• Fidelity reapplies for a spot Bitcoin ETF despite its rejection in 2022.
• Elliot Johnson argues that a surveillance agreement is key to SEC approval of the ETF.
• Biden criticized “loopholes for crypto traders” in U.S. tax code, Canadian lawmakers publish recommendations on blockchain adoption, KuCoin to introduce mandatory KYC, miners sent 260% of their daily revenue to exchanges.
Fidelity Reapplies for Spot Bitcoin ETF
Fidelity has recently reapplied for a spot Bitcoin Exchange Traded Fund (ETF) after being rejected by the US Securities and Exchange Commission (SEC) in 2022. Elliot Johnson, an analyst at Fidelity believes that a comprehensive surveillance agreement with market participants can help secure approval from the SEC.
Biden Criticizes Crypto Tax Loopholes
During his speech in Chicago, President Biden extolled recent economic progress while also criticizing “loopholes for crypto traders” in the US tax code. This is likely due to reports that many investors have been skirting taxes by using crypto assets as investments or income sources without paying due taxes on them. The criticism comes as more attention is being paid to the role of cryptocurrencies and other digital assets in finance and investment markets around the world.
Canadian Lawmakers Publish Blockchain Recommendations
In response to increasing demand from businesses and citizens across Canada, Canadian lawmakers have published recommendations encouraging blockchain adoption within financial services industries, particularly those operating near or across borders between countries like Canada and the United States. The report emphasizes how this technology could help streamline processes such as trade finance or supply chain management and reduce costs associated with cross-border payments or transactions involving multiple currencies or payment networks.
KuCoin Introducing Mandatory KYC
Cryptocurrency exchange KuCoin will be introducing mandatory Know Your Customer (KYC) procedures from June 30th onward which will require users to submit personal identification documents before making deposits into their accounts starting August 1st of 2021 onwards. This move aims to improve security standards while still allowing users access to their funds without having to go through lengthy identity verification processes in each country they operate in globally.
Miners Send 260% of Daily Revenue To Exchanges
Recent data shows that miners have been sending an equivalent of 260% of their daily mining revenue onto exchanges over the past week – a substantial spike compared to previous records which peaked at 315%. This increase has mainly been attributed to one of the largest Bitcoin mining pools – Poolin – though it is unknown why such concentration selling activity has occurred now more than ever before