š Web3 TLDR: š§¾ Welp! Canāt Claim Ignorance On Your Taxes Anymoreā¦
The Web3, NFT and Crypto Newsletter
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This edition is sponsored ...
- š JP Morgan ask Celsius Exec for Regulator Policy Help?!?!
- š§¾ Welp! Canāt Claim Ignorance On Your Taxes Anymoreā¦
- š Former OpenSea Product Manager: Between A Rock And A Hard Placeā¦
Job of the week
AND NOW THE NEWS
JP Morgan ask Celsius Exec for Regulator Policy Help?!?!
According to Bloomberg, JPMorgan has created a new position, head of crypto regulatory policy, and Aaron Lovine has been hired for it. The firm wants to expand its digital asset regulatory scope due to the volatile conditions in the market in recent months, particularly with the downturn in cryptocurrency values and the failure of several firms.
JPMorgan has had several employees working in crypto as a part of their corporate policy and regulatory affairs. Lovine worked at Celsius Network as Head of Policy, a crypto lender that declared bankruptcy in July. So who better to fill this role right?
JPMorgan CEO Jamie Dimon is well known for his opposition to cryptocurrency and has described cryptocurrency tokens as 'decentralized Ponzis.' Dimon, however, has praised blockchain technology, noting its 'real' aspects, and used JPMorgan's Onyx platform for wholesale payments as an example to help demonstrate its use.
Written by: WarBiscuitNFT
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AND BACK TO THE NEWS
Welp! Canāt Claim Ignorance On Your Taxes Anymoreā¦
Does anyone remember past yearās tax returns, with that really vague ādigital currenciesā question that some people might have skipped over? Well looks like this yearās tax return will have a solid amendment that should make the question indisputable if you do own any crypto-assetsāāāādigital assetsā. According to a new IRS tax return draft posted by the government agency, they decided to create a more broad and defined category that will require an actual yes or no answer as to whether or not one has interacted with digital assets in any way, including receiving them as gifts, being paid for a service, transacting with the asset, etc.
Welp, the crypto tax ignorance some have come to enjoy is coming to an end. And, we all knew this change was going to come sooner than later. Remembering the amount crypto entities whom are being sued for evading taxes as of late, itās probably safe to say that it cannot be successfully ignored any longer. However, itās still not fair. Crypto-assets are being taxed at high rates, only because of lack of legislation on the matter. There are crypto-friendly lawmakers who can take action on this for our community, but there hasn't been the kinds of strides the weāve been hoping to see by now. Unfortunately, all we can do is pay our taxes, and wait for now. I have hope change will come soon.
Written by: nikethereum.eth / Medium / Mirror
Former OpenSea Product Manager: Between A Rock And A Hard Placeā¦
You might remember that former Product Manager at OpenSea who used an insider trading scheme to buy up-and-coming NFT collections and sell them for a tidy profit? Well his defense has come up with a strategy that just might help him beat the caseāāāā donāt call it āinsider tradingā.
Nathanial Chastainās legal defense team sent a motion to the prosecutors to remove any and all mentions of the phrase āinsider tradingā because of itsā āinflammatoryā nature and the fact that insider trading relates to securities, not NFTs. Prosecutors fired right back claiming the phrase is accurate based on the crimes committed.
This sounds like someone desperately struggling while slowly sinking in quicksand. I donāt think any jury will look at insider trading (securities, or not) with a sympathetic view point. No one likes to get scammed, and thats exactly what Chastain did with the position he held. Sorry Nathan, looks like you made a bad decision and justice will be served.
Written by: nikethereum.eth / Medium / Mirror
One Last Thing...
Yes...this...exactly...
when my wife asks me how our stock portfolio is doing
— Trung Phan (@TrungTPhan)
Oct 19, 2022
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