{"id":6845,"date":"2022-09-02T05:03:03","date_gmt":"2022-09-02T05:03:03","guid":{"rendered":"https:\/\/cryptoheretostay.com\/?p=6845"},"modified":"2022-09-02T05:03:04","modified_gmt":"2022-09-02T05:03:04","slug":"saylor-claps-back-at-tax-fraud-allegations-usdt-and-usdc-at-war-for-market-dominance","status":"publish","type":"post","link":"https:\/\/cryptoheretostay.com\/?p=6845","title":{"rendered":"Saylor claps back at tax fraud allegations; USDT and USDC at war for market dominance"},"content":{"rendered":"<p> <script type=\"text\/javascript\">\r\namzn_assoc_placement = \"adunit0\";\r\namzn_assoc_tracking_id = \"totafreearti-20\";\r\namzn_assoc_ad_mode = \"search\";\r\namzn_assoc_ad_type = \"smart\";\r\namzn_assoc_marketplace = \"amazon\";\r\namzn_assoc_region = \"US\";\r\namzn_assoc_default_search_phrase = \"crypto\";\r\namzn_assoc_default_category = \"All\";\r\namzn_assoc_search_bar = \"false\";\r\namzn_assoc_title = \"\";\r\namzn_assoc_rows =\"1\";\r\n<\/script>\r\n<script src=\"\/\/z-na.amazon-adsystem.com\/widgets\/onejs?MarketPlace=US\"><\/script><br \/>\n<\/p>\n<p><em>The biggest news in the cryptoverse for Sept. 1 includes Michael Saylor disagreeing with allegations of tax avoidance, U.S. probing Binance over AML compliance since 2020, Celsius asking to return $210 million to creditors, and OpenSea supporting only NFTs on PoS post-merge.<\/em><\/p>\n<h2>CryptoSlate Top Stories<\/h2>\n<p>Saylor respectfully disagrees with DC AG allegations of tax avoidance<\/p>\n<p>Following the tax fraud case filed against Bitcoin Maximalist Michael Saylor on Aug. 31, he has issued a statement claiming that he has no tax liability to the District of Colombia since his residence is in Miami.<\/p>\n<p>The lawsuit had earlier stated that Saylor deliberately claimed to be a resident of lower tax jurisdictions like Miami so as to avoid paying taxes to the District where he reportedly has \u201cmultiple yachts\u201d and a luxury penthouse.<\/p>\n<p>Saylor said in a statement:<\/p>\n<p>\u201cI respectfully disagree with the position of the District of Columbia, + look forward to a fair resolution in the courts.\u201c<\/p>\n<p>Ethereum POW token may trade for $18, Paradigm predicts<\/p>\n<p>Analysts at Paradigm weighed the difference between ether\u2019s spot and future prices and arrived at a prediction that the Ethereum POW token may trade at $18 post-merge.<\/p>\n<p>It added that ETHPOW would be priced at 1.5% of ETH\u2019s current market cap given that ETH holders currently have a neutral bias toward the futures market.<\/p>\n<p>Babylon Finance to shut down Nov. 15 after failing to recover from Rari\/FEI hack<\/p>\n<p>Months after Babylon Finance suffered an $80 million hack, the protocol has announced it will shut down operation effective on Nov. 15.<\/p>\n<p>The effect of the exploit was compounded by the declining market conditions. Consequently, users have exited 75% of the assets locked in the protocol.<\/p>\n<p>The announcement caused the BABL token to crash 92% after dropping from about $5 to as low as $0.218, as per Congecko data.<\/p>\n<p>Creditors file fresh suit against Celsius seeking $22.5M reimbursement<\/p>\n<p>A new group of creditors has filed a lawsuit against Celsius seeking repayment of $22.5 million.<\/p>\n<p>The creditors stated that their funds were held in the custodial account and are redeemable based on the agreed term of service.<\/p>\n<p>The creditors have urged the court to allow Celsius to reimburse their withheld assets.<\/p>\n<p>Celsius wants to return $210 million worth of custody assets<\/p>\n<p>Due to the growing filings by aggrieved creditors, Celsius has filed a motion seeking the court to allow eligible customers to withdraw up to $210 million from the platform.<\/p>\n<p>The crypto lender confirmed that the affected assets are properties of the customers and not part of its bankruptcy estate.<\/p>\n<p>OpenSea to exclusively support Ethereum PoS NFTs following Merge<\/p>\n<p>OpenSea announced it will only support NFTs on the proof-of-stake version of Ethereum immediately after the merge.\u00a0 Consequently, it will cease trading ETHPoW NFTs on its platform.<\/p>\n<h2>Research Highlight<\/h2>\n<p>The Fed will huff and puff and blow your house down as it begins quantitative tightening<\/p>\n<p>CryptoSlate\u2019s recent macro analysis reveals that the Fed\u2019s plan to release $35 billion as mortgage-backed securities (MBS) in its effort to curb inflation may lead to another housing market collapse.<\/p>\n<p>Private investors can add up MBS to the portfolio which helps take out money from the economy and expectedly reduce inflation. With mortgage payments 75% higher year-over-year, many people may default on their payments leading to an oversupply of houses and monetary loss for MBS investors.<\/p>\n<p>When housing supplies become excessive, a new housing crisis may occur which would drag financial markets down including cryptocurrencies.<\/p>\n<p>However, with expected currency devaluation in the event of a housing crisis, many people may turn to \u201chard assets\u201d like crypto to preserve their wealth.<\/p>\n<p>Binance USDC withdrawals top $1 billion per day this week<\/p>\n<p>On-chain data analyzed by CryptoSlate reveals that an average of $1 billion worth of USDC left Binance\u2019s hot wallet this week, which is consistent with the market trend.<\/p>\n<\/p>\n<p>Further analysis of stablecoin withdrawals across other exchanges, shows that there has been a significant decline in stablecoin balances generally.<\/p>\n<p>Stablecoin wars heat up as USDC and USDT battle for market share<\/p>\n<p>Premier stablecoins USDT and USDC, which make up 12% of the total crypto market cap, have been battling for dominance in recent weeks.<\/p>\n<p>In a period where USDT lost over $16 billion in market cap, USDC reportedly grew by $4 billion. The heat of the market downturn in August forced the tokens to reach their local low.<\/p>\n<\/p>\n<p>However, the two stablecoins are recovering from the fundamental stories that contributed to their decline. They are witnessing a resurgence in their crypto market dominance which has boosted by 40% in the past few weeks.<\/p>\n<h2>News from around the Cryptoverse<\/h2>\n<p>US prosecutors probing Binance on AML compliance<\/p>\n<p>U.S. prosecutors have been investigating Binance since 2020 on measures it has adopted to ensure anti-money laundering and sanctions compliance, Reuters reported.<\/p>\n<p>Binance CEO Changpeng Zhao in a tweet stated that the exchange met all of the regulator\u2019s 2020 demands.<\/p>\n<p lang=\"en\" dir=\"ltr\">Another story today about a crypto company receiving an inquiry from a regulator. A request to VOLUNTARILY share certain information back in 2020, which we did. Important for the industry to build trust with regulators.<\/p>\n<p>My chat messages are semi-public anyway. pic.twitter.com\/h35Xd4tZhf<\/p>\n<p>\u2014 CZ \ud83d\udd36 Binance (@cz_binance) September 1, 2022<\/p>\n<p>Binance Chief Communications Officer Patrick Hillmann said the company\u2019s compliance team is comprised of ex-regulators and law enforcement agents to ensure it fully complies with all regulatory requirements.<\/p>\n<p>FASB crypto accounting rules skip NFTs, some stablecoins<\/p>\n<p>The Financial Accounting Standards Board (FASB) will not include NFTs and some stablecoins in its crypto accounting review, <em>The Wall Street Journal<\/em> reported,<\/p>\n<p>The scope of the project would include assets that are not unique and interchangeable, and also intangible and do not contain contractual rights to cash flows, goods or services.<\/p>\n<p>Binance introduces free ETH trading<\/p>\n<p>Users trading the ETH\/BUSD pair will not be required to pay trading fees over the next one month.<\/p>\n<p>Binance announced that the move is to attract both newcomers and veterans interested in the Ethereum ecosystem in anticipation of the upcoming Merge,<\/p>\n<p>Cardano is now live on Robinhood<\/p>\n<p>As anticipation for the Vasil hard fork mounts, Robinhood has announced users can start trading Cardano\u2019s ADA token on its platform.<\/p>\n<p>Despite the listing news, ADA\u2019s price has remained stable. On the daily chart, ADA rose to $0.462 just 9% from its 24 hours low of $0.424.<\/p>\n<p>LG to launch crypto wallet on Hedera<\/p>\n<p>LG Electronics is reportedly launching its crypto wallet \u201cWallypto\u201d in Q3 of 2022. Wallypto was built in partnership with Hedera blockchain.<\/p>\n<h2>Crypto Market<\/h2>\n<p>Bitcoin was up 0.2% on the day, trading at $20,085, while Ethereum was trading at $1,586, reflecting an increase of 2%<\/p>\n<h3>Biggest Gainers (24h)<\/h3>\n<h3>Biggest Losers (24h)<\/h3>\n<h2>Get an Edge on the Crypto Market \ud83d\udc47<\/h2>\n<p>Become a member of CryptoSlate Edge and access our exclusive Discord community, more exclusive content and analysis.<\/p>\n<p>  <strong>On-chain analysis<\/strong><\/p>\n<p>  <strong>Price snapshots<\/strong><\/p>\n<p>  <strong>More context<\/strong><\/p>\n<p> Join now for $19\/month Explore all benefits<script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><br \/>\n<br \/><script type=\"text\/javascript\">\r\namzn_assoc_placement = \"adunit0\";\r\namzn_assoc_tracking_id = \"totafreearti-20\";\r\namzn_assoc_ad_mode = \"search\";\r\namzn_assoc_ad_type = \"smart\";\r\namzn_assoc_marketplace = \"amazon\";\r\namzn_assoc_region = \"US\";\r\namzn_assoc_default_search_phrase = \"bitcoin\";\r\namzn_assoc_default_category = \"All\";\r\namzn_assoc_search_bar = \"false\";\r\namzn_assoc_title = \"\";\r\namzn_assoc_rows =\"1\";\r\n<\/script>\r\n<script src=\"\/\/z-na.amazon-adsystem.com\/widgets\/onejs?MarketPlace=US\"><\/script><br \/>\n<br \/><a href=\"https:\/\/cryptoslate.com\/cryptoslate-wrapped-daily-saylor-claps-back-at-tax-fraud-allegations-usdt-and-usdc-at-war-for-market-dominance\/\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The biggest news in the cryptoverse for Sept. 1 includes Michael Saylor disagreeing with allegations of tax avoidance, U.S. probing Binance over AML compliance since 2020, Celsius asking to return $210 million to creditors, and OpenSea supporting only NFTs on PoS post-merge. CryptoSlate Top Stories Saylor respectfully disagrees with DC AG allegations of tax avoidance [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":6846,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","_wp_rev_ctl_limit":""},"categories":[3],"tags":[],"class_list":["post-6845","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ethereum-news"],"_links":{"self":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/6845","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=6845"}],"version-history":[{"count":1,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/6845\/revisions"}],"predecessor-version":[{"id":6847,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/6845\/revisions\/6847"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/media\/6846"}],"wp:attachment":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=6845"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=6845"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=6845"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}