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Bitcoin Enforcement News


October 19, 2017 - Yes, The Bitcoin Hard Fork Really Is Taxable Income. Here's What You Need To Know
The problem with the Bitcoin hard fork from a tax perspective is that every Bitcoin holder receives an equivalent amount of the new cryptocurrency for free. Bitcoin message boards and forums are already full of posters excited for the prospect of "free money."

October 19, 2017 - Here's why bitcoin might be much easier to regulate than cash
The SEC and the IRS are looking into ways to track and regulate cryptocurrency trading. Here's what you need to know.

September 28, 2017 - IRS Could Tax Loans Of Bitcoin, Other Cryptocurrencies
Is a loan income for tax purposes? Of course not, since you have to pay it back. In fact, if you are a borrower, other than tax deductions for interest, you might not even think about taxes.

September 28, 2017 - Are Bitcoin Profits Taxable?
The short answer is "yes," but how much tax you'll have to pay depends on a few factors. Here's a rundown of how the IRS classifies bitcoin and what it means for your taxes.

September 28, 2017 - Patent Filing Suggests Bitcoin Exchanges may be Monitored
A new invention patent has been filed by FICO. The invention is a tool that will allow FICO, government, and others to collect financial data from Bitcoin exchanges. The tool is designed to support AML and KYC regulations. The patent is called “Advanced Learning System for Detection and Prevention of Money Laundering.”

August 31, 2017 - The U.S. Internal Revenue Service (IRS) may consider bitcoin cash taxable this year, according to tax experts. Some bitcoin cash recipients could owe tax at rates as high as 39.6%.
IRS may consider the receipt of the new cryptocurrency taxable, “tax experts say there has been no guidance on how to treat the sudden receipt of bitcoin cash,” according to the Wall Street IRS May Consider Bitcoin Cash Fork Taxable IncomeJournal on Friday. The news outlet added that the IRS declined to comment on the issue.

August 31, 2017 - Cryptocurrency Traders Beware – The Taxman Cometh!
According to an IRS statement, it is using the software because it is “necessary to identify and obtain evidence on individuals using bitcoin to either launder money or conceal income as part of tax fraud or other Federal crimes.”

August 31, 2017 - Barclays, HSBC Join Settlement Coin as Blockchain Test Enters Next Phase
Work on the next phase of the project — the last before a live implementation — will include six members revealed today, Barclays, CIBC, Credit Suisse, HSBC, MUFG and State Street, building alongside founding financial institutions UBS, BNY Mellon, Deutsche Bank, Santander, NEX and blockchain startup Clearmatics.

August 31, 2017 - UBS and other big banks are preparing to show governments how to put cash on a blockchain
The world’s biggest banks aren’t immune from cryptocurrency euphoria, with a range of projects underway to explore how traditional financial firms can benefit from the innovation. Swiss banking giant UBS and 10 other companies say that they plan to use the technical idea behind bitcoin—a distributed ledger called a blockchain—for their own digital currency (paywall).

August 15, 2017 - BitcoinIRA.com Reviewed on CNBC in Exclusive Video
The in-depth video provides an educational, unbiased review of Bitcoin IRA including an overview of the company, the investment benefits of crypto-currencies and the current market conditions. It also includes interviews with its Chief Operations Officer, Chris Kline, and interviews with some of its clients.

August 1, 2017 - 14,000 Coinbase Customers Could Be Affected by IRS Tax Summons
Coinbase goes on to say that, under the narrowed summons, approximately 14,355 accounts would be subject to the data request.

July 27, 2017 - FinCEN Fines BTC -e Virtual Currency Exchange $ 110 Million for Facilitating Ransomware, Dark Net Drug Sales
The Financial Crimes Enforcement Network (FinCEN), working in coordination with the U.S. Attorney’s ffice or the Northern District of California, assessed a $110,003,314 civil money penalty today against BTC-e /k/a anton Business Corporation (BTC-e) for willfully violating U.S. anti-money laundering (AML) laws.

July 20, 2017 - Court Permits ‘John Doe’ Bitcoin Owner to Challenge IRS Coinbase Summons
“Under that reasoning the IRS could request bank records for every United States customer from every bank branch in the United States because it is well known that tax liabilities in general are under reported and such records might turn up tax liabilities. It is thus no surprise that the IRS cannot cite a single case that supports such broad discretion to obtain the records of every bank-account holding American.”

July 20, 2017 - Judge's Order
Judge's Order

July 20, 2017 - Judge Blasts IRS Over Bitcoin Probe, Lets Coinbase Customer Fight Summons
In her ruling, U.S. Magistrate Judge Jacqueline Corley strongly agreed, and declared the scope of the IRS request is unprecedented.

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