BB DAILY 12-4-2024: Key Crypto Developments: Putin Defends Bitcoin, Trump Nominates SEC Chairman, Powell Addresses BTC, India Cracks Down on Crypto Exchanges Tax Evasion
Putin states Bitcoin is here to stay, Trump nominates Paul Atkins to lead SEC with focus on digital assets, Powell downplays BTC as dollar rival, and India recovers millions in unpaid GST from major crypto exchanges.
Because Bitcoin
December 4, 2024
Putin says Bitcoin and cryptocurrencies can’t be banned, sees continued growth amid regulatory developments in Russia.
Vladimir Putin declared at a Moscow investment conference that no one can ban Bitcoin or other cryptocurrencies, emphasizing their inevitable growth as new technologies. Last week, Putin signed a law recognizing digital currencies as property in foreign trade, a move tied to Russia’s strategy to bypass Western sanctions. Meanwhile, Russia is testing a central bank digital currency, set to launch in 2025, with trials expanding significantly this year.
Trump nominates Paul Atkins as SEC Chairman, emphasizing digital assets and innovation.
Donald Trump announced Paul Atkins as his pick for SEC Chairman, praising his leadership on sensible regulations and support for innovative capital markets. Atkins, CEO of Patomak Global Partners and Co-Chairman of the Digital Chamber’s Token Alliance since 2017, has a strong background in digital assets and investor protection. A former SEC Commissioner (2002–2008), Atkins is known for his commitment to transparency.
Fed Chair Powell compares Bitcoin to gold, dismisses it as a competitor to the U.S. dollar.
Jerome Powell stated at the DealBook Summit that Bitcoin is a speculative asset comparable to gold, not the U.S. dollar. He emphasized its limited use as a payment method or store of value due to volatility and rejected the idea of a national Bitcoin reserve. Powell clarified that the Federal Reserve’s role is to maintain a stable banking system, not regulate cryptocurrencies. Discussing the U.S. economy, he highlighted strong growth, reduced inflation, and stable unemployment, enabling a cautious approach to adjusting interest rates.
Indian government detects $97M in unpaid GST by crypto exchanges, including Binance and WazirX.
India uncovered 824 crore rupees ($97M) in unpaid GST from crypto exchanges like Binance, WazirX, CoinDCX, and CoinSwitch Kuber. Authorities have recovered $14M in taxes, penalties, and interest but noted Binance has yet to settle its 722 crore rupee tax evasion case. WazirX, accused of $4.8M in unpaid GST, has paid 20% extra in penalties. Investigations into 17 crypto firms are ongoing as India strengthens its oversight of the sector.
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