Cryptocurrency Analysis and News Portal
Investors cannot claim a tax loss on the sale of a security if they buy a “substantially identical” security within 30 days before or after the sale, as per the wash-sale rule, a tax regulation. The Internal Revenue Service (IRS) in the United States established the wash-sale rule, which
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“As the first prudential regulator of virtual currency in the nation, New York has created a framework that sets the highest standards for safety, soundness, and consumer protection while fostering responsible growth,” NYDFS Superintendent Adrienne Harris said. “This regulation provides the department with additional tools and resources to regulate the
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The Commodity Futures Trading Commission (CFTC) oversees the NFA and the wider industry, though questions remain as to the extent of its authority over digital assets. A number of legislative efforts in the U.S. Congress have sought to give the CFTC undeniable powers over crypto commodities and the spot market,
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The SEC’s proposal that registered investment advisors be required to use an independent, regulated, qualified custodian is prudent and good for the digital asset industry. Qualified custodians, which have a fiduciary duty to clients, would hold client funds in segregated accounts. The custodian must also meet rigorous regulatory standards with
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United States Securities and Exchange Commission Chair Gary Gensler spoke at a meeting of the commission’s Investor Advisory Committee on March 2 on the topic of asset custody. The committee has a proposed rule for investment advisers on safeguarding investor assets. It was the second statement Gensler has made on
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Blockchain Association’s chief legal officer says “it would be absurd” for a United States court to rule that digital assets on private blockchains are securities, following a federal judge's decision to allow a lawsuit against Dapper Labs's NBA Top Shots NFTs to play out. U.S. attorney Jake Chervinsky made the comment
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U.S. Securities and Exchange Commission (SEC) Chair Gary Gensler thinks the cryptocurrency industry is playing a game with his agency. He has said that companies are well aware of what they have to do to operate legally within the U.S., but they’ve decided not to do it – some of
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The European Parliament has released a report on a draft bill proposing that banks holding cryptocurrencies set aside a large amount of capital in an effort to address potential risk.In a Feb. 9 notice, European Union lawmakers said any framework applied to crypto assets should “adequately mitigate the risks of
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“Australia’s token mapping exercise is the first of its kind by a national government, going back to first principles to understand crypto and map it to an existing regulatory framework," said Angela Ang, senior policy advisor at blockchain intelligence firm TRM Labs and former regulator at the Monetary Authority of
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Panama's crypto bill saga has reached a new chapter, with the country's Supreme Court deciding the future of the local crypto industry.Panama's President Laurentino Cortizo sent on Jan. 26 the Bill No. 697, dubbed the "crypto bill," to the high court for review and approval, after objecting to the legislation,
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