tl;dr
There is a lot going on that could have longer term affects, including, Staff Accounting Bulletin 121. Here is what is on my mind today.1. So, the most disliked person in the school racks a joke and nobody laughs. As a matter of fact, the joke opened him up to a bevy of responses letting him know ex...
There is a lot going on that could have longer term affects, including, Staff Accounting Bulletin 121. Here is what is on my mind today.
1. So, the most disliked person in the school racks a joke and nobody laughs. As a matter of fact, the joke opened him up to a bevy of responses letting him know exactly why he is disliked and what he can do to get out of what I am calling the Grinch Zone. Who am I talking about. Why Gary Gensler, of course. The Bitcoin Whitepaper that started it all turned 15 yesterday and Gensler's happy anniversary joke fell on already irritated ears.
2. I have to do some more verification, but it looks like the Invesco Galaxy Bitcoin ETF (BTCO) has been listed on the Depository Trust and Clearing Corporation’s (DTCC) website. This is the Bitcoin Spot ETF developed by Invesco and Galaxy Digital. This is the second one listed after BlackRock's iShares Bitcoin Trust (IBTC) listed just a few days ago. When I say this is going to happen people should start to do their own research and make a decision…quickly!
3. The SEC continues to face scrutiny from all sides. This time you have the Government Accountability Office issuing a statement that Staff Accounting Bulletin 121 should have been sent to Congress along with an official rule. The controversial rule says companies should list safeguarded crypto (stemming from custodial services) as a liability on their balance sheets as fair values, plus any corresponding assets. When I reported about this rule back in March I had said it would definitely have a heavy impact on firms offering custodial services and possibly make the service far less profitable. Republican lawmakers have been chiming in against the rule as well. Thus far, the rule stands for banks and public companies.
4. Kraken is going to provide consumer details to the IRS this month. This includes transactional information, Tax IDs, names addresses, etc. This is in accordance with a ruling that was issued in the case back in June. I tell my kids all the time that if you are paying taxes, you are making money. Now you just have to file your taxes right so you do not fall on the wrong side of the law. There are already rules on the books where you can legally save tax money. There is absolutely no reason to mess around and find out.
5. In a major decisions, Circle has decided to terminate individual accounts. Apparently, this decision was first announced on X where an account named Evanss6 posted a copy of a letter stating the firm would be terminating the accounts. Wiring and minting will cease for the legacy consumer accounts by November 30th. The news has been confirmed by a company spokesperson.
6. There has been a lot of noise around AI-related coins. I have not touched any of them because I am not seeing the use cases for them just yet. It doesn't mean they don't exist. It just means I have not deemed the projects viable for any of my portfolios at this point. That said, they seem to have taken a stumble following the Executive Order issued by the White House. So, it seems that FET, AGIX, GRT, and OCEAN each took a little bit of a hit.
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