This Week in the News- January 9th

1. Gemini Terminates Its Crypto Yield Product, Amping Up Battle With Genesis– Gemini, a major cryptocurrency exchange, has announced that it will be terminating its crypto yield product. This move comes as part of the ongoing battle with its rival, Genesis. The crypto yield product in question allowed users to earn interest on their crypto assets by lending them out to other users. The exact reasons for the discontinuation of the product have not been provided, but it is believed to be part of Gemini's strategy to focus on other areas of its business and strengthen its competitive position against Genesis. (source)

2. Coinbase Insider Trader Gets 10 Months In Prison– An individual has been sentenced to prison for insider trading in connection to the listing of Bitcoin Cash (BCH) on the cryptocurrency exchange, Coinbase. The individual, who was an employee of Coinbase at the time, used non-public information about the planned listing to purchase BCH before the public announcement, and then sold the BCH at a profit after the listing was made public. Insider trading is illegal and is considered a serious violation of securities laws, punishable by fines and/or imprisonment. This case serves as a reminder of the importance of maintaining integrity and ethical standards within the cryptocurrency industry. (source)

3. Binance Admits to Problems With Its BUSD Peg– Binance, one of the largest cryptocurrency exchanges, has admitted to issues with the stability of its stablecoin Binance USD (BUSD) which is supposed to maintain a stable value pegged to US dollar but recently been trading at a premium indicating liquidity issues. Binance acknowledged the problem and working to address it and ensure the stability of BUSD. The issues with BUSD highlights the need for more stringent measures for ensuring the stability of stablecoins, which are an important part of the crypto ecosystem and ensure stability in the market. (source)

4. Crypto.com Will Delist Tether in Canada to Comply With Ontario Regulator– Crypto.com, a major cryptocurrency exchange, has announced that it will be delisting Tether (USDT) for Canadian customers due to regulatory concerns. Tether is a stablecoin, a type of cryptocurrency that is pegged to the value of the US dollar and is used as a medium of exchange on many crypto platforms. Crypto.com stated that the delisting is a temporary measure as it work with regulators to ensure full compliance. This is a significant development as Tether is one of the most widely used stablecoins in the market and the decision to delist it in a certain region may have some impact on the cryptocurrency trading of those users. (source)

5. IRS extending tax deadline for California storm victims– The Internal Revenue Service (IRS) announced that it is extending the tax deadline for California storm victims affected by the recent severe storms and mudslides. The deadline for filing returns and making payments has been moved to May 17th, giving affected individuals and businesses more time to file their taxes. The extension applies to individuals and businesses in the disaster area as well as those who are unable to file or pay taxes on time due to disruptions caused by the disaster. This relief is provided to taxpayers in certain counties of California. It's important to know that this extension applies only to certain tax-related actions, other deadlines may still apply, and it's best to contact a tax professional or the IRS for more specific details. (source)

6. Georgia gas tax suspension set to end, prices expected to rise– The suspension of Georgia's state gas tax has ended, and prices at the pump are expected to rise. The suspension, which had been put in place to provide relief to drivers during the pandemic, had allowed retailers to sell gas without paying the state's excise tax. With the suspension now lifted, the price of gas is expected to increase by approximately 6 to 8 cents per gallon, depending on the retailer. The state tax on gasoline is fixed at 7.5 cents per gallon, this tax suspension was an effort by the Government to provide relief to consumer during the pandemic, but now that the pandemic is easing up and things are returning to normal, it's expected to see prices going back to normal as well. (source)