The On the Margin newsletter on Blockworks.co provides readers with a recap of the latest news in the world of crypto and finance. In the recent edition, the Senate questioned four Biden nominees for agency roles, with crypto receiving a mention, albeit a small one. The nominees faced questions from the Senate Banking Committee, with Christy Goldsmith Romero, who is set to chair the Federal Deposit Insurance Corporation, receiving the most attention. Goldsmith Romero plans a complete overhaul of the FDIC, including addressing allegations of harassment and discrimination at the agency. Despite facing criticism, she received support from Senators, suggesting she may receive approval.
In addition to the Senate proceedings, the newsletter also highlighted the upcoming changes in IRS regulations, which will require taxpayers to allocate their unused cost basis differently. Taxpayers using a universal or multi-wallet basis allocation approach will need to switch to a wallet-by-wallet or account-by-account system. This development has implications for how crypto assets are managed and reported for tax purposes, emphasizing the importance of consulting with accountants to ensure compliance.
The newsletter also discussed the fluctuations in crypto stock performance during the week. Companies like MicroStrategy and Northern Data saw positive stock movements following announcements related to stock splits and revenue projections. However, other bitcoin miners like Hut 8, Core Scientific, and Bitfarms experienced stock price declines despite significant developments within their operations. The volatility in stock prices reflects the broader market sentiment towards crypto-related companies and their associated risks and opportunities.
In a separate section, the newsletter highlighted key events from the week, including Federal Reserve Chair Jerome Powell’s testimony on monetary policy and Treasury Secretary Janet Yellen’s remarks on President Biden’s effectiveness in meetings. The mention of inflation rates, interest rate cuts, and Biden’s potential reelection bid showcased the interconnectedness of economic policy, politics, and market sentiment. Investors are closely monitoring these developments to assess potential risks and opportunities in the financial markets.
The bulletin board section provided updates on the SEC’s response to registration statements filed for US spot ether ETFs and the agency’s closure of an investigation into the Stacks blockchain. These regulatory developments are significant for the crypto industry as they signal potential pathways for the launch of new financial instruments and blockchain projects. The newsletter also included the latest prices of BTC and ETH, highlighting their movements over the past week, reflecting ongoing market trends and investor sentiment towards major cryptocurrencies.
In conclusion, the On the Margin newsletter offers a comprehensive overview of the latest developments in the crypto and finance sectors, providing readers with insights into regulatory, market, and policy changes that impact the industry. By covering a wide range of topics, from Senate hearings to stock performance to regulatory updates, the newsletter aims to keep readers informed and engaged with the dynamic and evolving world of crypto and finance. Subscribe to stay updated on the latest news and analysis from industry experts Ben Strack and Casey Wagner.
