Highlights
IRS Delays Reporting Rules for Cryptocurrency Transactions Over $10,000
TrueUSD (TUSD) Falls Below $1 Peg as Holders Cash Out for USDT Amid Selling Surge
COPA vs. Craig Wright: Trial to Define Bitcoin’s Future and Development Freedom
The IRS has postponed enforcing regulations requiring U.S. businesses to report cryptocurrency transactions over $10,000 until a new framework is established. This decision follows a revision of the Infrastructure Investment and Jobs Act. Although a law took effect on January 1, mandating reporting, the IRS has temporarily stepped back, citing the need for further guidance. Digital assets are currently excluded from the reporting threshold. The IRS and the Treasury plan to propose regulations for digital asset reporting without specifying a timeline, seeking public input on the matter. This move is seen as a positive step by digital asset advocates, despite concerns about poorly constructed reporting requirements noted by the U.S. House Financial Services Committee.
TrueUSD (TUSD) has fallen below its $1 peg, dropping to $0.988, amid reports of holders cashing out for Tether (USDT). The depegging coincided with substantial selling on Binance, with over $339.2 million worth of TUSD sold in the last 24 hours. Difficulties in providing real-time attestations of reserves were reported on January 10, suggesting undercollateralization. Users noted arbitrage opportunities due to TUSD trading lower on Poloniex, but withdrawal issues hindered arbitrage execution. The firm behind TrueUSD, Techteryx, declined to comment, and users remain unable to withdraw TUSD from Poloniex. Speculation links the sell-off to TUSD’s exclusion from Binance’s Manta launch pool initiative.
The upcoming COPA (Crypto Open Patent Alliance) vs. Wright trial, starting on Feb. 5, is poised to shape the future of Bitcoin development and define its freedom. The trial challenges Craig Wright’s claims of being Satoshi Nakamoto, the mysterious creator of Bitcoin. COPA, backed by industry leaders like Block, Coinbase, and Meta, seeks to debunk Wright’s assertions, which could potentially impact the open-source development of Bitcoin. The trial, focusing on Wright’s alleged fraudulent acts related to his identity claim, will scrutinize evidence, including recently surfaced controversial documents. The outcome will have broad implications for the Bitcoin ecosystem and the safety of its contributing community, as highlighted by COPA’s spokesperson, emphasizing the trial’s significance in ensuring justice and fostering a conducive environment for developers.
News
TrueUSD stablecoin depegs as holders dump $330M in TUSD
Timeline set for upcoming Craig Wright trial on Satoshi Nakamoto identity claim
Grayscale’s GBTC bleeding drives down AUM by $5B
Bankrupt Celsius, FTX Raise Suspicions with $46M Transfer to Exchanges
Products
Wormhole bridge reclaims $1B in total value locked
‘Wen Solana ETF?’ — Hopes raise after Franklin Templeton lauds blockchain
Nasdaq, Cboe apply to offer BTC ETF options trading, receive fast response
Justin Sun’s Huobi Announces Major Conversion From HT to HTX
Regulation
IRS steps back crypto tax rules, exempting TXs over $10K from obligations
EU Toughens Anti-Money Laundering Rules for Crypto, Introduces KYC for Transactions Over €1,000
Circle CEO sees ‘very good chance’ of stablecoin laws this year: Report
Donald Trump vows to ‘never allow’ creation of a CBDC in the United States
Funding
Arbitrum Foundation Ignites DApp Innovation: Launches Second Phase of Funding Program
Crypto firm HashKey secures $100 mln funding, exceeds $1 bln valuation
Ethereum Staking Platform Kiln Raises $17M for Global Expansion
XRP Soars with 244% Fund Inflow Surge Amid ETF Speculation
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