Daily Archives: August 28, 2023, 8:18 am

Biden administration unveils new crypto tax reporting rules | Reuters

A proposed new tax reporting form called Form 1099-DA is meant to help taxpayers determine if they owe taxes, and would help crypto users avoid having to make complicated calculations to determine their gains, the Treasury Department said. It would also subject digital asset brokers to the same information reporting rules as brokers for other financial instruments, such as bonds…

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SEC Sues Retail Trader Over $1 Million ‘Free-Riding’ Scheme

A trader who allegedly perpetrated a $1 million “free-riding” scheme using instant deposit credits to invest without funding his retail brokerage accounts was sued by the Securities and Exchange Commission on Friday. Deyonte Jahtori Anthony allegedly used his accounts to purchase equities and exchange-traded funds from an unidentified brokerage using a nearly $200,000 “immediate access” credit, despite having insufficient funds…

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‘They Didn’t Blow Up the World’: Big Law Reacts to New SEC Fund Rules | Law.com

Law firm partners and their fund clients breathed a sigh of relief when the Securities and Exchange Commission passed new rules this week for private equity firms and hedge funds that appeared watered down from original proposals. “They didn’t blow up the world, but it is impactful,” Marc Elovitz, co-managing partner of Schulte Roth + Zabel and co-chair of the…

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Electric Utility Linked to Maui Wildfires Hit with Securities Suit | The D&O Diary

In early August 2023, wildfires broke out on the Hawaiian island of Maui. The wildfires caused the deaths of at least 115 people, and also caused massive property damage. In the aftermath, questions began to circulate about what had caused the fires. Among those under the spotlight is Hawaii’s largest electrical utility, Hawaiian Electric Industries. Indeed, on August 24, 2023,…

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Bitcoin Prices Steady as Third Largest Holder Revealed to be Robinhood

Investing and trading platform Robinhood (HOOD) holds over $3 billion in bitcoin (BTC) in a single wallet that attracted the holdings over several months, wallet data from Arkham Intelligence shows. This makes it the third-largest bitcoin holder behind crypto exchanges Binance and Bitfinex, which hold $6.4 billion and $4.3 billion worth of tokens on single wallets respectively. The wallet previously…

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