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Bitcoin Overtakes Ethereum for First Time in 24-Hour NFT Sales Shift

On November 8, 2023, the Bitcoin blockchain saw its non-fungible token (NFT) asset sales surpass those of the Ethereum platform, marking a historic change over the single-day period. According to analytics provided by cryptoslam.io, Bitcoin-based NFT transactions totaled $17.17 million, surpassing the $15.77 million in Ethereum NFT sales recorded during the 24-hour period.

Bitcoin Eclipse Ethereum NFT Sales Increase in a Day

The trend of Bitcoin NFT transactions has been on an upward trajectory as of late, and just three days ago, Bitcoin.com News highlighted that Bitcoin took second place in NFT sales over the course of a week. For the first time, Ordinal’s subscriptions to Bitcoin, its exclusive brand of NFT, surpassed sales of Ethereum in a 24-hour period on Wednesday.

NFT connoisseur Leonidas, founder of Ord.io, documented this unprecedented on-chain event, marking the occasion when Bitcoin-based NFTs leapt ahead of their Ethereum counterparts for the first time in history. Leonidas said:

   Breaking: Ordinals just invested in Ethereum NFTs for the first time. So of course I had to register it in Bitcoin forever.

Recently, ordinal entries witnessed a notable drop in activity that persisted for over a month. This decline followed an increase in daily mintage; Thereafter, the number of new registrations faced a persistent struggle until October 24. However, the tide has since turned and November 4 saw the second-highest number of registrations in a single day, with a total of 433,471.

Looking at the one-week performance of NFT sales, Ethereum has seen an increase, raising $79.61 million since Wednesday, November 1, 2023, which is a 45.66% increase over the week. previous, as reported by cryptoslam.io. In comparison, weekly Bitcoin NFT sales also saw an increase, showing a 661.60% increase from the previous week, with sales reaching $55.52 million.

On Wednesday, the “$SATS BRC-20 NFT” collection surpassed the Bored Ape Yacht Club (BAYC) series, reaching the top of the sales chart. Behind BAYC, “$RATS BRC-20 NFT” took third place in sales in the last 24 hours. The chances of Bitcoin NFTs taking the top spot next week are slim, as Ethereum already has a $24.09 million lead.
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Kraken will share data from 42,000 users with the IRS

US-based exchange Kraken says it will share the data of 42,000 users with the US Internal Revenue Service (IRS) in compliance with a court order. The information will be sent to the IRS in early November.

On its support page, Kraken specifies that the subpoena to produce “a broad range of records and data” about its US customers and pass them to the IRS came from a court order from the Northern District of California in May 2021. The company opposed this. IRS demands and fought the subpoena in court, convincing it to “substantially reduce” the number of affected customers and the amount of customer data.

The court ordered Kraken to submit profile and transaction data of customers who exceeded $20,000 in transactions during any year between 2016 and 2020. This also includes those who made no transactions but deposits and withdrawals.

Kraken will share data such as name, date of birth, tax identification, address, contact information and transaction history of these customers. There will be about 42,000 accounts whose information will be sent to the IRS.

The US Court of Appeals for the First Circuit is reviewing another case in which the IRS subpoenaed user data from a crypto exchange. In 2018, Coinbase told the 13,000 affected customers that it would provide the IRS with their taxpayer ID, name, date of birth, address, and historical transaction records from 2013-2015.

One such user, James Harper, appealed against the IRS to prevent the US government from having unlimited access to a user’s transaction history. In October 2023, cryptocurrency advocacy group DeFi Education Fund (DEF) filed an amicus brief supporting Harper’s appeal.

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Taiwan proposes new bill requiring crypto companies to apply for licenses

Amid the ongoing global revolution in cryptocurrency regulation, Taiwan has proposed a special law to regulate digital assets. The proposed law will require all cryptocurrency platforms in Taiwan to apply for a license.

According to the official announcement, the Crypto Bill had its first reading today, October 27, in Taiwan’s parliament, the Legislative Yuan.

Taiwan takes steps to establish cryptoasset regulatory framework

Although the new law has already passed its first reading, legislators have not yet set a date for the second. According to Yung-Change Chiang, member of parliament and contributor to the proposed Special Law, the first reading of the bill catalyzed discussions on the regulatory framework for the digital asset industry.

Chiang asked Taiwan’s Financial Supervisory Commission (FSC) to present his version of a crypto bill to the legislature. According to him, the presentation of the project will allow various sectors to unite even more and be on the same page during the legislative process.

In the meantime, remember that the FSC published guidelines for self-monitoring of the crypto industry in September. The guidelines would ensure that local businesses separate customer assets from company assets. This would protect consumers from losses associated with the arrival of assets.

Additionally, the new guidelines establish standards for the inclusion and exclusion of virtual assets on various cryptocurrency trading platforms.

Additionally, the FSC plans to implement and enforce the guidelines through a potential crypto industry association, a move that Chaing condemned. In his latest statement, the legislator noted that such regulatory measures are legally inapplicable.

The special encryption law is the product of a joint effort by Chaing and 16 other lawmakers. This law will force all digital asset platforms in Taiwan to apply for operating licenses. Failure to comply with this obligation will result in sanctions, including a cease and desist order from regulators.

Parliament has not set a specific timetable for the second reading of the bill. However, according to information from Chaing’s office, this could happen before the end of January 2024. The reason for this speculation is that the term of the current Taiwanese legislators ends in January 2024.

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Report Exposes Unsecured Cash Searches at Atlanta Airport

In a shocking investigative report, Atlanta News First uncovered the disturbing practices of U.S. Drug Enforcement Administration (DEA) task force agents. At Hartsfield-Jackson Atlanta International Airport, undercover DEA agents were found searching passengers’ carry-on luggage without a warrant and confiscating large sums of money without making any arrests. The report and lawyers say the practice raises constitutional and privacy concerns among American citizens.

Secret money searches at airports

Atlanta News First recently followed DEA task force officers in Hartsfield-Jackson, watching them as they moved discreetly from door to door. Passengers were searched immediately after their boarding passes were read, often without any clear indication of the officers’ identity or true purpose.

Film director Tabari Sturdivant recounted his disturbing experience. Mistaking a DEA agent for a Delta representative because of the airport credentials displayed, he said, “He just came up to me and asked for my ID. He didn’t say who he was. He just asked me for ID and I thought he was a Delta agent. “I had airport credentials and gave them to him immediately.”

Warrantless searches and seizures directly violate the Fourth Amendment, which is intended to protect American citizens from such unreasonable intrusions. The report notes that these actions by DEA agents not only infringe on personal freedoms, but also undermine public trust in law enforcement agencies.

This is not the first episode in which the DEA and law enforcement authorities have illegally seized people’s assets. Take, for example, the DEA’s extensive history of orchestrating “cold consent meetings” at Amtrak stations, mirroring its tactics at airports. In 2021, FBI agents seized $86 million from safes in Beverly Hills, a move that lawyers denounced as lacking adequate justification.

A report from Reason reveals that over the past decade, law enforcement authorities, led by the DEA, have seized a staggering $4 billion in cash. Data from the Department of Justice’s Office of Inspector General (OIG) indicates that approximately 65,000 cash seizures, representing 81%, were subject to administrative forfeiture by the DEA, valued at $3.2 billion.

Atlanta News First notes that film director Sturdivant represents only a fraction of the people sought for money by undercover agents at the airport. The investigative article also points the finger at Clayton County drug enforcement agents. The news team found “several similar cases in which DEA task force or Clayton County police agents searched innocent people or seized money without making any arrests.”

In 2023, carrying significant amounts of cash is increasingly viewed with suspicion, even if it is earned legitimately with proven receipts. Constitutionalists and lawyers insist that the propensity of law enforcement authorities to openly confiscate these life savings without just cause is a worrying trend.