539:Biden’s Punitive Crypto Tax::UK’s National Fraud Squad::YouTuber Served Thru Tweet

Overnighters,

Episode 538:

Biden’s Punitive Crypto Tax
UK’s National Fraud Squad
YouTuber Served Thru Tweet
and More

The TL;DL - 

U.S. Congressmen Demand Explanation for Administration's Hostile View of Crypto-Two U.S. Congressmen have written a letter to the chair of the Council of Economic Advisers (CEA) demanding an explanation for a chapter the agency prepared for the "Economic Report of the President" that expressed “a hostile view towards the digital asset ecosystem.” The lawmakers believe that the CEA's opinion is a reversal of the position taken in the president’s “Executive Order on Ensuring Responsible Development of Digital Assets.”

Biden Administration Proposes Punitive Tax on Crypto Mining-In addition to the letter from Congressmen Davidson and Flood, the Biden administration has also proposed a punitive tax on crypto mining operations. The tax would equal 30% of a mining firm’s energy costs, and it is intended to discourage crypto mining due to its environmental impact. The tax has been met with opposition from the crypto industry, which argues that it would be unfair and would stifle innovation.

UK’s National Fraud Squad-The UK government is setting up a National Fraud Squad to tackle cryptocurrency fraud. The squad will have 400 new posts and will be tasked with investigating and prosecuting cryptocurrency fraudsters. The government has also proposed new regulations to crack down on cryptocurrency fraud, including banning cold calls to sell financial products including crypto.

France's Senate Proposes to Allow Crypto Influencers to Promote Registered Crypto Companies-The French Senate's Economics Committee has proposed to allow crypto influencers to promote products of registered crypto companies. This is a more lenient approach than the one taken by the National Assembly, which in March voted to effectively ban crypto ads by social media stars. The Senate's amendment is seen as a positive development for the crypto industry in France. It is likely to lead to increased investment and innovation in the sector, as well as increased awareness of crypto among the general public.

The European Crypto Market-A new survey produced by Greenfield Capital, the European crypto investor, names Lisbon, Berlin and Paris within a list of the world’s top ten crypto hubs. Lisbon topped the list of crypto-friendly locations, with half the survey’s respondents listing the Portuguese capital when asked to name three hubs. The results come amid significant concerns over the viability of the United States as a base for crypto firms, as regulators stateside pile the pressure on both startups and their banking partners.

Crypto YouTuber served lawsuit through tweet-A cryptocurrency YouTuber, Tom Nash, has been served a lawsuit through a tweet after a United States court allowed the action. Nash is one of ten defendants named in a class-action lawsuit against influencers alleged to have promoted the now-bankrupt cryptocurrency exchange FTX without disclosing their compensation.

FTX lawyers and consultants bill $103 million in first quarter-The lawyers and consulting firms assisting cryptocurrency exchange FTX through its bankruptcy proceedings are set to cash in a total of $103 million over the first quarter. The invoices from March were slightly higher than January and February's figures of $34.2 million and $32.5 million, respectively.

(5/3/2023)-Welcome back to the Crypto Overnighter. My name is Nikodemus, I’ll be your host as we take a nightly look at the crypto, NFT, and metaverse space and the industry surrounding it. And keep in mind, nothing in this show should ever be considered financial advice. 

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