Crypto Weekly Roundup: IRS Delays Crypto Tax Reporting, Do Kwon Pleads Not Guilty, & More

Over the last seven days in the realm of cryptocurrencies, several major events unfolded. Firstly, the Internal Revenue Service (IRS) postponed the implementation of new crypto tax reporting regulations until the end of 2024, giving centralized exchanges additional time to comply with the changes. Simultaneously, Do Kwon, under legal scrutiny due to the collapse of TerraUSD, pleaded not guilty to the charges against him and is currently awaiting extradition to the United States following Montenegro’s rejection of South Korea’s request for his return. Stay informed on this evolving situation.

Bitcoin

A legislator from Hong Kong has suggested adding Bitcoin (BTC) to the region’s official reserves, aiming to bolster financial stability and establish Hong Kong as a leading international center for cryptocurrencies.

The BlackRock iShares Bitcoin Trust (IBIT) established a new record for the most successful ETF debut ever, amassing over $50 billion in assets within just 11 months. This trust has taken control of both the spot and options markets, contributing significantly to Bitcoin’s price escalation to an unprecedented all-time high.

Altcoins

As a crypto investor, I’m intrigued by the emerging altcoin, Yeti Ouro (YETIO), which has been generating buzz for its unique blend of cryptocurrency and gaming.

Experts think the third wave of the cryptocurrency bull market, or what’s often called “altseason,” may have begun, given that the price of Bitcoin has turned its 50-day Simple Moving Average.

Boasting an established history in Web3 development, Blocksync streamlines the pre-sale phase, offering essential expertise and resources to help you embark on a successful launch with confidence.

2024 saw a flurry of significant developments and thrilling moments within the Choise.ai network. This dynamic period brought together two key components: the retail cryptocurrency banking app, Choise.com (previously known as Crypterium), and the business-to-business cryptocurrency banking platform, Vault.

Web3Bay emphasizes user privacy and safety, leveraging the InterPlanetary File System (IPFS) for distributed data saving purposes.

Investors who have stakes in Ripple (XRP) and Chainlink (LINK) are starting to show interest in a rapidly growing platform, known as the DTX Exchange (DTX).

Business

The FTX creditors’ group declared that their proposed bankruptcy strategy became active on January 3, signifying the initiation of an essential phase for repaying the debts owed to the failed cryptocurrency exchange.

Regulation

In simpler terms, when asked about the accusations related to the $40 billion crash of TerraUSD, a stablecoin he helped create at Terraform Labs, its co-founder, Do Kwon, has stated that he is innocent and denies all allegations against him.

The Internal Revenue Service (IRS) has postponed the introduction of new cryptocurrency tax regulations until the end of 2025, allowing centralized exchange platforms to adjust to the changes in regulation, which may help reduce potential tax burdens for digital asset investors.

Celsius Network has submitted an appeal challenging a court verdict that denied their $444 million claim in the ongoing FTX bankruptcy case. They aim to reverse the December judgment made by Judge John Dorsey, who rejected Celsius’ claims due to technical flaws and lack of substantial proof.

In simple terms, Montenegro has refused to hand over Do Kwon to South Korea as requested, meaning that the creator of Terra Luna is expected to be sent to the United States instead.

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2025-01-05 18:13