Bill Seeks to Empower Crypto Customers, Kraken Targeted by OFAC

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Last Update: September 21, 2022

2 mins read

A new bipartisan bill was pitched in the US with lawmakers hoping to create an exemption for small retail purchases with cryptocurrencies.

The measure aims to encourage the use of cryptocurrencies without triggering tax on the payment when it concerns personal purchases that are lower than $50. In other words, the bill seeks to empower Americans to purchase their coffee in Bitcoin (BTC) and other cryptocurrencies.

Meanwhile, regulators continued to address some of the shadier side of cryptocurrency. The South Korean financial regulator took aim at transactions worth $3.1bn that may be potentially linked to cryptocurrency money laundering.

Underdog, a pay-to-play fantasy sports platform, announced that it has been able to complete a $35m funding round which put its total valuation at $485m. The Series B funding round was led by Acies Investment and BlackRock.

Cryptocurrency Kraken was named in potential breach of US sanctions by the Department’s Office of Foreign Assets Control (OFAC), which may trigger an investigation and various penalties against the company.

Should OFAC find Kraken guilty of breaching sanctions, the company will become the first crypto exchange to have been targeted by the regulator.

In another case, the former CEO of Titanium Blockchain, Michael Alana Stollery, pled guilty to a $21m fraud.

Meanwhile, cryptocurrency partnerships in soccer continue to be a thing. Both Norwich and Fulham have taken a stance on how they want to conduct partnerships.

Norwich said that it would no longer accept betting partnerships and Fulham signed a new partnership with crypto sports betting operator W88.

Meanwhile, many companies in the sector have faced difficulties, prompting FTX to make the best of the situation. The company has tabled an offer to buy out rival exchange Bithumb, which FTX wants to acquire at a significant discount citing its current financial predicaments.

The International Monetary Fund has confirmed this week that cryptocurrencies, while still part of the financial system, pose no threat to the mainstream order of the global financial industry.

Rapper Drake began the week by winning a massive UFC bet he placed with Stake.com. The rapper ended up winning back £3m off that trade-off.

But, as Drake celebrated a huge payday, owner of the Dallas Mavericks Mark Cuban, sounded the alarm over rumors that the US Securities and Exchange Commission may end up having a bigger say in day-to-day crypto affairs. This, Cuban suggested, would be a nightmare scenario.

In the meantime, you can spend the weekend enjoying crypto by simply visiting Bitcasino, 1xBit or FortuneJack.

Alex

Alex is a well-rounded crypto writer who focuses on general market and legal developments. His main interest lies in how crypto gaming can become a more permanent part of the gaming landscape and how blockchain holds benefits to players they are not even aware of.

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Looking for your next crypto casino? Check out: Mega Dice or FortuneJack

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