News recap for the past week!
✅ The US faces default, potentially affecting the value of crypto
The White House administration aims to eradicate the practice of American traders using “wash sales” to lower tax obligations. The necessary provisions have already been included in the budget proposal for the next year.
Republicans oppose this decision and refuse to ratify an increase in the debt ceiling of over $34 trillion unless they receive guarantees of reduced future expenditures. If Congress fails to reach an agreement by June 1, the United States will be unable to meet its obligations. This would result in a technical default, significantly impacting the economy and the country’s reputation, which in turn would affect investor sentiment.
✅ HotBit exchange ceases operations
The cryptocurrency exchange has announced the suspension and closure of its services. Users must withdraw their assets by June 21. There are several reasons for this. First, a criminal investigation is underway. The platform suspended operations in August due to this matter. One of Hotbit’s former executives was implicated in criminal activities, and some of the company’s accounts were frozen. The second reason is the shift in trends within the crypto industry towards decentralized platforms. The third reason is the occurrence of hacking attacks and exploits that resulted in significant losses for the platform.
✅ NABU to investigate cryptocurrencies
The National Anti-Corruption Bureau of Ukraine will begin studying the cryptocurrency sector. The agency views cryptocurrencies as one of the instruments contributing to the growth of corruption. In order to uncover crimes involving cryptocurrencies, the agency will conduct a nine-month training program called “CryptoEdge.” This will be the largest training of its kind in the Bureau’s history, featuring leading experts in digital currencies, top trainers from Ukraine and around the world, as well as developers of analytical tools and representatives from the crypto community.
✅ Anniversary of Bitcoin Pizza Day
Today, May 22, the world celebrates the 13th anniversary of Bitcoin Pizza Day. On May 22, 2010, a user with the nickname “laszlo” posted a message on the Bitcointalk forum about a profitable purchase. He claimed to have bought two pizzas, paying for them with cryptocurrency. This event is considered the first official purchase of real goods with bitcoins. This transaction became a kind of meme since the user paid 10,000 bitcoins for the pizzas.