This is an opinion editorial by Matt Maraia, a CPA looking to help educate the Bitcoin community on the ever-changing regulations on accounting standards. As the evolving digital assets ecosystem continues to pose more questions than answers within the accounting sector, members of the Financial Accounting Standards Board (“FASB”) delivered some groundbreaking news. On May 11, 2022, the FASB voted…
Three days before Ethereum’s transition from proof-of-work (PoW) to proof-of-stake (PoS), the world’s largest derivatives marketplace in terms of volume, CME Group, announced plans to list ethereum options. While CME’s ether options product prepares for regulatory review, the company detailed that the options contract will be measured at 50 ether per contract, using the CME CF Ether-Dollar Reference Rate. CME…
Online marketplace Mercado Libre, Latin America’s answer to Amazon, announced the launch of its own cryptocurrency today. The company has launched Mercado Coin for customers in Brazil as an ECR20 token—the implemented standard for tokens created using the Ethereum blockchain, the second biggest blockchain. Users of the marketplace will be able to use it to earn cashback rewards. Mercado Coin…
Four members of the United States House of Representatives from the Energy and Commerce Committee have demanded answers from four major crypto mining firms in regards to the potential effects of their energy consumption on the environment. In letters dated Wednesday to Core Scientific, Marathon Digital Holdings, Riot Blockchain, and Stronghold Digital Mining, U.S. lawmakers Frank Pallone, Bobby Rush, Diana…
In brief Yuga Labs says it has “no current plans” for the “V1” CryptoPunks based on Larva Labs’ original NFT smart contract. Only holders of the official CryptoPunks project (or “V2”) received IP commercialization rights this week. The revival of scrapped “V1” CryptoPunks NFTs from Larva Labs’ original bug-ridden 2017 rollout has added a wrinkle to the debate over provenance,…
A Russian national suspected of laundering ransomware payments in cryptocurrency on behalf of cybercriminals targeting hospitals has been extradited to the U.S. by the Netherlands. The man was allegedly involved in the criminal activity for a period of three years before his arrest in Amsterdam last November. Alleged Russian Money Launderer Handed Over to U.S. Custody by Dutch Authorities Denis…
In brief Rarible has proposed creating a Bored Ape-centric NFT marketplace for the ApeCoin community. It would have no marketplace fees for NFT sales, unlike competing pitches from other projects. Magic Eden’s pitch to build an exclusive Bored Ape Yacht Club NFT marketplace for the ApeCoin community has some competition: marketplace protocol Rarible has launched its own proposal idea to…
After an impressive 73% rally between July 13 and Aug. 13, Avalanche (AVAX) has faced a 16% rejection from the $30.30 resistance level. Some analysts will try to pin the correction as a “technical adjustment,” but the network’s deposits and decentralized applications reflect worsening conditions. Avalanche (AVAX) index, USD. Source: TradingView To date, Avalanche remains 83% below its November 2021…
The eNaira, Nigeria’s central bank digital currency (CBDC), will enter the second phase of its expansion with new technology to beef up its user base, Nigerian Central Bank governor Godwin Emefiele said Thursday, speaking at the 2022 eNaira Hackathon in Abuja. The eNaira, Africa’s first CBDC, was launched in October 2021. “The eNaira is a journey, not a one-time event,”…
The stablecoin HUSD, originally associated with the crypto exchange Huobi Global, lost its peg with the U.S. dollar on Wednesday, August 17, and it dropped even lower in value the following day on Thursday, August 18. On Thursday, Huobi addressed the public on Twitter and the exchange said “we are aware of the current liquidity issues associated with the HUSD…
