Is Crypto Contagion Over Now? 😅
In today's edition: 🎙️ New episode on crypto taxes, 🤝 DCG and Genesis reach an agreement, ❌ Binance suspends USD deposits, and more!
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New Pod Today!
Everything You Need to Know About Filing Your 2022 Crypto Taxes
Lawrence Zlatkin, VP of Tax at Coinbase, and Shehan Chandrasekera, Head of Tax Strategy at CoinTracker, give a full accounting of everything U.S. crypto traders should be aware of as we inch closer to April 18. The two tax experts discuss the latest on how the IRS is approaching crypto taxation, going deep on everything from staking rewards to NFT royalties. Just a heads up: This interview is meant for informational purposes only and should not be construed as financial or tax advice.
Show highlights:
what’s new this year when it comes to reporting crypto transactions
why staking is now firmly on the IRS’s radar
how capital gains tax works for crypto
the five situations where a crypto user incurs a taxable event
what crypto holders can do to make tax time easier
the IRS forms you need for various types of crypto transactions
typical mistakes that crypto users make when it comes to filing their taxes
why there’s not much you can do if you have assets stuck in Voyager, Celsius or other bankrupt crypto firms
what to know about the Ethereum Merge as it relates to taxes
things NFT creators should be aware of during tax time
how the U.S. tax system can or cannot be applied to DeFi
how corporations holding crypto may soon see favorable changes to current accounting rules
What’s Poppin’?
Ending Months of Uncertainty, DCG and Genesis Reach Agreement
by Juan Aranovich
Bankrupt crypto lender Genesis and its parent company Digital Currency Group (DCG) have agreed on a way forward. Here are all the details.
In Other News…✍️✍️✍️
DCG has reportedly begun to dispose of its stake in various investment funds run by its subsidiary Grayscale, which manages GBTC, at a significant discount.
Yuga Labs reached a settlement with Thomas Lehman, a developer who assisted Ryder Ripps in creating the smart contract for the RR/BAYC project, in a trademark infringement lawsuit.
Binance has temporarily suspended US dollar deposits and withdrawals with no explanation provided and is working to restore the service soon.
John J. Ray III, who was appointed as the replacement CEO for the failed crypto exchange FTX after Sam Bankman-Fried was accused of fraud, charged the exchange $690,000 for his first few weeks of work.
A Delaware bankruptcy court judge decided to let lawyers negotiate a mutually agreed solution instead of ruling on an examiner's appointment in the bankruptcy case of FTX.
The legal team for Bankman-Fried and prosecutors reached a deal to modify the terms of the FTX’s founder’s bail, which restricts his use of electronic communications.
Several potential buyers have shown interest in the struggling crypto lender Hodlnaut, including its claims in FTX's bankruptcy case.
FTX User Debt (FUD) tokens are experiencing volatile price swings, resulting in millions of trading volumes, controversies and a decision to destroy a majority of the token's supply.
A recent hack on decentralized exchange aggregator, CoW Swap, resulted in a loss of over $180,000, according to reports from security companies PeckShield and BlockSec.
The Lightning Network, a layer 2 bitcoin payments network, achieved a record level of bitcoin locked in its payment channels, reaching a new high in capacity.
North Korea stole a record amount of cryptocurrency in 2022, with estimates ranging from $630 million to over $1 billion.
South Korea's Financial Services Commission expanded the definition of blockchain-based tokens that are considered securities and will now regulate such tokens with characteristics matching securities as defined by the Capital Markets Act.
The UK's Financial Conduct Authority (FCA) announced that companies promoting cryptocurrencies must follow one of four authorized routes or face criminal punishment, including up to two years imprisonment.
Today in Crypto Adoption...
Revolut, a digital banking service, is launching the option for its UK and European Economic Area customers to earn rewards through crypto staking.
WeTransfer is collaborating with Minima to bring NFT capabilities to the digital file-sharing platform, enabling users to create NFTs directly from their mobile devices.
StarkWare, an Ethereum scaling company, partnered with Chainlink Labs, a blockchain oracle developer, to broaden app creation on its decentralized Layer 2 zk-Rollup network, StarkNet.
The $$$ Corner…
Elementus, a blockchain analytics company, raised $10 million in a Series A extension round at a $160 million valuation led by ParaFi Capital, to be used for hiring and new product development.
What Do You Meme
📈 Your Market Update 📉
BTC is up .24%, trading at $23,033
ETH is up .02%, trading at $1,643
BTC dominance: 40.27%
Crypto market cap: $1.1 trillion
*All data as of today, 5 am ET
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Thor Hartvigsen on eight promising decentralized stablecoin projects:
Delphi Digital on Frax Finance:
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