Howdy troops,

Not going to lie, it’s all a bit meh today. Well, Binance is trying to be positive.

But hey ho…It can’t always be candy stores and dance floors.

Let’s get to it:

•  🧾 Biden Doubles Double Crypto Slam! 

• 💧 Silvergate Bank Announces “Voluntary Liquidation”

• 🤝 Binance NFT Announces Integration With Polygon Network

Biden Doubles Double Crypto Slam!

Increasing Capital Gains Tax, yeah, I get that…Increasing it from 20% to 39.6% for long-term investors who make over $1 million…that’s understandable.

However, wash sales (where an investor sells at a loss for tax purposes, known as tax-loss harvesting, before repurchasing them immediately after) are already outlawed with stocks and bonds…because they are securities.Crypto regulators have yet to make up their minds about what is and isn’t a security. Is this a sign of what is to come?Danny Talwar from Koinly commented:

“This is an inevitable consideration for the U.S., which, if implemented, will see it on par with other jurisdictions such as Canada and Australia, where crypto wash sales apply.”At this point, most of us in crypto are like, “Just get it done and don’t screw it up.”

Crypto Friend Silvergate Bank Announces “Voluntary Liquidation”

As we mentioned last week, major crypto players, including Circle (USDC), Tether (USDT), and Coinbase (amongst others), were distancing themselves from the crypto-friendly bank, Silvergate.Silvergate made considerable losses in the FTX debacle and has now gone into voluntary liquidation.

In a press release, parent company Silvergate Corp said:"In light of recent industry and regulatory developments, Silvergate believes that an orderly wind-down of Bank operations and a voluntary liquidation of the Bank is the best path forward.”They also added:“The Bank’s wind down and liquidation plan includes full repayment of all deposits.”Is this the loss of a brother in arms or another wrinkle that needs to be ironed out?

Binance NFT Announces Integration With Polygon Network

Ok, time for something a little more positive. Binance’s NFT arm, shockingly named “Binance NFT”, announced yesterday (March 8th) they are adding support from Polygon.

Binance NFT users can now trade across three blockchains:

• Binance Smart Chain (BSC)

• Ethereum (ETH)

• Polygon (MATIC)

As is usual for Binance CEO CZ, a cautious approach is being taken, with only ten handpicked ERC-721 NFT collections being added initially.

To prepare in the most “regulation ready” way, all Binance NFT users must complete Know Your Customer verification (KYC).

Users who wish to withdraw Polygon NFTs from their Binance NFT account must hold Polygon native token MATIC in their spot wallet.

Are we starting to see the streamlining of the crypto world? Will Binance be the Web3 Amazon or Google, or will the monopoly be short-lived?

DailyCoin Daily Meme

CFTC Opposes SEC’s Crypto Position: Calls ETH and Stablecoins Commodities

The Chairperson of the Commodities and Futures Trading Commission (CFTC), Rostin Behnam,  told the Senate Agriculture Committee on...

‘We Had No Funds in Silvergate’ Major Exchanges Claim

News from Silvergate rocked the crypto markets, wiping out $1 billion in value. Following the panic, major exchanges scrambled to...

Cardano-based JPG Store Opens Early Access for No-Code NFT Tool

Stepping into a ripe market, Cardano-based NFT marketplace JPG Store has announced its new tool called JPG Studio to facilitate the...

That's all she wrote today.

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