Cryptocurrency

[d000hg]

If crypto cannot survive being a taxable asset, it doesn't deserve to exist. It's just another tradeable asset. It will end up subject to regulation to go truly mainstream.

[_V_]

They will tax it out of existenZ, this is how they got Al Capone

If they tax it they recognise it and will encourage it. After all, the more it goes up, the more tax they make.

This is the most bullish thing ever for Crypto.

[AtW]

""As cybercrime picks up -- and the haul of digital tokens along with it -- government crypto coffers are expected to swell even further. Interviews with current and former federal agents and prosecutors suggest the U.S. has no plans to step back from its side hustle as a crypto broker. The crypto seizure and sale operation is growing so fast that the government just enlisted the help of the private sector to manage the storage and sales of its hoard of crypto tokens.
[...]
Once a case is closed and the crypto has been exchanged for fiat currency, the feds then divvy the spoils. The proceeds of the sale are typically deposited into one of two funds: The Treasury Forfeiture Fund or the Department of Justice Assets Forfeiture Fund. "The underlying investigative agency determines which fund the money goes to," said [Sharon Cohen Levin, who worked on the first Silk Road prosecution and spent 20 years as chief of the money laundering and asset forfeiture unit in the U.S. Attorney's Office for the Southern District of New York]. Koopman said the crypto traced and seized by his team accounts for roughly 60% to 70% of the Treasury Forfeiture Fund, making it the largest individual contributor. "

https://yro.slashdot.org/story/21/08...is-fiscal-year

Secret Service is part of Treasury, and it's coming to get yer all dirty tulicoiners!

[AtW]

“Banks are widening their crackdown on digital currencies with Monzo banning payments to Gemini, the US cryptocurrency exchange founded by the billionaire Winklevoss twins.

Gemini, which is worth about $2bn (£1.4bn), has been blocked by the challenger bank since July 21.

…

This week, Nationwide joined banks in restricting card payments to Binance, an exchange based in the Cayman Islands that has faced censure by the FCA.

Banks including NatWest, Santander and Barclays have all halted payments to Binance in recent weeks. Starling Bank also briefly blacklisted all cryptocurrency transactions, before reversing the ban.”

https://www.telegraph.co.uk/technolo...rypto-trouble/

Who cares, it’s only “fiat”, people with tulipcoins don’t need it anyway

[AtW]

“Industry groups including the Blockchain Association, Coin Center and the Association for Digital Asset Markets outlined their opposition to the requirements in statements on Thursday, taking particular note of provisions in the draft version that could lead to targeting of individual users”

https://www.politico.com/news/2021/0...ructure-501885

Industry groups

“Brokers would be required to report people’s so-called basis, or the price at which they bought cryptocurrencies, as well as their gross proceeds — which would make calculating their tax bills much easier. Studies have long shown that when people know someone else is independently reporting their income to the IRS, they are far less likely to skirt tax obligations.

Lawmakers also want toinclude anti-money laundering provisions sought by the Treasury Department that would require transactions worth more than $10,000 to be reported to the government.”

So any non-compliance (like inability to know who bought-sold tulipcoins) will be treated as money laundering, applies worldwide

[AtW]

They will tax it out of existenZ, this is how they got Al Capone

[Jog On]

Great News For Cryptocurrencies: Senate Budget Deal Hinges On Billions In Crypto Taxes

And therein lies the rub, because now that the Senate has agreed to use bitcoin as a taxable piggybank to pay for billions in pork, it means that bitcoin isn't going anywhere, and it certainly won't be regulated out of existence which has long been one of the biggest existential risks facing the space.

In other words, and this is the good news, nothing has actually changed when it comes to the tax treatment of bitcoin but what has changed is that by requiring the taxation of bitcoin as a core anchor of the bipartisan spending bill, we can now forget a worse case scenario that see regulators stomping away the nascent space. If anything, one can argue that in hopes of generating even more taxes in the future, Congress will not only facilitate transactions in cryptos, but will also make it easier for the broader public to generate profits, i.e. taxes.

God Bless America

[Jog On]

Fortune magazine has gone full degen...

https://fortune.com/longform/decentr...o-wall-street/

[ladymuck]

Most people save this sort of pointless thing to keep them entertained after retirement.

Getting some early practise in

[d000hg]

I don't get that many so why the heck not?

Most people save this sort of pointless thing to keep them entertained after retirement.