Twitter CEO and Bitcoin advocate Jack Dorsey has urged the Trump administration to use his payments company, Square, to distribute billions of dollars to US citizens rather than the IRS.
As part of thecoronavirus rescue package, signed into effect byPresident Trump on Friday, US citizens will receive a bailout check of $1,200 per person. The government intends to hand out the money by April 6. However, the last time a bailout of this proportion was prescribed—in the fallout of the 2008 recession—payments took months to arrive.bailout
For Dorsey, that's not soon enough.
Square set up its Bitcoin division in March 2019. Image: Shutterstock.
The Twitter CEO said on Thursday that via Square's Cash App, money could be dispensed in just one day and include the unbanked.
“People need help immediately. The technology exists to get money to most people today (even to those without bank accounts). Square and many of our peers can get it done. US government: let us help,” he tweeted, on Thursday.
People need help immediately. The technology exists to get money to most people today (even to those without bank accounts). Square and many of our peers can get it done. US government: let us help. https://t.co/mVrpOpbp0b
A US politician has asked the Treasury to mint two platinum coins, each worth $1 trillion, in order to help the nation’s economy deal with the coronavirus pandemic.
The coronavirus has killed over 13,000 people worldwide, including 348 in the US, according to data metrics site Worldometers. It has also ruined the country’s economy, and the government is working out how to save it.
The two $1 trillion coins would be used to pay $2,000 to everyone in the US, and $1,000 a month after that—until a y...
"They [the US government] know they need to get this money out the door quickly so I think they are open to quicker methods," a sourcetold CNN Business. "Last time they were doing this was 2008 and 2009 and the technology didn't exist as it does today."
Per Reuters, the Internal Revenue Service will administer the coronavirus package. But the agency has struggled to execute eventhe simplest of tax audits in recent years. In 2001 following President Bush' tax cut, the agency took over six weeks to provide rebates. Similarly in 2008, the IRS spent three months delivering fiscal relief.
And with the most cases of the coronavirus located in the US, the IRS will have its work cut out.
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A wallet used by the creators of President Donald Trump’s Solana meme coin made its first-ever withdrawals on Tuesday, sending $4.6 million worth of the project’s liquidity to a Coinbase Prime account.
The move comes just days ahead of the project’s first major token unlock, which is set for Thursday. Upon the three-month anniversary of the coin’s surprise launch on the eve of the president's inauguration, 40 million TRUMP tokens are scheduled to be released into circulation.
At writing, that...
Only 0.0005% of the $11 billion collected in income tax in Colorado since 2022, amounting to just over $57,000, has been paid using crypto.
The State of Colorado began accepting crypto-based tax payments in September 2022, under a policy introduced by Governor Jared Polis.
Yet figures shared with Colorado Newsline by the Colorado Department of Revenue reveal that only eight payments using crypto were made in 2022, amounting to a grand total of only $16,426.
This rose to 22 payments and a total o...
Bitcoin mining firm Auradine has raised $153 million in its latest funding round as it aims to launch a new AI-focused initiative.
StepStone Group led the Series C funding round, with participation from Maverick Silicon, Samsung Catalyst Fund, MARA Holdings, and other investors, according to Auradine's statement published on Wednesday. The oversubscribed raise brings the firm's total raised capital to $300 million.
Auradine will use its funds to fuel a new business group, AuraLinks AI. The ini...