Federal Reserve Lowers Interest Rates Again

The post Circle unveils CCTP V2 for seamless USDC crosschain transfers with Stellar appeared on BitcoinEthereumNews.com. Key Takeaways Circle’s CCTP V2 now supports the Stellar blockchain, allowing direct USDC transfers between Stellar and other networks. CCTP V2 eliminates the need for wrapped tokens or traditional bridges, reducing security risks in cross-chain transactions. Circle’s Cross-Chain Transfer Protocol Version 2 (CCTP V2) now supports Stellar, the decentralized blockchain platform designed for cross-border payments. Today’s integration enables seamless USDC transfers between Stellar and other blockchain networks. CCTP V2 allows users to move USD Coin, the stablecoin pegged 1:1 to the US dollar, across different blockchains without requiring wrapped tokens or traditional bridges that can introduce security risks. Source: https://cryptobriefing.com/circle-unveils-cctp-v2-for-usdc-crosschain-transfers-with-stellar/

The post Plasma CEO and Founder Paul Faecks Defends Team Amid XPL Token Selloff appeared first on Coinpedia Fintech News Plasma (XPL) CEO and Founder Paul Faecks has defended the team members from a previous unconfirmed allegation circulating through social media. Paul has posted on X stating that the rumors circulating, since the launch of XPL, are not grounded in truth thus causing the community’s fear, uncertainty, and doubt (FUD). Plasma Founder Defends the Project During the past few days, the XPL holders were hit with rumors that the same developers of Blast (BLAST) and Blur (BLUR) migrated to Plasma. Notably, both Blast and Blur projects have suffered heavy losses in the last few months, with their respective tokens still down around 90% at press time. As such, Paul issued three defensive tackles to set the records straight: No team members have sold any XPL – Paul reassured the Plasma community that investors and team members’ XPL tokens have been locked for three years with a one-year cliff. Professional Plasma team – according to Paul, the Plasma team consists of around 50 members with three members having a background from Blast and Blur. He noted that the Plasm team also came from Google, Facebook, Square, Temasek, Goldman Sachs, and Nuvei. No communication with Wintermute – According to Paul, Plasma has not engaged with the Wintermute market maker. “We are laser-focused on building the future of money and won’t be commenting further. We remain incredibly grateful for our community’s support. Now back to work,” Paul noted.  XPL Price Remains Under Pressure After a highly hyped market launch, the XPL price has dropped over 43% in the last four days to trade about 94 cents at press time. During the past 24 hours, XPL price dropped 6.6% while the wider crypto market gained in value.  Nonetheless, XPL and Plasma are well-positioned to grow exponentially ahead amid the mainstream adoption of stablecoins. According to market data from CoinMarketCap, XPL has a market cap of about $1.69 billion and a 24 hour average traded volume of around $2.89 billion.

U.S. Senator Ron Wyden, the top Democrat on the Senate Finance Committee, is continuing his inquiry into whether Dan Morehead, the founder of asset manager Pantera Capital, sought to avoid paying taxes through his move to Puerto Rico.Wyden's probe into whether Morehead committed tax evasion began in January, and is focused on how the Pantera founder reported taxes on his share of proceeds after a large crypto sale by the firm. According to a press release, Wyden is specifically looking at whether Morehead "misrepresent[ed] his residency status" when Pantera generated over $1 billion in capital gains from crypto sales by claiming his profits from the sale came while he was in Puerto Rico. Residents of the U.S. territory do not pay income tax on capital gains."It is my understanding your share of these gains … was hundreds of millions of dollars," Wyden said in the letter, sent on Wednesday. "It is also my understanding that you treated the entire [gain] as exempt from U.S. tax, even though the lion’s share of these gains accrued while you still resided in California. These are serious allegations of potential abuse of Puerto Rico tax incentives to avoid the payment of U.S. taxes that you must immediately address."Wyden's letter alleged that Morehead's attorneys "have all but disappeared" despite initially engaging with his staff. He also said in the letter that he believes Morehead was advised by Jeffrey Rubinger, a Miami-based attorney who advised another client who "recently pled guilty to a tax fraud scheme" tied to the same Puerto Rico tax rules.A Pantera spokesperson referred CoinDesk to a previous statement from Morehead, when he told the New York Times in a statement earlier this year that, "I believe I acted appropriately with respect to my taxes."Wyden's probe does not carry the full weight of an investigation by the Senate Finance Committee at the moment, given Democrats are the minority party in the Senate and committee Chair Mike Crapo — the top Republican on the committee — does not appear to have joined in the inquiry at this time.Wyden's letter came the same day the Senate Finance Committee held a hearing on crypto tax issues specifically. Witnesses at the hearing warned that the IRS may soon face a deluge of tax reporting.Read more: U.S. Senate Hearing on Crypto Taxes Reveals Headaches for Both Industry and IRS