Summary of Article
- The U.S. government has served Bankman-Fried and their attorneys with 4 million pages of discovery documents.
- Rep. Patrick McHenry has labeled proposed crypto tax rules as an ‘attack on the digital asset ecosystem’.
- Nate Chastain was sentenced to three months in prison for insider trading at OpenSea, while Binance allegedly maintains ties with blacklisted Russian banks despite Western sanctions.
U.S. Government Hits Bankman-Fried With Discovery Documents
The U.S. government has served Bankman-Fried and their attorneys with 4 million pages of discovery documents in a legal dispute related to cryptocurrency regulations and taxes. This move is seen as an attempt by the government to gain more information about the individuals and entities involved with digital assets which could be used to further enforce existing laws or create new ones in order to better regulate the cryptocurrency market.
Rep McHenry Calls Proposed Crypto Tax Rules An ‚Attack‘
Congressman Patrick McHenry (R-NC) described proposed crypto tax rules from the Internal Revenue Service (IRS) as an „attack on the digital asset ecosystem.“ The proposed changes would impose stricter reporting requirements for investors, which could lead to increased enforcement action against those who are not compliant with current regulations or fail to properly report gains/losses on taxes related to cryptocurrency transactions.
Worldcoin Whistleblower Severs Ties With Project
A whistleblower publicly severed ties with Worldcoin, a project designed to use blockchain technology for social good, saying that it „deserves whatever will come next.“ The individual accused leaders of the project of mismanagement and warned against investing in it due to potential fraud risks associated with its token sale process and lack of oversight over funds raised.
Nate Chastain Sentenced To Three Months For Insider Trading At OpenSea
Nate Chastain was sentenced to three months in prison after pleading guilty to insider trading at peer-to-peer marketplace OpenSea back in 2019. According to court filings, he used confidential information obtained through his role at OpenSea to purchase tokens before they were made available on the public market, resulting in illicit profits totaling nearly $600K USD worth of Ethereum tokens for himself and others involved in the scheme.
