This Week in Bitcoin: Peter Schiff Warns Fed's Rate Cut Spells Economic Disaster

Economist and gold advocate Peter Schiff has sounded the alarm on the Federal Reserve’s latest actions, linking a significant rate cut to rising gold prices

This week in bitcoin news, economist Peter Schiff has warned that the Federal Reserve’s latest rate cut will lead to economic disaster. Microstrategy, on the other hand, is continuing its bitcoin acquisition strategy, planning to buy more BTC following a $1.01 billion private offering.

Bitcoin investor faces up to 3 years in prison for underreporting crypto gains

A bitcoin investor pleaded guilty to willfully failing to file complete and accurate tax returns, which included underreporting his cryptocurrency gains, to the tune of $3.7 million from BTC sales. This resulted in a tax loss to the Internal Revenue Service (IRS) of over $550,000. The Department of Justice emphasized that taxpayers must accurately report all taxable income, including gains from crypto transactions, to the IRS. The bitcoin investor now faces a maximum penalty of three years in prison, along with fines, restitution, and supervised release.

El Salvador's President Nayib Bukele announced a self-financed 2025 budget

President Nayib Bukele revealed that he will be presenting a self-financed budget proposal to the Legislative Assembly of El Salvador. This means that the government will not issue any debt to pay for its operations in 202跣. Bukele stressed that this will be the first time this has happened in decades, highlighting the relevance of independence and self-sufficiency for the country.

Coinbase and Ripple legal chiefs criticized the SEC for creating confusion around classifying crypto assets as securities

Coinbase and Ripple legal chiefs Paul Grewal and Stuart Alderoty, respectively, have criticized the U.S. Securities and Exchange Commission (SEC) for its inconsistent approach to classifying tokens as securities. Grewal referenced Footnote 6 in the SEC’s amended complaint against Binance, where the agency admitted creating confusion by labeling tokens as securities. He also pointed out the SEC’s contradictory handling of Ethereum transactions. Alderoty echoed these concerns, cautioning: “Ripple’s case is over, but the ‘fair notice’ defense is still alive for others.”

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