Powell will be speaking today 🍿[Jackson Hole]

Magnate Finance scammer has bridged ~$1M of the stolen funds to the BNB Chain through Stargate.

The U.S. Treasury Department wants to treat all crypto exchanges and payment processors as "brokers" for crypto tax reporting purposes, answering a longstanding question from the 2021 infrastructure bill.

Centralized crypto exchanges, payment processors, some hosted wallet providers, some decentralized exchanges and people or entities that redeem crypto tokens they created will be bound to those reporting obligations.

Miners are exempt from this.

Treasury Proposes New Crypto Tax Rules.

Brokers Will Have to Report Crypto Gains to Taxpayers, IRS.
Crypto Tax Rules Aimed at Boosting Compliance.

-- WSJ

Powell is scheduled to speak at the much awaited economic symposium in Jackson Hole at 10:05 am ET. [In ~1hr]

So, this means Uniswap, 1inch, Curve Finance, SushiSwap, PancakeSwap, etc are brokers & have to implement KYC 👀☠️🤔

+MetaMask 👀

Jay Powell warns inflation ‘too high’ in hawkish Jackson Hole speech

"we cannot identify with certainty the neutral rate of interest, and thus there is always uncertainty about the precise level of monetary policy restraint”.

Key points from Jerome Powell's speech:

- Inflation remains too high, though it has declined from its peak. More progress is needed to bring inflation down to the Fed's 2% target.

- The Fed has raised rates significantly and is prepared to do more if needed. Policy will remain restrictive until inflation is on a sustainable downward path.

- Tighter monetary policy is slowing demand and allowing supply to catch up. This rebalancing should continue to ease inflationary pressures.

- Progress is most visible in goods inflation, as demand cooled and supply bottlenecks improved. Housing inflation is also declining as higher rates slowed demand.

- Services inflation has been stickier but should also ease as policy restricts demand relative to supply.

- The labor market is rebalancing but remains tight. Further moderation in wage growth will be needed.

- Economic growth is expected to be below trend for a time to restore balance between supply and demand.

- There is uncertainty around the exact level of restriction needed and the lags before policy affects inflation. Careful risk management is warranted.

-The Fed will remain focussed on core PCE inflation.

- The Fed is data dependent and will adjust policy as needed based on incoming information. The path ahead will depend on assessing progress toward the 2% goal.

- The Fed is committed to achieving price stability, which is essential for sustaining a strong labor market over time.

*The Fed will persist in tightening policy until inflation is clearly on a downward path back to 2%.

Binance Drops Sanctioned Russian Banks From Peer-to-Peer Service.

Optimism Foundation is proposing to grant Base 118 million OP tokens over a span of six years.
Base, in return, will contribute 2.5% of its total revenue or 15% of its net profits (whichever is greater) to the Optimism Collective.

BIDEN: LIKELY TO RECOMMEND EVERYONE GET NEW COVID VACCINE

Velo to release Velo AI bot:

You'll have the ability to engage with bot in natural conversations, asking about Velo data & immediately generating personalized charts.

It will also be available via an API later on so, it could be added to discord, tg, X, etc. 🔥.

*Velo giving Arkham vibes.
Arkham for Onchain Data
Velo for Market Data

They planned to reward early users, potentially similar to Arkham's approach 👀 [Airdrop].

You can use our invite link to Try Velo Data now ➡️ Link

@infinityhedge

Prime Trust bankrupt itself primarily because it can’t gain access to a physical crypto wallet with $38.9M in it. Also did not write down recovery phrases, locking itself out of the wallet forever.
Bankruptcy Filing

@infinityhedge

HashKey to start crypto retail trading service in Hong Kong from Aug. 28

^updated with coming week events, check comments 4 charts^

ICYMI: CHINA REDUCES TAX ON STOCK TRADING BY 50% TO BOOST MARKET