Newsletter
House Financial Services Committee Chairman French Hill applauded the overturning of the DeFi broker rule, calling it “a clear example of government overreach” that threatened the country’s crypto development.
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IRS News
The Internal Revenue Service or IRS is a public authority of Federal Government of the United States. The IRS is responsible for all tax collection and controls the implementation of tax legislation. The service was formed in 1862 and is headquartered in Washington, D.C.
There is currently an essential issue concerning the IRS with regards to the taxation of cryptocurrency. The organization has already announced that Bitcoin and other kinds of digital money are regarded as a possession, mining as a way of income, and the storing of cryptocurrency as equivalent to holding gold, meaning that everything should be taxed using the existing laws. Due to the IRS, if a Bitcoin owner came into possession of it by mining and then sold it, it is supposed to be considered 100% profit, which should be taxed between 15% and 20%, depending on its size. In addition to that, the IRS requested some large cryptocurrency exchange administrations for information about clients whose transactions were more than $20,000/year between 2013-2016.
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According to Elon Musk, DOGE has already identified over $500 billion in fraudulent spending in entitlement programs.
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A bipartisan majority in the US House of Representatives voted to repeal the so-called IRS DeFi broker rule.
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Spring is almost here, which means it’s time for crypto investors to pay the piper — the IRS. Taxbit’s Miles Fuller tells The Agenda how Trump and DOGE are shaking up regulation.
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Prior to the 16th Amendment, which was ratified in 1913, the United States did not have a permanent income tax levied on citizens.
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The US tax agency claims it complied with financial privacy laws when it summoned banks for crypto founder Rowland Marcus Andrade's financial records.
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MicroStrategy’s Bitcoin portfolio has unrealized gains amounting to more than $19.3 billion.
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Bitcoin investors must navigate a complex tax landscape, including understanding taxable vs. non-taxable transactions, key regulations by jurisdiction and ways to stay compliant.
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The reporting requirements present a “real risk of pushing users toward decentralized platforms,” according to industry insiders.
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A Texas federal court judge ordered Frank Richard Ahlgren III and any associates to hand over any crypto public and private keys, accounts and access codes.
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New IRS rules could have been “disastrous” for crypto taxpayers during the bull market, a crypto tax executive said.
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The IRS issued new regulations requiring DeFi platforms to report crypto transactions. In response, the Blockchain Association filed a lawsuit against the IRS, arguing that the rules are unconstitutional.
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The lawsuit alleges that the IRS’ latest rulemaking exceeds the agencies’ statutory authority and violates the Administrative Procedure Act.
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This week’s Crypto Biz explores Bitcoin’s landmark year, Crypto.com’s new custody service, Russia’s partial ban on crypto mining and taxes on staking rewards in the US.
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The new IRS rules classifying DeFi protocols as brokers have triggered a swift backlash in the crypto industry, with calls for Congress to overturn the rules.
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