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IRS Tells Congress it Will Prioritize Crypto Tax Guidance
The Internal Revenue Services has responded to an April 11 letter from Congressman Tom Emmer and 20 other congressional representatives, which requested that the agency provide clearer tax guidelines for cryptocurrency users. In his response, IRS Commissioner Charles P. Rettig promised that he has made the issuance of those guidelines a priority for his agency.
After Chaotic Week, Bitcoin Rallies to $8200
Bitcoin’s price rallied by about 10 percent during the last 24 hours, and once again surpassed the $8,000 mark to settle on a press-time price of $8,201. That rally came after a chaotic week that saw prices push to around $8.300 before dropping about $1,000 in less than an hour. That drop was reportedly triggered by a large-volume sale on Bitstamp and subsequent panic selling by crypto traders.
Coinbase Earn Now Open to Users in 100+ Nations
Coinbase announced Friday that its Coinbase Earn program is now open to users in more than 100 nations around the world. The program, first piloted in late 2018 on an invitation-only basis, allows Coinbase users to earn cryptocurrency by taking part in various educational tasks. According to the blog announcement:
Presidential Hopeful Says Blockchain Must be “Big Part” of US Future
Democrat Presidential candidate Andrew Yang may not be leading the pack of contenders at this early stage in his party’s race for the nomination, but it isn’t for lack of vision and bold ideas. At the recent Consensus conference in New York, that vision took center stage as he suggested that a President Yang would work to ensure that blockchain becomes an important part of the country’s future.
Poloniex to End Trading of 9 Crypto Assets for US Customers, Due to Regulatory Uncertainty
Poloniex has announced that U.S. customers will no longer be able to buy or sell nine cryptocurrencies on the exchange, due to uncertainty about whether the tokens in question will be viewed as securities by American regulators. The nine coin markets disabled for U.S. customers include ARDR, BCN, DCR, GAME, GAS, LSK, NXT, OMNI, and REP.
Cryptopia Exchange Announces Its Liquidation
New Zealand-based cryptocurrency exchange Cryptopia announced Wednesday that the company is being liquidated. In a press release on its website, the exchange confirmed the appointment of liquidators from accounting firm Grant Thornton New Zealand to secure assets and resolve the company’s outstanding obligations.
SEC Delays Bitwise ETF Decision Again
The United States Securities and Exchange Commission (SEC) published a decision on Tuesday confirming that it has once again delayed any decision on Bitwise Asset Management’s proposed Bitcoin exchange-traded-fund, or ETF. In its filing, the regulatory agency requested public comment on the issue.
Treasury Official Calls on Crypto Industry to Comply with AML/CTF Regs
In remarks to an audience at CoinDesk Consensus in New York, U.S. Treasury Department Terrorism and Financial Intelligence Under Secretary Sigal Mandelker called on the cryptocurrency industry to do more to comply with anti-money laundering and counter-terrorist financing (AML/CTF) regulations. During that speech, she suggested that industry actors have a duty to serve U.S. national security, Yahoo Finance reports.
Senate Banking Committee Has Questions about Secret Facebook Crypto Project
The Senate Committee on Banking, Housing, and Urban Affairs sent a letter to Facebook founder and CEO Mark Zuckerberg this week, in an attempt to get answers about the social media giant’s secretive cryptocurrency project, code-named “Project Libra.”
Bitcoin Surges, Approaching $7k Mark
Bitcoin’s price has surged in the last 24 hours, pushing past $6,900 and approaching the $7,000 mark. The world’s most well-known cryptocurrency’s sudden price bounce also appears to have buoyed the broader crypto markets, as other major coins like bitcoin cash, Ethereum, and Litecoin all enjoyed roughly double-digit price increases during that same period.
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Hot Topics This Week
- Coinbase Earn Now Open to Users in 100+ Nations
- Poloniex to End Trading of 9 Crypto Assets for US Customers, Due to Regulatory Uncertainty
- Cryptopia Exchange Announces Its Liquidation
- Wien Energie and Bosch Develop Blockchain Tech Refrigerator
- Report: G20 Members to Push Crypto AML/CTF Regs in June Meeting
