Weekly Roundup: The Biggest Cryptocurrency News of the Week

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The biggest crypto news stories of the week

The news never stops in the crypto world. Here’s an easy roundup of the latest crypto, blockchain, and DeFi headlines:

Mike Novogratz breaks his silence on Luna’s meltdown

Former hedge fund trader, Mike Novogratz, has finally broken his silence about the failure of Luna. The founder of Galaxy Digital Holdings, Ltd. and major backer of TerraForm had been tight-lipped on the currency’s plight but came out this week to blame the challenging global macroeconomy and more general collapse in crypto confidence. Downward pressure on reserve assets, he said, had led to a financial stress scenario similar to a traditional bank run.

The Australian Tax Office (ATO) gets serious about crypto

The Australian Tax Office is looking to raise revenue and is specifically targeting crypto traders. The government’s revenue collection arm says that any Australians who disposed of assets, including crypto, and made a profit, will need to calculate their capital gains tax and record it on their tax return.

Even though cryptocurrencies are currencies, Australia views gains made in buying and selling them as capital gains. The ATO also confirmed that investors cannot offset crypto losses against their salary and wages.

SEC’s Gensler wants a bigger budget for greater crypto oversight

The Securities and Exchange Commission’s Chair, Gary Gensler, testified in front of a House Appropriations Subcommittee this past week, recommending that they approve a larger budget for crypto oversight. He pointed to the highly volatile and speculative nature of the market which, to date, “has attracted tens of millions of American investors and traders.”

The public, he argues, is not protected, and many do not understand the risks associated with the complex world of crypto. He wants more money to probe and understand the tools and financial technologies that make cryptocurrency investments to prevent misconduct.

Biden administration pushes for separation of customer and corporate crypto funds

Federal officials, backed by the Biden administration, now want crypto exchanges to separate customer and corporate funds following Coinbase’s admission that some of its customers are vulnerable to bankruptcy if the company fails. Officials say that they will push a new crypto bill, to be considered by Congress, in the following weeks, to provide more oversight of companies that provide crypto wallet services.

If you love to hear more about cryptocurrency news, or you’re keen to make sure that you’re abreast of what is going on in the world of crypto, keep checking our news updates!


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