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Venezuela’s state-owned oil and gas company PDVSA is reportedly planning to speed up its use of crypto, particularly USDT, the largest stablecoin by market capitalization, to circumvent US sanctions. The Venezuelan oil company gradually started integrating USDT for oil sales in 2023, and reportedly has a new policy in place mandating new customers to have a digital wallet holding cryptocurrency. Venezuela Turning to USDT for Oil Exports According to Reuters, PDVSA’s intention to accelerate USDT usage for crude and fuel…

Robert F. Kennedy announced that if he won the election, he will integrate the blockchain to enable transparency in the country’s budget. With decentralized and immutable ledgers of digital currencies coming into play, he aims to subordinate citizens of the government with enhanced oversight over public spending Robert F. Kennedy, who is running for presidential office in the US, announced a daring plan to change the information transparency in the country’s federal budget by putting the entire US budget on…

On Monday, crypto-related stocks in the United States saw significant increases, reflecting a broader market rally just days after the Bitcoin halving. Despite the event, which reduced mining rewards to 3.125 BTC per block, some of these stocks recorded double-digit percentage gains. Double-digit Percentage Gains According to data from Google Finance, the country’s five largest publicly traded Bitcoin miners, including Marathon Digital (MARA), CleanSpark (CLSK), Riot Platforms (RIOT), Cipher Mining (CIFR), and Hut 8 (HUT), all witnessed substantial gains over…

The post Robert F. Kennedy Jr. Plan to Bring U.S. Budget to Blockchain in 2024 Election Bid appeared first on Coinpedia Fintech News U.S. presidential candidate Robert F. Kennedy Jr. has recently promoted Bitcoin as “freedom tech” at ETHDenver. Prior to the presidential election, he has strongly opposed the policies of the USA on central bank digital currency (CBDC). In fact, he has repeatedly given importance to transactional freedom. According to Kennedy, Bitcoin is one of the most essential means…

The post U.S. Senate Proposes 1% Tax On BTC Holdings Over $500K To Align Crypto With National Tax Regulations? appeared first on Coinpedia Fintech News The U.S. Senate on 21st April, Sunday, proposed a new tax regulation for the cryptocurrency industry. According to the new proposed regulation, individuals, trusts, and entities holding BTCs worth over $500,000 will be liable to pay 1% as tax. This move was initiated as part of a large effort made by the centralized body to…

The post SEC Claims Justin Sun’s Extensive US Travels, Swinging Lawsuit in Their Favor appeared first on Coinpedia Fintech News The United States Securities and Exchange Commission (SEC) has strengthened its lawsuit against Tron founder Justin Sun, alleging that his extensive travel to the U.S. gives the regulator jurisdiction over him despite his attempts to dismiss the case.  The SEC claims that Sun’s extensive travel to the United States provides grounds for jurisdiction, intensifying the legal battle between the regulatory…

On April 17, the two pro-crypto Senators introduced the Lummis-Gillibrand Payment Stablecoin Act. The bill “solves key policy challenges that have lingered around previous proposals and provides prudential regulation and added consumer protections to stablecoin issuers,” said Lummis, who added, “But above all, it allows innovation to prosper.” The Senators have been drafting the bill for months as customer protections and proper custody practices for issuers came into focus following the fallout of the FTX collapse. @gillibrandny and I are…

The post US Senators Propose Bill to Regulate Stablecoins Amidst Banning on Algorithmic Stablecoins appeared first on Coinpedia Fintech News US Senators Cynthia Lummis and Kirsten Gillibrand have introduced a bipartisan bill aimed at regulating stablecoins. This move highlights the increasing attention from policymakers toward digital currencies and their impact on the financial landscape.  With stablecoins gaining traction, the proposed legislation seeks to address regulatory gaps and ensure the stability of the US dollar while fostering innovation in the digital…

The IRS is intensifying its efforts to combat tax evasion related to cryptocurrencies as the tax filing deadline nears. Chainalysis and other blockchain analytics firms play a crucial role in aiding the IRS by providing tools for tracking crypto asset ownership and transactions. The IRS is enhancing its focus on cryptocurrency-related tax evasion, unveiled IRS Criminal Investigation Chief Guy Ficco at the recent Chainalysis Links event in New York. With the tax season in full swing, Ficco pointed out an…