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Crypto & Web3CoinDesk ·

Why KYC Data Is a Hacker Target and How to Fix Identity Verification

Know Your Customer (KYC) data collected by financial and crypto services has become a prime target for hackers due to its concentrated, sensitive nature. Coin Center's Laz Pieper argues that the current model of storing personal identity data creates dangerous honeypots for cybercriminals. Pieper advocates for privacy-preserving identity verification systems as a safer alternative to traditional KYC practices. Such systems would allow users to prove only the specific information a service requires, without exposing underlying personal data. This approach would give individuals greater control over their own identity information while reducing the risk of large-scale data breaches.

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Crypto & Web3CoinDesk ·

Algorand appoints ex-Chainlink executive William Herkelrath as new CEO

Algorand has named William Herkelrath as its new Chief Executive Officer. Herkelrath previously held executive roles at both Chainlink and Curv, bringing significant blockchain industry experience to the position. He will be responsible for steering Algorand's strategic direction going forward. His leadership will focus on expanding the organization's presence in institutional finance and advancing quantum-resistant security capabilities.

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Crypto & Web3CoinDesk ·

Germany proposes taxing Bitcoin gains like stocks in new draft legislation

Germany is considering a draft bill that would change how Bitcoin and other cryptocurrencies are taxed, bringing them in line with stocks and other capital assets. Under the proposed rules, gains from Bitcoin would be subject to capital gains tax regardless of how long the asset has been held. This marks a significant shift from the current framework, which allows investors to sell cryptocurrency tax-free after holding it for at least 12 months. Importantly, existing holdings would be grandfathered in, meaning they would retain the current favorable tax treatment. The proposal signals a broader move by German authorities to tighten regulation and taxation of digital assets.

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Crypto & Web3CoinDesk ·

Crypto Groups Seek Court Injunction to Pause Illinois Digital Asset Tax

Two major crypto lobbying organizations, the Crypto Council for Innovation and the Blockchain Association, have filed a motion for a preliminary injunction to temporarily suspend an Illinois digital asset tax. The move comes weeks after the same groups filed a lawsuit seeking to block the law entirely. The injunction request aims to halt enforcement of the tax while the broader legal challenge works its way through the courts. The groups argue the law is problematic enough to warrant an immediate pause pending the outcome of litigation.