IRS: Frozen Crypto Rewards Taxable Despite Account Lockdowns

November 2, 2024 Bitcoin.com

bitcoin.com

Crypto rewards received before an account freeze are taxable in the year they’re received, even if holders can’t access their funds later, the IRS says. IRS Clarifies Tax Rules for Digital Assets in Locked Accounts The Internal Revenue Service (IRS) issued a memorandum in October, addressing the tax obligations of digital asset rewards in accounts […]

13 Regions Face Crypto Mining Ban Under Russia’s New Energy Policies

Tezos Founder Josh Jarrett and Spouse Launch New IRS Lawsuit Over Staked XTZ Tokens

October 11, 2024 The Daily Hodl

Altcoins

The founder of Tezos (XTZ) and his wife are taking the IRS to court once again over the agency’s treatment of their staked XTZ tokens. In a new complaint filed with a Tennessee Federal court, Josh and Jessica Jarrett contend that newly minted tokens from staking should only be treated as taxable if they are […]

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13 Regions Face Crypto Mining Ban Under Russia’s New Energy Policies

Fed’s Rate Cut Could Spell Disaster, Microstrategy Buys More Bitcoin, and More — Week in Review

September 22, 2024 Bitcoin.com

bitcoin.com

Peter Schiff has warned that the Federal Reserve’s rate cut will lead to economic disaster. Microstrategy, continuing its bitcoin acquisition strategy, plans to buy more bitcoin after raising $1.01 billion from a private offering. A bitcoin investor faces up to three years in prison for underreporting cryptocurrency gains. El Salvador’s President Nayib Bukele announced a […]

13 Regions Face Crypto Mining Ban Under Russia’s New Energy Policies

Binance exec’s mother pleads with US gov’t to secure his release

September 19, 2024 Coin Telegraph

Binance

Detained in Nigeria for more than six months and with reported deteriorating health, Tigran Gambaryan likely won’t return to court until Oct. 9.

The mother of Tigran Gambaryan, a Binance executive detained in Nigeria since February, has been calling on the United States government to end her son’s detention in the country.

In a Sept. 18 interview from California news outlet KMPH Fox 26, 75-year-old Knarik Gambaryan urged US authorities to take action to secure Tigran’s release from Nigeria, claiming that he had been “detained wrongfully” and citing his deteriorating health. On Sept. 3, a video emerged through social media appearing to show the Binance executive’s physical condition for the first time since being detained by authorities, leaving him barely able to walk to court.

“He’s just a regular US Citizen,” said Knarik Gambaryan. “The US government has to take care of its people. He’s not a criminal.”

13 Regions Face Crypto Mining Ban Under Russia’s New Energy Policies

Investor That Bought Bitcoin in 2015 Pleads Guilty to Falsely Reporting Crypto Gains

September 16, 2024 The Daily Hodl

Bitcoin

An early crypto investor has pleaded guilty to filing tax returns that underreported the capital gains he earned from selling millions of dollars worth of Bitcoin (BTC). According to the U.S. Department of Justice (DOJ), Frank Richard Ahlgren III bought approximately 1,366 BTC in 2015 when the flagship cryptocurrency was still trading for less than […]

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13 Regions Face Crypto Mining Ban Under Russia’s New Energy Policies

CFTC Teams up With SEC to Fight Cryptocurrency Scams

September 14, 2024 Bitcoin.com

awareness

The Commodity Futures Trading Commission (CFTC) has partnered with several organizations, including the Securities and Exchange Commission (SEC), to educate the public about cryptocurrency scams, especially those involving fake romantic relationships. These partnerships aim to help consumers recognize and avoid these “pig butchering” scams, which defraud victims by building false trust and promoting fake cryptocurrency […]

13 Regions Face Crypto Mining Ban Under Russia’s New Energy Policies

IRS Unveils Overhauled Crypto Tax Form With No Address Disclosure Requirements

August 10, 2024 Bitcoin.com

bitcoin.com

The U.S. Internal Revenue Service (IRS) has unveiled an updated Form 1099-DA for reporting digital asset transactions, introducing key changes that may address past criticism and privacy issues. This new version, reportedly set to be partially implemented in 2025, removes several contentious elements from earlier drafts. IRS Revamps Crypto Reporting Form On Aug. 8, 2024, […]

13 Regions Face Crypto Mining Ban Under Russia’s New Energy Policies

IRS updates draft of crypto reporting form for US taxpayers

August 10, 2024 Coin Telegraph

Coin Telegraph

The latest draft form eliminated asking US taxpayers the time of day a crypto transaction occurred and identifying the “broker type.”

The United States Internal Revenue Service (IRS) has updated its draft form for taxpayers to report digital asset transactions starting in 2026.

In an Aug. 8 notice, the IRS released a draft of Form 1099-DA, “Digital Asset Proceeds From Broker Transactions.” The form, if approved by the tax service, the form would allow US taxpayers to report crypto transactions from 2025 by the filing deadline in April 2026.

Compared to the draft released in April, the latest proposed 1099-DA removed a box asking taxpayers to identify the “broker type” for digital asset transactions. It eliminated asking filers for the precise time of day the transaction occurred rather than just the date. The draft also removed spaces for taxpayers to report wallet addresses and transaction IDs.

13 Regions Face Crypto Mining Ban Under Russia’s New Energy Policies

RFK Jr. Pledges to Ensure US Government Holds 4 Million Bitcoins as Strategic Reserve if Elected President

July 27, 2024 Bitcoin.com

Bitcoin

U.S. presidential candidate Robert F. Kennedy Jr. (RFK Jr.) has promised significant bitcoin-related changes if elected. On day one of his presidency, he plans to transfer 200,000 bitcoins to the U.S. Treasury and mandate the government to purchase 550 bitcoins daily until a strategic reserve of 4 million bitcoins is reached. He also pledged to […]

13 Regions Face Crypto Mining Ban Under Russia’s New Energy Policies

RFK Jr. promises BTC strategic reserve, dollar backed by hard assets

July 26, 2024 Coin Telegraph

Bitcoin

The presidential hopeful gave Bitcoin eloquent praise as a future support for the US economy and way to fix broken American money and society.

Independent presidential candidate Robert F. Kennedy Jr. praised the role Bitcoin could play in improving the US economy and the American way of life as he spoke to an audience at the Bitcoin2024 event on July 26. He promised to sign a number of executive orders on his first day in office to begin the process.

Kennedy would sign an order requiring the Justice Department and US Marshalls to transfer the 204,000 Bitcoin held by the United States to the Federal Reserve to be held as a “strategic asset,” he said. Furthermore, Kennedy said he would also order the Treasury Department to purchase of 500 Bitcoin (BTC) daily until the reserve reaches at least 4 million BTC.

The United States would attain “a position of dominance no other country will be able to usurp” and its Bitcoin reserve would eventually reach a value of “hundreds of trillions of dollars,” he promised.

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