IRS

Amid IRS bounty and competitor progress, Monero developers ship a major update

First announced in September, Monero developers today went live with a network update featuring a new version of its node software, codenamed ‘Oxygen Orion.’ The product of 30 contributors, the update promises significant improvement across nearly all aspects of the privacy-focused cryptocurrency’s performance.  The highlight of the new update is the compact linkable spontaneous anonymous …

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Better regulation needed to stop crypto tax evaders from running wild

Antivirus software pioneer John McAfee, the founder of McAfee Associates — the company that released the first commercial antivirus software, McAfee VirusScan, in the late 1980s, contributing to the birth of multibillion-dollar industry — was indicted on five counts of tax evasion and five counts of willful failure to file a tax return, which could …

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Report: Privacy coins don’t conflict with anti-money laundering laws

Privacy-oriented cryptocurrencies like Monero (XMR) do not conflict with Anti-Money Laundering laws, according to a major global law firm. Perkins Coie, a Seattle-based international law firm, published a report devoted to the AML regulation of privacy coins on Sept. 15. In the report, Perkins Coie aims to dispel the purported misconception that privacy coins like …

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IRS to Pay $625K to Crack Monero, Crypto Proponents Scoff at Contract

The U.S. Internal Revenue Service (IRS) wants to pay a contractor $625,000 if they can crack layer-two privacy schemes and the privacy-centric crypto asset monero (XMR). The tax agency says that the entity has “limited investigative resources” for tracing these types of cryptocurrency transactions. The United States tax agency wants to obtain a solution to …

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The IRS offers a $625,000 bounty to anyone who can break Monero and Lightning

The United States Internal Revenue Services (IRS) has offered a bounty of up to $625,000 to anyone who can break purportedly untraceable privacy coins like Monero (XMR) as well as trace transactions on Bitcoin’s (BTC) Lightning Network.  The official proposal, published last week, says the IRS will accept submissions in the form of working prototypes …

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Qatar’s National Solarized Fintech Strategy Amid COVID-19 Pandemic

The nation of Qatar is a World Bank “high-income economy,” backed by the world’s third-largest natural gas and oil reserves. It has the third-highest GDP per capita in the world (by purchasing power parity), with very high human development. Similar to other Gulf Cooperation Council states — which also include the United Arab Emirates, Saudi …

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Law Decoded: How Long Is the Arm of the Law? August 7-14

Every Friday, Law Decoded delivers analysis on the week’s critical stories in the realms of policy, regulation and law.  Editor’s note DeFi has stolen the show lately. Spectacular rises and falls of unaudited tokens named after meme-able foods changing hands via ascendant liquidity pools have left many of us unimaginative observers mostly blinking. In this …

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US Congressmen Want IRS to Balance Taxation and Innovation in the Cryptocurrency Space

A bipartisan quartet of US congressmen wants the IRS taxation policy not to dissuade taxpayers from participating in blockchain token staking. These politicians believe America’s ingenuity can help drive this promising staking technology. The four congressmen are Bill Foster (D) of Illinois, Darren Soto (D) of Florida, Tom Emmer (R) of Minnesota, and David Schweikert …

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US Lawmakers Don’t Want Proof-of-Stake Networks to Get Overtaxed

Crypto holders earning new tokens by staking their coins might be at risk of being overtaxed, believe several members of Congress. Four lawmakers wrote a letter to the Internal Revenue Service Wednesday, asking the U.S. tax agency to ensure stakers don’t face tax liabilities for receiving block rewards before they sell their new tokens. The …

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