Blockchain DXB: 🔴 19th May 🔴 🟠Trump's ‘Big, Beautiful Bill’ & BTC 🔵UK: Crypto firms must report transactions 🔴SEC and Ripple's Settlement Denied 🟠Steak n Shake - BTC payments
Blockchain DXB
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19th May: Blockchain DXB) podcast🎙️🟠Trump's ‘Big, Beautiful Bill’ & BTC 🔵UK: Crypto firms must report transactions 🔴SEC and Ripple)'s Settlement Denied 🟠Steak n Shake) - BTC payments💯President Trump’s proposed “Big, Beautiful Bill” would introduce a 5% tax on remittances sent by non-U.S. citizens to their home countries, potentially impacting over 40 million people who rely on sending money abroad. Bll can be found here via The White House) https://shorturl.at/t03A5) The full bill 1,116 pages can be downloaded here https://shorturl.at/m93MP)- Many experts believe this tax could push migrants and workers to explore alternative, tax-efficient ways to transfer money, most notably cryptocurrencies like Bitcoin. Since self-hosted crypto wallets are not considered remittance providers and fall outside the bill’s reach, digital currencies offer a way to bypass this tax and ensure funds reach their intended recipients quickly and securely. This situation could accelerate crypto adoption for remittances, reviving one of Bitcoin’s original use cases and expanding its real-world utility as a global, low-cost payment method.🚨From 1 January 2026, UK cryptoasset service providers must collect and report data to HM Revenue & Customs) under the OECD’s Cryptoasset Reporting Framework (CARF), including domestic reporting. Only users who are tax residents in the UK or CARF-participating countries need to be reported, along with a summary of their transactions. The first report, covering 2026, is due by 31 May 2027, with annual submissions required by 31 May thereafter. Reports must be submitted online in OECD XML format. Non-compliance, such as failing to report or submitting inaccurate data, may result in penalties of up to £300 per user. https://shorturl.at/0541m)🔴U.S. Securities and Exchange Commission) vs Ripple)On May 15, Judge Analisa Torres of the U.S. District Court for the Southern District of New York denied a joint motion by Ripple and the SEC requesting an indicative ruling on their proposed settlement. According to the court document, Torres denied the motion as “procedurally improper” since the SEC and Ripple failed to file the correct procedural motion to support the proposed settlement.❗Important to note -Ripple’s chief legal officer, Stuart Alderoty, said the rejection does not reverse the company’s victory in the case. https://rb.gy/nur3x0)🟣Steak ‘n Shake has officially rolled out Bitcoin payments through the Lightning Network, as previously teased in their May 9 announcement via Twitter)/ X here https://rb.gy/wdhb5y). The fast-food chain sparked excitement in the Bitcoin community when it hinted at adopting BTC — and now, it’s a reality.
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