Things to keep an eye on with cryptocurrency & tax time is near

in bitcoin •  8 days ago

Chopcoin.io - Interactive Bitcoin Game
As we all know, the government is always trying to find new ways to control our lives and fatten their pockets. So this may come as no surprise that the senate is trying to have total power over the use of cryptocurrency and likens the users of bitcoin to terrorists and criminals. Although they admit that a small percentage of bitcoin holders use it for nefarious deeds they still want to be able to see everything you do with it including who sent what from where and for what. Collecting tax where possible and ceasing assets at their will. Below is a link to the full discussion where they cover a range of "money laundering" topics with special focus on the use of digital currencies.

https://www.judiciary.senate.gov/meetings/s1241-modernizing-aml-laws-to-combat-money-laundering-and-terrorist-financing

Obviously, this is very concerning if a measure like they are proposing actually goes through.

On another note, tax time is coming up soon. I expect the IRS is excited about the chance to fine or cease assets of those who trade crypto and do not pay taxes on their capital gains. They have been seemingly quiet about the topic which to me means they are probably accumulating data and will wait and see who pays and who tries to ignore it. So my best advice is do some research the best you can on what you need to claim or not claim if you have bought and sold crypto this passed year. Coinbase is compliant with regulations and in order for them to keep running i'd assume they will work closely with the IRS to not be deemed a money launderer or tax evader. Tone Vays had a pretty good video today about the topic and I suggest you check it out. Coinbase also has info on tax compliance on their site and i've heard that bitcoin.tax is another useful site to help you through. I have not personally used bitcoin.tax only heard about it quite a bit. As with anything do extensive research so you don't get screwed.
Tone Vays is great at market analytics for both crypto markets and the regular stock market. I highly suggest visiting his youtube channel regularly for analytics and brief news just about daily. Below is the most recent post talking about the senate/tax info and some market data

Chopcoin.io - Interactive Bitcoin Game

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