Jas

[Jas @CryptoTaxRules]

BlackRock is stepping up to the plate.

https://t.co/F6VALOa0yG

[Jas @CryptoTaxRules]

@isabellasg3 Correct! So how do you off ramp your bitcoin?

[Jas @CryptoTaxRules]

@HighYieldForex Well, the assumption here (from what I been reading) is that the US government is out to get crypto. Because of this, financial institutions might be tempted to delist certain tokens to avoid regulator intervention. My question to you is.. who regulates ATMs, WU, and money gram?

[Jas @CryptoTaxRules]

@JeremyyNFT Would that be one or two taxable events?

[Jas @CryptoTaxRules]

@CryptoCookied Is the SEC going after on/off ramps? Or did their banking partners want to distance themselves from the SEC suit?

[Jas @CryptoTaxRules]

Agree.

[Coin Bureau @coinbureau]

Less than two days later, they have announced that they are delisting Cardano $ADA, Solana $SOL & Polygon $MATIC. All based on nothing but accusations by the SEC. What happened to due process?

[Jas @CryptoTaxRules]

@StevenLondonCPA @girlgone_crypto What's the SEC doing?

[Jas @CryptoTaxRules]

@zayuhwhoeth @3orovik @bobbld_eth Bingo! As much as I love the technology and see the broad use cases for it, it has one fatal flaw (as a system of exchange). In order to use decentralized anything, you must first use a centralized something (account/portal). Can't just ignore that big gaping hole like....

[Jas @CryptoTaxRules]

@skpNFT I'm looking for a conversation also! Judging by our handle, it sounds like you partake in NFTs. I'm just curious about how you handle your sales tax reporting on NFT sales?

[Jas @CryptoTaxRules]

@3orovik @bobbld_eth Just had the same question....However, Binance just stopped its transfer because its banking partner in the US wanted nothing to do with the SEC lawsuit. They didn't single out any specific holdings. So what happens if all US banks stop all transactions related to defi entities?

[Jas @CryptoTaxRules]

@3orovik Playing devils advocate here but had a quick question. If the US Gov agencies force US banks to stop transacting with crypto/blockchain/defi related entities... what onramping options does the average Joe have to partake in the defi space? Im just curious.

[Jas @CryptoTaxRules]

IRS under pressure to roll out Crypto Tax Rules.
https://t.co/wD2GP37qTh

[Jas @CryptoTaxRules]

Check on your Binance account, folks.

[Binance.US 🇺🇸 @BinanceUS]

The SEC has taken to using extremely aggressive and intimidating tactics in its pursuit of an ideological campaign against the American digital asset industry. https://t.co/HrbX93eYuS and our business partners have not been spared in the use of these tactics, which has created challenges for the banks with whom we work.

As a result, in an effort to protect our customers and platform, today we are suspending USD deposits and notifying customers that our banking partners are preparing to pause fiat (USD) withdrawal channels as early as June 13, 2023. We encourage customers to take appropriate action with their USD.

Our priority is, and has always been, our customers. We are taking these proactive steps as we–for a time–transition to a crypto-only exchange. To be clear, we maintain 1:1 reserves for all customer assets. Any downtime in processing withdrawals may be the result of elevated volumes and weekend bank closures. Moreover, trading, staking, deposits and withdrawals in crypto remain fully operational.

While we remain open to a productive compromise that enables a thriving digital asset marketplace in America, https://t.co/HrbX93eYuS will continue to vigorously defend ourselves, our customers, and industry against the meritless attacks of the SEC.

Our notice to customers:

[Jas @CryptoTaxRules]

Following the Securities and Exchanges Commission (SEC) lawsuit, US-based crypto exchange, Coinbase, has received multiple cease and desist orders from US states. 

States include Alabama, California, Illinois, Kentucky, Maryland, New Jersey, South Carolina, Vermont, and Wisconsin.

https://t.co/PDvDPpwxlj

[Jas @CryptoTaxRules]

Thoughts? Are you against or pro regulation?

[Congressman Brad Sherman @BradSherman]

The #Cryptocurrency industry has been a major source of tax evasion & a significant part of the nation's tax gap.

Today I, along with @RepStephenLynch, urged @USTreasury & #IRS to release proposed regulations that would bring the cryptocurrency industry into full tax compliance.

[Jas @CryptoTaxRules]

@joe810805 @web3isgreat Oh, the irony.

[Jas @CryptoTaxRules]

Tech disruptors come with both pros and cons. Blockchain is not immune from this fact. @web3isgreat's site tracks scam/hacks in the space. Currently, it is clocking the losses in the 12 billion neighborhood. Check it out (linked below) it also features a leader board.
https://t.co/zY2RN3gyV3

[Jas @CryptoTaxRules]

@beylin Lol