15 hours ago
BREAKING: White House Rejects Cryptocurrency Transaction Tax Proposal
David Sacks, the White House crypto and AI czar, has rejected the idea of taxing every cryptocurrency transaction to strengthen the U.S. strategic Bitcoin reserve and digital asset holdings.
On a recent episode of the All In podcast, host Jason Calacanis proposed a 0.01% tax on each crypto transaction, to be paid in the asset being transferred, purchased, or sold.
Sacks expressed doubts, pointing out that taxes often begin small but tend to grow over time. He cited the U.S. income tax, which started with a limited scope but later expanded to affect far more people.
Sacks voiced concerns about the potential strain of new taxes, even if they’re initially presented as minor. Crypto investors also criticized the idea, especially the prospect of taxing transfers between wallets owned by the same person.
The White House Crypto Summit held recently didn’t delve into specific tax proposals, though the Trump administration has signaled interest in broad federal tax reform.
President Donald Trump has floated the idea of abolishing the federal income tax, favoring tariffs on imported goods as a revenue source instead. He highlighted the 19th century, when tariffs alone funded the U.S. government, as a time of notable economic success. U.S. Commerce Secretary Howard Lutnick backed this plan, proposing to replace the Internal Revenue Service (IRS) with an 'External Revenue Service.'
#cryptocurrency #Tax #Cryptotax #WhiteHouse #bitcoinreserve
David Sacks, the White House crypto and AI czar, has rejected the idea of taxing every cryptocurrency transaction to strengthen the U.S. strategic Bitcoin reserve and digital asset holdings.
On a recent episode of the All In podcast, host Jason Calacanis proposed a 0.01% tax on each crypto transaction, to be paid in the asset being transferred, purchased, or sold.
Sacks expressed doubts, pointing out that taxes often begin small but tend to grow over time. He cited the U.S. income tax, which started with a limited scope but later expanded to affect far more people.
Sacks voiced concerns about the potential strain of new taxes, even if they’re initially presented as minor. Crypto investors also criticized the idea, especially the prospect of taxing transfers between wallets owned by the same person.
The White House Crypto Summit held recently didn’t delve into specific tax proposals, though the Trump administration has signaled interest in broad federal tax reform.
President Donald Trump has floated the idea of abolishing the federal income tax, favoring tariffs on imported goods as a revenue source instead. He highlighted the 19th century, when tariffs alone funded the U.S. government, as a time of notable economic success. U.S. Commerce Secretary Howard Lutnick backed this plan, proposing to replace the Internal Revenue Service (IRS) with an 'External Revenue Service.'
#cryptocurrency #Tax #Cryptotax #WhiteHouse #bitcoinreserve
4 days ago
Crypto Fraudster's Ex-Partner Guilty
Iris Ramaya Au, the former partner of #cryptocurrency fraudster Adam Iza, known as the "Godfather," has pleaded guilty to federal tax charges. She admitted to failing to report over $2.6 million in illicit gains acquired through Iza's criminal activities.
Au's guilty plea includes acknowledging that she provided false information on her tax return regarding these earnings from 2020 to 2023.
As a result of her actions, she faces a potential sentence of up to three years in federal prison. This development follows Iza's own guilty plea to multiple charges, including conspiracy, wire fraud, and tax evasion, where he is expected to face a significantly longer sentence of up to 35 years in prison.
#crypto #Fraud #cryptocurrencyfraudster #cryptocurrency #cryptoscam
Iris Ramaya Au, the former partner of #cryptocurrency fraudster Adam Iza, known as the "Godfather," has pleaded guilty to federal tax charges. She admitted to failing to report over $2.6 million in illicit gains acquired through Iza's criminal activities.
Au's guilty plea includes acknowledging that she provided false information on her tax return regarding these earnings from 2020 to 2023.
As a result of her actions, she faces a potential sentence of up to three years in federal prison. This development follows Iza's own guilty plea to multiple charges, including conspiracy, wire fraud, and tax evasion, where he is expected to face a significantly longer sentence of up to 35 years in prison.
#crypto #Fraud #cryptocurrencyfraudster #cryptocurrency #cryptoscam
10 days ago
19 days ago
FTX's estate is beginning its payment plan today, though the initial distribution will be approximately $1.2 billion rather than $2.4 billion.
- Starting today, FTX will begin repayments to creditors with claims of $50,000 or less ("convenience class" creditors).
-These creditors will receive approximately 119% of their claimed amount, including principal plus interest.
- Payments must be completed within 60 days of the effective date.
Market Impact Analysis:
- Analysts estimate approximately $2.4 billion may flow back into crypto markets following the distribution
- $3.9 billion of total claims were acquired by credit funds, which typically won't reinvest in crypto assets
- 33% of remaining claims belong to sanctioned countries, individuals without KYC verification, or those unable to claim funds
Total Distribution Scope:
- Total estimated distribution will range between $14.7 billion and $16.5 billion
- BitGo and Kraken have been designated to manage initial distributions for retail and institutional customers in supported jurisdictions
- Creditors must complete KYC verification and submit tax forms through the FTX Debtors' Customer Portal to receive payments
MANY WILL INVEST IN #bitcoin 🚀
- Starting today, FTX will begin repayments to creditors with claims of $50,000 or less ("convenience class" creditors).
-These creditors will receive approximately 119% of their claimed amount, including principal plus interest.
- Payments must be completed within 60 days of the effective date.
Market Impact Analysis:
- Analysts estimate approximately $2.4 billion may flow back into crypto markets following the distribution
- $3.9 billion of total claims were acquired by credit funds, which typically won't reinvest in crypto assets
- 33% of remaining claims belong to sanctioned countries, individuals without KYC verification, or those unable to claim funds
Total Distribution Scope:
- Total estimated distribution will range between $14.7 billion and $16.5 billion
- BitGo and Kraken have been designated to manage initial distributions for retail and institutional customers in supported jurisdictions
- Creditors must complete KYC verification and submit tax forms through the FTX Debtors' Customer Portal to receive payments
MANY WILL INVEST IN #bitcoin 🚀
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