🏛️ The White House wants to tax Bitcoin mining?

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Sui, a layer-1 blockchain, is set to launch tomorrow amid high anticipation. Binance users have reportedly already deposited over $4bn in anticipation for the launch. And In a surprising turn of events, it has been revealed that Bhutan's investment arm has been secretly mining bitcoin as part of its long-term investment strategy for several years.

The White House's Council of Economic Advisers has proposed a punitive tax on crypto mining operations that would impose a U.S. tax of 30% on a mining firm's energy costs. This proposal is part of the administration's plan to combat climate change. And In Dubai, Kyle Davies and Su Zhu, former co-founders of bankrupt Three Arrows Capital, have received a written reprimand from Dubai's Virtual Assets Regulatory Authority for their new project, Open Exchange (OPNX).

Markets

Where to Get SUI and How Will Its Tokenomics Work? (3 minute read)
Sui, a layer-1 blockchain, is set to launch tomorrow amid high anticipation. It uses a proof-of-stake consensus algorithm and a modified version of the Move programming language. The SUI token has a cap of 10 billion and a share of its total supply will be available for trading at the mainnet launch. The remaining tokens will be released over time or distributed as stake rewards. Binance users have reportedly already deposited over $4bn in anticipation for the launch.

Bhutan Has Mined Bitcoin Since It Was Worth $5K (2 minute read)
Bhutan's investment arm, Druk Holding and Investments (DHI), has been mining bitcoin as part of its long-term investment strategy for several years. The country is using digital assets to finance its operations and anticipates an increase in Bitcoin's value following the 2024 halving. With an extensive network of hydroelectricity, Bhutan is using bitcoin mining to offset costs and environmental harms. The country aims to generate sustainable returns across various asset classes, including crypto, and has used energy savings to purchase more mining rigs due to the cheaper production costs available in its high mountainous region and hydro projects.

Tech

White House Pushes for Punitive Tax on Crypto Mining (3 minute read)
The White House's Council of Economic Advisers (CEA) has proposed a punitive tax on crypto mining operations that would impose a U.S. tax of 30% on a mining firm's energy costs due to the harms they impose on society. In an online post, the CEA argued that current cryptomining firms do not have to pay the full costs they impose on others in the form of local environmental pollution, higher energy prices, and increased greenhouse gas emissions. The proposed Digital Asset Mining Energy tax is an unusual industry-specific penalty that could threaten the profits of such businesses.

Misc

Naomi Osaka vs FTX: This is how the $11 billion fight is going (2 minute read)
An $11 billion class-action lawsuit against bankrupt cryptocurrency firm FTX by defrauded investors has ensnared brand ambassadors Naomi Osaka, Tom Brady, Gisele Bundchen, and other sports stars. The athletes have filed a motion to dismiss the case, arguing that it is unreasonable to hold them accountable for the company's fraudulent activities. According to Sportico, the defendants claim that even the most sophisticated investors and politicians were unable to discern FTX's fraud from the available information, making it implausible that simply doing business with FTX was enough to notify spokespersons of the fraud.

Dubai Reprimands Three Arrows Capital Founders Over New Exchange OPNX (3 minute read)
Kyle Davies and Su Zhu, co-founders of Three Arrows Capital (3AC), have received a written reprimand from Dubai's Virtual Assets Regulatory Authority (VARA) for their new project, Open Exchange (OPNX). The platform, which offers spot and futures trading, has been offering virtual asset exchange services without securing regulatory licenses, according to a statement from VARA. OPNX has also announced plans to launch a service that allows investors to trade bankruptcy claims for insolvent platforms like FTX and Celsius.

FBI, Ukraine seize 9 exchange domains on money laundering allegations (2 minute read)
The US Federal Bureau of Investigation (FBI) and the National Police of Ukraine have reportedly seized the domains of nine virtual currency exchanges allegedly aiding and abetting cybercriminals. The action was taken against the websites offering entirely anonymous digital currency exchange services to their users without complying with the rules and regulations required of licensed crypto exchanges. The domains seized included those of 24xbtc.com, 100btc.pro, pridechange.com, trust-exchange.org, and bitcoin24.exchange. Anyone attempting to access these websites will now see a seizure notice from the authorities.

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