TL;DR: Welcome to In Case You Missed It (ICYMI), a daily crypto news update. Ebang files $100 million IPO prospectus. President Trump allegedly ordered the US government to “go after” Bitcoin. PayPal banned Zero Hedge. Edge Wallet says high fees can lead people to custodial solutions. IRS forces a couple to sell part of their cryptocurrency to pay taxes, and Compound is to be listed in Coinbase Pro.
Ebang to File $100 Million IPO on Nasdaq
Ebang, an important cryptocurrency mining hardware manufacturer, decided to file another IPO of more than $100 million in shares on Nasdaq, the tech-based stock market. Ebang filed a prospectus where it explains the specifics of their IPO: 19.32 million shares at a price range of $4.50 to $6.50 will be offered with the “EBON” ticker. Ebang would be the second mining manufacturer to go public in the US, after Canaan filed its IPO last year with mixed results. Bitmain also filed for an IPO but allowed its application to expire last year.
President Trump Told Department of the Treasury to “Go After” Bitcoin
John Bolton, the former National Security Advisor to President Donald Trump, revealed Trump has wanted to take action against cryptocurrencies since 2018. According to the memoir from Bolton about the matter, Trump told Steve Mnuchin to “not be a trade negotiator,” and to “go after Bitcoin.” Mnuchin, after a tense exchange, said he would do Trump’s bidding on the subject. Bolton’s book, titled “The Room Where It Happened,” has been subject to heavy criticism, and is facing a government lawsuit seeking to stop its release slated for June 23.
PayPal Bans Zero Hedge
PayPal suspended the account of Zero Hedge, an independent news site. The platform, which has been repeatedly banned by Twitter and Google Ads before, has now changed its donation page, no longer featuring Paypal as an eligible donation source. Several sites and individuals have been attacked and de-platformed by PayPal, including Alex Jones and Infowars. Followers of Zero Hedge have started suggesting the use of cryptocurrencies for future donations.
Edge Wallet Mulls Threat of High Fees for BTC
Edge Wallet, a popular well-known cryptocurrency wallet, has published an article where they consider the effects of high fees on BTC. While the article states fees themselves are a must to maintain a working blockchain activity, “[high fees] push certain economic activity away because it is no longer rational to use Bitcoin.” Also, these high fees, “can push people into custodial solutions or trap them into custodial solutions,” because it can be uneconomical to transact at the base layer without a middleman centralized platform.
IRS Demands Couple Sell Crypto to Pay Taxes
The IRS won a landmark case ordering a couple from Maryland to sell part of its cryptocurrency stash to pay for outstanding tax debt. Alexander and Laura Strashny proposed to pay part of their 2017 taxes over a 7 year period, but the IRS identified their cryptocurrency funds and demanded to get paid with the funds obtained from the liquidation of these assets. The court hearing the case in Maryland ruled in support of the IRS.
Compound to Be Listed on Coinbase Pro
Compound, the official token of the DeFi protocol, is ready to be listed on Coinbase Pro, according to an official statement from the exchange. COMP is the governance token of the Compound protocol, an Ethereum based Defi lending/borrowing protocol, that lets owners influence the decisions ruling several important functions on the platform. The launch of its trading will be divided into four phases, and it could be suspended if the books don’t get enough liquidity, in the same way the listing for MKR was suspended during first listing attempt.
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