Tag Archives: United States

The Internal Revenue Service (IRS) has ruled that U.S. cryptocurrency investors must include staking rewards in their gross income since crypto assets are treated as property for federal income tax purposes. According to an official document, taxpayers must include the fair market value of their staking rewards in their gross income as soon as they gain control of the crypto assets. IRS Declares Crypto Staking Rewards Taxable In the Proof-of-Stake consensus mechanism, crypto...

Ron DeSantis – Governor of Florida and one of the Republicans’ presidential nominees – stated that the “war on Bitcoin and cryptocurrency” that Biden’s administration has supposedly waged will cease should he become the next political leader of the United States.  He also reiterated his hostile stance toward central bank digital currencies, saying such a financial product will not see the light of day if he gets elected. DeSantis’ Pro-Bitcoin Promise The US presidential...

The United States Securities and Exchange Commission (SEC) and its Chairman, Gary Gensler, have received a significant wave of criticism from numerous organizations and individuals (including some American politicians) for the way they have treated the cryptocurrency industry over the years.  Ripple’s recent court victory against the Commission prompted even more lawmakers to castigate the regulator. In the next lines, we will name some of the most vocal opponents of the SEC...

Although most prices in the cryptocurrency market have shown high levels of stagnation in the past week, there were still several notable developments on different fronts. Starting with US regulations, this week saw discussions for a few separate bills, including the Financial Innovation and Technology for the 21st Century Act, which Democrats claimed still “reeks” of Sam Bankman-Fried – the disgraced former FTX exec who was among the chief supporters. On the other hand,...

Robert F. Kennedy Jr. – nephew of former US President John F. Kennedy and one of the presidential candidates for the elections in 2024 – reiterated his support for bitcoin, saying he had bought two BTC for each of his seven kids.  The leading digital asset stands at the center of his political campaign, with Kennedy promising to exempt its conversion to the US dollar from capital gains taxes. He also vowed to back America’s national currency with “real finite assets,” such as...

The rapidly changing digital asset landscape has resulted in a flexing of regulatory muscles between different watchdogs in defining terms and drawing lines of authority. This is especially true in the case of the United States where the SEC and CFTC are engaged in a turf war over regulatory oversight of the space. But this conflict could come to an end soon with the help of FIT21. Weeks after the historic verdict on the Ripple vs. SEC case, the US is waiting for the approval...

The United States Securities and Exchange Commission (SEC) has reportedly put six spot Bitcoin exchange-traded fund (ETF) applications under review, marking the first step before officially approving or rejecting them. Finance giants, including BlackRock and Fidelity Digital Assets, have recently displayed ambitions to launch such ETFs, infusing enthusiasm in the crypto space and positively affecting the market. Waiting for the Next Step As reported by Reuters, the US...

The Valley Stream, New York resident – Eddy Alexandre – received a nine-year prison sentence for engaging in commodities fraud. He was found guilty of swindling $248 million from over 25,000 investors through his cryptocurrency trading platform called EminiFX. The investigation determined that Alexandre used some of the funds to purchase luxurious items for himself, such as expensive cars. The ‘Brazen’ Fraud The US Department of Justice (DOJ) announced Alexandre’s punishment...

A recent study conducted by CryptoVantage estimated that 23% of US residents expect bitcoin to climb to its all-time high price of almost $70,000 by the end of 2023. 47% think this would happen in the next five years. The majority of respondents also believe the high inflation that has recently spread across the globe will make the cryptocurrency industry more attractive to investors.  Americans’ Latest Thoughts on Crypto The survey, which questioned 1,000 US residents who...

The Department of Justice (DOJ) of the United States plans to reinforce its team responsible for investigating cryptocurrency-related crimes with more prosecutors. The unit will also have a new leader, with Claudia Quiroz replacing Eun Young Choi at the helm. The team has played a major role in many of the DOJ’s crypto cases, such as bringing charges against Bitzlato and the investigation into Binance. Bringing NCET to ‘the Next Level’ The DOJ disclosed that it will more than...