In a letter addressed to Treasury Secretary Janet Yellen and IRS Commissioner Daniel Werfel, Congressmen Sherman and Lynch raised concerns about the tax compliance practices in crypto. Members of the United States Congress — Brad Sherman and Stephen Lynch — have penned a letter to the heads of the Treasury and the Internal Revenue Service…

Previously unrecognized Ordinals inscriptions will be indexed by the protocol following the upgrade, which will allow them to be traded. Developers behind the Bitcoin Ordinals protocol have rolled out a new upgrade that aims to cure over 71,000 invalid or “cursed” inscriptions — allowing them to be traded. “Cursed inscriptions” was the name given to…

Security teams are investigating the cause of the attack. Reports have surfaced of tokens being lost, transaction data being erased, and even entire crypto portfolios destroyed. At least $35 million worth of crypto assets has been stolen from Atomic Wallet users since June 2, according to an analysis from on-chain sleuth ZachXBT. The five largest losses account…

The cryptocurrency market has been experiencing low volatility for the past two months, but does that mean investors should just sit and wait? Cryptocurrency markets are well-known for their volatility, where large price swings help investors create or lose fortunes. Yet there are often periods of relative stability where the tight price action bores some…

The FTX debtors alleged that the claim was filed “without any advance notice,” and they were not invited to participate in the mediation. Just a month after bankrupt cryptocurrency exchange FTX sought $4 billion from the also bankrupt crypto lender Genesis, it is now contesting a claim that it is entitled to nothing. According to a…

Several users on Twitter have reported losses of crypto assets, claiming funds held on the Atomic Wallet app vanished. Atomic Wallet has been apparently exploited, with users on Twitter reporting complete losses of their crypto portfolios. Atomic is a noncustodial-decentralized wallet, meaning users are responsible for assets stored in the application. “We have received reports…

ETH use in DeFi is down due to an uptick in staking, but rapid growth in LSDfi could be a bull market catalyst. Ether’s DeFi activity has declined in the bear market and the sector faces further competition from Ethereum’s annual staking reward of 4%, according to Glassnode analysts. However, a DeFi narrative is building…

The framework under the bill would allow certain tokens to qualify as digital commodities if they were decentralized and crack down on the SEC’s previous approach to crypto. Lawmakers with the United States House Financial Services Committee and House Agriculture Committee have released a draft discussion offering certain crypto assets a pathway to being labeled…

ARB’s price notched a double-digit gain after a popular DeFi whale address resumed buying the governance token, but is the rally sustainable? On June 2, the price of Arbitrum jumped alongside the top-ranking cryptocurrencies after the United States Senate voted to raise the debt limit. Why is the ARB price up today? The price of Arbitrum (ARB) rose…

Stablecoins could help crypto firms to remove themselves from the banking system — and prevent the U.S. government from cutting off their financial lifelines. Boosting financial inclusion is one of crypto’s strongest value propositions. Yet, ironically, the banking crisis has effectively de-banked the crypto industry itself, at least in the United States. How things panned…