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As the gaming world simmers with anticipation for the release of Grand Theft Auto 6 this November, another banger published by Rockstar Games recently celebrated a major milestone. This May marked the 15th anniversary of LA Noire , the captivating detective thriller that starred most of the supporting cast of Mad Men and gave the world the "press X to doubt" meme. In honor of the auspicious occasion, journalist Cade Onder spoke with writer Daniel McMahon, formerly of Team Bondi, which developed the 2011 game. The interview is a fascinating retrospective that also delves into the team's plans for a follow-up called Whore of the Orient . While this questionably named project was canceled early in development, it had a fascinating core mechanic that would translate incredibly well to GTA 6 .

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Lettuce and salad greens have become the prime suspects in an explosive outbreak of the diarrheal parasite Cyclospora , which is surging nationwide but erupting to extraordinary heights in Michigan.

In recent years, Michigan has typically reported around 50 cases of cyclosporiasis, which causes urgent bouts of watery diarrhea, abdominal cramps, and nausea. But, this year, as of July 14 , the state has reported 3,309 cases of the food-borne pathogen. Of those 44 have been hospitalized.

Based on interviews with more than 1,000 people sickened in Michigan, the latest data is pointing to leafy greens as the source, according to the Michigan Department of Health and Human Services (MDHHS).

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Bitcoin Magazine

UK Adopts ‘No Gain, No Loss’ Tax Treatment for Crypto Lending and Liquidity Pools

The United Kingdom’s HM Revenue & Customs will treat certain disposals involving cryptoasset loans and liquidity pools as “no gain, no loss,” deferring Capital Gains Tax until a user makes an economic disposal of the underlying cryptocurrency.

The measure, published Monday, takes effect 6 April 2027 and applies to individuals and trustees who enter cryptoasset loan and liquidity pool arrangements, according to the policy paper.

It amends the Taxation of Chargeable Gains Act 1992.

The rules cover three scenarios . In a single cryptoasset lending arrangement, a user who acquires or disposes of an interest in exchange for cryptoassets of the same type as those invested will be taxed on a no-gain-no-loss basis.

Borrowing arrangements will treat borrowed cryptoassets as acquired at market value at the time of borrowing, with any collateral disregarded for Capital Gains Tax purposes.

For automated market-making arrangements — liquidity pools operated through smart contracts — a user acquiring an interest in exchange for the same type of cryptoasset is also taxed on a no-gain-no-loss basis. On exit, that treatment holds to the extent the user receives the same quantity first invested. Any difference between what was invested and what is received triggers a gain or a loss.

HMRC said the change aligns tax treatment with the economics of these arrangements, recognizing gains and losses only when a participant makes an economic disposal.

HMRC simplifies DeFi crypto tax rules

The measure addresses problems that arose from HMRC’s own 2022 guidance , which stakeholders said produced disproportionate administrative burdens.

A call for evidence ran from July to August 2022, followed by a consultation between 27 April and 22 June 2023 that sought to align tax with economic substance by not treating crypto used in DeFi lending and liquidity pools as a taxable disposal.

HMRC published a summary of responses at Budget 2025 and set out its approach at that time.

The change is expected to affect about 700,000 individuals who engage in these transactions, according to the paper. HMRC said users will benefit from a framework that is easier to understand.

The current UK regime treats crypto as an investment asset , with selling, swapping, or spending it counting as a disposal for Capital Gains Tax at 18% for basic-rate taxpayers and 24% for higher-rate taxpayers. The new treatment modifies that disposal rule for certain lending and liquidity pool arrangements.

Final costing will be subject to scrutiny by the Office for Budget Responsibility and set out at a future fiscal event. HMRC said the measure is not expected to have any significant macroeconomic impact.

This post UK Adopts ‘No Gain, No Loss’ Tax Treatment for Crypto Lending and Liquidity Pools first appeared on Bitcoin Magazine and is written by Micah Zimmerman .