Simplifying Paperwork for Bitcoin Donations, Claims Crypto Gifting Firm

Simplifying Paperwork for Bitcoin Donations, Claims Crypto Gifting Firm


Cryptocurrency Fundraising Platform Urges Senators to Eliminate Appraisal Requirements for Cryptocurrency Donations

Cryptocurrency fundraising platform, The Giving Block, has sent a letter to Senators Ron Wyden and Mike Crapo, urging them to eliminate the appraisal requirements on cryptocurrency donations. The present requirements make it burdensome for donors to contribute to nonprofits using digital currencies. Donations exceeding $5,000 in value require donors to hire a qualified appraiser to provide written approval of the transaction for accounting objectives. The Giving Block argues that finding qualified appraisers familiar with digital assets can be difficult and pricey, with charges ranging from 4% to 40% of the donation itself. The platform believes that appraising stablecoins like Tether (USDT) and USD Coin provides no value to the donor, charity, or the United States Treasury. The letter is a response to the Senate Finance Committee’s request for input on how to address the regulatory issues surrounding the taxation of cryptocurrency assets.

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Hot Take

The Giving Block’s call to eliminate the appraisal requirements on cryptocurrency donations outlines the challenges faced by donors and nonprofits in the cryptocurrency space. With the increasing popularity of digital currencies and their probable for supporting humanitarian and political causes, it is important to remove unnecessary barriers that hinder participation. By streamlining the donation process and reducing costs associated with appraisals, more individuals and organizations can contribute to nonprofits using digital assets. This move aligns with the growing trend of cryptocurrency becoming a whole lot of player in philanthropy. As the cryptocurrency community continues  to accumulate wealth and embrace charitable giving, it is essential to create an environment that facilitates and encourages these contributions.

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Demian Crypter emerges as a true luminary in the cosmos of crypto analysis, research, and editorial prowess. With the precision of a watchmaker, Demian navigates the intricate mechanics of digital currencies, resonating harmoniously with curious minds across the spectrum. His innate ability to decode the most complex enigmas within the crypto tapestry seamlessly intertwines with his editorial artistry, transforming complexity into an eloquent symphony of understanding.

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