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The so-called broker rule, laid out by the IRS in a tax reporting proposal has been at times called unconstitutional, unprecedented in scope and an existential threat for the cryptocurrency industry. Indeed, by expanding the definition of a broker — a well-defined term in the context of traditional finance, with
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A few months ago, the U.S. Treasury Department put out its long-awaited proposed rule for enforcing broker reporting standards on cryptocurrency entities. The proposal suggested capturing hosted wallet providers, payment processors, some decentralized finance (DeFi) entities and others as "brokers," meaning these groups would be subject to specific crypto tax
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A software layer designed to make staking easy, sFOX allows professional users, high-net-worth individuals, hedge funds and the like to store their staked crypto in Wyoming trust company accounts that offer complete segregation and protection of customer funds in the unlikely event of company bankruptcy, according to a press release. Source
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Other notable names included in the Series A round were Flow Traders, QCP Capital, Two Sigma Ventures, Electric Capital, Jump Crypto, QCP Capital, GSR Markets, Belvedere Trading, and Framework Ventures. Oct 11, 2023 at 1:00 p.m. UTCUpdated Oct 11, 2023 at 1:05 p.m. UTCMembrane Labs raises $20M
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Starting out with a wallet, a cold-storage custody vault and a reserve of 30,000 bitcoin (BTC) back in 2013, Xapo later set up in Gibraltar under its virtual asset service provider (VASP) framework. Since beginning the process in 2019, Xapo has been granted a banking license, obtained principal membership with
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The prosecuting attorneys in the criminal case against former FTX CEO Sam Bankman-Fried, also known as SBF, have started to call witnesses.According to an Oct. 4 X (formerly Twitter) thread by Inner City Press, the Assistant United States Attorneys presented testimony from a London-based cocoa broker named Marc-Antoine Julliard who
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Although the IRS has finally released its proposed rulemaking, it did so nearly two years after the IIJA was passed. If the digital asset ecosystem is to have clarity in tax matters, it will require the IRS to provide both timely and well-informed guidance — something it has fallen short
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Architect Financial Technologies, the startup founded by former FTX.US president Brett Harrison, will provide derivatives brokerage services after its Architect Financial Derivatives subsidiary received approval from the National Futures Association (NFA) to operate as an independent introducing broker. The company is eyeing both the cryptocurrency derivatives market and the traditional
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Hidden Road is the first prime broker to join the ecosystem, and clients can now leverage digital assets in collateralization scenarios while their assets remain in secure and regulated custody, Komainu said in a statement Wednesday. OKX, the second largest crypto exchange by trading volume, joined Komainu Connect in June. Source
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Prometheum "may have provided false testimony to Congress or violated U.S. securities laws," the open letter began. The lawmaker said Prometheum CEO Aaron Kaplan told Congress that it developed its own blockchain platform independently starting in December 2019. However, in SEC filings filed through 2021, Prometheum said it depended on
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