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This Week in the News - November 7th

Updated: Nov 15, 2022

  1. US Government Now Has More BTC Than Largest Crypto Holders– Roughly $1 billion worth of bitcoin was recovered in what the Department of Justice calls the second-largest financial seizure ever. (source)

  2. IRS prepares for an increase in crypto cases in the upcoming tax season– The criminal investigation division of the IRS says it is preparing hundreds of crypto-related cases for the upcoming tax season. (source)

  3. HOT NEWS! The Bright Side of Inflation: Tax Breaks! The IRS has opted to increase the estate-tax exclusion by $860,000 and raise income brackets by 7% in 2023. – Marginal federal income tax brackets have also increased 7%. The lowest tax rate, 10%, now kicks in for individuals with an income of $11,000 in 2023, up from $10,275 in 2022. Taxpayers with an income of $231,250 or more are now in the 35% bracket, which previously started at $215,951. (source)

  4. JPMorgan Trade on Public Blockchain ‘Monumental Step’ for DeFi— JPMorgan, DBS and SBI Digital Asset execute live trade using DeFi, tokenized deposits and verifiable credentials. (source)

  5. Investors Withdraw Millions From FTX as Binance Begins Liquidating FTT Token– With weekly stablecoin outflows topping $451 million, investors appear to be taking their tokens off FTX just as Binance dumps its FTT. (source)

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