Crypto currency platform BlockFi agrees to a $100 million settlement with the SEC and several states. The firm describes itself as a bank-like platform for users of crypto currency, advertising yields as high as 9.25 percent. But the Securities and Exchange Commission charged the company with failing to register its retail lending product. BlockFi will pay $50 million to the SEC and $50 million to 32 states but not admit or deny wrongdoing.
Still waiting for Senate action on a temporary spending bill. GOP Sen. Marsha Blackburn has blocked consideration of the measure because she says it would provide government funding for drug paraphernalia. The government will partially shut down on Friday unless the Senate can sort out the mess. The House passed its version of a temporary funding bill last week. It would keep the government running through mid-March.
UK’s tax department seizes crypto assets and NFTs in $1.9 million fraud case. The department was investigating fraud allegations against three individuals involving 250 fake companies. Her Majesty’s Revenue and Customs seized £5,000 worth of crypto assets and three NFT (non-fungible token) artworks. HMRC is the first authority in the UK to seize an NFT.
Indiana tax revenues continue to exceed expectations. January collections totaled about $2 billion, $41.2 million more than expected. House Republicans continue to push Senate Republicans to support a tax cut that would reduce property taxes on business equipment, exempt more production inputs from the 7 percent state sales tax, and eliminate the utility receipts tax. The measure would reduce annual revenues by approximately $1.3 billion, with about two-thirds of the benefits going to businesses. Senate Republicans prefer delaying a tax cut until the next budget session.
Republican lawmakers in three states propose a police recruitment strategy: Waive taxes. Proposals in Georgia, Kentucky, and New Mexico would exempt police from paying state taxes. They claim it would improve recruiting, address low morale, and curb retirements and resignations.
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