Crypto tax stress, regulatory talks, Tether validity news, and a new BitMEX tool website for fork information, all while the crypto markets look somewhat greener as a whole. Check out today’s action.
Abusive Crypto Taxation In California Reminds Us Why Privacy Matters
Cryptocurrency taxation lies heavy on those involved. Tax laws have not yet developed to properly suit the crypto space.
Trading crypto assets triggers a taxable event, even if the funds are not traded into FIAT (USD, EUR, etc.). This creates a difficult situation on those involved, who must pay taxes on investments in which gains were not yet monetarily realized.
Crypto Insider reports on a student who ended up owing some $400,000 in taxes, even though he did not cash out into FIAT.
Venezuela Further Struggles With The Release Of Petro
It’s been quite a long while since Venezuelan president Nicholas Maduro has announced a new cryptocurrency.
Petro, which is theoretically backed by the country’s oil, gold, diamonds, and steel, seems to have problems with execution. The wallet for the coin is non-existent by launch date, and some cryptographers have managed to identify some plagiarism in the cryptocurrency’s code. Furthermore, only 30 real buyers have managed to get their hands on Petro, and the total investment adds up to a total of $5500.
Crypto Insider reports on the worrisome and intriguing situation of Petro, a national cryptocurrency which seems to struggle even with its launches (this one being the second).
SEC Official Says ‘Plain English’ Guidance On ICOs Is Coming
Confusion fills 2018 regarding crypto and regulation. In statements made today, William Hinman (SEC director) plans to divulge understandable guidelines for ICOs going forward, concerning regulatory expectation (securities laws, etc.).
The release date for these simplified guidelines is not yet known.
Hinman stated – “We also will be putting out more guidance, the idea is a plain English instrument that people can look at and they’ll bring together sort of my Howey-meets-Gary speech, and that analysis … We’ll elaborate on that in a very plain English way, so ‘do I think I have a security offering,’ look at that guidance and you should be able to sort things out”, as reported by CoinDesk.
Deltec Chairman Says Tether Letter On Bank Relationship Is ‘Authentic’
Last week was filled with murmurs of Tether’s proven solvency, via a letter with details. Tether’s supposed new bank Deltec did not exactly give a clear answer on the subject as of last week.
However, CoinDesk reports receiving confirmation of the Tether letter’s authenticity on Saturday.
Jean Chalopin, chairman for Deltec, sent CoinDesk a message stating – “[t]he letter published by Tether is authentic”, as reported by CoinDesk today.
Finally, the public sees a bit of confirmed clarity on recent Tether news.
BitMEX Releases Fork Monitoring Tool In Run-Up To Bitcoin Cash Hard Fork
The upcoming Bitcoin Cash hard fork has been the talk of the town recently. Price has also rallied in response.
BitMEX announced via a blog post today, the release of a website which will help track data applicable for forks. The new website, ForkMonitor.info, “displays various pieces of information regarding the chains followed. This website can be useful for monitoring the situation during network upgrades (softforks or hardforks), as well as being potentially useful in helping to detect unintentional consensus bugs”, stated the blog post.
The Bitcoin Cash hard fork will occur on November 15th. After the event, ForkMonitor.info will shift more attention over to Bitcoin, reported CoinTelegraph.
Crypto Markets See Widespread Wave Of Green, Bitcoin Pushes $6,500
Bitcoin has seen greater trading volume over the past couple of days, with roughly $4.4 billion over the past 24 hours.
CoinTelegraph reports Bitcoin at about 2.2% higher this week. ETH has seemingly followed suit, taking the reigns as the highest gainer in the past 24 hours (in terms of top ten market cap coins).
ETF talk is also circulating around the crypto sphere, as “securities lawyer Jake Chervinsky emphasized on crypto twitter that today’s date, Nov. 5, is the deadline for the public to submit statements to the U.S. Securities and Exchange Commission (SEC) as part of the Commission’s review of various – previously rejected – Bitcoin ETF proposals”, reported CoinTelegraph.