IRS Cryptocurrency guidance answers some questions while raising messy new ones
Could it be possible for strangers to create tax obligations for cryptocurrency owners?
The IRS has finally released new guidance on cryptocurrency tax treatment and it’s a mixed bag with one very bad consequence. Last April, we published a report calling for guidance...
The Uniform Law Commission’s model virtual currency act has been introduced in California
What this would (and wouldn’t) mean for cryptocurrency businesses in the state
In February, the Uniform Law Commission’s model act for virtual currency business licensing was introduced in the California Assembly as AB 1489. Although it is now October and the Assembly’s...
Block.one has settled and is paying a fine for doing a pre-sale of EOS as ERC20 tokens, and Nebulous has settled and is paying a fine for selling Sianotes, a...
A national alternative to onerous state-by-state regulation of cryptocurrency intermediaries
How Congress could give businesses a streamlined path to serving all US customers
Increasingly, policymakers on Capitol Hill and at federal regulatory agencies are asking us whether Congress should develop a comprehensive national regime to regulate cryptocurrencies. We have always and will always...
Don’t make these five common mistakes about blockchains and cryptocurrency.
Breaking down misconceptions about these technologies
1. There is no such thing as “the blockchain.” There isn’t just one blockchain out there. Each cryptocurrency (like Bitcoin or Ethereum) has its own unique blockchain that lists the...
On July 26, the IRS announced it was sending “educational” letters to more than 10,000 taxpayers that the agency suspects “failed to report income and pay the resulting tax from...
Coin Center travel series: Mexico City, Mexico
Cryptocurrency stands at a crossroads in a country where financial services could be improved
This is the final installment of Coin Center's multi-part travel series examining how cryptocurrency is used around the world. The final stop on the Coin Center travel series was one of...
The Case for Electronic Cash in an Open and Free Society
Jerry Brito lays out why society must embrace the privacy cryptocurrencies offer and what we could give up in a world without them. Learn more about this conversation.
FOIA documents reveal cryptocurrency guidance has not been a priority for the IRS
The agency’s self-imposed target date for guidance passed last week without action, now Congress is stepping in
On May 16th, in response to a letter from 21 members of Congress, IRS Commissioner Charles P. Rettig wrote, “I share your belief that taxpayers deserve clarity on basic issues...
The differences between Bitcoin and Libra should matter to policymakers
The two have different design goals, work in different ways, and raise different regulatory questions.
Recently Congress has taken a strong interest in the newly announced Libra digital currency. We have been getting many questions from policymakers and the media about how Libra (as described...