US SEC ramps up crypto fraud oversight by adding 20 employees

The US Securities & Exchange Commission (SEC) will add 20 positions to its enforcement unit for crypto markets in its push to curb fraudulent activities. The division will be renamed the “Crypto Assets and Cyber Unit” and will have a total of 50 employees. The revamped unit will focus on preventing fraud that uses crypto-asset offerings, exchanges, lending & staking products, DeFi platforms, non-fungible tokens, and stablecoins. 

Crypto prices today: Bitcoin down 0.3%, ETH falls 1%

Bitcoin is currently trading at $38,386.1 a 0.29% decline over the previous day. Ethereum is down 0.99% over the last 24 hours to $2,813.33. Solana fell 1.8% to $86.81, while Cardano is trading lower by 0.78% at $0.783. Avalanche (AVAX) fell 2.4% to $60.41. The global crypto market cap stands at $1.73 trillion, a 0.53% decline over the previous day.

Hawaii to approve task force to examine Bitcoin, Web3 technology

The Hawaii State Senate today approved bill SB2695 that establishes a blockchain and crypto task force. The bill aims to see how the state can regulate, provide oversight, and potentially use blockchain tech and crypto. The task force will include both government officials and members of the Web3 space, plus professors from the University of Hawaii that specialize in digital currency.

Reward points, e-vouchers out of crypto tax net

India will provide a specific exclusion for e-vouchers, points earned on cards on shopping and payments, and other such digital reward assets from the proposed tax on virtual digital assets (VDAs). The government is working on a set of rules that would be notified soon. VDAs are information, code, number, or token not being Indian or foreign currency, generated by cryptographic means or otherwise.

As per reports, the tax department could also levy 20% TDS on interest earned on cryptocurrencies from foreign platforms.

El Salvador’s debt risk looms as Bitcoin Bond has yet to launch

El Salvador is the first nation to experiment with Bitcoin as a national currency. However, it has an $880 million bond due in January, according to Moody’s. Unfortunately, since the nation’s highly anticipated “Bitcoin Bond” has yet to reach the market, it may have some trouble paying that debt. The government is yet to introduce legislation necessary for the bond to move forward.