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Tag Archives: crypto

Crypto Lending Company Genesis Files for Bankruptcy

During 2022, the crypto lending business known as Genesis experienced losses of hundreds of millions of dollars. The company suffered from these losses due to its exposure to Three Arrows Capital, which is a cryptocurrency hedge fund that was a … Continue reading

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The SEC’s Crypto Crackdown Is Just Getting Started After FTX Blowup

The U.S. Securities and Exchange Commission (SEC) has recently ramped up its efforts to crack down on the burgeoning cryptocurrency market. This increased scrutiny follows the blowup of cryptocurrency exchange FTX, which was accused of violating federal securities laws. The … Continue reading

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Behind the FTX Collapse, U.S Prosecutors Taking Aim

FTX is an online trading company that allows you to buy, sell, and store Bitcoin, Ethereum, and many other cryptocurrencies and digital assets. The company’s offshore status and its willingness to keep American traders off its Bahama-based exchange successfully shielded … Continue reading

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Crypto Crash; Investors May Need to Act Fast to Reduce Tax Bill

It has been a bad week for cryptocurrencies following the collapse of the offshore exchange FTX. The recent decline in bitcoin in 2022 must-have caused many crypto investors to give up on digital assets, at least for the time being. … Continue reading

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Kim Kardashian Ordered to Pay $1.26 million to the SEC After Crypto Touting Allegations

Celebrity Kim Kardashian has settled to pay approximately $1.3 million to the Security Exchange Commission(SEC) after allegations that she touted a cryptocurrency token on social media without disclosing that she was paid for this promotion. This is against The United … Continue reading

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IRS Ramps Up Efforts on Noncompliant Crypto Taxpayers

The IRS continues its efforts of tracking down taxpayers for their unreported and unpaid taxes.  This comes following a new court order allowing the IRS to summon customer records from M.Y. Safra Bank. This isn’t the first summons from the … Continue reading

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New Crypto Law Could land regular investors in jail

Cryptocurrency as a whole lately, has taken a massive hit in recent months. This is bad news for most crypto investors, but shortly, some could be in way worse shape than originally thought. A lesser-known law was passed last November … Continue reading

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Non-Fungible Tokens Basic Breakdown

It has been seen time and time again that certain products, services, and other income streams develop in the U.S. before the IRS and Congress put tax provisions on them.  This has been the case over the last few years … Continue reading

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Digital Currency Accounting Becoming Mainstream?

In a recent board meeting for The Financial Accounting Standards Board, the organization has announced that their new main focus will be laying down some ground rules for cryptocurrency in the tax realm. The addition of the new project within … Continue reading

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SEC Cyber Enforcement Team Doubles in Preparation for Crypto Regulation

The SEC (U.S. Securities and Exchange Commission) announced earlier this week that it is adding 20 new positions to its Crypto Assets Unit which is in the Cyber Unit of the Commission. The new unit previously handled cybercrimes but is … Continue reading

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