Bitcoin Bull’s $800,000 Tax Bill Due as Israeli Court Rules Crypto is ‘Property’

By CCN: An Israeli court has ruled that Bitcoin is not a currency but rather an asset. This was in a case brought forth by Noam Copel, a blockchain entrepreneur, according to business publication Globes. The ruling means that Copel will pay taxes of New Israeli Shekel (NIS) 3 million ($830,115). This is after making profits of over NIS 8 million ($2.2 million) trading bitcoin six years ago. In the course of presenting arguments, Copel had made the case that bitcoin should be classified as a foreign currency. The country’s tax collection agency, Israel Tax Authority, had made the opposing

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Nabbed! SEC Reels in $30 Million Alleged Diamond-Backed Crypto Scam

By CCN: The U.S. SEC has secured a court order to stop an alleged diamond-backed Ponzi scheme estimated to be worth around $30 million. The securities regulator outlined how more than 300 investors were fleeced into handing over funds to Florida-based Argyle Coin LLC. SEC obtains emergency order halting alleged diamond-related ICO scheme targeting hundreds of investors https://t.co/sJIb2vCKsZ — SEC_News (@SEC_News) May 21, 2019 Jose Angel Aman is the mastermind behind the scheme. The SEC alleges that two of his other companies – Natural Diamonds Investment Co and Eagle financial Diamond Group Inc – are also part of the scam,

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Bitcoin Can Wreak Havoc by ‘Ruining’ Governments: Senior Russian Official

By CCN: A top official with Russia’s State Duma (the Russian Parliament) warned that bitcoin has the capacity to ruin governments because it could facilitate the offshoring of massive amounts of money. Nikolay Arefyev, the deputy chairman of the State Duma committee on economic policy, sounded the alarm at a May 20 press conference, Rambler reported. Official: We don’t want capital exodus from Russia Specifically, Arefyev warned that cryptocurrencies could lead to Russia’s collapse because it could trigger a mass-withdrawal of capital to offshore accounts. “If cryptocurrency worked, we would be completely ruined today because all financial flows would be

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Bitcoin ETF Not ‘Imminent’ But Could Upend Crypto Market in 2019: Expert

By CCN: A bitcoin ETF does not wait on the immediate horizon, according to the managing director of ETF.com, Dave Nadig. A veteran of the exchange-traded fund market and an indexing expert, Nadig told CNBC’s Bob Pisani that a bitcoin ETF was not “imminent” but remained a strong possibility for 2019. Bitcoin ETF Not Imminent, Says Market Expert Dave Nadig Dave Nadig told CNBC there was no reason for any immediate hope of approval and that the regulator would likely exercise its authority to “kick this can down the road” and avoid making a decision as long as possible. “The

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SEC Punts on Bitcoin ETF as Unfazed Crypto Bulls Dig in Their Heels

By CCN: The U.S. Securities and Exchange Commission has decided once again to kick the can on its decision about a bitcoin ETF. In a ruling published today, the securities watchdog revealed that an answer on the VanEck/SolidX Bitcoin ETF as proposed by the Cboe would be postponed for another 90 days, pushing the deadline back to August 19. The crypto community wasn’t shocked by the announcement, but the bitcoin price has retreated modestly from Sunday’s fresh 2019 highs. Despite the pullback in the bitcoin price, the cryptocurrency market has several major catalysts this year that will continue to fuel

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Terrified Central Bank Attempts to Arrest Myanmar’s Bitcoin Binge

By CCN: An emerging economy which expects to attract $5.8 billion worth of Foreign Direct Investments is belittling its goals with an anti-technology stance. Myanmar is the latest developing country that is hinting to shut doors in the face of bitcoin, a decade-old global cryptocurrency which proposes to replace banks with a decentralized network of transaction validators and bookkeepers. Anybody with a decent internet connection can participate in the bitcoin economy, which further makes it an attractive asset for people with limited gateways to participate in global economies. Myanmar Could See Blockchain Powering its Stock Trading Markets https://t.co/NFbr1X0LMZ pic.twitter.com/kNlTvRKvRT —

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Embattled OneCoin Denies Multi-Billion Dollar Ponzi Scheme Allegations

By CCN: OneCoin execs are sick of being called a Ponzi scheme. Allegations of ripping off churches are false too, they claim. In a lengthy letter to the Samoa Observer, the cryptocurrency-powered marketing company defended itself against what it considers to be false allegations OneCoin takes issue with news articles that were used by the Central Bank of Samoa (CBS), which fueled the Ponzi scheme narrative. The CBS has issued clarifications about the information it received about OneCoin’s operations. OneCoin is alleged to be involved in a $3 billion pyramid scheme. The Manhattan U.S. Attorney claims that the company created

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Kraken Turns Tables on Canadian Regulators in Nine-Page Rebuttal

By CCN: Kraken is not pleased with the way Canadian regulators propose to go about governing crypto trading platforms. In a sternly written paper to the Canadian Securities Administrators and the Investment Industry Regulatory Organization of Canada, the crypto exchange explained its gripes. The two regulatory bodies have proposed a security law framework that all exchanges would have to abide by whether they like it or not. Kraken strongly recommends against Canada imposing a security law framework on crypto currency exchanges in public response to the Proposed Framework for Crypto-Asset Trading Platforms published by the CSA and the IIROC #bitcoinca

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2020 Bitcoin President Andrew Yang Pledges ‘Fun with Crypto in the White House’

By CCN: Cryptocurrency is firmly on the agenda in the 2020 presidential race (and no, I’m not talking about John McAfee). Pro-bitcoin candidate Andrew Yang is quietly rising through the stacked Democrat field as a serious contender for the White House. In a keynote speech at the Consensus conference yesterday, he doubled down on his crypto agenda. “If I’m in the White House, oh boy are we going to have some fun in terms of the cryptocurrency community.” Visited with my friends at Consensus today. The blockchain has vast potential. Thanks @NeerajKA. pic.twitter.com/aGnMttDN7J — Andrew Yang (@AndrewYang) May 15, 2019

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Bakkt CEO Kelly Loeffler Targets July for Thrilling Bitcoin Futures Launch

By CCN: It’s finally happening. The Intercontinental Exchange (ICE), the parent company of Bakkt, has officially filed for bitcoin futures approval with the U.S. Commodity Futures Trading Commission (CFTC), according to a blog post this morning by Bakkt CEO Kelly Loeffler. Although the CFTC hasn’t approved the new platform yet, Loeffler seems confident it will, stating: “…bitcoin futures will be listed on a federally regulated futures exchange in the coming months.” What We Know About the Platform Loeffler sheds some light on the upcoming platform launch in her post. Here’s what we know: Bakkt will list two futures platforms –

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