• IRS seeking crypto expertise
    Regulation

    Crypto tax firm: IRS seeking audit expertise

    CryptoTrader.Tax received an email inviting it to bid for work helping the taxman ‘calculate gains or losses,’ but flatly rejected the offer

    A platform that helps cryptocurrency traders fill out their tax returns revealed it was invited by the Internal Revenue Service to perform audits… but turned the agency down.

  • Crypto holders ‘alarmingly unaware’ of taxes
    Cryptocurrencies,  Regulation

    Accountants call crypto holders ‘alarmingly unaware’ of taxes

    A new report on the state of crypto taxation makes for grim reading—and concludes accountants fear many investors likely owe back taxes

    The scale of confusion and uncertainty surrounding crypto taxation is so great that half of the American accountants surveyed revealed that they believe most of their clients who own digital assets are likely to be audited.

  • The man, the legend... Charles Ponzi (via Smithsonian/public domain).
    Bitcoin

    Three charged in BitClub Network’s alleged $722 million bitcoin Ponzi scheme

    Three men are accused of using the BitClub Network cryptocurrency mining pool to defraud investors, referring to them as ‘sheep’ and ‘idiots’

    A Ponzi scheme that stole $722 million from investors in a fraudulent cryptocurrency mining pool has been broken up by FBI and IRS agents, according a federal indictment. BitClub Network promised investors around the world shares in the earnings of a major non-existent bitcoin mining pool.

  • FBI Director Christopher Wray testifying before the U.S. Senate discussing Bitcoin on November 7, 2019 (screenshot via C-SPAN).
    United States

    FBI director passes on calling for cryptocurrency tracking law

    Christopher Wray avoided Mitt Romney’s question about tracking Bitcoin, turning instead to the need for messaging service ‘back doors’

    FBI Director Christopher Wray declined to swing at a gentle pitch over the plate for more regulation of cryptocurrency anonymity at a recent Senate Homeland Security hearing.