This Week’s Winners and Losers in Crypto
Big week in crypto! Banks going down causing BTC to go up. Alts (sort of) following suit. But who are the biggest winners and losers for the week? Biggest Winner(s): Arbitrum Airdrop Participants Thursday was a big day for those eligible for the coveted Arbitrum airdrop, but there were bumps along the way. The claim site was down from almost moments when it went live, and was nearly inaccessible for hours. However, after the dust settled, the price hovered above what estimates predicted (>$1)...
Post FTX: Bananas In The Bahamas
FTX’s spectacular implosion sent ripples which was felt by all through the cryptoverse, but has also hit the people of the Bahamas, where FTX was headquartered. According to a report in the WSJ, the island nation initially welcomed FTX with it’s lax and favorable crypto laws and eventually the locals became the supporting cast for FTX employees. Catering, security, transportation, event planning, logistics and many more services were required and the locals began taking up these jobs, creatin...
STOCK Act Gets Busted
Nancy Pelosi might not be too keen on the reformation bubbling up in her backyard. On Thursday, a new framework was released to change the policy known as the STOCK Act, aka "Stop Trading on Congressional Knowledge", which puts the onus on congressional and government leaders to disclose stock and asset purchases, in order keep transparency with the public. Historically, there have been quite a few calls on leaders to stop purchasing stocks because of the potential of insider knowledge on upc...
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This Week’s Winners and Losers in Crypto
Big week in crypto! Banks going down causing BTC to go up. Alts (sort of) following suit. But who are the biggest winners and losers for the week? Biggest Winner(s): Arbitrum Airdrop Participants Thursday was a big day for those eligible for the coveted Arbitrum airdrop, but there were bumps along the way. The claim site was down from almost moments when it went live, and was nearly inaccessible for hours. However, after the dust settled, the price hovered above what estimates predicted (>$1)...
Post FTX: Bananas In The Bahamas
FTX’s spectacular implosion sent ripples which was felt by all through the cryptoverse, but has also hit the people of the Bahamas, where FTX was headquartered. According to a report in the WSJ, the island nation initially welcomed FTX with it’s lax and favorable crypto laws and eventually the locals became the supporting cast for FTX employees. Catering, security, transportation, event planning, logistics and many more services were required and the locals began taking up these jobs, creatin...
STOCK Act Gets Busted
Nancy Pelosi might not be too keen on the reformation bubbling up in her backyard. On Thursday, a new framework was released to change the policy known as the STOCK Act, aka "Stop Trading on Congressional Knowledge", which puts the onus on congressional and government leaders to disclose stock and asset purchases, in order keep transparency with the public. Historically, there have been quite a few calls on leaders to stop purchasing stocks because of the potential of insider knowledge on upc...
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The Inflation Reduction Act which was signed into law by Biden last month has given an influx of $80m to the IRS and they are using it to bolster the agency with 80k+ agents in order to implement audits for "fat cats" whom might have not had the most truthful tax returns. Although the administration implied that new audits would not apply for those making less than $400k per year, Senate Democrats voted against that, opening it up for every tax payer at every income level.
Where this should get everyone's attention is the "virtual currency" section of tax returns. With plenty of oversight from crypto exchanges such as Coinbase, which has to disclose its' clients activities to the IRS, those that checked "No" but did engage in crypto trading might see a harsh crackdown as well. So for those that might be in question, PLEASE CHECK YOUR PAST TAX RETURNS! And file an amendment ASAP, if necessary. Save yourselves the headache!
Written by: nikethereum.eth / Medium / Mirror
The Inflation Reduction Act which was signed into law by Biden last month has given an influx of $80m to the IRS and they are using it to bolster the agency with 80k+ agents in order to implement audits for "fat cats" whom might have not had the most truthful tax returns. Although the administration implied that new audits would not apply for those making less than $400k per year, Senate Democrats voted against that, opening it up for every tax payer at every income level.
Where this should get everyone's attention is the "virtual currency" section of tax returns. With plenty of oversight from crypto exchanges such as Coinbase, which has to disclose its' clients activities to the IRS, those that checked "No" but did engage in crypto trading might see a harsh crackdown as well. So for those that might be in question, PLEASE CHECK YOUR PAST TAX RETURNS! And file an amendment ASAP, if necessary. Save yourselves the headache!
Written by: nikethereum.eth / Medium / Mirror
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