FDA Official Says New Rule Could Boost Blockchain-Based Food Tracking

THE WALL STREET JOURNAL

What if we had a system that tracked food from farm to table all over the world? This can be done with blockchain technology! The food industry is moving towards a new traceability regulation that would adopt blockchain technology and impose additional record-keeping requirements on businesses that grow, receive, transform, make, and ship food products. This rule wouldn’t require businesses to maintain electronic records, but many would most likely use blockchain tech. to meet the requirements. The FDA's goal is to identify the beneficiaries of those items as quickly and efficiently as possible in order not only to prevent disease transmission or risk concerns but also to keep track of key data elements. They want a system where they can trace back any potential risks from the food products with pinpoint accuracy so there are no surprises later on down the line when it comes time for inspections!

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In Huge Precedent, IRS Says It Will Not Tax Unsold, Staked Crypto

FORBES

The IRS will not tax unsold, staked crypto. I mean, anything's better than taxes...right? As a result of a civil lawsuit, the IRS is refunding $3,293 in income tax to a Nashville couple who had earned 8,876 Tezos tokens through staking. Any tokens earned through proof-of-stake should be considered “new property” generated by the taxpayer, and any gains from proof-of-stake are not income that “comes in” to the taxpayer. The suit claims that no taxable event has occurred until the tokens are sold. If this decision holds, it will create significant precedence in our larger policy debate on how to define and tax cryptocurrency assets—a topic we’ve been talking about recently because of its overwhelming popularity among people who want to invest in coins and tokens. The confusion still remains as to what is considered “transactions involving virtual currency”, with one definition including acquiring more of it through mining and staking activities.

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North America to Lead Growth in Blockchain Market

COIN TELEGRAPH

The blockchain industry is set to grow exponentially in the coming decade, and North America is leading the charge. The need for secure and transparent data management is greater than ever before, with more businesses seeking to set up virtual work platforms. Blockchain technology has emerged as an answer in this pandemic-plagued world; it provides a verifiable way of recording transactions that can be accessed by all parties involved without interference or tampering via online interfaces like Ethereum Smart Contract. Blockchain’s popularity is on the rise, with businesses needing SaaS solutions for their business continuity. Small Business Enterprises (SMEs) use blockchain-as-a-service to safeguard digital assets and verify human identities which indicates that Blockchain technology is growing at an unprecedented rate and North America will continue to lead this growth.

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DAOs Aren’t A Fad - They’re A Platform

FORBES

The rise of leaderless investing collectives known as Decentralized Autonomous Organizations has been generating a lot of headshakings. They'll also make a lot of money quickly due to their high adaptability and low regulations. Using tokens, decentralized autonomous organizations (DAOs) can efficiently enable votes and profit-sharing because they may be bought and sold. The Securities Exchange Commission is not yet ready to allow for such activity but some DAOs have found ways around this by restricting membership in their organization to only up to 100 people. The leaderless model is sometimes defined as anarchy, but it also allows individuals interested in alternative assets to play without having outrun the 20% profit share that hedge fund managers frequently charge for often mediocre results.

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The SEC Introduces A ‘Trojan Horse’ Crypto Regulation As The Price Of Cryptocurrencies Rebounds

FORBES

The bitcoin price continues its upward trend this week, finishing off on a high note with a 3.2% increase over last Friday's value - bringing momentum back into the market again after being sluggish for some time. Meanwhile, SEC watchdogs are planning a "Trojan Horse" legislation that will ambush cryptocurrency markets later this month! The Securities and Exchange Commission has released a 654-page plan to regulate "Treasury markets platforms." We think it's actually just another crypto regulation in disguise. It's not to say that regulation is inherently bad. On the contrary, We believe that well-intentioned regulation may actually assist the Blockchain sector to develop. While the proposal doesn't mention bitcoin directly; its new rules would allow regulators to examine cryptocurrency platforms and even DeFi protocols - which could affect anyone who deals with or owns digital currencies!

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