Peter Schiff has warned that the Federal Reserve’s rate cut will lead to economic disaster. Microstrategy, continuing its bitcoin acquisition strategy, plans to buy more bitcoin after raising $1.01 billion from a private offering. A bitcoin investor faces up to three years in prison for underreporting cryptocurrency gains. El Salvador’s President Nayib Bukele announced a self-financed 2025 budget. Coinbase and Ripple legal chiefs criticized the SEC for creating confusion around classifying crypto assets as securities.
Fed's Rate Cut Could Spell Disaster, Microstrategy Buys More Bitcoin, and More — Week in Review
This article was published more than a year ago. Some information may no longer be current.
WRITTEN BY
SHARE
Peter Schiff Warns Fed’s Rate Cut Spells Economic Disaster — ‘It’s Game Over for the Fed’
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 and a weakening U.S. dollar. His warning about a deepening recession and rising inflation adds weight to concerns about future economic stability. “It’s game over for the Fed,” Schiff stressed.
Microstrategy Announces Plans to Buy More Bitcoin Following $1.01B Private Offering
Microstrategy has revealed plans to acquire additional bitcoin after completing a $1.01 billion offering of convertible senior notes. This move comes as part of the company’s ongoing strategy to use proceeds from debt and equity financing to accumulate bitcoin as a treasury reserve asset.
Bitcoin Investor Faces Prison Time for Underreporting Crypto Gains
A bitcoin investor has pleaded guilty to underreporting his cryptocurrency gains, including $3.7 million from BTC sales, resulting in a tax loss to the Internal Revenue Service (IRS) of over $550,000. The Department of Justice emphasized that taxpayers must accurately report crypto transactions to the IRS. The bitcoin investor now faces up to three years in prison, along with fines, restitution, and supervised release.
Bukele States El Salvador Will Self-Finance 2025 Budget, Won’t Issue Even ‘a Cent’ of Debt
President Nayib Bukele revealed that he would present a self-financed budget proposal to the Legislative Assembly of El Salvador, meaning that the government will not issue debt to pay for its operations in 2025. Bukele stressed that this would be the first time this happened in decades, highlighting the relevance of independence and self-sufficiency for the country.
SEC Regrets Confusion Over ‘ Crypto Asset Securities’ — Ripple and Coinbase Weigh In
Coinbase and Ripple legal chiefs, Paul Grewal and Stuart Alderoty, 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.”
Share your thoughts and opinions about the stories in this Week in Review in the comments section below.
