While dozens of states have passed laws regulating crypto ATMs, and more are in the process, Tennessee has banned them outright. Earlier this month, Tennessee Gov. Bill Lee signed a bill to law banning virtual currency kiosks. The bill targets both the operators of so-called bitcoin ATMs — which often sell multiple cryptocurrencies — and people on whose property they are housed. Frequently these are convenience stores, gas stations and malls. Tennessee House Bill 2505 makes it “an offense for a virtual currency kiosk operator or other person to knowingly install or allow installation of, permit, place, or otherwise operate a virtual currency kiosk in this state.” The law makes…
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One-Third of the 2025 Tax Forms Kraken Filed Were Below $1
Capital gains taxes must be paid on all of them
Cryptocurrency exchange Kraken filed 56 million crypto tax forms in 2025. Half were for amounts below $10 and three quarters below $50. One third were below a single dollar. That’s a big problem for crypto owners when it comes to filing taxes, as each of those transactions requires them to fill out a capital gains report. “These forms were not sent to sophisticated traders who made big returns from crypto,” Kraken said in an April 22 report. “The vast majority of the forms are for staking rewards measured in fractions of a cent, small purchases, and routine activity. Every single one generates a form that a real person is now…
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Scammers Demand Toll in BTC For Passage Through Strait of Hormuz
At least one vessel paid and was fired upon by Iran
Scammers posing as Iranian authorities are offering passage through the Strait of Hormuz in exchange for cryptocurrency, Greek maritime risk management firm Marisks has warned. “These messages are a scam,” Marisks said, warning that they did not come from legitimate Iranian authorities, Reuters reported on April 21. Iran’s blockade of the Strait, which it briefly lifted, has closed the vital waterway to hundreds of ships carrying oil and gas, threatening to create energy shortages around the world. Roughly a fifth of the world’s supply of oil and liquefied natural gas must pass through the Strait. In response, the U.S. is blockading Iranian ports. At least one vessel is believed to…
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Buying Coffee With Bitcoin Is a Tax Burden: Cato
A daily cup of coffee could bring 100 pages of tax forms
With the proliferation of crypto spending debit cards, it’s easy enough to buy a cup of coffee with your bitcoins. The problem is that the purchase comes with a huge tax headache. Crypto sales of any kind, including using bitcoins for purchases, are treated as capital gains for tax purposes. So if you buy that cup of coffee every day, you’re looking at over 100 pages of tax forms, according to Nicholas Anthony, a research fellow at the Cato Institute, a libertarian think tank. Saying “the process is almost tailor-made to discourage the use of alternative currencies,” Anthony noted that “capital gains taxes require you to tell the Internal Revenue…
