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IRS Crypto Disclosure Letters Violated US Taxpayer Rights in 2019

IRS Crypto Disclosure Letters Violated US Taxpayer Rights in 2019

The IRS shook up the US crypto sector last year, when it issued Letter 6137 to American taxpayer’s which demanded that all citizens declare any unreported crypto gains within 30 days. One year on and an IRS watchdog has slammed the letter as a violation of the Taxpayer Bill of Rights.

Crypto, Tax, and the IRS: The Good, The Bad, and The Downright Ugly

Crypto, Tax, and the IRS: The Good, The Bad, and The Downright Ugly

The IRS wants a piece of your crypto, and the agency is sending letters to thousands of taxpayers who may have failed to declare profits from crypto deals. Question is, is the IRS entitled to what it's asking for?

IRS Cracking Down on Cryptocurrency Tax Evasion, Seeks Private Crypto Tax Contractors

IRS Cracking Down on Cryptocurrency Tax Evasion, Seeks Private Crypto Tax Contractors

The Internal Revenue Service (IRS) has requested help from independent consultants to crack down on non-compliance in cryptocurrency tax.

Coinbase User Sues IRS for Illegal Seizure of Crypto Records

Coinbase User Sues IRS for Illegal Seizure of Crypto Records

James Harper, a Bitcoin researcher, is suing the IRS, its commissioner, and nearly a dozen of its agents for violating his Fourth and Fifth Amendment rights—his right to privacy and right to due process—with their infamous Letter 6137 in July last year.

US Tax Office Warns Coinbase Users To Declare Crypto Holdings Before IRS Clampdown

US Tax Office Warns Coinbase Users To Declare Crypto Holdings Before IRS Clampdown

The IRS may soon start clamping down on crypto users particularly those affiliated with Coinbase exchange who do not properly report their crypto holdings.

IRS Criminal Investigations Puts $625,000 Bounty on Monero Privacy Crack and BTC Lightning Network Tracker

IRS Criminal Investigations Puts $625,000 Bounty on Monero Privacy Crack and BTC Lightning Network Tracker

IRS Criminal Investigations have put a $625,000 bounty on the heads of Monero (XMR) privacy and BTC Lightning Network (LN) transactions.

IRS Updates 1040 Income Tax Form, Lays Traps for Crypto Tax Cheats

IRS Updates 1040 Income Tax Form, Lays Traps for Crypto Tax Cheats

The IRS plans to update the 1040 income tax form for 2020 to make it more difficult for taxpayers to avoid declaring their crypto assets.

Members of Congress Ask IRS for Relaxed Approach to Crypto Staking Taxes

Members of Congress Ask IRS for Relaxed Approach to Crypto Staking Taxes

Innovation friendly members of United States Congress have written to the IRS request a level-headed approach to tax on cryptocurrency staking rewards.

US Treasury Official says IRS is Assessing Models for Crypto Tax Reporting Rules

US Treasury Official says IRS is Assessing Models for Crypto Tax Reporting Rules

The IRS is developing domestic reporting rules for cryptocurrency taxation and assessing different models, according to a Treasury Department official at an OECD event.

IRS Hoping to Deanonymize Monero and ZCash Privacy Coins to Prevent Cybercrime

IRS Hoping to Deanonymize Monero and ZCash Privacy Coins to Prevent Cybercrime

The Criminal Investigation Division(CID) of the IRS are actively hiring private contractors to study and analyze privacy coins, as there has quite been a lot of fraudulent activities revolving around their usage.

IRS Refuses Watchdog Request to Clarify 2019 Crypto Tax Guidelines

IRS Refuses Watchdog Request to Clarify 2019 Crypto Tax Guidelines

The Internal Revenue Service will not clarify how taxes work with cryptocurrencies and digital asset transactions in the US according to a US congress watchdog’s report released on Wednesday.

IRS Announces New Tax Payment Guidance on Cryptocurrencies

IRS Announces New Tax Payment Guidance on Cryptocurrencies

The controversial nature of the acceptance of cryptocurrencies is now more tilted to the positive end where world government now deem it fit to establish guidelines to tax cryptocurrency holders.

Binance to Delist BETH Trading Pairs, Shifts Focus to WBETH: What You Need to Know

Binance to Delist BETH Trading Pairs, Shifts Focus to WBETH: What You Need to Know

Binance is delisting BETH trading pairs and adding WBETH to Simple Earn Flexible Products and Loans to improve staking services and user utility. Users are advised to update trading bots, modify Auto-Invest plans, and consider WBETH as collateral.

Binance to Delist Multiple Trading Pairs Including ANKR, IOTA, LRC, Effective September 1, 2023

Binance to Delist Multiple Trading Pairs Including ANKR, IOTA, LRC, Effective September 1, 2023

Binance has announced the discontinuation of several spot trading pairs, including ANKR/BNB, CVC/BUSD, EPX/BUSD, HIVE/BUSD, IOTA/BNB, KLAY/BUSD, LRC/BNB, MBL/BUSD, MTL/ETH, and UMA/BUSD, on September 1, 2023. The removal could impact liquidity and trading strategies, particularly for automated trading systems.

US Court Backs IRS in Part Against Kraken  Over Tax Rules

US Court Backs IRS in Part Against Kraken Over Tax Rules

The United States District Court, Northern District of California, has partially upheld a summons issued by the Internal Revenue Service (IRS) to Payward Ventures, Inc. and its subsidiaries, collectively known as "Kraken". Kraken, a prominent online crypto exchange, has been under scrutiny for its compliance with tax regulations.

IRS Expects Surge in Crypto Tax Crime Cases as Tax Season Concludes

IRS Expects Surge in Crypto Tax Crime Cases as Tax Season Concludes

The US Internal Revenue Service (IRS) is bracing for an increase in crypto tax crime cases as taxpayers file their returns on April 15. IRS criminal investigation chief Guy Ficco predicts a rise in charged Title 26 crypto cases this year and beyond. While crypto has been associated with various financial crimes in the past, Ficco anticipates a surge in "pure crypto tax crimes" in the future.

Binance Expands Trading Options with New Pairs and Trading Bots

Binance Expands Trading Options with New Pairs and Trading Bots

Binance to add new trading pairs and trading bots services to enhance user experience.

U.S. Department of Veterans Affairs Extends Oracle EHR Modernization Contract

U.S. Department of Veterans Affairs Extends Oracle EHR Modernization Contract

Oracle and the VA reaffirm their commitment to modernize the EHR system for veterans.

Influcencing BAKE and LISTA, Binance Introduces New Trading Pairs and Trading Bots Services

Influcencing BAKE and LISTA, Binance Introduces New Trading Pairs and Trading Bots Services

Binance announces new trading pairs BAKE/TRY and LISTA/BRL, along with Trading Bots services, enhancing user experience from June 21, 2024.

Binance to Introduce New Trading Pairs and Trading Bots Services

Binance to Introduce New Trading Pairs and Trading Bots Services

Binance expands trading choices with new pairs and trading bots services starting July 12, 2024, enhancing user experience.

Influencing WIF, ZK and ZRO, Binance to Introduce New Trading Pairs and Trading Bots Services

Influencing WIF, ZK and ZRO, Binance to Introduce New Trading Pairs and Trading Bots Services

Binance announces the launch of new trading pairs and Trading Bots services to enhance user experience on Binance Spot, effective July 3, 2024.

US IRS to Refund Taxes on Staked Tezos to Tennessee Couple

US IRS to Refund Taxes on Staked Tezos to Tennessee Couple

The United States Internal Revenue Service (IRS) is set to refund a Nashville, Tennessee couple, Joshua and Jessica Jarrett the sum of $3,293 being tax payment on 8,876 Tezos (XTZ) coins earned as staking reward by the duo.

Binance Introduces New BOME/USDC, JTO/USDC, and WIF/USDC Trading Pairs and Trading Bots Services

Binance Introduces New BOME/USDC, JTO/USDC, and WIF/USDC Trading Pairs and Trading Bots Services

Starting April 5, 2024, Binance introduces new trading pairs and Spot Algo Orders Trading Bots to enhance trading efficiency and diversify portfolios.

Coin Center Sues IRS For Unconstitutional Tax Reporting Rules

Coin Center Sues IRS For Unconstitutional Tax Reporting Rules

Coin Center, a Washington DC-based non-profit research and advocacy centre, has filed a lawsuit against the United States Treasury and the Internal Revenue Service (IRS) for a tax reporting requirement it wants to pass into law.

JP Morgan Executive Warns of Banking Collapse

JP Morgan Executive Warns of Banking Collapse

Bob Michele, CIO of JP Morgan Asset Management, expresses concern over how US regional banks will operate post-emergency lending programs, warning of potential collapse after First Republic Bank's liquidity issues.

Block's AUD$3M Investment Boosts Indigenous Business Sector in Australia

Block's AUD$3M Investment Boosts Indigenous Business Sector in Australia

Block Inc. invests AUD$3 million in First Australians Capital's new fund, supporting Indigenous businesses in Australia, aiming to empower entrepreneurs, foster economic growth, and create community wealth.

Why Cathie Wood’s ARK Investments Skipped Buying the First Bitcoin Futures ETF Shares?

Why Cathie Wood’s ARK Investments Skipped Buying the First Bitcoin Futures ETF Shares?

It was unusual that ARK Investments did not buy ProShares Bitcoin futures shares during the debut trading on the public markets. Wood Cathie, the CEO of the investment firm, has given out reasons behind such moves.

IRS Delays Crypto Reporting Requirements for US Businesses

IRS Delays Crypto Reporting Requirements for US Businesses

The IRS delays enforcing crypto transaction reporting requirements for US businesses, pending a comprehensive regulatory framework. This follows the crypto community's concerns over the practical challenges of complying with the Infrastructure Investment and Jobs Act's rules.

U.S. IRS Chief Requests More Power To Collect Crypto Transfer Data

U.S. IRS Chief Requests More Power To Collect Crypto Transfer Data

U.S. Internal Revenue Service Commissioner Charles Retting told Congress that the authority needs more permission to collect cryptocurrency transfer data, Reuters reported Tuesday.

First Citizens Bank to Acquire Silicon Valley Bank Deposits and Loans

First Citizens Bank to Acquire Silicon Valley Bank Deposits and Loans

First Citizens Bank will acquire all deposits and loans of Silicon Valley Bank after its collapse following rumors of a liquidity crisis. The FDIC has approved the purchase and assumption agreement, and Silicon Valley Bank depositors will become depositors of First Citizens Bank. The North Carolina-based bank is now the 30th largest commercial bank in the US.

Coinbase's Intention to Sell Blockchain Analytics Software to US Government Watchdogs Created Backlash from Crypto Community

Coinbase's Intention to Sell Blockchain Analytics Software to US Government Watchdogs Created Backlash from Crypto Community

Leading American cryptocurrency exchange, Coinbase plans to sell its blockchain analytics software called "Coinbase Analytics" to the US Drug Enforcement Administration (DEA) and the Internal Revenue Service (IRS). This decision is not sinking in well with the crypto community because the software will offer identity attribution for domestic and international cryptocurrency addresses to the US government agencies.

The Bahamas Becomes First Country to Launch its CBDC, the ‘Sand Dollar’

The Bahamas Becomes First Country to Launch its CBDC, the ‘Sand Dollar’

The Bahamas has launched the Sand Dollar, making it the first country in the world to officially release a central bank digital currency (CBDC) beyond the testing phase.

US Treasury and IRS Propose New Regulations on Digital Asset Reporting

US Treasury and IRS Propose New Regulations on Digital Asset Reporting

The US Department of the Treasury and the IRS have issued proposed regulations to improve transparency and compliance in the digital asset sector. Starting Jan. 1, 2025, brokers must report gross proceeds, payee statements, and gain/loss and basis information for sales. The regulations aim to close the tax gap and ensure uniformity in tax rules.

Fireblocks Acquires Stablecoin Payments Startup- First Digital

Fireblocks Acquires Stablecoin Payments Startup- First Digital

Fireblocks - digital asset custody, transfer, and settlement platform - announced its acquisition of First Digital.

Coinbase Suspends Trading on 41 Non-USD Pairs

Coinbase Suspends Trading on 41 Non-USD Pairs

Coinbase Exchange suspended 41 non-USD trading pairs on September 13, 2023, to improve market health and consolidate liquidity. Users on Coinbase Exchange, Advanced Trade, and Coinbase Prime can continue trades using USDC balances and USDC unification. The suspension has minimal impact on trading volume.

Economic Affairs Committee Unsure UK Needs Retail CBDC

Economic Affairs Committee Unsure UK Needs Retail CBDC

The United Kingdom’s Economic Affairs Committee has shared its views on the proposed plans by the country to launch a Central Bank Digital Currency (CBDC) or digital Pound.

JPMorgan to Acquire First Republic Bank Assets

JPMorgan to Acquire First Republic Bank Assets

JPMorgan Chase is set to acquire First Republic Bank's assets after the troubled bank was closed by regulators. JPMorgan will assume all assets, including uninsured deposits, and enter into a loss-sharing agreement with the FDIC.

Firstblock Introduces Firstblock Labs To Support The Next Generation Of Web3 Innovators

Firstblock Introduces Firstblock Labs To Support The Next Generation Of Web3 Innovators

FirstBlock, a leading blockchain solutions provider, announces the launch of FirstBlock Labs, a virtual laboratory designed to support and help Web3 startups thrive in the rapidly growing blockchain industry.

Coinbase CEO: Americans are Investing Their COVID Stimulus Checks in Bitcoin

Coinbase CEO: Americans are Investing Their COVID Stimulus Checks in Bitcoin

Brian Armstrong, the CEO of US-based crypto exchange Coinbase, has revealed data showing how $1,200 deposits similar to the stimulus checks being offered to Americans by the government has skyrocketed this week. Coinbase is the leading crypto exchange in the American soil.

Binance Announces Removal of Multiple Trading Pairs Including BAT, CVX, FORTH

Binance Announces Removal of Multiple Trading Pairs Including BAT, CVX, FORTH

Binance delists 22 spot trading pairs in three phases, starting at 05:00 UTC on September 8, 2023. Users are advised to update or cancel their bots and convert BUSD assets into other available assets before February 2024.

Court Upholds OFAC's Designation of Tornado Cash Under IEEPA

Court Upholds OFAC's Designation of Tornado Cash Under IEEPA

The US District Court upheld the OFAC's designation of Tornado Cash under the IEEPA, rejecting plaintiffs' claims of overreach and First Amendment violations, highlighting legal challenges for privacy-oriented blockchain entities.

US IRS May Auction off the $1.2B Worth of Crypto Seized This Year

US IRS May Auction off the $1.2B Worth of Crypto Seized This Year

The current crypto seizure amount of $1.2 billion made by the IRS may be up for auction to the public.

MoonXBT Eliminates Fees on Multiple Spot Trading Pairs

MoonXBT Eliminates Fees on Multiple Spot Trading Pairs

MoonXBT is no longer charging fees for multiple spot trading pairs to ease the burden on users during the ongoing economic crisis.

Exclusive: Gerard Dache, on the Two Contradictions of Facebook Libra

Exclusive: Gerard Dache, on the Two Contradictions of Facebook Libra

In part 2 of the interview, Gerard walked us through some of the recommended bills to the government in fostering blockchain innovation, such as the “Blockchain Promotion Act”. He then shared his views on the nature of Bitcoin and two contradictions of Facebook’s Libra.

US Crypto Tax Law Study

US Crypto Tax Law Study

Indiana and Maine universities publish a study examining US cryptocurrency tax law. The paper proposes a new tax framework for cryptocurrency losses, which would prevent taxpayers from using them against other capital gains.

WonderFi to Acquire Canadian Crypto Exchange Parent Firm First Ledger with $206M

WonderFi to Acquire Canadian Crypto Exchange Parent Firm First Ledger with $206M

WonderFi, a Vancouver-based and Canadian politician Kevin O’Leary-backed firm, announced the acquisition of First Ledger Corp., the parent company of Canadian cryptocurrency exchange Bitbuy with $206 million.

Binance Adds DOGE, XRP, SOL to FDUSD with Zero Maker Fees

Binance Adds DOGE, XRP, SOL to FDUSD with Zero Maker Fees

Binance introduces five new trading pairs, including DOGE/FDUSD and SOL/FDUSD, and offers zero maker fees on FDUSD pairs until further notice, potentially increasing liquidity and trading volumes, with TRY as part of TOMO/TRY and UNFI/TRY pairs.

EquitiesFirst Owes $439 Million In Debt to Celsius Network

EquitiesFirst Owes $439 Million In Debt to Celsius Network

The case is one of many issues facing Celsius Network. If EquitiesFirst agrees to pay the debt, then the struggling Celsius’ operations would be bolstered.

Can US Lawmakers Really Just Mint Two $1 Trillion Coins to Back a Digital Dollar COVID Stimulus with "No Additional Debt"?

Can US Lawmakers Really Just Mint Two $1 Trillion Coins to Back a Digital Dollar COVID Stimulus with "No Additional Debt"?

As the economy continues to deteriorate in the ongoing COVID-19 pandemic climate, US Lawmakers are once again pitching the creation of a sovereign digital dollar to quickly distribute the proposed stimulus packages. The bill further proposed the new minting of two trillion dollar coins.

IRS Introduces New Form 1099-DA for Reporting Income from Digital Asset Transactions

IRS Introduces New Form 1099-DA for Reporting Income from Digital Asset Transactions

The US IRS has introduced Form 1099-DA for cryptocurrency brokers to report digital asset transactions, aiming to improve compliance and ensure accurate tax reporting from digital assets starting January 1, 2025.

Including ALGO, XLM, and AERGO, Binance to Remove Select Spot Trading Pairs

Including ALGO, XLM, and AERGO, Binance to Remove Select Spot Trading Pairs

Binance announces the removal of select spot trading pairs on March 8, 2024, as part of its ongoing efforts to optimize the trading market, protect users, and foster a healthy cryptocurrency ecosystem.

Kraken Fights IRS Over Customer Information

Kraken Fights IRS Over Customer Information

Kraken is contesting the United States Internal Revenue Service's demand for critical exchange user information, citing it as an "unjustified treasure hunt." Kraken has requested federal court intervention, pointing out that the IRS has gone "far beyond" its intrusive summons. The fight against IRS is Kraken's response to the agency's February summons, which demanded additional user information to identify Kraken accounts that did at least $20,000 of cryptocurrency trading in any single year between 2016 and 2020.

Binance Adds APT/USDC, GALA/USDC, NEO/USDC, OMNI/BRL, and STX/USDC Trading Pairs

Binance Adds APT/USDC, GALA/USDC, NEO/USDC, OMNI/BRL, and STX/USDC Trading Pairs

Binance introduces new trading pairs and Trading Bots services on its Binance Spot platform, enhancing users' trading experience with more options and automated strategies.

IRS's $24 Billion Tax Claim Threatens Recovery for FTX Victims

IRS's $24 Billion Tax Claim Threatens Recovery for FTX Victims

The IRS's $24 billion tax bill against bankrupt FTX complicates recovery for victims, as FTX challenges the claim, claiming lack of basis and threats to compensation funds.

First Digital Group Launches New Stablecoin FDUSD to Revolutionize Global Finance

First Digital Group Launches New Stablecoin FDUSD to Revolutionize Global Finance

Asia's leading trust company and qualified custodian, First Digital, is making waves in the global financial ecosystem with the announcement of its new stablecoin, First Digital USD (FDUSD)

Norwegian Tax Authorities Want Investors to Voluntarily Declare their Crypto Earnings

Norwegian Tax Authorities Want Investors to Voluntarily Declare their Crypto Earnings

The Norwegian Tax Administration wants people to voluntarily report their cryptocurrency earnings ahead of the April deadline for filing tax returns.

US IRS Introduces Broad Category for Digital Assets Ahead of Tax Season

US IRS Introduces Broad Category for Digital Assets Ahead of Tax Season

The US IRS has created the Digital Assets categories ahead of this year's tax season

How the 2021 Infrastructure Bill Impacts Cryptocurrency Reporting and Tax

How the 2021 Infrastructure Bill Impacts Cryptocurrency Reporting and Tax

The 2021 Infrastructure Bill requires IRS reporting for crypto transactions over $10,000, expanding cash definition to digital assets, and requiring brokers to report customer details within 15 days.

Binance Enhances Trading Options with New Pairs and Bot Services

Binance Enhances Trading Options with New Pairs and Bot Services

Binance boosts its trading services with new spot trading pairs and trading bot services, expanding options and enhancing user experience. This includes pairs like MOVR/TRY, LDO/FDUSD, and more, with a focus on FDUSD and Turkish Lira pairs.

Fireblocks Debut Crypto Payments Engine After Successful Trial With Checkout.com

Fireblocks Debut Crypto Payments Engine After Successful Trial With Checkout.com

Fireblocks is expanding its crypto offerings with new payment engine

U.S Court Issues John Doe Summons to Taxpayers that Failed to Remit Crypto Taxes

U.S Court Issues John Doe Summons to Taxpayers that Failed to Remit Crypto Taxes

The United States District Judge, Paul G. Gardephe has granted permission to the Internal Revenue Service (IRS) to issue what is called a John Doe summons on M.Y. Safra Bank to release information about customers who may have failed to remit taxes received from conducting crypto transactions

Benefits of Paying Independent Contractors in Cryptocurrency: Challenges and Solutions

Benefits of Paying Independent Contractors in Cryptocurrency: Challenges and Solutions

Independent contractors face complex legal landscapes, including IRS and FLSA guidelines, and misclassification risks. Cryptocurrency payments like Rise offer anonymity, but clear contracts and accurate records are crucial.

ZCash Celebrates First Halving, Unveils Canopy The Network's Fifth Upgrade

ZCash Celebrates First Halving, Unveils Canopy The Network's Fifth Upgrade

ZCash has undergone its first halving at block 1,046,400 and the event coincides with the network's fifth upgrade dubbed Canopy.

DeSantis Proposes Flat Tax and IRS Elimination, Sparks Trump Rivalry in 2024 Race

DeSantis Proposes Flat Tax and IRS Elimination, Sparks Trump Rivalry in 2024 Race

In the 2024 presidential campaign, Florida Governor Ron DeSantis advocates for a flat tax system and the elimination of the IRS, a move that has ignited a political battle with Donald Trump, highlighting internal Republican party dynamics and differing tax policy visions

How Are Uniswap’s UNI Governance Tokens Taxed?

How Are Uniswap’s UNI Governance Tokens Taxed?

Uniswap the popular decentralized exchange recently awarded members its UNI tokens. But what do holders need to know about paying tax on UNI governance tokens?

US authorities consider expanding credit line for banks

US authorities consider expanding credit line for banks

US authorities are considering expanding an emergency credit line for banks to provide First Republic Bank with a time buffer to address balance sheet concerns, according to Bloomberg sources. The bank is deemed stable enough to operate without immediate intervention.

GFT and Thought Machine Partner to Drive Digital Transformation in U.S. Banking

GFT and Thought Machine Partner to Drive Digital Transformation in U.S. Banking

GFT and Thought Machine are collaborating to propel U.S. banks into the digital age, departing from legacy systems in favor of cloud-native solutions. Traditional banks are now focusing on introducing innovative financial experiences to gain a competitive edge. The partnership offers three paths to digital transformation, with GFT being a leading implementation partner of Thought Machine's Vault Core. This technology enables the launch of digital-first banks or migration from legacy systems. The partnership has achieved significant milestones, including certifications and completed projects. Traditional banks are poised to leverage their expertise and regulatory frameworks by embracing digitization.

Kansas Heartland Tri-State Bank Closure Indicates Continued U.S. Banking Crisis

Kansas Heartland Tri-State Bank Closure Indicates Continued U.S. Banking Crisis

On July 28, 2023, the Kansas Office of the State Bank Commissioner closed Heartland Tri-State Bank of Elkhart, Kansas, appointing the Federal Deposit Insurance Corporation (FDIC) as receiver.

Binance to Delist ARPA/BNB, COMP/TUSD, EDU/BNB and PENDLE/TUSD

Binance to Delist ARPA/BNB, COMP/TUSD, EDU/BNB and PENDLE/TUSD

Binance is set to remove a select number of trading pairs from its platform on March 15, 2024, citing low liquidity and volume as the primary reasons.

SEC's Gag Rule Faces Criticism: Commissioner Hester Peirce Calls for Reform

SEC's Gag Rule Faces Criticism: Commissioner Hester Peirce Calls for Reform

SEC Commissioner Hester Peirce has publicly disagreed with the agency's refusal to amend the 1972 gag rule, raising concerns over its impact on free speech and regulatory integrity. The rule, which prevents defendants from criticizing SEC allegations post-settlement, is being challenged for its constitutional implications.

Chairman McHenry Sharply Criticizes U.S. Treasury and IRS Over Digital Asset Reporting Proposals

Chairman McHenry Sharply Criticizes U.S. Treasury and IRS Over Digital Asset Reporting Proposals

House Financial Services Committee Chairman Patrick McHenry expresses concerns over proposed digital asset reporting requirements, urging the Biden Administration to collaborate with Congress to establish clear regulations and protect market participants' privacy.

U.S. Treasury Requests Report to IRS for Crypto Transfers Over $10,000

U.S. Treasury Requests Report to IRS for Crypto Transfers Over $10,000

The U.S. Treasury Department today proposed to the U.S. Internal Revenue Service that investors need to report on crypto transactions of more than $10,000.

Official Committee of Unsecured Creditors of FTX Responds to IRS's $44 Billion Claims

Official Committee of Unsecured Creditors of FTX Responds to IRS's $44 Billion Claims

The Official Committee of Unsecured Creditors of FTX, a now-bankrupt cryptocurrency exchange, has publicly responded to the U.S. Internal Revenue Service's (IRS) staggering $44 billion in claims against various debtors affiliated with FTX.

Citi Joins BondbloX Bond Exchange as First Digital Custodian

Citi Joins BondbloX Bond Exchange as First Digital Custodian

Citi Securities Services has become the first digital custodian participant on the BondbloX Bond Exchange (BBX), the world's first fractional bond exchange. The partnership allows Citi clients to become BBX participants, facilitating the trading of both fractionalized and full-sized bonds. Citi will oversee settlement and custody services. The partnership aims to enhance digital financial market infrastructure, provide transparency, electronic operations, and universal accessibility in the bond market.

IRS Sends Warning Letters to Prevent Crypto Owners from Evading Tax

IRS Sends Warning Letters to Prevent Crypto Owners from Evading Tax

The Internal Revenue Service began sending warning letters out to cryptocurrency owners in the United States, announcing that taxpayers should be paying back taxes they owe or to file amended tax returns in regards to their cryptocurrency holdings.

Republic First Bank Closure: First US Bank Failure of 2024

Republic First Bank Closure: First US Bank Failure of 2024

US regulators have closed Philadelphia-based Republic First Bank, marking the first banking failure of 2024. The closure has sparked debate among the crypto community, with Bitcoin and Ether trading down. The bank had approximately $6 billion in total assets and $4 billion in total deposits as of January 31.

Offshore Tax Invasion Continues to be Investigated by OECD

Offshore Tax Invasion Continues to be Investigated by OECD

The Organization for Economic Co-operation and Development (OECD) thinks that cryptocurrency might be the solution in preventing large scale tax evasion activities that are ongoing all over the world.

California Court Orders Kraken Exchange to Reveal Identities of Users who Have Transacted in Crypto

California Court Orders Kraken Exchange to Reveal Identities of Users who Have Transacted in Crypto

IRS has secured authorization from a federal court to issue a John Doe warrant to Kraken to reveal the identity of users transacting in crypto.

U.S. IRS Clarifies Taxation on Crypto Staking Rewards

U.S. IRS Clarifies Taxation on Crypto Staking Rewards

IRS ruling classifies crypto staking rewards as taxable income, potentially impacting prices of PoS-based cryptos like Ethereum.

CoinMarketCap Introduces Algorithmically Ranked Crypto Trading Pairs to Eradicate Volume Inflation

CoinMarketCap Introduces Algorithmically Ranked Crypto Trading Pairs to Eradicate Volume Inflation

CoinMarketCap, a leading crypto data tracker, has gone a notch higher by presenting a new ranking system based on an innovative algorithm powered by machine learning. According to the company’s blog post, this new approach will enable users to make more profound trading decisions when it comes to market pairs. The new approach presented by CoinMarketCap seeks to revamp its current single metric ranking network to a combined one that will handle at least 22,000 market pairs covering more than 5,500 cryptocurrencies.

Brazil's Tax Authority Cracks Down on Unreported Bitcoin Holdings

Brazil's Tax Authority Cracks Down on Unreported Bitcoin Holdings

The Brazilian Federal Revenue Service identifies over 25,000 individuals with undeclared bitcoins, leveraging advanced technologies to enforce tax compliance in the cryptocurrency sector, signaling increased scrutiny and regulatory measures for crypto investors.

U.S. Senators Urge Treasury and IRS for Swift Cryptocurrency Tax Rule Implementation

U.S. Senators Urge Treasury and IRS for Swift Cryptocurrency Tax Rule Implementation

A group of U.S. Senators has expressed concern over a two-year delay in implementing tax reporting requirements for crypto brokers, urging the Treasury Department and IRS to expedite the process to close the crypto tax gap, provide clarity for taxpayers, and secure billions in lost tax revenue. The delay contradicts the directives of the Infrastructure Investment and Jobs Act and gives leeway to crypto lobbyists opposing the rule.

IRS is Developing 'Hundreds' of Crypto Cases Amid Upcoming Tax Season

IRS is Developing 'Hundreds' of Crypto Cases Amid Upcoming Tax Season

The United States IRS is building crypto cases and is looking toward hiring new hands to help handle its operations

Blockchain Sleuth ZachXBT Reports Alleged Harassment by IRS Criminal Investigation Unit

Blockchain Sleuth ZachXBT Reports Alleged Harassment by IRS Criminal Investigation Unit

ZachXBT, a blockchain investigator, claims IRS-CI has harassed him for assistance in solving blockchain crimes, underscoring tensions between privacy and law enforcement.

Former Coinbase CLO Brian Brooks Joins Hashdex's Board of Directors

Former Coinbase CLO Brian Brooks Joins Hashdex's Board of Directors

Brian Brooks, former Coinbase CLO and current Valor Capital Group partner, joins Hashdex's Board of Directors, aiming to accelerate the firm's global growth in the crypto asset management space.

US IRS May Seize Cryptocurrency Worth Billions of Dollars In 2022, Top Agency Official Says

US IRS May Seize Cryptocurrency Worth Billions of Dollars In 2022, Top Agency Official Says

The Internal Revenue Service (IRS) predicts that it would seize more billions of dollars worth of cryptocurrency next year, given the agency is set to get more funding for the government.

Crypto Investment Firm Paradigm Welcomes New Government Affairs Lead Alex Grieve

Crypto Investment Firm Paradigm Welcomes New Government Affairs Lead Alex Grieve

Alex Grieve joins Paradigm as Government Affairs Lead, bringing a decade of experience in politics and financial policy. Paradigm broadens its focus to include AI alongside crypto.

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