In a groundbreaking move, Detroit is set to become the largest U.S. city to accept cryptocurrency for tax and fee payments, starting in mid-2025. This initiative, announced yesterday, aims to modernize payment options and position Detroit as a hub for technological innovation. The city plans to collaborate with PayPal to facilitate these transactions. Residents will…
By now, most crypto investors know that the United States government has begun to crack down on the crypto industry, and has begun targeting those who have used Bitcoin and other crypto-assets for illicit crime. As part of the efforts, the Internal Revenue Service has also begun targeting crypto-holding American taxpayers, who may not have…
Lawmakers from the United States House of Representatives have issued an open letter to the Internal Revenue Service (IRS), requesting additional clarity on tax laws surrounding crypto such as Bitcoin and Ethereum. The open letter was addressed to acting IRS commissioner, the honorable David Kautter on behalf of Congressmen David Schweikert (R-AZ), Brad Wenstrup (R-OH),…
There’s seemingly a constant conversation, particularly with those involved in legacy financial institutions, about how cryptocurrency can be – to a certain degree – “de-risked.” Can government mining, or merely taxation structure, address this? While many traditional financial players that are not crypto-first, but are crypto-adjacent (take Visa as a prime example) are relying on…