• bitcoin taxes
    Bitcoin,  United States

    Yes, you need to pay taxes on your crypto profits

    Data suggest you’re probably not going to tell the IRS about your gains

    As popular as it is to trade cryptocurrency, it seems it’s even more popular to hide it from the government. The American tax deadline is nigh, so U.S. citizens are tabulating their finances for Uncle Sam to take his cut. But a survey of 250,000 people filing their taxes on a platform called Credit Karma reveals that only 100 of them are declaring capital gains income from their cryptocurrency holdings. It’s a safe assumption that most traders aren’t reporting jack squat. Bitcoin tredecupled in value (that is, it climbed in value more than 13 times) last year, helping to turn cryptocurrency at large into a $500 billion sector. Thomas Lee,…

  • Congress
    Cryptocurrencies,  Politics,  United States

    Congress’s first-ever report on crypto may be bigger than it seems

    It’s somewhere between an idiot’s guide and a cheery report of the future of blockchain

    The U.S. Congress delivered, for the first time, a report on the importance of cryptocurrencies to the American economy. The Joint Economic Committee distilled a myriad of reports from the Congressional Budget Office and other sources to make recommendations in an annual report to the Speaker of the House. This year the bipartisan committee spelled out the advantages of cryptocurrencies and blockchain technology. “Policymakers and the public should become more familiar with digital currencies and other uses of blockchain technology, which have a wide range of applications in the future,” the report said. It’s most jaw-dropping chart is just titled “Cryptocurrencies Made the Stock Market Gains Look Insignificant.” The report,…

  • PayPal
    Cryptocurrencies,  Innovators

    PayPal clamps down on crypto purchases while trying to patent a virtual currency

    The U.S. Patent and Trademark Office published PayPal’s request for a virtual currency patent

    Over the past month payments giant PayPal has been playing whack-a-mole with many cryptocurrency outlets. First, the Netherlands-based AnyCoinDirect saw its relationship with PayPal severed. Late last month, Coinbase announced it was pulling it support from the PayPal system. Even as far back as 2011, they were freezing nascent exchanges. Now the only exchanges that seem to work with PayPal are complicated, high-fee websites and most only allow you to buy and sell directly for fiat (in other words, they have no wallet function). And yet earlier this month, the U.S. Patent and Trademark Office published PayPal’s request for a virtual currency patent. Many users are unaware that PayPal previously…

  • Arizona
    Bitcoin,  United States

    Arizona law letting residents pay taxes with crypto now one step closer to a vote

    A legislative “vote of confidence” for tackling tax season with bitcoin.

    Arizona just might be the most cryptocurrency-friendly state in the nation. Important legislation has successfully made its way through the Ways and Means Committee of the Arizona House of Representatives this week and seems on track to be formally passed into law. Formally designated as SB1091, this new set of rules would make it legal for Arizonans to pay their income tax with bitcoin. The bill now needs to pass the state legislature. Coindesk called this week’s development “a big vote of confidence.” With strong Republican support, political and crypto pundits alike seem sure this bill will become formal law. The motivation for this bill isn’t an overwhelming demand to…