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The United States Internal Revenue Service (IRS), which is responsible for tax collection in the United States, has released proposed regulations on the sale and exchange of digital assets by brokers. Under the rules, brokers would be required to use a new form to simplify tax filings and cut down on tax cheating. According to the U.S. Treasury, the regulations bring digital asset reporting into line with reporting on other types of assets. 

The proposed rules would go into effect in 2026 to reflect sales and exchanges carried out in 2025. Written comments on the proposal are being accepted through Oct. 30, with at least one public hearing to be held after that date.

Several prominent crypto commentators have criticized the new crypto tax reporting rules. Kristin Smith, the CEO of the Blockchain Association, highlighted the difference between the crypto ecosystem and traditional finance. DeFi Education Fund CEO Miller Whitehouse-Levine called the rules “confusing, self-refuting, and misguided.” Messari CEO Ryan Selkis stated that President Joe Biden’s reelection would mean no future for the crypto industry in the country. Representative Patrick McHenry, the House Financial Services Committee chairman, called the proposal “another front in the Biden Administration’s ongoing attack on the digital asset ecosystem.”

Gemini files brief to dismiss SEC lawsuit

Cryptocurrency exchange Gemini has filed a reply brief as part of its efforts to dismiss the lawsuit it is facing from the U.S. Securities and Exchange Commission (SEC). The company argues that the SEC has failed to make a clear claim. It further argued that the court shouldn’t tackle the “convoluted analyses” presented by the SEC, and the agency should pose straightforward questions to determine whether it qualifies as a security. According to the SEC, Gemini Earn — a service enabling customers to lend crypto assets like Bitcoin to Genesis — breached securities regulations by offering unregistered securities. 

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No copyright for AI-generated art, U.S. court rules

U.S. District Judge Beryl Howell upheld the stance of the U.S. Copyright Office that artworks created solely by artificial intelligence (AI) are not eligible for copyright protection. The verdict came amid growing worries about the possibility of generative AI replacing human artists and writers, as well as ongoing legal discussions about AI firms using copyrighted content for training. Multiple lawsuits in California have been filed by artists claiming copyright violations, which might lead to AI companies needing to disassemble their language models.

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U.K. might prohibit crypto investment cold calls

As the United Kingdom prepares for a ban on finance-related cold calls, His Majesty’s Treasury has issued a consultation paper calling for evidence to gauge the full impact on businesses and the costs associated with introducing and implementing the ban. Intending to impose a blanket ban on financial cold calls, the Treasury put forth 19 questions to stakeholders to ensure maximum impact on scammers and minimum effect on businesses that often rely on cold calling prospects. The consultation closes on Sept. 27, 2023.

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Angela Rayner insists 1.5m housing target can be met as extra £350m pledged for affordable homes

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Angela Rayner insists 1.5m housing target can be met as extra £350m pledged for affordable homes

Angela Rayner has insisted the government can meet its target to build 1.5m homes over the next five years as ministers pledged an extra £350m for housebuilding.

An extra £300m has been injected to the affordable homes programme, a move ministers believe will allow 2,800 additional homes to be built.

More than half of these extra homes will be for social rent, the government has said, while more than 250 council homes are expected to be made available through a £50m boost to the local authority housing fund.

The scale of the challenge is stark, with more than 123,000 households in temporary accommodation – including nearly 160,000 children – while almost 6,000 families with children are in bed and breakfast accommodation.

Asked whether she was worried about whether the government could meet the 1.5m homes target, Ms Rayner said she was “determined” to meet the challenge.

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A construction worker uses a tape measure on the construction site of residential buildings in Worcester, Britain December 5, 2024. REUTERS/Temilade Adelaja

“We will meet that target because we can’t afford not to,” she told broadcasters.

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“We have 1.3 million people waiting on housing waiting lists, there isn’t a person listening to this show that will not know somebody who is desperate to get on the housing ladder.

“So, therefore, we’re determined to turn that tide.”

And pressed on whether the expected 250 increase of council homes was a big enough increase to meet the need, Ms Rayner said: “We think the measures we’re taking will unlock thousands more council and social homes as part of that programme. We want to help councils who want to build those homes.

“We see 160,000 children in temporary accommodation, and the cost of that on local authorities is significant, as well as the impact on children’s life chances,” she said.

“So we need to build the homes, and we’re doing everything we can to turn the tide of decline and build the houses that people desperately need.”

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What are Labour’s housing plans?

The extra £350m promised comes on top of £500m that was earmarked for affordable housing in October’s budget.

According to housing charity Shelter, at least 90,000 social rent homes would need to be built each year for the next 10 years to clear most social housing waiting lists in England and to house every homeless household.

A report by MPs last month found that a record number of children are living in B&Bs beyond the legal limit as England’s homelessness crisis pushes councils to breaking point.

MPs on the Public Accounts Committee (PAC) said there was a “dire need” for housing reform, with the lack of affordable homes forcing cash-strapped local authorities to haemorrhage their funds on temporary accommodation.

A recent Sky News investigation found that children in some parts of England were spending as long as five-and-a-half years on average in temporary accommodation.

The length of stay has increased significantly in many areas since 2021, with particularly long stays in London and the South East.

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Elsewhere, ministers are expected to set out plans to crack down on exploitative behaviour by rogue landlords who they say are costing the taxpayer by claiming uncapped housing benefit in return for providing homes that are unsuitable.

Last week the government announced that a law to force social landlords to investigate and fix hazards within a set timescale will be phased in from October.

The legislation is named after two-year-old Awaab Ishak, who died in December 2020 from a respiratory condition caused by prolonged exposure to mould in the social home his family rented in Rochdale, Greater Manchester.

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Top candidate for borders watchdog says he would commute from Finland

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Top candidate for borders watchdog says he would commute from Finland

The government’s top candidate to become the chief of the borders and immigration watchdog has told MPs he lives in Finland and commutes to the UK when he needs to.

John Tuckett, who has worked as the immigration services commissioner for six years, was questioned by the Home Affairs Select Committee on Tuesday ahead of the appointment of the next independent chief inspector of borders and immigration (ICIBI).

Asked if he lives in commuting distance from the London office, he replied: “No I don’t, I have a family home in Finland and I come across to this country whenever I need to.”

When MPs put it to him that he would expect to inspect the UK’s borders without being a resident here, he added: “I work in UK and I would be in the UK, I’m resident in Finland.”

Mr Tuckett told the committee he pays for travel and accommodation himself and “always have done”.

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He also said he would be fine to work five days in the office if needed, adding: “I have done this kind of work before, and when I was asked this question at my interview, I said, I think that my judgment is you need time when you’re available for ministers, visits, all the things where you need to do face to face.

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“You also need time where you can think, sit back, write, because you don’t write a report, you know, in 10 spare minutes in between two major appointments. So I think there’s a 60-40, split between for the chief inspector this is.!

Mr Tuckett was announced as the preferred applicant for the chief inspector position by the Home Office in January, with previous experience as the chief executive of the Marine Management Organisation and working for the Archbishop of York.

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Announcing the recommendation of Mr Tuckett for the role, migration minister Seema Malhotra said: “His track record of delivering complex change programmes across government, combined with his current role as immigration services commissioner, makes him ideally suited to take on this crucial independent oversight role at an important time for our border security.”

If Mr Tuckett is confirmed as the next inspector, he will replace interim watchdog boss David Bolt – who has served since June last year.

Mr Bolt’s appointment came after the previous borders watchdog David Neal was sacked in February last year amid claims he breached the terms of his appointment.

He later voiced his frustrations of the time taken for his reports to be published, and said there were “very few” ways of speaking out about his concerns on security.

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Franklin Templeton registers Solana Trust in Delaware

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Franklin Templeton registers Solana Trust in Delaware

Franklin Templeton has registered a “Franklin Solana Trust” in Delaware, indicating it may soon file for a spot Solana ETF alongside a host of other bidding issuers.

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