GM, this is The Crypto Xplorer, where we promise to make you laugh so hard, you'll forget you lost all your savings in Dogecoin.

Here's what we got for you today:

• New York Attorney General sues KuCoin

• Biden proposes 30% tax on crypto miners' electricity usage

• Nigerian President-Elect Proposes Crypto-Friendly Reforms

It Seems KuCoin Is Next On The Chopping Block.

New York Attorney General Letitia James has filed a lawsuit against the exchange for violating securities law by selling and purchasing commodities and securities to New Yorkers without being registered.

She specifically mentioned ETH as one of the securities Kucoin sold.

The lawsuit is seeking a “permanent injunction” against KuCoin. (That's a fancy way of saying “detention"!)

Oh, and she also wants the names of every New Yorker who has ever used KuCoin? Talk about a "crypto w*tch hunt"! 🤣

It's like she's trying to make a "crypto blacklist" or something. Maybe she's just trying to build her "crypto fan club" - who knows? 😅

But one thing's for sure, Letitia James means business when it comes to regulating these crypto platforms. Eight actions and counting? it's like she's on a mission to be the queen of crypto regulation! 😂

Biden Proposes 30% Tax on Crypto Miners’ Electricity Usage

The US government is about to rain on the crypto miners' parade. They're slapping them with a 30% tax on their electricity costs!

The Treasury claims that crypto mining has:

• Negative environmental effects,

• Increases prices for those sharing the grid with the miners,

• and creates uncertainty and risks to local utilities and communities.

And you know what, they’re not wrong. But let’s be honest, this is just another tool in their fight against this industry.

..and don't think you can escape the tax by going off-grid, (you’re not getting off that easy). 😀

They’re going to make you pay up!

And to add to the fun, they’re going to make you estimate the electricity costs generated by your electricity-generating plant, (and you had better not be wrong!). 🤣

The tax is going to be phased in over the next three years, at a rate of 10% per year.

Nigerian President-Elect Proposes Crypto-Friendly Reforms

Bola Tinubu, the Nigerian President-elect, wants to bring crypto (and blockchain tech) to the banking sector.

That’s like mixing oil and water. Those two never agree! (all thanks to the current banking regulations in the country). 🤣

Nigerians are not allowed to make crypto transactions with banks.

So, if he pulls it off, that’s a big deal!

But hey, if Nigerians are already crazy about crypto, why not make it official? 🤷‍♂️

He promises to review Nigeria’s SEC regulations on digital assets to make them more business-friendly.

Tinubu hopes this will help attract more investors and stimulate economic growth in the country.

That's all we have for today. See you on Twitter if you're there: @danielakpobare

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DISCLAIMER: None of this is financial advice. This newsletter is strictly educational and is not investment advice or a solicitation to buy or sell assets or make financial decisions. Please be careful and do your own research.