Analysis News Today TheBitTimes.com

Join Our Telegram channel to stay up to date on breaking news coverage A US federal court has ordered Kraken to share user trans action records and data with the Internal Revenue Service (IRS). The revenue collection agency said it needed the information to see if any of Kraken’s users had underreported their taxes.  The IRS accused the San Francisco-based cryptocurrency exchange of failing to provide information for users who made trans action s exceeding $20,000 between the years 2016 and 2020.  Following the order from the District Court for the Northern District of California, exchange tokens have plummeted with BNB, CRO, SNX and 1INCH declining over the past few days.  Kraken Readies To Handover User Records  According to the court order issued on Friday, June 30, Kraken is required to release details of users’ trans action s exceeding $20,000 for the calendar years between 2016 and 2020.  The information required includes full name...

Traders are pivoting into decentralized solutions like GMX, LDO and MKR as the U.S. Securities and Exchange Commission cracks down on the crypto industry. The United States Securities and Exchange Commission (SEC) has started ramping up its crackdown on the crypto industry and recent enforcement actions had a negative impact on crypto prices last week and at the start of this week.  The SEC is focusing on stablecoin issuers. The most recent SEC stablecoin crackdown was on Feb. 13 through the issuance of a Wells Notice to Paxos Trust Company, the issuer of Binance USD (BUSD). While Paxos denies that BUSD is a security, which would place it outside the SEC’s jurisdiction, some lawyers say the answer is not so simple, which creates fear that other top stablecoin issuers like Circle’s USD Coin (USDC) could be next. The SEC is also putting crosshairs on centralized exchanges (CEX) by questioning how they can use customer funds as qualified custodians. On Feb. 15, a five-member SEC panel w...