New Crypto Tax Law Takes Effect in US: Transactions of $10,000 or More Must Be Reported to IRS Within 15 Days
Starting from the beginning of this year, a recent tax law in the United States requires individuals and businesses to report any cryptocurrency transactions exceeding $10,000 to the IRS within 15 days. This reporting should include detailed information about the sender and the transaction itself. Failing to comply with this regulation may lead to felony charges. The law, known as the Infrastructure Investment and Jobs Act, applies to both individuals and businesses engaged in cryptocurrency-related trade or business. However, the lack of clear guidance from the Treasury regarding compliance specifics is causing concerns among entities like Coin Center, a crypto policy advocacy group.
SEC Still Processing Spot Bitcoin ETF Paperwork, Report
There is anticipation that the U.S. Securities and Exchange Commission (SEC) will approve spot bitcoin ETFs, with speculation about a potential announcement scheduled for later this week or early next week, just before the January 10 deadline. Despite the increasing prices of bitcoin in anticipation, sources suggest that the SEC still has a significant amount of paperwork to review. While some reports indicate the possibility of early-week approvals, others believe that a decision will be made closer to the deadline due to the volume of paperwork. The market is closely watching the SEC’s decision, which could potentially include multiple ETF approvals.
Michael Saylor Selling $216 Million of Microstrategy’s Shares, Plans to Buy More Bitcoin
Michael Saylor, the Executive Chairman of Microstrategy, has filed with the SEC to sell approximately $216 million worth of the company’s stock. This decision is part of a pre-arranged trading plan that involves selling up to 400,000 shares. Saylor intends to use the proceeds from this sale to increase his personal bitcoin holdings. Additionally, the decision also addresses Saylor’s personal financial obligations. As of December 2023, Saylor personally owned 17,732 BTC, while Microstrategy reported holdings of 189,150 bitcoin.
Jim Cramer: Bitcoin Can’t Be Killed — It’s a Technological Marvel That Is Here to Stay
Jim Cramer, a well-known personality for his past mixed opinions on Bitcoin, recently expressed bullish sentiments about the cryptocurrency. During a segment on CNBC, Cramer, a former hedge fund manager and co-founder of Thestreet.com, referred to Bitcoin as a “technological marvel” and emphasized its resilience, stating that “This thing, you can’t kill it.” Cramer, who previously had concerns about ransomware and regulatory issues, advised against crypto investment in December 2022. However, he now acknowledges Bitcoin’s staying power, particularly in light of discussions surrounding the potential approval of spot Bitcoin ETFs by the SEC.
Hot Take: The Current State of the Crypto Landscape
In the world of cryptocurrency, the United States has introduced new tax reporting laws for transactions exceeding $10,000. This regulation places a significant burden on individuals and businesses to report these transactions to the IRS within a short timeframe. Meanwhile, the SEC is dealing with a backlog of paperwork for pending spot Bitcoin ETFs, with the market eagerly awaiting their decision. In the midst of these developments, Michael Saylor is selling shares of Microstrategy to increase his bitcoin holdings, and Jim Cramer, a prominent financial commentator, has praised Bitcoin as a resilient and essential technological innovation. These events highlight the ongoing growth and importance of the cryptocurrency industry.
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