Web3 Diaries-Mastercard Launches Crypto Credential
Mastercard has launched a new Web3 solution called the “Mastercard Crypto Credential,” through which, the second-largest payment-processing corporation worldwide, aims to enhance user verification standards in the digital asset space.
The solution provides users with a unique identifier, which can help verify that an address has been vetted by Mastercard and is operating in compliance with the firm’s standards. This new offering aims to reduce the risk of bad actors and the loss of funds in the space.
The solution will also support compliance through the exchange of metadata required to meet regulations.
US House to hold joint hearings on digital assets
The US House of Representatives is initiating steps to provide regulatory clarity to the digital asset ecosystem.
The House Financial Services Committee, Agriculture Committee, and subcommittees will hold joint hearings in May to address the market structure around digital assets in the United States.
The hearings aim to provide clear rules of the road for the crypto sector, which will help protect consumers without stifling responsible innovation.
Kraken pulls IRS to San Francisco Court
Kraken, a US-based cryptocurrency exchange, has taken legal action against the Internal Revenue Service (IRS) over a set of demands related to its customer data. The company filed a petition in the Northern District of California, seeking an order to stop the IRS from obtaining customer data without proper authorization.
The IRS had initially sent a “John Doe” summons to Kraken in 2019, which demanded that the exchange provide information on all of its US customers who conducted transactions of $20,000 or more between 2016 and 2020.
Kraken refused to comply with the summons, stating that the request was overbroad and would infringe on the privacy of its customers.
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