“The U.S. Treasury Department in a letter sent to a group of senators on Friday signaled that crypto miners and stakers won’t face tax reporting obligations that will be implemented for exchanges.
The letter addresses concerns from the crypto industry that last year’s Infrastructure Investment in Jobs Act would impose undue tax reporting burdens on entities such as crypto miners and stakers that don’t deal directly with customers by broadening the definition of a “broker.” The requirements require brokers to collect detailed information on customers and their trades.
According to the letter, the department’s view is that ‘ancillary parties who cannot get access to information that is useful to the IRS (Internal Revenue Service) are not intended to be captured by the reporting requirements for brokers.’
Davidson added that the Treasury Department plans to issue proposed regulations that reflect how it defines a broker. That process will give the general public and industry participants a chance to comment.”
“FTX US has begun to accept users for a wait list to learn about its soon-to-be-launched stock trading platform.
Last month, rival crypto exchange eToro announced it would offer stock and exchange-traded fund (ETF) trading to its U.S. customers, while BitStamp also disclosed plans to do so. Meanwhile, many primarily stock trading apps such as Robinhood have been moving to offer crypto trading.”
“The Ontario provincial government in Canada has been granted an order from the Superior Court of Justice to freeze millions of dollars in donations on the GiveSendGo platform from reaching the Freedom Convoy protesters.
This is the second time the truckers have been denied access to funds since GoFundMe froze $10 million in donations last week. As of Thursday, “Freedom Convoy 2022” had raised $8.4 million and “Adopt-a-Trucker” had received $686,000.
A group of supporters [has now] formed the HonkHonk Hodl organization specifically to help the convoy raise funds in Bitcoin. As of the time of writing, the group had raised 21 BTC ($902,000).
One of the benefits of Bitcoin is its censorship resistance. Bitcoin fixes this…”
“Real estate startup Propy has sold its first NFT-backed property in the U.S., the company announced Friday. The 2,164-square-foot house in Gulfport, Florida, fetched $653,000 (210 ETH) at auction, with the winning bidder being awarded a non-fungible token (NFT) as proof of the home’s ownership.
The logistics of the NFT itself are a bit complicated – the token is linked to the ownership of an LLC that owns the physical asset, not the housing deed itself – but represents continued experimentation. Propy says the NFT can be used as collateral for crypto borrowers and investors. Propy also plans on offering decentralized finance (DeFi) mortgages to its users in the coming months.”
“Geopolitical risks shook markets on Friday as BTC dipped below $43K. On Friday, U.S. President Biden urged Americans to leave Ukraine immediately, warning “an invasion could begin at any time.”
Bitcoin (BTC) dropped as much as 5% over the past 24 hours, compared with a 4% decline in ETH and a 7% dip in SOL. Stocks were also lower while traditional safe havens such as gold and the U.S. dollar rose. Markets eventually stabilized later in the New York trading day.”