The IRS Is Inviting Crypto Firms to a ‘Summit’ in DC Next Month

The summit, to be held at IRS’s Washington, D.C. headquarters, will consist of four panels addressing technology, issues faced by exchanges, tax returns and regulatory compliance. A list of panelists has yet to be finalized.

The Internal Revenue Service has invited a number of undisclosed crypto startups to a summit on March 3 to discuss its existing approach to taxing cryptocurrencies as well as enforcement efforts, according to a copy of the invitation obtained by CoinDesk.

Kristin Smith, executive director of the Blockchain Association advocacy group, told CoinDesk the IRS has been looking into setting up a summit since at least last month, when it reached out to industry participants for suggested panelists.

“My understanding of the event is this is going to be something where the IRS is going to use this as an opportunity to learn from participants in the ecosystem but it may help inform IRS’s thinking,” she said, pointing to compliance with existing regulation and guidance as one area on which the agency is focused.

While the IRS has not explicitly said the summit will inform its future guidance, Smith said she hopes the agency will use the information it gathers from the event to develop better regulatory frameworks around cryptocurrency moving forward.

The news comes days after the Government Accountability Office, a Congress-funded watchdog for government agencies, announced the IRS had declined to adopt several recommendations to clarify its existing guidance.

The IRS published fresh guidance around cryptocurrencies last autumn, addressing hard forks, how to calculate gains and valuing crypto income. However, the guidance, the first published since 2014, raised new questions around airdrops and did not address small transactions.

The Federal Reserve Has Its ‘Come to Satoshi’ Moment

Shifting its stance from mostly ignoring CBDCs, a Federal Reserve governor says the central bank is now actively studying the possibility of a U.S. digital currency.That’s the way Meltem Demirors described Federal Reserve Governor Lael Brainard’s remarks at Stanford yesterday. For the first time, the Fed has said it is actively researching and experimenting with digital currencies and distributed ledger technologies. This is a change in tone from a Fed that, when asked previously, has more or less dismissed digital currencies.

On this episode, @nlw looks at Brainard’s speech, along with: the latest from Japanese lawmakers proposing a digital currency to counteract the influence of a forthcoming Chinese digital yuan; a Bank for International Settlements digital currency working group with six major central banks; and the potential implications of CBDCs on bitcoin.

The Fed’s $700B Bazooka Misfires, Feat. CoinDesk’s Michael Casey and Noelle Acheson

Far from reassuring the markets, the Federal Reserve’s dramatic action over the weekend seems to have spooked them instead.Over the weekend, the Fed decided it couldn’t wait for Wednesday’s planned meeting to act, cutting interest rates to nearly 0 percent. It also announced $700 billion of direct capital injection through the purchase of Treasury securities and mortgage-backed debt.

The question is whether this action can actually calm markets. So far, it’s not looking great. Within minutes, emergency circuit breakers were triggered again. Markets are down more than 9 percent on the day.

Leave a Reply

Your email address will not be published.