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Miami and New York City coins tank despite Mayoral endorsements

Despite being publicly endorsed by the respective mayors of both cities, MiamiCoin (MIA) and NewYorkCityCoin (NYC) have plunged 90% and 80% since their all-time highs.According to data from CoinGecko, the price of MIA has dropped 92% since its ATH of $0.055 on Sept. 20 to sit at $0.004 at the time of writing. While NYC’s value has fallen by 80% since its March 3 high of $0.006 to trade at $0.0014. With investors getting burned across many other crypto assets of late, demand for MIA and NYC coins has almost completely dried up. Trading volume for the duo over the past 24 hours has totaled a mere $70,190 and $45,663 respectively. In comparison, when MIA and NYC were at ATH levels, they generated $1.6 million and $260,000 worth of 24 volumes apiece. Miami mayor Frances Suarez has spoken about the potential use-cases of MIA on multiple occasions, and most recently announced in February that the local government had disbursed $5.25 million from its reserve wallet to support a rental assistance program. New York City mayor Eric Adams also welcomed NYC with open arms in November after he stated that “we’re glad to welcome you to the global home of Web3! We’re counting on tech and innovation to help drive our city forward.”The assets were developed by the CityCoins project, a Stacks layer-on blockchain-based protocol aiming to provide crypto fundraising avenues for local governments such as Miami and New York City, its two and only partners so far. A key incentive — despite potential regulatory gray areas — is that CityCoins’ smart contracts automatically allocate 30% of all mining rewards to a custodied reserve wallet for the partnered city, while miners receive the remaining 70%. As of January this year, the value of Miami and New York City’s reserve wallets had hit around $24.7 million and $30.8 million respectively according to CityCoins Community Lead Andre Serrano, suggesting there had been relatively strong community demand to mine the asset at the time. Related: ‘Philly is ready’ for CityCoins, says city councilHowever, while the governments have benefited from the partnerships, on the user/investor side of things it appears the share of mining rewards, and a supposed 9% annual BTC yield from “stacking” (essentially staking) the assets on the Stacks (STX) blockchain, is not enticing enough to drive strong demand. Michael Bloomberg, an urban technology researcher at Cornell Tech, recently suggested to Quartz that the coins could even become useless to the cities if extra utility isn’t added capture investor appetite:“People will stop mining the coin if they can’t make money off of it, and the only way they make money off of it is convincing greater fools to participate.”

Miami and New York City coins tank despite Mayoral endorsements

Despite being publicly endorsed by the respective mayors of both cities, MiamiCoin (MIA) and NewYorkCityCoin (NYC) have plunged 90% and 80% since their all-time highs.According to data from CoinGecko, the price of MIA has dropped 92% since its ATH of $0.055 on Sept. 20 to sit at $0.004 at the time of writing. While NYC’s value has fallen by 80% since its March 3 high of $0.006 to trade at $0.0014. With investors getting burned across many other crypto assets of late, demand for MIA and NYC coins has almost completely dried up. Trading volume for the duo over the past 24 hours has totaled a mere $70,190 and $45,663 respectively. In comparison, when MIA and NYC were at ATH levels, they generated $1.6 million and $260,000 worth of 24 volumes apiece. Miami mayor Frances Suarez has spoken about the potential use-cases of MIA on multiple occasions, and most recently announced in February that the local government had disbursed $5.25 million from its reserve wallet to support a rental assistance program. New York City mayor Eric Adams also welcomed NYC with open arms in November after he stated that “we’re glad to welcome you to the global home of Web3! We’re counting on tech and innovation to help drive our city forward.”The assets were developed by the CityCoins project, a Stacks layer-on blockchain-based protocol aiming to provide crypto fundraising avenues for local governments such as Miami and New York City, its two and only partners so far. A key incentive — despite potential regulatory gray areas — is that CityCoins’ smart contracts automatically allocate 30% of all mining rewards to a custodied reserve wallet for the partnered city, while miners receive the remaining 70%. As of January this year, the value of Miami and New York City’s reserve wallets had hit around $24.7 million and $30.8 million respectively according to CityCoins Community Lead Andre Serrano, suggesting there had been relatively strong community demand to mine the asset at the time. Related: ‘Philly is ready’ for CityCoins, says city councilHowever, while the governments have benefited from the partnerships, on the user/investor side of things it appears the share of mining rewards, and a supposed 9% annual BTC yield from “stacking” (essentially staking) the assets on the Stacks (STX) blockchain, is not enticing enough to drive strong demand. Michael Bloomberg, an urban technology researcher at Cornell Tech, recently suggested to Quartz that the coins could even become useless to the cities if extra utility isn’t added capture investor appetite:“People will stop mining the coin if they can’t make money off of it, and the only way they make money off of it is convincing greater fools to participate.”

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Stablecoin supplies and cash reserves in question amid crypto exodus

Cryptocurrency investors and traders have cashed out $7.7 billion from the stablecoin Tether (USDT) resulting in its market capitalization falling by 7.8% over the past seven days to $76 billion.The amount withdrawn from the top stablecoin is nearly double the $4.1 billion it held in cash reserves at the end of 2021 according to Tether’s latest reserves report from December 2021.To maintain Tether’s peg with the US dollar the company behind the token backs USDT with assets such as cash, bonds, and Treasury bills, the purpose being that each token is backed by at least $1 worth of assets.According to the latest reserves report, the company had a total assets amount of at least $78.6 billion, around $4 billion or 5% of which was cash.However, the firm seems to be able to maintain its cash reserves despite the “bank run” scenario caused by the collapse of the algorithmic stablecoin TerraUSD (UST) which had investors fleeing not only stablecoins but the entire crypto market for fear of collapse.A separate transparency report updated daily shows that 6.36% of Tether’s assets are currently held in cash which would amount to roughly $4.8 billion if Tether’s reserves closely match the USDT market cap. On May 12, market panic caused USDT/USD to trade under $0.99 on major exchanges, causing Tether to issue a statement at the time stating that it will honor all redemptions to $1.https://twitter.com/Tether_to/status/152472463333705728The same day, Tether’s Chief Technology Officer Paolo Ardoino said in a Twitter spaces chat that the majority of the company’s reserves are in U.S. Treasuries and that over the last six months it has reduced its exposure to commercial paper.Related: Untethered: Here’s everything you need to know about TerraUSD, Tether, and other stablecoinsTether has received scrutiny for its secrecy regarding the assets in its reserve and only published its first reserve breakdown in May 2021. The published reports are still vague as to the exact assets the company invests in.​​This obscurity coupled with the recent short-lived de-pegging had some investors rushing to swap their Tether for another popular US dollar stablecoin, USD Coin (USDC) on the notion that USDC was audited and already fully backed by cash and U.S. Treasuries.A blog post on May 13 by Circle’s Chief Financial Officer Jeremy Fox-Geen made in response to the stablecoin fallout reaffirmed that USD Coin was fully backed by cash and U.S. Treasuries for the 50.6 billion USDC in circulation.Data from CoinGecko further shows investors finding a safe harbor in USDC, a 6.3% leap in the USDC market cap took place between May 3 and May 17 representing $3.1 billion of inflows over that time.

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Coinbase unveils Web3 mobile Dapp and DeFi wallet and browser

America’s largest crypto exchange Coinbase has rolled out Web3 app functionality including a hot wallet and browser for a limited set of its mobile app users.The app will allow select users to access decentralized apps (Dapps) on the Ethereum (ETH) network such as Uniswap and OpenSea. Today, we’re starting to make it dramatically easier for users to access & engage in web3 right from the @coinbase app! #NoMoreKeys #JustGettingStarted #KeepBuilding https://t.co/7K3lZ6kKAs— RishiDean.eth (@rishidean) May 16, 2022The May 17 announcement by Coinbase’s Director of Product Management Rishi Dean said eligible users would be able to begin trading on nonfungible tokens (NFT) marketplaces, making swaps on decentralized exchanges (DEX), and interacting with decentralized finance (DeFi) lending protocols to borrow and lend funds. Along with the mobile browser that provides access to Dapps, there is a hot wallet that customers can use to exchange funds. Unlike decentralized hot wallet apps such as MetaMask, the Coinbase hot wallet will have a co-custodial setup. This means that the private key for the wallet will be stored by the company and can be personally stored by the user.The wallet and Dapp functionality are operated with Multi-Party Computation (MPC) technology, which secures the privacy of senders and receivers while ensuring the accuracy of a transaction.Dean stated that sharing custody of the keys is a security feature designed to protect users from device-related problems. He wrote, “This means if you lose access to your device, the key to your Dapp wallet is still safe and Coinbase can assist in recovery through our live support.”Coinbase announced to allow some users to access Ethereum-based dapps directly from the Coinbase app, like opensea like Uniswap and Sushiswap, Curve and Compound. The ‘key’ is splited between you and Coinbase and Coinbase can assist in recovery. https://t.co/T9TtScaziu— Wu Blockchain (@WuBlockchain) May 17, 2022

Coinbase’s expanded wallet functionality is promising for Web3 developers who may find it difficult to onboard new users to show off their work. The exchange boasts about 90 million registered users according to Statista.Related: Coinbase CEO says funds are safe amid bankruptcy protection fearsThis is the second major product rollout this month. The exchange launched its long-awaited Coinbase NFT marketplace on May 4 to a lackluster showing of just $75,000 in sales volume from just 150 transactions on its first day. Coinbase’s Q1 earnings report show that the exchange is struggling during the down market by posting its first net loss since going public last year. Revenue dropped 27% to $1.1 billion from $1.6 billion year-on-year since Q1 2021, while monthly users fell from 11.4 million in Q4 2021, to 9.2 million.

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Portugal to lose crypto tax haven status as state announces gains duties

To the chagrin of many Golden Visa seekers, Portuguese Finance Minister Fernando Medina has confirmed that his country will begin taxing cryptocurrency but has not committed to a date.The move to start taxing crypto was seconded by Secretary of State for Tax Affairs António Mendonça Mendes on May 13 according to Sapo, a local news outlet.There is not yet an effective date for the tax to start or a set rate, however. It will be levied on investment gains made from cryptocurrencies like Bitcoin (BTC), the largest crypto by market cap. This would reverse the tax law that was established in 2016 which stated that since crypto is not legal tender, gains cannot be taxed.On Portugal’s plans to tax crypto, a ⬇️,- Finance Minister said crypto would be taxed in a loose statement with few details 3 days ago- Portugals bureaucracy moves hyper slow, legislation like this takes a long time to move, never mind be implemented, IMO 2+ years— Jorge (@nftjorge) May 16, 2022Medina said in a working session at Parliament that his rationale for the tax came about by comparing Portugal to countries that “already have systems” in place. Additionally, Sapo reported that Medina noted that it doesn’t make sense for an asset that creates capital gains to not be taxed. He said:“There cannot be gaps that cause there to be capital gains in relation to the transaction of assets that do not have a tax.”It appears that Medina will not impose a stifling rate of taxation on crypto gains. He explained that it is important to create and implement a system that makes taxation “adequate,” but which does not “end up reducing revenue to zero, which is contrary, in fact, to the objective for which it exists.”At the Parliamentary working session, Mendes said that taxation of cryptocurrency is more complicated than most other assets because “there is no universal definition of cryptocurrencies and crypto assets.” He continued by stating:“We are evaluating what regulations [fit] this matter […] so that we can present not a legislative initiative to appear on the front page of a newspaper, but a legislative initiative that truly serves the country in all its dimensions.”Up until now, Portugal has been seen as a crypto tax haven that offers a permanent residency visa known as the Golden Visa because it grants holders special tax exemptions and a path to citizenship. The Golden Visa program was started as a means of attracting foreign investors. Industry observer Anthony Sassano saw the funny side: All the crypto investors in Portugal right now pic.twitter.com/Fgt1kRHVFg— sassal.eth (@sassal0x) May 16, 2022

Related: Crypto capital gains one of four key areas for Australian Tax OfficeIn February, an emigrant to Portugal praised the western Iberian nation for its adoption rate of crypto among merchants and even suggested Bitcoin could become legal tender there one day in an interview with Cointelegraph. However, he may have much to think about now that the tax law regarding crypto is set to be reversed.

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US federal judge approves of Justice Dept criminal complaint on using crypto to evade sanctions

The United States Department of Justice may move forward on a criminal prosecution case against a U.S. citizen who allegedly violated sanctions through cryptocurrency.According to a Friday opinion filing in U.S. District Court for the District of Columbia, the unnamed individual who is the subject of a criminal investigation by the Justice Department allegedly sent more than $10 million in Bitcoin (BTC) from a U.S.-based crypto exchange to an exchange in a country for which the U.S. currently imposes sanctions — suggesting Russia, Cuba, North Korea, Syria, or Iran. The filing alleged the individual “conspired to violate the International Emergency Economic Powers Act” and conspired to defraud the United States.The individual allegedly “proudly stated the Payments Platform could circumvent U.S. sanctions” using BTC and knew about sanctions on the country. According to the filing, the U.S.-based crypto exchange had the user’s information through Know Your Customer compliance policies.“The Department of Justice can and will criminally prosecute individuals and entities for failure to comply with [Office of Foreign Assets Control]’s regulations, including as to virtual currency,” said Magistrate Judge Zia Faruqui in his opinion. “Prohibited financial services include any transfer of funds, directly or indirectly […] from the U.S. or by a U.S. person/entity, wherever located, to the sanctioned entity/country. And lest there be any doubt, financial service providers include virtual currency exchanges.”Faruqui added: “The question is no longer whether virtual currency is here to stay (i.e., FUD) but instead whether fiat currency regulations will keep pace with frictionless and transparent payments on the blockchain.”Related: US Treasury Dept sanctions 3 Ethereum addresses allegedly linked to North KoreaThe Treasury Department’s Office of Foreign Assets Control, or OFAC, is responsible for administering sanctions for the United States. Following Russia’s military invading Ukraine, the government office warned U.S. residents not to use digital assets to benefit certain Russia-based entities and individuals, and added Russia-based darknet marketplace Hydra, crypto mining services provider BitRiver, and digital currency exchange Garantex to its list of “Specially Designated Nationals,” a designation which generally prohibits Americans from doing business with them.

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BIFI gains 100%+ after Beefy Finance adds new vaults and stablecoin liquidity pools

Winston Churchill’s statement to “never let a crisis go to waste” can be applied across many aspects of society, including the recent carnage seen in the crypto market. Last week’s volatility is likely to have newer investors and those who took on heavy losses questioning the future of the burgeoning asset class, but in every bear trend there is a silver lining.One platform that appears to be capitalizing on the void created by TerraUSD’s (UST) collapse is Beefy Finance (BIFI), a multi-chain yield optimizing decentralized finance protocol.Data from Cointelegraph Markets Pro and TradingView shows that after hitting a low of $387.80 on May 14, BIFI spiked 168.13% to hit a daily high of $1,040 on May 16 amidst a 684% increase in its 24-hour trading volume. BIFI/USDT 4-hour chart. Source: TradingViewThree reasons for the sudden spike in activity for BIFI include an increase in the liquidity pool options available yield farming, a new integration with Oasis Networkand the launch of 12 new vaults. Stablecoin yields get a notable boostThe collapse of Terra (LUNA), UST and the 20% yield offered for UST deposits on Anchor Protocol (ANC) has opened the door for protocols like Beefy Finance to capture users and funds that were set adrift. Beefy Finance has taken advantage of this opportunity by upgrading several stablecoin vaults to offer higher yields including the Curve stablecoin liquidity pool on Arbitrum which now offers a yield of 34.9%.Upgraded #Curve #stablecoin lp now on Beefy’s #Arbitrum network. ✅ $USDC – $USDT LP: 34.9% APYhttps://t.co/zdB9WKfQ9B pic.twitter.com/eq0cbZFhmx— Beefy (@beefyfinance) May 16, 2022The platform has also integrated the Tron network’s USDD stablecoin and depositors can earn 62.5% APY on the quad stablecoin pool comprised of USDD/BUSD/USDT/USDC. Beefy Finance expands its ecosystemAs the cryptocurrency ecosystem slowly progresses toward a multi-chain future, Beefy Finance has also benefited from expanding the list of networks the protocol supports and the most recent addition of the Oasis Network brings the total number of supported chains supported to 15. Take a break from staring at your portfolio and TA charts for a moment to read about Beefy’s new partner, @OasisProtocol. We are proud to build on Oasis’s privacy-enabled network. https://t.co/vyL6ludxwq— Beefy (@beefyfinance) May 14, 2022

The integration with the Oasis Network makes Beefy Finance one of the most cross-chain compatible DeFi protocols in the ecosystem and includes support for the most active blockchains including Ethereum (ETH), BNB Smart Chain, Polygon (MATIC), Avalanche (AVAX) and Fantom (FTM). Related: Deus Finance’s dollar-pegged stablecoin DEI falls below 60 centsNew vaults attract fresh liquidityA third factor attracting investors to Beefy Finance is the launch of 12 new vaults within the last week.The new vaults include support for assets from Stader.Fantom, an Oasis-based DeFi protocol called YuzuSwap, the Aurora-based protocol Trisolaris and Step.App (FITFI), which operates on Avalanche.While the price of BIFI has managed to rally higher over the past week, it remains to be seen in if the gains can hold and whether or not the platform will continue to see a rising TVL, especially if the current attractive yields begin to diminish. The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.

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