In what is being called a first, the Financial Crimes Enforcement Network has fined Eric Powers of California $35,000 for operating an illegal bitcoin exchange, failing to register as a money transmitter, and not filing currency transaction reports.
Judge Jed Rakoff of the US District Court for the Southern District of New York dismissed the Winklevoss case against Charlie Shrem in which the twins allege Shrem stole $26 million worth of cryptocurrency. The judge said a settlement was reached, though details of the settlement are confidential. Either party can reopen the case by
Cryptocurrency tax expert and developer of the CryptoTrader.Tax software David Kemmerer breaks down what constitutes a taxable event when dealing with digital currency, how to file losses and gains connected to crypto trading, and how to make sure traders are using the correct tax forms.
Leading crypto lawyer Jake Chervinsky says the Token Taxonomy Act does not provide clear regulatory standards, has elements that are difficult to apply, and does not have a foundation in existing laws and regulations.
The Financial Action Task Force suggests requiring exchanges to store information about where each transaction made on their platform came from and where the money went. But blockchain analysis firm Chainalysis says that could send some exchanges into the shadows.
Craig Wright, self-proclaimed Satoshi Nakamoto, wants to sue Twitter user Holdonaut for defamation of character. More troubling, Wright’s putting up a $5,000 bounty to anyone who can identify him.
Mario Costanz, CEO of CryptoTaxPrep.com, talks about the importance of crypto traders reporting capital gains and losses on their tax returns – and the consequences of not reporting.
CoinDesk’s Wolfie Zhao breaks down what China’s National Development and Reform Commission’s classification of cryptocurrency mining as an undesirable industry really means – and why such a designation does not necessarily constitute a ban on bitcoin mining.
If approved and signed into law, the Token Taxonomy Act, introduced by Representative Warren Davidson, would exempt some cryptocurrencies from existing federal laws.
China’s National Development and Reform Commission is looking for public comments concerning a list of industries it wants to encourage, restrict, or eliminate. Among the activities the regulator wishes to phase out is the mining of cryptocurrencies, including bitcoin.