Here are 4 stories in crypto that really interested us this week.
1. The IRS is sending crypto traders mail (CoinTracker)
This month the Internal Revenue Service of the US Government sent over 10,000 warning letters to cryptocurrency customers about filing their taxes. Most of these are reminders for tax payers to report gains/losses properly, but a portion of these letters specifically target some to take action. CoinTracker boils down all of this and provides useful and insightful information to help you navigate. Of course, Reddit had a field day about it.
2. The Senate Hearings Continue… (Senate.gov)
Jeremy Allaire, CEO of Circle joined academics to speak about Blockchain and Crypto in Congress. We’re confused about the amount of misinformation heading to congress and flatly don’t agree with everything coming from there.
Senator Mike Crapo seems to understand crypto. “If the United States were to decide...we didn’t want cryptocurrency to happen in the United States, and tried to ban it, I’m pretty confident we couldn’t succeed in doing that because this is a global tech, a global innovation.”
Jeremy Allaire: treat crypto like a new asset class [video]
3. The US Government is trying to figure out Crypto Custody (bitsian)
The SEC+FINRA joint statement suggests that they believe custodianship in crypto is still an area where they do not feel quite ready with current solutions. Read more of what Steve Brucato (bitsian) thinks the SEC+FINRA is worried about and some of his ideas for how we can create solutions that help get the US Gov get on board with crypto.
4. US GOV: A blockchain cybersecurity shield (Coindesk)
The Department of Defense (DoD) is working on a Digital Modernization Strategy that includes cloud and quantum computing, artificial intelligence and improved communications blockchains. The blockchain may help them create a more efficient, robust and secure platform.
Extras
International: Pay Bitcoin to ride the public bus in Brazil
Infographic: The Bank of China is teaching people about Bitcoin
Catch you next week!
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