via Twitter on June 5)…
On Monday, after months of discussions, threats and warnings, the US Securities and Exchange Commission (SEC) took aim at the most powerful force in the world of cryptocurrencies. The US financial watchdog accused the crypto exchange Binance and its founder Changpeng Zhao of operating a “web of deception,” charging him and his exchange with 13
The U.S. Treasury Department and Internal Revenue Service (IRS) should promptly release planned crypto tax rules so the industry can be brought into full compliance, Reps. Brad Sherman (D-Calif) and Stephen Lynch (D-Mass) said in a Monday letter. “For many years, the cryptocurrency industry has been a major source of tax evasion and a significant
It is essentially unanimous inside and outside the world of crypto that bitcoin [(BTC)] is not a security. This is a big competitive advantage for BTC. As the [original] digital gold, BTC also has essentially no competition for its primary use case. Every other cryptocurrency, including [Ethereum (ETH)], has competition. And every other cryptocurrency, including
BlackRock Inc.’s surprise filing for a US spot Bitcoin exchange-traded fund last week has led to a flurry of similar applications from rival issuers and speculation that the asset manager has key insights that will lead to approval of its application. Bitcoin has jumped more than 20% since the filing to more than $30,000. On