Biden's Infrastructure Bill and the effect on crypto / Paradigm, a VC firm, launched a $2.5B fund / Bitcoin dropped below $60K Tuesday morning

Also, largest cryptocurrency fraud to date was revealed

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President Joe Biden has signed the Infrastructure Bill into law. The new legislation will require crypto exchanges to notify the IRS directly of crypto transactions. More:  The IRS will be tracking crypto investments, and here is what you need to know if you are a crypto investor:   Track cost: keep a record of what you paid to reconcile with what the exchanges will be reporting to the IRS.   Hire tax professionals: A professional who understands the crypto industry can aid in accurately filing your crypto investments to prevent any issues.  NFTs and other digital assets may that generate more than $10,000 may also need to be reported to the IRS.  Recipients of transactions over $10,000 will have to report them to the government, along with personal information of the payer, including Social Security numbers. Failure to report is a felony. Time

Solana can be tracked on the Bloomberg terminal as the third cryptocurrency following Bitcoin and Ethereum.  More:  According to CoinMarketCap, Solana trails behind Bitcoin, Ethereum, and Binance as the fourth-largest cryptocurrency by market cap.  Some believe that Solana will overtake Ethereum due to its capacity for mass adoption and lower transaction fees, and it is considered to be a high-speed blockchain for running smart contracts Solana fell 6% today after the Infrastructure Bill was signed into law, but overall it has been a great year for SOL investors due to its 15,000% growth to date.  Business Insider

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Paradigm, a VC firm, launched a $2.5B venture fund to support crypto companies, making it the biggest crypto VC fund to date. The investment fund was launched in response to the growing user base in Web3 applications as investors are starting to see the potential of the crypto ecosystem and its future. More:  Founded by Coinbase co-founder Fred Ehrsam and former Sequoia Capital partner Matt Huang, this is the largest crypto-focused investment fund ever to launch.  Paradigm has also listed hired Matthew Mizbani from hedge fund Coatue Management to manage the new fund. Andreessen Horowitz also launched a $2.2B crypto-centric fund earlier this year.   The Block Crypto

China is cracking down on crypto mining in the country, and this time it's due to environmental concerns. Chinese authorities cite the adverse environmental impacts of crypto mining because they believe it will hinder the nation's ability to meet its carbon emissions targets.  More:  National Development and Reform Commission spokesperson Meng Wei worries that crypto mining consumes too much energy and releases significant carbon emissions.   Chinese officials believe that Bitcoin mining will hinder the nation's efforts to reduce their carbon emissions and are looking to focus more on commercial mining practices in line with state-owned businesses.  The NDRC is also looking to raise electricity prices for anyone that is abusing power and placing more burden on their electricity grid by crypto mining.  CNN

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Bitcoin briefly dropped below $60,000 Tuesday morning after the Chinese National Development and Reform Commission (NDRC) announced its crackdown on bitcoin mining.  More:  CoinGecko tracker showed a Global crypto market cap dropping 10 percent in the past 24 hours to US$2.7T.  Ether touched its lowest level around the same time on Tuesday morning.  Crypto-centric stocks also took a hit, including Coinbase Global Inc., MicroStrategy Inc., Marathon Digital Holdings Inc., and Riot Blockchain Inc.  The drop in crypto tokens can be due to the new U.S. infrastructure bill and China's ongoing stance to crack down on bitcoin mining.  CNBC

The U.S. Justice Department uncovered the largest cryptocurrency fraud to date in the form of a Ponzi scheme. The department will sell off $56M worth of cryptocurrencies, with the resulting proceeds used to reimburse victims of the BitConnect fraud. More:  That scam was initiated by founders Satish Kumbhani and Glenn Arcaro, who promoted the crypto lending program BitConnect. The Ponzi scheme swindled investors out of $2B worth of bitcoin from Jan. 2017 to Jan. 2018. The SEC concluded that the promoters of the BitConnect promised investors an ROI on their trading bot platform but did not deploy those investor funds, instead using the funds for their own benefit.  Arcaro admitted to misleading investors about BitConnect’s purported proprietary technology. The elaborate Ponzi scheme involved collecting money from new investors and paying earlier investors with those funds.   CNBC

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Gia Mattu is based in Calgary, Alberta. She is an entrepreneur with experience in climate technology, drones, AI, machine learning, and blockchain technology. When she's not working, she loves to hike the Canadian Rockies, try new cuisine, and travel.  Editor Aaron Crutchfield is based in the high desert of California. Over the last two decades, he has spent time writing and editing at various local newspapers and defense contractors in California. When he's not working, he can often be found looking at the latest memes with his kids or working on his 1962 Ford.

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