JOE(JOE)

The alleged dispute over Joe Bankman’s $200,000 FTX salary versus his desired $1 million points to an unusual family dynamic at the former cryptocurrency colossus.

Chris Larsen has something to say to Joe Biden and Gary Gensler and it's not good.

The NFT platform Recur has shut down operations despite raising $50 million and having support from industry bigwigs. Big-Name Partnerships Fade Away Despite its initial promising trajectory and significant partnerships, NFT startup Recur has made the disheartening announcement that its Web3 platform is shutting down. The platform's inability to withstand the challenges of the crypto winter has led to this unexpected decision. Recur had set sail with grand ambitions, boasting partnerships with iconic brands such as Hello Kitty and Nickelodeon. However, the cold winds of the crypto winter have taken a toll on the platform's sustainability. The firm acknowledged that its core features would gradually phase out over the coming months, including the withdrawal of NFTs, cashing out stablecoin balances, and trading collectibles on Recur-hosted marketplaces. A Shift In The NFT Space Established in 2021, Recur positioned itself as a provider of Web3 "building blocks" for businesses, enabling the creation of in-game assets, loyalty programs, and digital collectibles through NFTs. However, Recur's fate is not unique, as the broader NFT space witnessed the closure of companies like Nifty, which had also secured partnerships with big media titles. With over 380,000 minted NFTs, Recur is working to ensure the legacy of these digital collectibles. The company plans to migrate metadata and media for its NFTs to the InterPlanetary File System (IPFS), a decentralized file-sharing network. Additionally, other assets will be hosted on Filecoin's network, indicating Recur's commitment to maintaining the digital artifacts it helped create. A Shift In Value Recur's journey included milestones like the Recur Pass, which was initially sold as an NFT for $300 and granted holders early access to NFT drops. Despite an impressive early sale of a Recur Pass for $88,888, current prices reflect a stark contrast, with the cheapest pass listed on OpenSea for 0.001 ETH (about $1.69). Recur had garnered notable attention with a $50 million Series A funding round in late 2021, valuing the company at $333 million. Esteemed investors like Gary Vaynerchuk, the Winklevoss twins, and Ethereum co-founder Joe Lubin participated in an earlier $5 million seed funding round. Despite the initial momentum, Recur's journey underscores the volatility and challenges inherent in the NFT landscape. In conclusion, Recur's announcement to shut down its Web3 platform serves as a sobering reminder of the challenges faced by NFT-focused companies in the ever-evolving crypto space. The dissolution of big-name partnerships and the necessity to adapt to changing market dynamics highlight the fragility of even the most promising ventures. Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

The NFT platform Recur has shut down operations despite raising $50 million and having support from industry bigwigs. Big-Name Partnerships Fade Away Despite its initial promising trajectory and significant partnerships, NFT startup Recur has made the disheartening announcement that its Web3 platform is shutting down. The platform's inability to withstand the challenges of the crypto winter has led to this unexpected decision. Recur had set sail with grand ambitions, boasting partnerships with iconic brands such as Hello Kitty and Nickelodeon. However, the cold winds of the crypto winter have taken a toll on the platform's sustainability. The firm acknowledged that its core features would gradually phase out over the coming months, including the withdrawal of NFTs, cashing out stablecoin balances, and trading collectibles on Recur-hosted marketplaces. A Shift In The NFT Space Established in 2021, Recur positioned itself as a provider of Web3 "building blocks" for businesses, enabling the creation of in-game assets, loyalty programs, and digital collectibles through NFTs. However, Recur's fate is not unique, as the broader NFT space witnessed the closure of companies like Nifty, which had also secured partnerships with big media titles. With over 380,000 minted NFTs, Recur is working to ensure the legacy of these digital collectibles. The company plans to migrate metadata and media for its NFTs to the InterPlanetary File System (IPFS), a decentralized file-sharing network. Additionally, other assets will be hosted on Filecoin's network, indicating Recur's commitment to maintaining the digital artifacts it helped create. A Shift In Value Recur's journey included milestones like the Recur Pass, which was initially sold as an NFT for $300 and granted holders early access to NFT drops. Despite an impressive early sale of a Recur Pass for $88,888, current prices reflect a stark contrast, with the cheapest pass listed on OpenSea for 0.001 ETH (about $1.69). Recur had garnered notable attention with a $50 million Series A funding round in late 2021, valuing the company at $333 million. Esteemed investors like Gary Vaynerchuk, the Winklevoss twins, and Ethereum co-founder Joe Lubin participated in an earlier $5 million seed funding round. Despite the initial momentum, Recur's journey underscores the volatility and challenges inherent in the NFT landscape. In conclusion, Recur's announcement to shut down its Web3 platform serves as a sobering reminder of the challenges faced by NFT-focused companies in the ever-evolving crypto space. The dissolution of big-name partnerships and the necessity to adapt to changing market dynamics highlight the fragility of even the most promising ventures. Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

The University of California Berkeley’s SETI@Home project is no longer allowing new users to participate in its ongoing search for extraterrestrial life, meaning it’s no longer able to provide a passive income stream for those who’re willing to leave their computer on 24/7. The SETI@Home project launched way back in 1999, inviting users to download a special software program that enabled them to donate their excess computing power to the initiative, which is looking for signs of alien life elsewhere in the cosmic void. But much to people’s disappointment, scientists announced in 2021 that they’re winding down the project and no longer require contributions from the general public. While the announcement was a major disappointment for participants, the good news is that there are still many other distributed computing projects that allow users to make money by renting out their idle storage space or processing power. What is Distributed Computing? It might sound incredibly technical, but the concept of distributed computing is actually a very simple one. It refers to a process where the combined resources of multiple, distributed computers are aggregated together, providing powerful compute or storage resources for heavy-duty projects. In some ways it can be likened to Airbnb, but instead of renting out your spare room or vacation home, you simply rent out your unused computing resources. To participate, you’ll need to download and install the required application or plugin for whatever project it is you want to contribute to. Then it’ll run in the background, allowing your computer’s excess resources to be used by the organization concerned. Where Can I Participate? There are dozens of interesting projects looking to borrow people’s excess computing capacity in support of various use cases: Spacemesh Mining cryptocurrency is one of the most obvious ideas for utilizing your spare capacity that comes to mind, but it’s important to choose a suitable network. While it was possible to mine Bitcoin from a PC back in the early days, its cryptographic algorithms have become so complex and its mining ecosystem so competitive that such limited hardware simply won’t do any more. Enter Spacemesh, an alternative cryptocurrency network that’s designed to serve the average joe who wants to mine a little crypto on his or her computer at home. Unlike Bitcoin’s proof-of-work consensus algorithm, Spacemesh uses a novel proof-of-space time consensus mechanism that is much less energy-intensive. It also employs a unique “race-free approach” that disincentivizes the use of massive amounts of hardware, ensuring everyone can participate and earn a passive income on their personal Mac or PC. All that’s required to start mining with Spacemesh is an Intel or AMD CPU with at least 1GB of RAM, and an always-on, unmetered internet connection with a minimum of 5 Mbps download and 1 Mbps upload. Unlike Bitcoin, where the CPU is the main factor for miners, Spacemesh relies on disk storage resources, which do not use energy when they’re idle, resulting in much lower costs. The protocol is centered on fairness, and ensures all miners are rewarded for their contributions at every EPOCH, which currently concludes every two weeks, with their exact reward based on how much storage space they commit in proportion to the network size. In addition, the protocol prevents whales from joining the system with massive storage resources – in such a case, they would face much higher overhead costs, eliminating any profit gains. In this way, Spacemesh ensures its network remains highly decentralized. HyperCycle As an alternative, PC and laptop owners can opt to join the HyperCycle network, which is a Layer-0 blockchain that’s building an artificial general intelligence network. The idea with this is to promote cooperation between AI agents by establishing a network of nodes that collaborate with one another to solve complex problems. This cooperative AI sees distributed computers aggregate their compute resources to create a “global brain”, kind of like a distributed supercomputer. AI systems can tap into this network and use its combined power to perform computing tasks that would normally be performed by sophisticated server networks. Users are required to purchase an individual software node license to participate in HyperCycle’s network and deposit a minimum of 1,024 HYPC tokens. That might sound expensive, but HyperCycle insists it’s a small price to pay to democratize access to advanced AI computation and pave the way for a future “Internet of AIs”. Fleek Network A great option for Web3 enthusiasts, Fleek Network is calling on users to participate in the industry’s first decentralized content delivery network. CDNs play a key role in the internet, ensuring that websites, images and videos can load instantaneously no matter where users are located. Essentially, CDNs are geographically-distributed server networks that enable content to be cached closer to users. When someone connects to an app or website, the content will be delivered from the closest server to their location, significantly reducing latency. Fleek Network aims to provide an alternative to centralized CDNs operated by companies like Cloudflare, which go against the ethos of Web3. Of course, it cannot build out a global server network from scratch, so instead it relies on people who’re willing to provide computing resources in exchange for rewards. It invites anyone to contribute bandwidth to its network by running a cache node, so they can accelerate content delivery to end users. Fleek Network’s approach could actually be more advantageous, as its reliance on contributors means its network can potentially extend to the smallest rural villages. Whereas most centralized CDNs are restricted to building their infrastructure in cities, Fleek will be able to operate nodes across the globe. The result is that someone living in Siberia can be served by a node from the same town, rather than connecting to a large data center several hundred kilometers away. Storj If you have plenty of hard drive space and you’re willing to put it to work, Storj offers a viable opportunity with its decentralized cloud storage network, which it presents as an alternative to services like Dropbox, Box and Amazon Web Services. It claims to have some big advantages, including greater privacy with guarantees that content stored within the Storj network will never be monitored or censored. All content stored on people’s hard drives is fully encrypted, and only the owner has the keys required to access it. The other key selling point is that content is automatically distributed across multiple devices, eliminating the risk of downtime that would prevent users from accessing their files. To rent out your extra disk drive space to Storj, all that’s required is to download its application, install it, and then select how much storage capacity you want to contribute. Once activated, that portion of your hard drive becomes a part of the Storj network so you can no longer use it yourself. Instead, you’ll be compensated for renting it out. One of the requirements, obviously, is that you must be willing to leave your computer up and running and ensure it’s always online, in return for payments made to your bank account each month. Hyperlink Hyperlink refers to itself as the “World Supercomputer”, but is really a global network of computers that anyone can join to earn passive income. Users donate their computer’s resources to host third-party websites, mobile applications and content. Its services are offered as a low-cost alternative to businesses that don’t want to invest in their own infrastructure or traditional cloud computing services. One of the advantages of Hyperlink is that it claims to offer significant earnings potential for users, saying it’s possible to earn up to $8,600 per year by connecting a desktop or laptop to its network and leaving it running 24/7. Users can even contribute an entire server if they happen to have one lying around. Another bonus is that Hyperlink offers flexible payment options, allowing users to receive their earnings through PayPal, bank transfers, credit card payment and more. In future, Hyperlink will expand its network to include tablets and smartphones too. What Are The Downsides? There actually does not seem to be a lot of downsides to earning a passive income, but those considering it should be aware that by running these programs and keeping their computer switched on 24/7, it may degrade its performance and lifetime. However, the reality is that most people don’t normally use the full capacity of their machine, so they can afford to contribute without really noticing any performance impact. And of course, it’s always possible to use an external storage device if you do need more disk space. Then again, if you do need to perform intensive computing tasks yourself, it might be worth investing in a more powerful machine, or even a second computer that you can leave running and forget about. Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

The University of California Berkeley’s SETI@Home project is no longer allowing new users to participate in its ongoing search for extraterrestrial life, meaning it’s no longer able to provide a passive income stream for those who’re willing to leave their computer on 24/7. The SETI@Home project launched way back in 1999, inviting users to download a special software program that enabled them to donate their excess computing power to the initiative, which is looking for signs of alien life elsewhere in the cosmic void. But much to people’s disappointment, scientists announced in 2021 that they’re winding down the project and no longer require contributions from the general public. While the announcement was a major disappointment for participants, the good news is that there are still many other distributed computing projects that allow users to make money by renting out their idle storage space or processing power. What is Distributed Computing? It might sound incredibly technical, but the concept of distributed computing is actually a very simple one. It refers to a process where the combined resources of multiple, distributed computers are aggregated together, providing powerful compute or storage resources for heavy-duty projects. In some ways it can be likened to Airbnb, but instead of renting out your spare room or vacation home, you simply rent out your unused computing resources. To participate, you’ll need to download and install the required application or plugin for whatever project it is you want to contribute to. Then it’ll run in the background, allowing your computer’s excess resources to be used by the organization concerned. Where Can I Participate? There are dozens of interesting projects looking to borrow people’s excess computing capacity in support of various use cases: Spacemesh Mining cryptocurrency is one of the most obvious ideas for utilizing your spare capacity that comes to mind, but it’s important to choose a suitable network. While it was possible to mine Bitcoin from a PC back in the early days, its cryptographic algorithms have become so complex and its mining ecosystem so competitive that such limited hardware simply won’t do any more. Enter Spacemesh, an alternative cryptocurrency network that’s designed to serve the average joe who wants to mine a little crypto on his or her computer at home. Unlike Bitcoin’s proof-of-work consensus algorithm, Spacemesh uses a novel proof-of-space time consensus mechanism that is much less energy-intensive. It also employs a unique “race-free approach” that disincentivizes the use of massive amounts of hardware, ensuring everyone can participate and earn a passive income on their personal Mac or PC. All that’s required to start mining with Spacemesh is an Intel or AMD CPU with at least 1GB of RAM, and an always-on, unmetered internet connection with a minimum of 5 Mbps download and 1 Mbps upload. Unlike Bitcoin, where the CPU is the main factor for miners, Spacemesh relies on disk storage resources, which do not use energy when they’re idle, resulting in much lower costs. The protocol is centered on fairness, and ensures all miners are rewarded for their contributions at every EPOCH, which currently concludes every two weeks, with their exact reward based on how much storage space they commit in proportion to the network size. In addition, the protocol prevents whales from joining the system with massive storage resources – in such a case, they would face much higher overhead costs, eliminating any profit gains. In this way, Spacemesh ensures its network remains highly decentralized. HyperCycle As an alternative, PC and laptop owners can opt to join the HyperCycle network, which is a Layer-0 blockchain that’s building an artificial general intelligence network. The idea with this is to promote cooperation between AI agents by establishing a network of nodes that collaborate with one another to solve complex problems. This cooperative AI sees distributed computers aggregate their compute resources to create a “global brain”, kind of like a distributed supercomputer. AI systems can tap into this network and use its combined power to perform computing tasks that would normally be performed by sophisticated server networks. Users are required to purchase an individual software node license to participate in HyperCycle’s network and deposit a minimum of 1,024 HYPC tokens. That might sound expensive, but HyperCycle insists it’s a small price to pay to democratize access to advanced AI computation and pave the way for a future “Internet of AIs”. Fleek Network A great option for Web3 enthusiasts, Fleek Network is calling on users to participate in the industry’s first decentralized content delivery network. CDNs play a key role in the internet, ensuring that websites, images and videos can load instantaneously no matter where users are located. Essentially, CDNs are geographically-distributed server networks that enable content to be cached closer to users. When someone connects to an app or website, the content will be delivered from the closest server to their location, significantly reducing latency. Fleek Network aims to provide an alternative to centralized CDNs operated by companies like Cloudflare, which go against the ethos of Web3. Of course, it cannot build out a global server network from scratch, so instead it relies on people who’re willing to provide computing resources in exchange for rewards. It invites anyone to contribute bandwidth to its network by running a cache node, so they can accelerate content delivery to end users. Fleek Network’s approach could actually be more advantageous, as its reliance on contributors means its network can potentially extend to the smallest rural villages. Whereas most centralized CDNs are restricted to building their infrastructure in cities, Fleek will be able to operate nodes across the globe. The result is that someone living in Siberia can be served by a node from the same town, rather than connecting to a large data center several hundred kilometers away. Storj If you have plenty of hard drive space and you’re willing to put it to work, Storj offers a viable opportunity with its decentralized cloud storage network, which it presents as an alternative to services like Dropbox, Box and Amazon Web Services. It claims to have some big advantages, including greater privacy with guarantees that content stored within the Storj network will never be monitored or censored. All content stored on people’s hard drives is fully encrypted, and only the owner has the keys required to access it. The other key selling point is that content is automatically distributed across multiple devices, eliminating the risk of downtime that would prevent users from accessing their files. To rent out your extra disk drive space to Storj, all that’s required is to download its application, install it, and then select how much storage capacity you want to contribute. Once activated, that portion of your hard drive becomes a part of the Storj network so you can no longer use it yourself. Instead, you’ll be compensated for renting it out. One of the requirements, obviously, is that you must be willing to leave your computer up and running and ensure it’s always online, in return for payments made to your bank account each month. Hyperlink Hyperlink refers to itself as the “World Supercomputer”, but is really a global network of computers that anyone can join to earn passive income. Users donate their computer’s resources to host third-party websites, mobile applications and content. Its services are offered as a low-cost alternative to businesses that don’t want to invest in their own infrastructure or traditional cloud computing services. One of the advantages of Hyperlink is that it claims to offer significant earnings potential for users, saying it’s possible to earn up to $8,600 per year by connecting a desktop or laptop to its network and leaving it running 24/7. Users can even contribute an entire server if they happen to have one lying around. Another bonus is that Hyperlink offers flexible payment options, allowing users to receive their earnings through PayPal, bank transfers, credit card payment and more. In future, Hyperlink will expand its network to include tablets and smartphones too. What Are The Downsides? There actually does not seem to be a lot of downsides to earning a passive income, but those considering it should be aware that by running these programs and keeping their computer switched on 24/7, it may degrade its performance and lifetime. However, the reality is that most people don’t normally use the full capacity of their machine, so they can afford to contribute without really noticing any performance impact. And of course, it’s always possible to use an external storage device if you do need more disk space. Then again, if you do need to perform intensive computing tasks yourself, it might be worth investing in a more powerful machine, or even a second computer that you can leave running and forget about. Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

It's not because he’s not interested – he just doesn’t want more controversy.

The ongoing spat between the United States and China over emerging tech like AI continues as U.S. President Joe Biden restricts investments.

A digital dollar's creation could mean a "checkmate" and "game over," Joe Rogan stated.

CBDCs have turned out to be a popular talking point among the American public, garnering takes from comedians, rappers and presidential candidates alike.

The DEX's Liquidity Pool was already available on Arbitrum, BNB Chain and Avalanche.

Crypto enthusiasts have lauded Joe Biden’s latest social media post for its so-called accidental endorsement of Bitcoin.

Bridgecoin Capital has unveiled a groundbreaking lending platform that could reshape the landscape of crypto investment. This innovative platform, born from a collaboration between real estate and crypto experts, aims to address the challenge of crypto capital gains taxation by leveraging traditional real estate assets. In the midst of a cryptocurrency market valued at over $500 billion and a towering real estate market worth more than $3 trillion, Bridgecoin Capital's solution takes aim at the tax implications arising from the $163 billion in crypto gains during the recent market surge. The platform provides a regulated process wherein users can use their crypto holdings as collateral to secure cash loans, bypassing the capital gains tax burden. These borrowed funds are then allocated into real estate investments that yield interest over time. Joey Billet, Co-Founder and CEO of Bridgecoin, highlighted the significance of the platform, noting that "our approach avoids tokenization, instead opting for borrowing crypto at a flat interest rate, providing stability backed by tangible real estate assets." Bridgecoin's platform places a strong emphasis on regulatory compliance. Customers undergo a Know Your Customer (KYC) process, and the collateralized loan assures a predictable USD return at the end of the lockup period, maintaining a consistent Annual Percentage Yield (APY) throughout. The launch of this platform intends to steer crypto gains towards more strategic investments while maintaining transparency and adherence to compliance standards. The Bridgecoin team brings together experts well-versed in both commercial real estate and cryptocurrency sectors. Since 2018, they have championed the integration of blockchain technology into the real estate domain. This initiative serves as a countermeasure against risks associated with non-compliant ventures. It offers crypto investors a channel to direct unrealized gains into tangible real estate assets, unlocking the tax advantages synonymous with debt investment. This introduction of Bridgecoin Capital's innovative platform marks a significant convergence of cryptocurrency and traditional real estate strengths, opening new avenues for the evolving financial landscape. Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

Bridgecoin Capital has unveiled a groundbreaking lending platform that could reshape the landscape of crypto investment. This innovative platform, born from a collaboration between real estate and crypto experts, aims to address the challenge of crypto capital gains taxation by leveraging traditional real estate assets. In the midst of a cryptocurrency market valued at over $500 billion and a towering real estate market worth more than $3 trillion, Bridgecoin Capital's solution takes aim at the tax implications arising from the $163 billion in crypto gains during the recent market surge. The platform provides a regulated process wherein users can use their crypto holdings as collateral to secure cash loans, bypassing the capital gains tax burden. These borrowed funds are then allocated into real estate investments that yield interest over time. Joey Billet, Co-Founder and CEO of Bridgecoin, highlighted the significance of the platform, noting that "our approach avoids tokenization, instead opting for borrowing crypto at a flat interest rate, providing stability backed by tangible real estate assets." Bridgecoin's platform places a strong emphasis on regulatory compliance. Customers undergo a Know Your Customer (KYC) process, and the collateralized loan assures a predictable USD return at the end of the lockup period, maintaining a consistent Annual Percentage Yield (APY) throughout. The launch of this platform intends to steer crypto gains towards more strategic investments while maintaining transparency and adherence to compliance standards. The Bridgecoin team brings together experts well-versed in both commercial real estate and cryptocurrency sectors. Since 2018, they have championed the integration of blockchain technology into the real estate domain. This initiative serves as a countermeasure against risks associated with non-compliant ventures. It offers crypto investors a channel to direct unrealized gains into tangible real estate assets, unlocking the tax advantages synonymous with debt investment. This introduction of Bridgecoin Capital's innovative platform marks a significant convergence of cryptocurrency and traditional real estate strengths, opening new avenues for the evolving financial landscape. Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

Prominent lawmakers have urged the Biden administration to initiate a crackdown on crypto tax evaders and enforce tax reporting guidelines for users in the crypto space. The United States Congress had mandated new tax rules for crypto traders, but officials have been slow to implement these rules. Act Against Evaders According to experts, cryptocurrency brokers have ignored at least half of their tax obligations. Now, a group of prominent Democratic senators has joined Bernie Sanders in demanding federal officials initiate a crackdown to fix what analysts believe is a $50 billion tax gap in the budget caused due to wilful crypto tax evaders. The lawmakers have urged the Internal Revenue Service (IRS) and the Treasury to publish tax reporting guidelines for cryptocurrency brokers and enforce the guidelines. Along with Bernie Sanders, Democratic Senators Elizabeth Warren, Bob Casey, and Richard Blumenthal have signed a letter warning the heads of the IRS and the Treasury that time was running out to implement the proposed rules. The rules lawmakers were referring to in the letter are the directives that were included in the Senate’s $1.2 trillion infrastructure bill, passed in August 2021. The bill broadened tax reporting requirements for businesses that acted as brokers for cryptocurrencies, Officials Slow To Implement Rules The four lawmakers stated that the 2021 Infrastructure Investment and Jobs Act required new reporting requirements when it came to crypto trading. However, officials in the Treasury Department and the Internal Revenue Service have not yet created any rules to implement them, despite a deadline set by Congress looming. Many experts have stated that such a delay in drafting tax regulations of such nature is highly unusual. The lawmakers quoted a report by Congress’s Joint Committee on Taxation, which stated that failure to address the tax gap due to crypto brokers evading taxes could cost the Treasury $28 billion over the next eight years. “Nearly two years have passed since the law was enacted, and the implementation deadline is less than six months away—but Treasury has yet to publish proposed rules. If your agencies fail to implement the new crypto tax reporting rules by December 31, 2023 — the deadline established by Congress — you will risk losing an estimated $1.5 billion in tax revenue in 2024. This is an unacceptable outcome.” The lawmakers further argued, “Research suggests that crypto tax evaders are cheating the IRS out of at least $50 billion a year—but the figure may be much higher. Given the chance, tax evaders and the crypto intermediaries willing to aid them will continue to game the system, exploit loopholes, and siphon off billions of dollars a year from the U.S. government. You must not give them that chance.” A Significant Gap Analysts from Barclays had claimed the $50 billion figure quoted by the lawmakers last year, based on IRS data from 2017. However, they say that the actual figure could be much higher given the jump in activity in the crypto space in recent years. According to analysts, the $50 billion gap accounts for 10% of the national tax gap, which is the money owed in taxes every year but not paid. Furthermore, because of the anonymous nature of crypto exchanges, the Internal Revenue Service faces a daunting task in figuring out where the taxes are not being paid. Officials have repeatedly pointed out that the longer it takes to implement rules, the more large crypto traders can avoid paying taxes. New Rules Could Tackle Offenders If passed, the new rules implemented by the Treasury Department will require entities such as Coinbase to furnish information about crypto trades. This information would include gains and losses, which would be reported to the IRS. Many experts are of the view that the new rules would give the IRS the much-needed tools to ensure the closure of the tax gap. It would also give the IRS the resources it needs to go after large-scale tax evaders. The rules have received support from President Joe Biden, who has stated on numerous occasions that crypto loopholes are allowing wealthy crypto investors to hide their revenue from authorities. The new rules will also help the industry, which is already grappling with numerous types of fraud and corruption. The lawmakers in question have been highly critical of the crypto space, with Warren being extremely outspoken about the FTX debacle. Warren had also asked Fidelity to shelve its 401(k) Bitcoin plan and alleged that the illegal fentanyl drug trade was being funded using crypto. Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

Prominent lawmakers have urged the Biden administration to initiate a crackdown on crypto tax evaders and enforce tax reporting guidelines for users in the crypto space. The United States Congress had mandated new tax rules for crypto traders, but officials have been slow to implement these rules. Act Against Evaders According to experts, cryptocurrency brokers have ignored at least half of their tax obligations. Now, a group of prominent Democratic senators has joined Bernie Sanders in demanding federal officials initiate a crackdown to fix what analysts believe is a $50 billion tax gap in the budget caused due to wilful crypto tax evaders. The lawmakers have urged the Internal Revenue Service (IRS) and the Treasury to publish tax reporting guidelines for cryptocurrency brokers and enforce the guidelines. Along with Bernie Sanders, Democratic Senators Elizabeth Warren, Bob Casey, and Richard Blumenthal have signed a letter warning the heads of the IRS and the Treasury that time was running out to implement the proposed rules. The rules lawmakers were referring to in the letter are the directives that were included in the Senate’s $1.2 trillion infrastructure bill, passed in August 2021. The bill broadened tax reporting requirements for businesses that acted as brokers for cryptocurrencies, Officials Slow To Implement Rules The four lawmakers stated that the 2021 Infrastructure Investment and Jobs Act required new reporting requirements when it came to crypto trading. However, officials in the Treasury Department and the Internal Revenue Service have not yet created any rules to implement them, despite a deadline set by Congress looming. Many experts have stated that such a delay in drafting tax regulations of such nature is highly unusual. The lawmakers quoted a report by Congress’s Joint Committee on Taxation, which stated that failure to address the tax gap due to crypto brokers evading taxes could cost the Treasury $28 billion over the next eight years. “Nearly two years have passed since the law was enacted, and the implementation deadline is less than six months away—but Treasury has yet to publish proposed rules. If your agencies fail to implement the new crypto tax reporting rules by December 31, 2023 — the deadline established by Congress — you will risk losing an estimated $1.5 billion in tax revenue in 2024. This is an unacceptable outcome.” The lawmakers further argued, “Research suggests that crypto tax evaders are cheating the IRS out of at least $50 billion a year—but the figure may be much higher. Given the chance, tax evaders and the crypto intermediaries willing to aid them will continue to game the system, exploit loopholes, and siphon off billions of dollars a year from the U.S. government. You must not give them that chance.” A Significant Gap Analysts from Barclays had claimed the $50 billion figure quoted by the lawmakers last year, based on IRS data from 2017. However, they say that the actual figure could be much higher given the jump in activity in the crypto space in recent years. According to analysts, the $50 billion gap accounts for 10% of the national tax gap, which is the money owed in taxes every year but not paid. Furthermore, because of the anonymous nature of crypto exchanges, the Internal Revenue Service faces a daunting task in figuring out where the taxes are not being paid. Officials have repeatedly pointed out that the longer it takes to implement rules, the more large crypto traders can avoid paying taxes. New Rules Could Tackle Offenders If passed, the new rules implemented by the Treasury Department will require entities such as Coinbase to furnish information about crypto trades. This information would include gains and losses, which would be reported to the IRS. Many experts are of the view that the new rules would give the IRS the much-needed tools to ensure the closure of the tax gap. It would also give the IRS the resources it needs to go after large-scale tax evaders. The rules have received support from President Joe Biden, who has stated on numerous occasions that crypto loopholes are allowing wealthy crypto investors to hide their revenue from authorities. The new rules will also help the industry, which is already grappling with numerous types of fraud and corruption. The lawmakers in question have been highly critical of the crypto space, with Warren being extremely outspoken about the FTX debacle. Warren had also asked Fidelity to shelve its 401(k) Bitcoin plan and alleged that the illegal fentanyl drug trade was being funded using crypto. Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

Joel Dietz is suing ConsenSys and his former business partner over his claims to MetaMask, the most important crypto wallet for the Ethereum blockchain.

Joe Lubin, Ethereum Co-Founder and the CEO of ConsenSys is not worried about ether (ETH) being classed as a security in the United States after the crypto’s transition to a proof-of-stake (PoS) consensus model.

The hacker managed to steal $794,000 worth of crypto from an exchange via a SIM swap attack on an exec, but ultimately he didn’t cover his tracks well.

Joe Tsai, one of Alibaba’s founders, has been an active Web3 investor and once tweeted “I like Crypto.”

[PRESS RELEASE – Please Read Disclaimer] ● Not only Asia’s largest Web3 event, this year’s conference is expected to be the world’s largest of its kind ● TOKEN2049 has already surpassed last year’s registration and sponsorship numbers, with numbers steadily climbing ahead of September ● Speaker highlights include prolific entrepreneur Balaji Srinivasan; Ethereum Co-Founder Joe […]

Several key applications will support Arbitrum-based USDC like Aave, Balancer, Camelot, Coinbase, Curve, GMX, Radiant, Trader Joe and Uniswap.

Bitcoin has a marketing problem, but journalist and BTC evangelist Joe Hall is doing his best to fix it.

Whether the crypto industry wants the spotlight or not, digital assets are among the earliest talking points in the 2024 U.S. presidential election, with the most prominent of the new candidates even invoking bitcoins in his campaign opener as evidence of President Joe Biden’s missteps.