\n
Additionally, in May, James proposed legislation seeking to tighten the regulations of the digital asset sector. If adopted by lawmakers, the legislation is expected to protect investors, consumers, and the broader economy.<\/p>\n\n\n\n
Additionally, in May, James proposed legislation seeking to tighten the regulations of the digital asset sector. If adopted by lawmakers, the legislation is expected to protect investors, consumers, and the broader economy.<\/p>\n\n\n\n
The investigations from the AG's office arrived at a time the top law enforcement agency is stamping its authority on digital assets. James has brought similar lawsuits against several digital asset companies, including KuCoin<\/a>, BlockFi, and Celsius, for allegedly offering unregistered securities.<\/p>\n\n\n\n Additionally, in May, James proposed legislation seeking to tighten the regulations of the digital asset sector. If adopted by lawmakers, the legislation is expected to protect investors, consumers, and the broader economy.<\/p>\n\n\n\n James commented<\/a> on the proposal: \"Rampant fraud and dysfunction have become the hallmark of cryptocurrency and it is time to bring law and order to the multi-billion dollar industry. New York investors should have the peace of mind that there are safeguards in place to protect them and their money.\"<\/em><\/p>\n","post_title":"New York AG Probes Genesis Global, Links With DCG; Report","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"new-york-ag-probes-genesis-global-links-with-dcg-report","to_ping":"","pinged":"","post_modified":"2023-08-27 20:32:07","post_modified_gmt":"2023-08-27 10:32:07","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=12940","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};
In particular, the attorney general examines the transactions between Genesis and DCG. Last year, the Group disclosed receiving $575 million in loans from Genesis. Additionally, the probe covers a promissory note that DCG's founder and CEO Barry Silbert said resulted from the company assuming the liabilities of Genesis following the collapse of 3AC.<\/p>\n\n\n\n The investigations from the AG's office arrived at a time the top law enforcement agency is stamping its authority on digital assets. James has brought similar lawsuits against several digital asset companies, including KuCoin<\/a>, BlockFi, and Celsius, for allegedly offering unregistered securities.<\/p>\n\n\n\n Additionally, in May, James proposed legislation seeking to tighten the regulations of the digital asset sector. If adopted by lawmakers, the legislation is expected to protect investors, consumers, and the broader economy.<\/p>\n\n\n\n James commented<\/a> on the proposal: \"Rampant fraud and dysfunction have become the hallmark of cryptocurrency and it is time to bring law and order to the multi-billion dollar industry. New York investors should have the peace of mind that there are safeguards in place to protect them and their money.\"<\/em><\/p>\n","post_title":"New York AG Probes Genesis Global, Links With DCG; Report","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"new-york-ag-probes-genesis-global-links-with-dcg-report","to_ping":"","pinged":"","post_modified":"2023-08-27 20:32:07","post_modified_gmt":"2023-08-27 10:32:07","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=12940","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};
In particular, the attorney general examines the transactions between Genesis and DCG. Last year, the Group disclosed receiving $575 million in loans from Genesis. Additionally, the probe covers a promissory note that DCG's founder and CEO Barry Silbert said resulted from the company assuming the liabilities of Genesis following the collapse of 3AC.<\/p>\n\n\n\n The investigations from the AG's office arrived at a time the top law enforcement agency is stamping its authority on digital assets. James has brought similar lawsuits against several digital asset companies, including KuCoin<\/a>, BlockFi, and Celsius, for allegedly offering unregistered securities.<\/p>\n\n\n\n Additionally, in May, James proposed legislation seeking to tighten the regulations of the digital asset sector. If adopted by lawmakers, the legislation is expected to protect investors, consumers, and the broader economy.<\/p>\n\n\n\n James commented<\/a> on the proposal: \"Rampant fraud and dysfunction have become the hallmark of cryptocurrency and it is time to bring law and order to the multi-billion dollar industry. New York investors should have the peace of mind that there are safeguards in place to protect them and their money.\"<\/em><\/p>\n","post_title":"New York AG Probes Genesis Global, Links With DCG; Report","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"new-york-ag-probes-genesis-global-links-with-dcg-report","to_ping":"","pinged":"","post_modified":"2023-08-27 20:32:07","post_modified_gmt":"2023-08-27 10:32:07","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=12940","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};
In January, Genesis filed for bankruptcy protection in the US, then owing creditors more than US$3B. The collapse of the crypto lender was exacerbated by the fall of FTX and Three Arrows Capital (3AC). Genesis' collapse also led to a\u00a0legal tussle<\/a>\u00a0between the platform and the Gemini cryptocurrency exchange.<\/p>\n\n\n\n In particular, the attorney general examines the transactions between Genesis and DCG. Last year, the Group disclosed receiving $575 million in loans from Genesis. Additionally, the probe covers a promissory note that DCG's founder and CEO Barry Silbert said resulted from the company assuming the liabilities of Genesis following the collapse of 3AC.<\/p>\n\n\n\n The investigations from the AG's office arrived at a time the top law enforcement agency is stamping its authority on digital assets. James has brought similar lawsuits against several digital asset companies, including KuCoin<\/a>, BlockFi, and Celsius, for allegedly offering unregistered securities.<\/p>\n\n\n\n Additionally, in May, James proposed legislation seeking to tighten the regulations of the digital asset sector. If adopted by lawmakers, the legislation is expected to protect investors, consumers, and the broader economy.<\/p>\n\n\n\n James commented<\/a> on the proposal: \"Rampant fraud and dysfunction have become the hallmark of cryptocurrency and it is time to bring law and order to the multi-billion dollar industry. New York investors should have the peace of mind that there are safeguards in place to protect them and their money.\"<\/em><\/p>\n","post_title":"New York AG Probes Genesis Global, Links With DCG; Report","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"new-york-ag-probes-genesis-global-links-with-dcg-report","to_ping":"","pinged":"","post_modified":"2023-08-27 20:32:07","post_modified_gmt":"2023-08-27 10:32:07","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=12940","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};
According to the information shared with the media publication, Attorney General James has requested information from the executives of Genesis, including the former Chief Risk Officer, Michael Patchen. The federal prosecutors in Brooklyn and the Securities and Exchange Commission are conducting<\/a> the investigations.<\/p>\n\n\n\n In January, Genesis filed for bankruptcy protection in the US, then owing creditors more than US$3B. The collapse of the crypto lender was exacerbated by the fall of FTX and Three Arrows Capital (3AC). Genesis' collapse also led to a\u00a0legal tussle<\/a>\u00a0between the platform and the Gemini cryptocurrency exchange.<\/p>\n\n\n\n In particular, the attorney general examines the transactions between Genesis and DCG. Last year, the Group disclosed receiving $575 million in loans from Genesis. Additionally, the probe covers a promissory note that DCG's founder and CEO Barry Silbert said resulted from the company assuming the liabilities of Genesis following the collapse of 3AC.<\/p>\n\n\n\n The investigations from the AG's office arrived at a time the top law enforcement agency is stamping its authority on digital assets. James has brought similar lawsuits against several digital asset companies, including KuCoin<\/a>, BlockFi, and Celsius, for allegedly offering unregistered securities.<\/p>\n\n\n\n Additionally, in May, James proposed legislation seeking to tighten the regulations of the digital asset sector. If adopted by lawmakers, the legislation is expected to protect investors, consumers, and the broader economy.<\/p>\n\n\n\n James commented<\/a> on the proposal: \"Rampant fraud and dysfunction have become the hallmark of cryptocurrency and it is time to bring law and order to the multi-billion dollar industry. New York investors should have the peace of mind that there are safeguards in place to protect them and their money.\"<\/em><\/p>\n","post_title":"New York AG Probes Genesis Global, Links With DCG; Report","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"new-york-ag-probes-genesis-global-links-with-dcg-report","to_ping":"","pinged":"","post_modified":"2023-08-27 20:32:07","post_modified_gmt":"2023-08-27 10:32:07","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=12940","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};
The New York Attorney General's (AG) office is reportedly investigating the parent company of the collapsed crypto lender, Genesis Global Capital. The AG examines the dealings of the Digital Currency Group (DCG) and Genesis before the latter's collapse. Bloomberg reported citing two people familiar with the matter.<\/p>\n\n\n\n According to the information shared with the media publication, Attorney General James has requested information from the executives of Genesis, including the former Chief Risk Officer, Michael Patchen. The federal prosecutors in Brooklyn and the Securities and Exchange Commission are conducting<\/a> the investigations.<\/p>\n\n\n\n In January, Genesis filed for bankruptcy protection in the US, then owing creditors more than US$3B. The collapse of the crypto lender was exacerbated by the fall of FTX and Three Arrows Capital (3AC). Genesis' collapse also led to a\u00a0legal tussle<\/a>\u00a0between the platform and the Gemini cryptocurrency exchange.<\/p>\n\n\n\n In particular, the attorney general examines the transactions between Genesis and DCG. Last year, the Group disclosed receiving $575 million in loans from Genesis. Additionally, the probe covers a promissory note that DCG's founder and CEO Barry Silbert said resulted from the company assuming the liabilities of Genesis following the collapse of 3AC.<\/p>\n\n\n\n The investigations from the AG's office arrived at a time the top law enforcement agency is stamping its authority on digital assets. James has brought similar lawsuits against several digital asset companies, including KuCoin<\/a>, BlockFi, and Celsius, for allegedly offering unregistered securities.<\/p>\n\n\n\n Additionally, in May, James proposed legislation seeking to tighten the regulations of the digital asset sector. If adopted by lawmakers, the legislation is expected to protect investors, consumers, and the broader economy.<\/p>\n\n\n\n James commented<\/a> on the proposal: \"Rampant fraud and dysfunction have become the hallmark of cryptocurrency and it is time to bring law and order to the multi-billion dollar industry. New York investors should have the peace of mind that there are safeguards in place to protect them and their money.\"<\/em><\/p>\n","post_title":"New York AG Probes Genesis Global, Links With DCG; Report","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"new-york-ag-probes-genesis-global-links-with-dcg-report","to_ping":"","pinged":"","post_modified":"2023-08-27 20:32:07","post_modified_gmt":"2023-08-27 10:32:07","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=12940","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};
The New York Attorney General's (AG) office is reportedly investigating the parent company of the collapsed crypto lender, Genesis Global Capital. The AG examines the dealings of the Digital Currency Group (DCG) and Genesis before the latter's collapse. Bloomberg reported citing two people familiar with the matter.<\/p>\n\n\n\n According to the information shared with the media publication, Attorney General James has requested information from the executives of Genesis, including the former Chief Risk Officer, Michael Patchen. The federal prosecutors in Brooklyn and the Securities and Exchange Commission are conducting<\/a> the investigations.<\/p>\n\n\n\n In January, Genesis filed for bankruptcy protection in the US, then owing creditors more than US$3B. The collapse of the crypto lender was exacerbated by the fall of FTX and Three Arrows Capital (3AC). Genesis' collapse also led to a\u00a0legal tussle<\/a>\u00a0between the platform and the Gemini cryptocurrency exchange.<\/p>\n\n\n\n In particular, the attorney general examines the transactions between Genesis and DCG. Last year, the Group disclosed receiving $575 million in loans from Genesis. Additionally, the probe covers a promissory note that DCG's founder and CEO Barry Silbert said resulted from the company assuming the liabilities of Genesis following the collapse of 3AC.<\/p>\n\n\n\n The investigations from the AG's office arrived at a time the top law enforcement agency is stamping its authority on digital assets. James has brought similar lawsuits against several digital asset companies, including KuCoin<\/a>, BlockFi, and Celsius, for allegedly offering unregistered securities.<\/p>\n\n\n\n Additionally, in May, James proposed legislation seeking to tighten the regulations of the digital asset sector. If adopted by lawmakers, the legislation is expected to protect investors, consumers, and the broader economy.<\/p>\n\n\n\n James commented<\/a> on the proposal: \"Rampant fraud and dysfunction have become the hallmark of cryptocurrency and it is time to bring law and order to the multi-billion dollar industry. New York investors should have the peace of mind that there are safeguards in place to protect them and their money.\"<\/em><\/p>\n","post_title":"New York AG Probes Genesis Global, Links With DCG; Report","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"new-york-ag-probes-genesis-global-links-with-dcg-report","to_ping":"","pinged":"","post_modified":"2023-08-27 20:32:07","post_modified_gmt":"2023-08-27 10:32:07","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=12940","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};
The New York Attorney General's (AG) office is reportedly investigating the parent company of the collapsed crypto lender, Genesis Global Capital. The AG examines the dealings of the Digital Currency Group (DCG) and Genesis before the latter's collapse. Bloomberg reported citing two people familiar with the matter.<\/p>\n\n\n\n According to the information shared with the media publication, Attorney General James has requested information from the executives of Genesis, including the former Chief Risk Officer, Michael Patchen. The federal prosecutors in Brooklyn and the Securities and Exchange Commission are conducting<\/a> the investigations.<\/p>\n\n\n\n In January, Genesis filed for bankruptcy protection in the US, then owing creditors more than US$3B. The collapse of the crypto lender was exacerbated by the fall of FTX and Three Arrows Capital (3AC). Genesis' collapse also led to a\u00a0legal tussle<\/a>\u00a0between the platform and the Gemini cryptocurrency exchange.<\/p>\n\n\n\n In particular, the attorney general examines the transactions between Genesis and DCG. Last year, the Group disclosed receiving $575 million in loans from Genesis. Additionally, the probe covers a promissory note that DCG's founder and CEO Barry Silbert said resulted from the company assuming the liabilities of Genesis following the collapse of 3AC.<\/p>\n\n\n\n The investigations from the AG's office arrived at a time the top law enforcement agency is stamping its authority on digital assets. James has brought similar lawsuits against several digital asset companies, including KuCoin<\/a>, BlockFi, and Celsius, for allegedly offering unregistered securities.<\/p>\n\n\n\n Additionally, in May, James proposed legislation seeking to tighten the regulations of the digital asset sector. If adopted by lawmakers, the legislation is expected to protect investors, consumers, and the broader economy.<\/p>\n\n\n\n James commented<\/a> on the proposal: \"Rampant fraud and dysfunction have become the hallmark of cryptocurrency and it is time to bring law and order to the multi-billion dollar industry. New York investors should have the peace of mind that there are safeguards in place to protect them and their money.\"<\/em><\/p>\n","post_title":"New York AG Probes Genesis Global, Links With DCG; Report","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"new-york-ag-probes-genesis-global-links-with-dcg-report","to_ping":"","pinged":"","post_modified":"2023-08-27 20:32:07","post_modified_gmt":"2023-08-27 10:32:07","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=12940","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};
The New York Attorney General's (AG) office is reportedly investigating the parent company of the collapsed crypto lender, Genesis Global Capital. The AG examines the dealings of the Digital Currency Group (DCG) and Genesis before the latter's collapse. Bloomberg reported citing two people familiar with the matter.<\/p>\n\n\n\n According to the information shared with the media publication, Attorney General James has requested information from the executives of Genesis, including the former Chief Risk Officer, Michael Patchen. The federal prosecutors in Brooklyn and the Securities and Exchange Commission are conducting<\/a> the investigations.<\/p>\n\n\n\n In January, Genesis filed for bankruptcy protection in the US, then owing creditors more than US$3B. The collapse of the crypto lender was exacerbated by the fall of FTX and Three Arrows Capital (3AC). Genesis' collapse also led to a\u00a0legal tussle<\/a>\u00a0between the platform and the Gemini cryptocurrency exchange.<\/p>\n\n\n\n In particular, the attorney general examines the transactions between Genesis and DCG. Last year, the Group disclosed receiving $575 million in loans from Genesis. Additionally, the probe covers a promissory note that DCG's founder and CEO Barry Silbert said resulted from the company assuming the liabilities of Genesis following the collapse of 3AC.<\/p>\n\n\n\n The investigations from the AG's office arrived at a time the top law enforcement agency is stamping its authority on digital assets. James has brought similar lawsuits against several digital asset companies, including KuCoin<\/a>, BlockFi, and Celsius, for allegedly offering unregistered securities.<\/p>\n\n\n\n Additionally, in May, James proposed legislation seeking to tighten the regulations of the digital asset sector. If adopted by lawmakers, the legislation is expected to protect investors, consumers, and the broader economy.<\/p>\n\n\n\n James commented<\/a> on the proposal: \"Rampant fraud and dysfunction have become the hallmark of cryptocurrency and it is time to bring law and order to the multi-billion dollar industry. New York investors should have the peace of mind that there are safeguards in place to protect them and their money.\"<\/em><\/p>\n","post_title":"New York AG Probes Genesis Global, Links With DCG; Report","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"new-york-ag-probes-genesis-global-links-with-dcg-report","to_ping":"","pinged":"","post_modified":"2023-08-27 20:32:07","post_modified_gmt":"2023-08-27 10:32:07","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=12940","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};
As crypto assets transition from the realm of tech enthusiasts to mainstream adoption, governments and regulatory bodies globally are grappling with how to regulate the sector effectively. In the US, crypto regulations primarily unfold at the agency level, involving entities like the Department of Treasury, the Securities and Exchange Commission (SEC), the IRS, and the Financial Crimes Enforcement Network (FinCEN).<\/p>\n","post_title":"Biden Administration Unveils New IRS Guidelines for Crypto Tax Reporting","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"biden-administration-unveils-new-irs-guidelines-for-crypto-tax-reporting","to_ping":"","pinged":"","post_modified":"2023-08-27 20:38:34","post_modified_gmt":"2023-08-27 10:38:34","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=13103","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":12940,"post_author":"1","post_date":"2023-08-07 16:25:33","post_date_gmt":"2023-08-07 06:25:33","post_content":"\n The New York Attorney General's (AG) office is reportedly investigating the parent company of the collapsed crypto lender, Genesis Global Capital. The AG examines the dealings of the Digital Currency Group (DCG) and Genesis before the latter's collapse. Bloomberg reported citing two people familiar with the matter.<\/p>\n\n\n\n According to the information shared with the media publication, Attorney General James has requested information from the executives of Genesis, including the former Chief Risk Officer, Michael Patchen. The federal prosecutors in Brooklyn and the Securities and Exchange Commission are conducting<\/a> the investigations.<\/p>\n\n\n\n In January, Genesis filed for bankruptcy protection in the US, then owing creditors more than US$3B. The collapse of the crypto lender was exacerbated by the fall of FTX and Three Arrows Capital (3AC). Genesis' collapse also led to a\u00a0legal tussle<\/a>\u00a0between the platform and the Gemini cryptocurrency exchange.<\/p>\n\n\n\n In particular, the attorney general examines the transactions between Genesis and DCG. Last year, the Group disclosed receiving $575 million in loans from Genesis. Additionally, the probe covers a promissory note that DCG's founder and CEO Barry Silbert said resulted from the company assuming the liabilities of Genesis following the collapse of 3AC.<\/p>\n\n\n\n The investigations from the AG's office arrived at a time the top law enforcement agency is stamping its authority on digital assets. James has brought similar lawsuits against several digital asset companies, including KuCoin<\/a>, BlockFi, and Celsius, for allegedly offering unregistered securities.<\/p>\n\n\n\n Additionally, in May, James proposed legislation seeking to tighten the regulations of the digital asset sector. If adopted by lawmakers, the legislation is expected to protect investors, consumers, and the broader economy.<\/p>\n\n\n\n James commented<\/a> on the proposal: \"Rampant fraud and dysfunction have become the hallmark of cryptocurrency and it is time to bring law and order to the multi-billion dollar industry. New York investors should have the peace of mind that there are safeguards in place to protect them and their money.\"<\/em><\/p>\n","post_title":"New York AG Probes Genesis Global, Links With DCG; Report","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"new-york-ag-probes-genesis-global-links-with-dcg-report","to_ping":"","pinged":"","post_modified":"2023-08-27 20:32:07","post_modified_gmt":"2023-08-27 10:32:07","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=12940","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};
The backdrop to this call lies in the Infrastructure Investment and Jobs Act (IIJA), passed by the US Congress in November 2021. The legislation mandates the Treasury and the\u00a0IRS to devise and enforce<\/a>\u00a0new regulations, compelling third-party cryptocurrency brokers to provide pertinent information, gains, and losses to the tax agency.<\/p>\n\n\n\n As crypto assets transition from the realm of tech enthusiasts to mainstream adoption, governments and regulatory bodies globally are grappling with how to regulate the sector effectively. In the US, crypto regulations primarily unfold at the agency level, involving entities like the Department of Treasury, the Securities and Exchange Commission (SEC), the IRS, and the Financial Crimes Enforcement Network (FinCEN).<\/p>\n","post_title":"Biden Administration Unveils New IRS Guidelines for Crypto Tax Reporting","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"biden-administration-unveils-new-irs-guidelines-for-crypto-tax-reporting","to_ping":"","pinged":"","post_modified":"2023-08-27 20:38:34","post_modified_gmt":"2023-08-27 10:38:34","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=13103","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":12940,"post_author":"1","post_date":"2023-08-07 16:25:33","post_date_gmt":"2023-08-07 06:25:33","post_content":"\n The New York Attorney General's (AG) office is reportedly investigating the parent company of the collapsed crypto lender, Genesis Global Capital. The AG examines the dealings of the Digital Currency Group (DCG) and Genesis before the latter's collapse. Bloomberg reported citing two people familiar with the matter.<\/p>\n\n\n\n According to the information shared with the media publication, Attorney General James has requested information from the executives of Genesis, including the former Chief Risk Officer, Michael Patchen. The federal prosecutors in Brooklyn and the Securities and Exchange Commission are conducting<\/a> the investigations.<\/p>\n\n\n\n In January, Genesis filed for bankruptcy protection in the US, then owing creditors more than US$3B. The collapse of the crypto lender was exacerbated by the fall of FTX and Three Arrows Capital (3AC). Genesis' collapse also led to a\u00a0legal tussle<\/a>\u00a0between the platform and the Gemini cryptocurrency exchange.<\/p>\n\n\n\n In particular, the attorney general examines the transactions between Genesis and DCG. Last year, the Group disclosed receiving $575 million in loans from Genesis. Additionally, the probe covers a promissory note that DCG's founder and CEO Barry Silbert said resulted from the company assuming the liabilities of Genesis following the collapse of 3AC.<\/p>\n\n\n\n The investigations from the AG's office arrived at a time the top law enforcement agency is stamping its authority on digital assets. James has brought similar lawsuits against several digital asset companies, including KuCoin<\/a>, BlockFi, and Celsius, for allegedly offering unregistered securities.<\/p>\n\n\n\n Additionally, in May, James proposed legislation seeking to tighten the regulations of the digital asset sector. If adopted by lawmakers, the legislation is expected to protect investors, consumers, and the broader economy.<\/p>\n\n\n\n James commented<\/a> on the proposal: \"Rampant fraud and dysfunction have become the hallmark of cryptocurrency and it is time to bring law and order to the multi-billion dollar industry. New York investors should have the peace of mind that there are safeguards in place to protect them and their money.\"<\/em><\/p>\n","post_title":"New York AG Probes Genesis Global, Links With DCG; Report","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"new-york-ag-probes-genesis-global-links-with-dcg-report","to_ping":"","pinged":"","post_modified":"2023-08-27 20:32:07","post_modified_gmt":"2023-08-27 10:32:07","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=12940","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};
This new step echoed a recent call to action<\/a> by US Senators Elizabeth Warren, Bob Casey, Richard Blumenthal, and Bernie Sanders to the Department of the Treasury and the IRS, urging the swift implementation of robust rules to counter the misuse of digital assets for evading taxes.<\/p>\n\n\n\n The backdrop to this call lies in the Infrastructure Investment and Jobs Act (IIJA), passed by the US Congress in November 2021. The legislation mandates the Treasury and the\u00a0IRS to devise and enforce<\/a>\u00a0new regulations, compelling third-party cryptocurrency brokers to provide pertinent information, gains, and losses to the tax agency.<\/p>\n\n\n\n As crypto assets transition from the realm of tech enthusiasts to mainstream adoption, governments and regulatory bodies globally are grappling with how to regulate the sector effectively. In the US, crypto regulations primarily unfold at the agency level, involving entities like the Department of Treasury, the Securities and Exchange Commission (SEC), the IRS, and the Financial Crimes Enforcement Network (FinCEN).<\/p>\n","post_title":"Biden Administration Unveils New IRS Guidelines for Crypto Tax Reporting","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"biden-administration-unveils-new-irs-guidelines-for-crypto-tax-reporting","to_ping":"","pinged":"","post_modified":"2023-08-27 20:38:34","post_modified_gmt":"2023-08-27 10:38:34","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=13103","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":12940,"post_author":"1","post_date":"2023-08-07 16:25:33","post_date_gmt":"2023-08-07 06:25:33","post_content":"\n The New York Attorney General's (AG) office is reportedly investigating the parent company of the collapsed crypto lender, Genesis Global Capital. The AG examines the dealings of the Digital Currency Group (DCG) and Genesis before the latter's collapse. Bloomberg reported citing two people familiar with the matter.<\/p>\n\n\n\n According to the information shared with the media publication, Attorney General James has requested information from the executives of Genesis, including the former Chief Risk Officer, Michael Patchen. The federal prosecutors in Brooklyn and the Securities and Exchange Commission are conducting<\/a> the investigations.<\/p>\n\n\n\n In January, Genesis filed for bankruptcy protection in the US, then owing creditors more than US$3B. The collapse of the crypto lender was exacerbated by the fall of FTX and Three Arrows Capital (3AC). Genesis' collapse also led to a\u00a0legal tussle<\/a>\u00a0between the platform and the Gemini cryptocurrency exchange.<\/p>\n\n\n\n In particular, the attorney general examines the transactions between Genesis and DCG. Last year, the Group disclosed receiving $575 million in loans from Genesis. Additionally, the probe covers a promissory note that DCG's founder and CEO Barry Silbert said resulted from the company assuming the liabilities of Genesis following the collapse of 3AC.<\/p>\n\n\n\n The investigations from the AG's office arrived at a time the top law enforcement agency is stamping its authority on digital assets. James has brought similar lawsuits against several digital asset companies, including KuCoin<\/a>, BlockFi, and Celsius, for allegedly offering unregistered securities.<\/p>\n\n\n\n Additionally, in May, James proposed legislation seeking to tighten the regulations of the digital asset sector. If adopted by lawmakers, the legislation is expected to protect investors, consumers, and the broader economy.<\/p>\n\n\n\n James commented<\/a> on the proposal: \"Rampant fraud and dysfunction have become the hallmark of cryptocurrency and it is time to bring law and order to the multi-billion dollar industry. New York investors should have the peace of mind that there are safeguards in place to protect them and their money.\"<\/em><\/p>\n","post_title":"New York AG Probes Genesis Global, Links With DCG; Report","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"new-york-ag-probes-genesis-global-links-with-dcg-report","to_ping":"","pinged":"","post_modified":"2023-08-27 20:32:07","post_modified_gmt":"2023-08-27 10:32:07","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=12940","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};
The cryptocurrency industry has responded with various opinions regarding the newly proposed regulations. Kristin Smith, the CEO of the Blockchain Association, expressed optimism in a statement. She said that if the rules were implemented effectively, they could provide essential information for everyday crypto users to comply with the tax laws accurately.<\/p>\n\n\n\n This new step echoed a recent call to action<\/a> by US Senators Elizabeth Warren, Bob Casey, Richard Blumenthal, and Bernie Sanders to the Department of the Treasury and the IRS, urging the swift implementation of robust rules to counter the misuse of digital assets for evading taxes.<\/p>\n\n\n\n The backdrop to this call lies in the Infrastructure Investment and Jobs Act (IIJA), passed by the US Congress in November 2021. The legislation mandates the Treasury and the\u00a0IRS to devise and enforce<\/a>\u00a0new regulations, compelling third-party cryptocurrency brokers to provide pertinent information, gains, and losses to the tax agency.<\/p>\n\n\n\n As crypto assets transition from the realm of tech enthusiasts to mainstream adoption, governments and regulatory bodies globally are grappling with how to regulate the sector effectively. In the US, crypto regulations primarily unfold at the agency level, involving entities like the Department of Treasury, the Securities and Exchange Commission (SEC), the IRS, and the Financial Crimes Enforcement Network (FinCEN).<\/p>\n","post_title":"Biden Administration Unveils New IRS Guidelines for Crypto Tax Reporting","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"biden-administration-unveils-new-irs-guidelines-for-crypto-tax-reporting","to_ping":"","pinged":"","post_modified":"2023-08-27 20:38:34","post_modified_gmt":"2023-08-27 10:38:34","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=13103","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":12940,"post_author":"1","post_date":"2023-08-07 16:25:33","post_date_gmt":"2023-08-07 06:25:33","post_content":"\n The New York Attorney General's (AG) office is reportedly investigating the parent company of the collapsed crypto lender, Genesis Global Capital. The AG examines the dealings of the Digital Currency Group (DCG) and Genesis before the latter's collapse. Bloomberg reported citing two people familiar with the matter.<\/p>\n\n\n\n According to the information shared with the media publication, Attorney General James has requested information from the executives of Genesis, including the former Chief Risk Officer, Michael Patchen. The federal prosecutors in Brooklyn and the Securities and Exchange Commission are conducting<\/a> the investigations.<\/p>\n\n\n\n In January, Genesis filed for bankruptcy protection in the US, then owing creditors more than US$3B. The collapse of the crypto lender was exacerbated by the fall of FTX and Three Arrows Capital (3AC). Genesis' collapse also led to a\u00a0legal tussle<\/a>\u00a0between the platform and the Gemini cryptocurrency exchange.<\/p>\n\n\n\n In particular, the attorney general examines the transactions between Genesis and DCG. Last year, the Group disclosed receiving $575 million in loans from Genesis. Additionally, the probe covers a promissory note that DCG's founder and CEO Barry Silbert said resulted from the company assuming the liabilities of Genesis following the collapse of 3AC.<\/p>\n\n\n\n The investigations from the AG's office arrived at a time the top law enforcement agency is stamping its authority on digital assets. James has brought similar lawsuits against several digital asset companies, including KuCoin<\/a>, BlockFi, and Celsius, for allegedly offering unregistered securities.<\/p>\n\n\n\n Additionally, in May, James proposed legislation seeking to tighten the regulations of the digital asset sector. If adopted by lawmakers, the legislation is expected to protect investors, consumers, and the broader economy.<\/p>\n\n\n\n James commented<\/a> on the proposal: \"Rampant fraud and dysfunction have become the hallmark of cryptocurrency and it is time to bring law and order to the multi-billion dollar industry. New York investors should have the peace of mind that there are safeguards in place to protect them and their money.\"<\/em><\/p>\n","post_title":"New York AG Probes Genesis Global, Links With DCG; Report","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"new-york-ag-probes-genesis-global-links-with-dcg-report","to_ping":"","pinged":"","post_modified":"2023-08-27 20:32:07","post_modified_gmt":"2023-08-27 10:32:07","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=12940","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};
The cryptocurrency industry has responded with various opinions regarding the newly proposed regulations. Kristin Smith, the CEO of the Blockchain Association, expressed optimism in a statement. She said that if the rules were implemented effectively, they could provide essential information for everyday crypto users to comply with the tax laws accurately.<\/p>\n\n\n\n This new step echoed a recent call to action<\/a> by US Senators Elizabeth Warren, Bob Casey, Richard Blumenthal, and Bernie Sanders to the Department of the Treasury and the IRS, urging the swift implementation of robust rules to counter the misuse of digital assets for evading taxes.<\/p>\n\n\n\n The backdrop to this call lies in the Infrastructure Investment and Jobs Act (IIJA), passed by the US Congress in November 2021. The legislation mandates the Treasury and the\u00a0IRS to devise and enforce<\/a>\u00a0new regulations, compelling third-party cryptocurrency brokers to provide pertinent information, gains, and losses to the tax agency.<\/p>\n\n\n\n As crypto assets transition from the realm of tech enthusiasts to mainstream adoption, governments and regulatory bodies globally are grappling with how to regulate the sector effectively. In the US, crypto regulations primarily unfold at the agency level, involving entities like the Department of Treasury, the Securities and Exchange Commission (SEC), the IRS, and the Financial Crimes Enforcement Network (FinCEN).<\/p>\n","post_title":"Biden Administration Unveils New IRS Guidelines for Crypto Tax Reporting","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"biden-administration-unveils-new-irs-guidelines-for-crypto-tax-reporting","to_ping":"","pinged":"","post_modified":"2023-08-27 20:38:34","post_modified_gmt":"2023-08-27 10:38:34","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=13103","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":12940,"post_author":"1","post_date":"2023-08-07 16:25:33","post_date_gmt":"2023-08-07 06:25:33","post_content":"\n The New York Attorney General's (AG) office is reportedly investigating the parent company of the collapsed crypto lender, Genesis Global Capital. The AG examines the dealings of the Digital Currency Group (DCG) and Genesis before the latter's collapse. Bloomberg reported citing two people familiar with the matter.<\/p>\n\n\n\n According to the information shared with the media publication, Attorney General James has requested information from the executives of Genesis, including the former Chief Risk Officer, Michael Patchen. The federal prosecutors in Brooklyn and the Securities and Exchange Commission are conducting<\/a> the investigations.<\/p>\n\n\n\n In January, Genesis filed for bankruptcy protection in the US, then owing creditors more than US$3B. The collapse of the crypto lender was exacerbated by the fall of FTX and Three Arrows Capital (3AC). Genesis' collapse also led to a\u00a0legal tussle<\/a>\u00a0between the platform and the Gemini cryptocurrency exchange.<\/p>\n\n\n\n In particular, the attorney general examines the transactions between Genesis and DCG. Last year, the Group disclosed receiving $575 million in loans from Genesis. Additionally, the probe covers a promissory note that DCG's founder and CEO Barry Silbert said resulted from the company assuming the liabilities of Genesis following the collapse of 3AC.<\/p>\n\n\n\n The investigations from the AG's office arrived at a time the top law enforcement agency is stamping its authority on digital assets. James has brought similar lawsuits against several digital asset companies, including KuCoin<\/a>, BlockFi, and Celsius, for allegedly offering unregistered securities.<\/p>\n\n\n\n Additionally, in May, James proposed legislation seeking to tighten the regulations of the digital asset sector. If adopted by lawmakers, the legislation is expected to protect investors, consumers, and the broader economy.<\/p>\n\n\n\n James commented<\/a> on the proposal: \"Rampant fraud and dysfunction have become the hallmark of cryptocurrency and it is time to bring law and order to the multi-billion dollar industry. New York investors should have the peace of mind that there are safeguards in place to protect them and their money.\"<\/em><\/p>\n","post_title":"New York AG Probes Genesis Global, Links With DCG; Report","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"new-york-ag-probes-genesis-global-links-with-dcg-report","to_ping":"","pinged":"","post_modified":"2023-08-27 20:32:07","post_modified_gmt":"2023-08-27 10:32:07","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=12940","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};
Under the proposed rules, the term \u2018broker\u2019 encompasses centralized and decentralized digital asset trading platforms, crypto payment processors, and selected online wallets. According to the publication,\u00a0the rules apply<\/a> to various digital assets, from crypto assets such as Bitcoin<\/a> and Ethereum<\/a> to non-fungible tokens<\/a> (NFTs).<\/p>\n\n\n\n The cryptocurrency industry has responded with various opinions regarding the newly proposed regulations. Kristin Smith, the CEO of the Blockchain Association, expressed optimism in a statement. She said that if the rules were implemented effectively, they could provide essential information for everyday crypto users to comply with the tax laws accurately.<\/p>\n\n\n\n This new step echoed a recent call to action<\/a> by US Senators Elizabeth Warren, Bob Casey, Richard Blumenthal, and Bernie Sanders to the Department of the Treasury and the IRS, urging the swift implementation of robust rules to counter the misuse of digital assets for evading taxes.<\/p>\n\n\n\n The backdrop to this call lies in the Infrastructure Investment and Jobs Act (IIJA), passed by the US Congress in November 2021. The legislation mandates the Treasury and the\u00a0IRS to devise and enforce<\/a>\u00a0new regulations, compelling third-party cryptocurrency brokers to provide pertinent information, gains, and losses to the tax agency.<\/p>\n\n\n\n As crypto assets transition from the realm of tech enthusiasts to mainstream adoption, governments and regulatory bodies globally are grappling with how to regulate the sector effectively. In the US, crypto regulations primarily unfold at the agency level, involving entities like the Department of Treasury, the Securities and Exchange Commission (SEC), the IRS, and the Financial Crimes Enforcement Network (FinCEN).<\/p>\n","post_title":"Biden Administration Unveils New IRS Guidelines for Crypto Tax Reporting","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"biden-administration-unveils-new-irs-guidelines-for-crypto-tax-reporting","to_ping":"","pinged":"","post_modified":"2023-08-27 20:38:34","post_modified_gmt":"2023-08-27 10:38:34","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=13103","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":12940,"post_author":"1","post_date":"2023-08-07 16:25:33","post_date_gmt":"2023-08-07 06:25:33","post_content":"\n The New York Attorney General's (AG) office is reportedly investigating the parent company of the collapsed crypto lender, Genesis Global Capital. The AG examines the dealings of the Digital Currency Group (DCG) and Genesis before the latter's collapse. Bloomberg reported citing two people familiar with the matter.<\/p>\n\n\n\n According to the information shared with the media publication, Attorney General James has requested information from the executives of Genesis, including the former Chief Risk Officer, Michael Patchen. The federal prosecutors in Brooklyn and the Securities and Exchange Commission are conducting<\/a> the investigations.<\/p>\n\n\n\n In January, Genesis filed for bankruptcy protection in the US, then owing creditors more than US$3B. The collapse of the crypto lender was exacerbated by the fall of FTX and Three Arrows Capital (3AC). Genesis' collapse also led to a\u00a0legal tussle<\/a>\u00a0between the platform and the Gemini cryptocurrency exchange.<\/p>\n\n\n\n In particular, the attorney general examines the transactions between Genesis and DCG. Last year, the Group disclosed receiving $575 million in loans from Genesis. Additionally, the probe covers a promissory note that DCG's founder and CEO Barry Silbert said resulted from the company assuming the liabilities of Genesis following the collapse of 3AC.<\/p>\n\n\n\n The investigations from the AG's office arrived at a time the top law enforcement agency is stamping its authority on digital assets. James has brought similar lawsuits against several digital asset companies, including KuCoin<\/a>, BlockFi, and Celsius, for allegedly offering unregistered securities.<\/p>\n\n\n\n Additionally, in May, James proposed legislation seeking to tighten the regulations of the digital asset sector. If adopted by lawmakers, the legislation is expected to protect investors, consumers, and the broader economy.<\/p>\n\n\n\n James commented<\/a> on the proposal: \"Rampant fraud and dysfunction have become the hallmark of cryptocurrency and it is time to bring law and order to the multi-billion dollar industry. New York investors should have the peace of mind that there are safeguards in place to protect them and their money.\"<\/em><\/p>\n","post_title":"New York AG Probes Genesis Global, Links With DCG; Report","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"new-york-ag-probes-genesis-global-links-with-dcg-report","to_ping":"","pinged":"","post_modified":"2023-08-27 20:32:07","post_modified_gmt":"2023-08-27 10:32:07","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=12940","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};
According to a report by Reuters, central to the new tax reporting rules is the introduction of Form 1099-DA, a tax reporting form designed to simplify the process of calculating taxable gains and losses from cryptocurrency transactions. This form reportedly aims to provide taxpayers with a clearer understanding of their tax obligations.<\/p>\n\n\n\n Under the proposed rules, the term \u2018broker\u2019 encompasses centralized and decentralized digital asset trading platforms, crypto payment processors, and selected online wallets. According to the publication,\u00a0the rules apply<\/a> to various digital assets, from crypto assets such as Bitcoin<\/a> and Ethereum<\/a> to non-fungible tokens<\/a> (NFTs).<\/p>\n\n\n\n The cryptocurrency industry has responded with various opinions regarding the newly proposed regulations. Kristin Smith, the CEO of the Blockchain Association, expressed optimism in a statement. She said that if the rules were implemented effectively, they could provide essential information for everyday crypto users to comply with the tax laws accurately.<\/p>\n\n\n\n This new step echoed a recent call to action<\/a> by US Senators Elizabeth Warren, Bob Casey, Richard Blumenthal, and Bernie Sanders to the Department of the Treasury and the IRS, urging the swift implementation of robust rules to counter the misuse of digital assets for evading taxes.<\/p>\n\n\n\n The backdrop to this call lies in the Infrastructure Investment and Jobs Act (IIJA), passed by the US Congress in November 2021. The legislation mandates the Treasury and the\u00a0IRS to devise and enforce<\/a>\u00a0new regulations, compelling third-party cryptocurrency brokers to provide pertinent information, gains, and losses to the tax agency.<\/p>\n\n\n\n As crypto assets transition from the realm of tech enthusiasts to mainstream adoption, governments and regulatory bodies globally are grappling with how to regulate the sector effectively. In the US, crypto regulations primarily unfold at the agency level, involving entities like the Department of Treasury, the Securities and Exchange Commission (SEC), the IRS, and the Financial Crimes Enforcement Network (FinCEN).<\/p>\n","post_title":"Biden Administration Unveils New IRS Guidelines for Crypto Tax Reporting","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"biden-administration-unveils-new-irs-guidelines-for-crypto-tax-reporting","to_ping":"","pinged":"","post_modified":"2023-08-27 20:38:34","post_modified_gmt":"2023-08-27 10:38:34","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=13103","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":12940,"post_author":"1","post_date":"2023-08-07 16:25:33","post_date_gmt":"2023-08-07 06:25:33","post_content":"\n The New York Attorney General's (AG) office is reportedly investigating the parent company of the collapsed crypto lender, Genesis Global Capital. The AG examines the dealings of the Digital Currency Group (DCG) and Genesis before the latter's collapse. Bloomberg reported citing two people familiar with the matter.<\/p>\n\n\n\n According to the information shared with the media publication, Attorney General James has requested information from the executives of Genesis, including the former Chief Risk Officer, Michael Patchen. The federal prosecutors in Brooklyn and the Securities and Exchange Commission are conducting<\/a> the investigations.<\/p>\n\n\n\n In January, Genesis filed for bankruptcy protection in the US, then owing creditors more than US$3B. The collapse of the crypto lender was exacerbated by the fall of FTX and Three Arrows Capital (3AC). Genesis' collapse also led to a\u00a0legal tussle<\/a>\u00a0between the platform and the Gemini cryptocurrency exchange.<\/p>\n\n\n\n In particular, the attorney general examines the transactions between Genesis and DCG. Last year, the Group disclosed receiving $575 million in loans from Genesis. Additionally, the probe covers a promissory note that DCG's founder and CEO Barry Silbert said resulted from the company assuming the liabilities of Genesis following the collapse of 3AC.<\/p>\n\n\n\n The investigations from the AG's office arrived at a time the top law enforcement agency is stamping its authority on digital assets. James has brought similar lawsuits against several digital asset companies, including KuCoin<\/a>, BlockFi, and Celsius, for allegedly offering unregistered securities.<\/p>\n\n\n\n Additionally, in May, James proposed legislation seeking to tighten the regulations of the digital asset sector. If adopted by lawmakers, the legislation is expected to protect investors, consumers, and the broader economy.<\/p>\n\n\n\n James commented<\/a> on the proposal: \"Rampant fraud and dysfunction have become the hallmark of cryptocurrency and it is time to bring law and order to the multi-billion dollar industry. New York investors should have the peace of mind that there are safeguards in place to protect them and their money.\"<\/em><\/p>\n","post_title":"New York AG Probes Genesis Global, Links With DCG; Report","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"new-york-ag-probes-genesis-global-links-with-dcg-report","to_ping":"","pinged":"","post_modified":"2023-08-27 20:32:07","post_modified_gmt":"2023-08-27 10:32:07","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=12940","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};
The US government has unveiled a set of new tax reporting rules that could reshape how individuals and businesses interact with digital assets. These proposed regulations, published by the US Treasury Department, are a part of the Biden administration\u2019s step to curb tax evasion in the digital asset realm.<\/p>\n\n\n\n According to a report by Reuters, central to the new tax reporting rules is the introduction of Form 1099-DA, a tax reporting form designed to simplify the process of calculating taxable gains and losses from cryptocurrency transactions. This form reportedly aims to provide taxpayers with a clearer understanding of their tax obligations.<\/p>\n\n\n\n Under the proposed rules, the term \u2018broker\u2019 encompasses centralized and decentralized digital asset trading platforms, crypto payment processors, and selected online wallets. According to the publication,\u00a0the rules apply<\/a> to various digital assets, from crypto assets such as Bitcoin<\/a> and Ethereum<\/a> to non-fungible tokens<\/a> (NFTs).<\/p>\n\n\n\n The cryptocurrency industry has responded with various opinions regarding the newly proposed regulations. Kristin Smith, the CEO of the Blockchain Association, expressed optimism in a statement. She said that if the rules were implemented effectively, they could provide essential information for everyday crypto users to comply with the tax laws accurately.<\/p>\n\n\n\n This new step echoed a recent call to action<\/a> by US Senators Elizabeth Warren, Bob Casey, Richard Blumenthal, and Bernie Sanders to the Department of the Treasury and the IRS, urging the swift implementation of robust rules to counter the misuse of digital assets for evading taxes.<\/p>\n\n\n\n The backdrop to this call lies in the Infrastructure Investment and Jobs Act (IIJA), passed by the US Congress in November 2021. The legislation mandates the Treasury and the\u00a0IRS to devise and enforce<\/a>\u00a0new regulations, compelling third-party cryptocurrency brokers to provide pertinent information, gains, and losses to the tax agency.<\/p>\n\n\n\n As crypto assets transition from the realm of tech enthusiasts to mainstream adoption, governments and regulatory bodies globally are grappling with how to regulate the sector effectively. In the US, crypto regulations primarily unfold at the agency level, involving entities like the Department of Treasury, the Securities and Exchange Commission (SEC), the IRS, and the Financial Crimes Enforcement Network (FinCEN).<\/p>\n","post_title":"Biden Administration Unveils New IRS Guidelines for Crypto Tax Reporting","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"biden-administration-unveils-new-irs-guidelines-for-crypto-tax-reporting","to_ping":"","pinged":"","post_modified":"2023-08-27 20:38:34","post_modified_gmt":"2023-08-27 10:38:34","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=13103","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":12940,"post_author":"1","post_date":"2023-08-07 16:25:33","post_date_gmt":"2023-08-07 06:25:33","post_content":"\n The New York Attorney General's (AG) office is reportedly investigating the parent company of the collapsed crypto lender, Genesis Global Capital. The AG examines the dealings of the Digital Currency Group (DCG) and Genesis before the latter's collapse. Bloomberg reported citing two people familiar with the matter.<\/p>\n\n\n\n According to the information shared with the media publication, Attorney General James has requested information from the executives of Genesis, including the former Chief Risk Officer, Michael Patchen. The federal prosecutors in Brooklyn and the Securities and Exchange Commission are conducting<\/a> the investigations.<\/p>\n\n\n\n In January, Genesis filed for bankruptcy protection in the US, then owing creditors more than US$3B. The collapse of the crypto lender was exacerbated by the fall of FTX and Three Arrows Capital (3AC). Genesis' collapse also led to a\u00a0legal tussle<\/a>\u00a0between the platform and the Gemini cryptocurrency exchange.<\/p>\n\n\n\n In particular, the attorney general examines the transactions between Genesis and DCG. Last year, the Group disclosed receiving $575 million in loans from Genesis. Additionally, the probe covers a promissory note that DCG's founder and CEO Barry Silbert said resulted from the company assuming the liabilities of Genesis following the collapse of 3AC.<\/p>\n\n\n\n The investigations from the AG's office arrived at a time the top law enforcement agency is stamping its authority on digital assets. James has brought similar lawsuits against several digital asset companies, including KuCoin<\/a>, BlockFi, and Celsius, for allegedly offering unregistered securities.<\/p>\n\n\n\n Additionally, in May, James proposed legislation seeking to tighten the regulations of the digital asset sector. If adopted by lawmakers, the legislation is expected to protect investors, consumers, and the broader economy.<\/p>\n\n\n\n James commented<\/a> on the proposal: \"Rampant fraud and dysfunction have become the hallmark of cryptocurrency and it is time to bring law and order to the multi-billion dollar industry. New York investors should have the peace of mind that there are safeguards in place to protect them and their money.\"<\/em><\/p>\n","post_title":"New York AG Probes Genesis Global, Links With DCG; Report","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"new-york-ag-probes-genesis-global-links-with-dcg-report","to_ping":"","pinged":"","post_modified":"2023-08-27 20:32:07","post_modified_gmt":"2023-08-27 10:32:07","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=12940","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};
The US government has unveiled a set of new tax reporting rules that could reshape how individuals and businesses interact with digital assets. These proposed regulations, published by the US Treasury Department, are a part of the Biden administration\u2019s step to curb tax evasion in the digital asset realm.<\/p>\n\n\n\n According to a report by Reuters, central to the new tax reporting rules is the introduction of Form 1099-DA, a tax reporting form designed to simplify the process of calculating taxable gains and losses from cryptocurrency transactions. This form reportedly aims to provide taxpayers with a clearer understanding of their tax obligations.<\/p>\n\n\n\n Under the proposed rules, the term \u2018broker\u2019 encompasses centralized and decentralized digital asset trading platforms, crypto payment processors, and selected online wallets. According to the publication,\u00a0the rules apply<\/a> to various digital assets, from crypto assets such as Bitcoin<\/a> and Ethereum<\/a> to non-fungible tokens<\/a> (NFTs).<\/p>\n\n\n\n The cryptocurrency industry has responded with various opinions regarding the newly proposed regulations. Kristin Smith, the CEO of the Blockchain Association, expressed optimism in a statement. She said that if the rules were implemented effectively, they could provide essential information for everyday crypto users to comply with the tax laws accurately.<\/p>\n\n\n\n This new step echoed a recent call to action<\/a> by US Senators Elizabeth Warren, Bob Casey, Richard Blumenthal, and Bernie Sanders to the Department of the Treasury and the IRS, urging the swift implementation of robust rules to counter the misuse of digital assets for evading taxes.<\/p>\n\n\n\n The backdrop to this call lies in the Infrastructure Investment and Jobs Act (IIJA), passed by the US Congress in November 2021. The legislation mandates the Treasury and the\u00a0IRS to devise and enforce<\/a>\u00a0new regulations, compelling third-party cryptocurrency brokers to provide pertinent information, gains, and losses to the tax agency.<\/p>\n\n\n\n As crypto assets transition from the realm of tech enthusiasts to mainstream adoption, governments and regulatory bodies globally are grappling with how to regulate the sector effectively. In the US, crypto regulations primarily unfold at the agency level, involving entities like the Department of Treasury, the Securities and Exchange Commission (SEC), the IRS, and the Financial Crimes Enforcement Network (FinCEN).<\/p>\n","post_title":"Biden Administration Unveils New IRS Guidelines for Crypto Tax Reporting","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"biden-administration-unveils-new-irs-guidelines-for-crypto-tax-reporting","to_ping":"","pinged":"","post_modified":"2023-08-27 20:38:34","post_modified_gmt":"2023-08-27 10:38:34","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=13103","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":12940,"post_author":"1","post_date":"2023-08-07 16:25:33","post_date_gmt":"2023-08-07 06:25:33","post_content":"\n The New York Attorney General's (AG) office is reportedly investigating the parent company of the collapsed crypto lender, Genesis Global Capital. The AG examines the dealings of the Digital Currency Group (DCG) and Genesis before the latter's collapse. Bloomberg reported citing two people familiar with the matter.<\/p>\n\n\n\n According to the information shared with the media publication, Attorney General James has requested information from the executives of Genesis, including the former Chief Risk Officer, Michael Patchen. The federal prosecutors in Brooklyn and the Securities and Exchange Commission are conducting<\/a> the investigations.<\/p>\n\n\n\n In January, Genesis filed for bankruptcy protection in the US, then owing creditors more than US$3B. The collapse of the crypto lender was exacerbated by the fall of FTX and Three Arrows Capital (3AC). Genesis' collapse also led to a\u00a0legal tussle<\/a>\u00a0between the platform and the Gemini cryptocurrency exchange.<\/p>\n\n\n\n In particular, the attorney general examines the transactions between Genesis and DCG. Last year, the Group disclosed receiving $575 million in loans from Genesis. Additionally, the probe covers a promissory note that DCG's founder and CEO Barry Silbert said resulted from the company assuming the liabilities of Genesis following the collapse of 3AC.<\/p>\n\n\n\n The investigations from the AG's office arrived at a time the top law enforcement agency is stamping its authority on digital assets. James has brought similar lawsuits against several digital asset companies, including KuCoin<\/a>, BlockFi, and Celsius, for allegedly offering unregistered securities.<\/p>\n\n\n\n Additionally, in May, James proposed legislation seeking to tighten the regulations of the digital asset sector. If adopted by lawmakers, the legislation is expected to protect investors, consumers, and the broader economy.<\/p>\n\n\n\n James commented<\/a> on the proposal: \"Rampant fraud and dysfunction have become the hallmark of cryptocurrency and it is time to bring law and order to the multi-billion dollar industry. New York investors should have the peace of mind that there are safeguards in place to protect them and their money.\"<\/em><\/p>\n","post_title":"New York AG Probes Genesis Global, Links With DCG; Report","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"new-york-ag-probes-genesis-global-links-with-dcg-report","to_ping":"","pinged":"","post_modified":"2023-08-27 20:32:07","post_modified_gmt":"2023-08-27 10:32:07","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=12940","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};
The US government has unveiled a set of new tax reporting rules that could reshape how individuals and businesses interact with digital assets. These proposed regulations, published by the US Treasury Department, are a part of the Biden administration\u2019s step to curb tax evasion in the digital asset realm.<\/p>\n\n\n\n According to a report by Reuters, central to the new tax reporting rules is the introduction of Form 1099-DA, a tax reporting form designed to simplify the process of calculating taxable gains and losses from cryptocurrency transactions. This form reportedly aims to provide taxpayers with a clearer understanding of their tax obligations.<\/p>\n\n\n\n Under the proposed rules, the term \u2018broker\u2019 encompasses centralized and decentralized digital asset trading platforms, crypto payment processors, and selected online wallets. According to the publication,\u00a0the rules apply<\/a> to various digital assets, from crypto assets such as Bitcoin<\/a> and Ethereum<\/a> to non-fungible tokens<\/a> (NFTs).<\/p>\n\n\n\n The cryptocurrency industry has responded with various opinions regarding the newly proposed regulations. Kristin Smith, the CEO of the Blockchain Association, expressed optimism in a statement. She said that if the rules were implemented effectively, they could provide essential information for everyday crypto users to comply with the tax laws accurately.<\/p>\n\n\n\n This new step echoed a recent call to action<\/a> by US Senators Elizabeth Warren, Bob Casey, Richard Blumenthal, and Bernie Sanders to the Department of the Treasury and the IRS, urging the swift implementation of robust rules to counter the misuse of digital assets for evading taxes.<\/p>\n\n\n\n The backdrop to this call lies in the Infrastructure Investment and Jobs Act (IIJA), passed by the US Congress in November 2021. The legislation mandates the Treasury and the\u00a0IRS to devise and enforce<\/a>\u00a0new regulations, compelling third-party cryptocurrency brokers to provide pertinent information, gains, and losses to the tax agency.<\/p>\n\n\n\n As crypto assets transition from the realm of tech enthusiasts to mainstream adoption, governments and regulatory bodies globally are grappling with how to regulate the sector effectively. In the US, crypto regulations primarily unfold at the agency level, involving entities like the Department of Treasury, the Securities and Exchange Commission (SEC), the IRS, and the Financial Crimes Enforcement Network (FinCEN).<\/p>\n","post_title":"Biden Administration Unveils New IRS Guidelines for Crypto Tax Reporting","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"biden-administration-unveils-new-irs-guidelines-for-crypto-tax-reporting","to_ping":"","pinged":"","post_modified":"2023-08-27 20:38:34","post_modified_gmt":"2023-08-27 10:38:34","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=13103","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":12940,"post_author":"1","post_date":"2023-08-07 16:25:33","post_date_gmt":"2023-08-07 06:25:33","post_content":"\n The New York Attorney General's (AG) office is reportedly investigating the parent company of the collapsed crypto lender, Genesis Global Capital. The AG examines the dealings of the Digital Currency Group (DCG) and Genesis before the latter's collapse. Bloomberg reported citing two people familiar with the matter.<\/p>\n\n\n\n According to the information shared with the media publication, Attorney General James has requested information from the executives of Genesis, including the former Chief Risk Officer, Michael Patchen. The federal prosecutors in Brooklyn and the Securities and Exchange Commission are conducting<\/a> the investigations.<\/p>\n\n\n\n In January, Genesis filed for bankruptcy protection in the US, then owing creditors more than US$3B. The collapse of the crypto lender was exacerbated by the fall of FTX and Three Arrows Capital (3AC). Genesis' collapse also led to a\u00a0legal tussle<\/a>\u00a0between the platform and the Gemini cryptocurrency exchange.<\/p>\n\n\n\n In particular, the attorney general examines the transactions between Genesis and DCG. Last year, the Group disclosed receiving $575 million in loans from Genesis. Additionally, the probe covers a promissory note that DCG's founder and CEO Barry Silbert said resulted from the company assuming the liabilities of Genesis following the collapse of 3AC.<\/p>\n\n\n\n The investigations from the AG's office arrived at a time the top law enforcement agency is stamping its authority on digital assets. James has brought similar lawsuits against several digital asset companies, including KuCoin<\/a>, BlockFi, and Celsius, for allegedly offering unregistered securities.<\/p>\n\n\n\n Additionally, in May, James proposed legislation seeking to tighten the regulations of the digital asset sector. If adopted by lawmakers, the legislation is expected to protect investors, consumers, and the broader economy.<\/p>\n\n\n\n James commented<\/a> on the proposal: \"Rampant fraud and dysfunction have become the hallmark of cryptocurrency and it is time to bring law and order to the multi-billion dollar industry. New York investors should have the peace of mind that there are safeguards in place to protect them and their money.\"<\/em><\/p>\n","post_title":"New York AG Probes Genesis Global, Links With DCG; Report","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"new-york-ag-probes-genesis-global-links-with-dcg-report","to_ping":"","pinged":"","post_modified":"2023-08-27 20:32:07","post_modified_gmt":"2023-08-27 10:32:07","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=12940","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};
The US government has unveiled a set of new tax reporting rules that could reshape how individuals and businesses interact with digital assets. These proposed regulations, published by the US Treasury Department, are a part of the Biden administration\u2019s step to curb tax evasion in the digital asset realm.<\/p>\n\n\n\n According to a report by Reuters, central to the new tax reporting rules is the introduction of Form 1099-DA, a tax reporting form designed to simplify the process of calculating taxable gains and losses from cryptocurrency transactions. This form reportedly aims to provide taxpayers with a clearer understanding of their tax obligations.<\/p>\n\n\n\n Under the proposed rules, the term \u2018broker\u2019 encompasses centralized and decentralized digital asset trading platforms, crypto payment processors, and selected online wallets. According to the publication,\u00a0the rules apply<\/a> to various digital assets, from crypto assets such as Bitcoin<\/a> and Ethereum<\/a> to non-fungible tokens<\/a> (NFTs).<\/p>\n\n\n\n The cryptocurrency industry has responded with various opinions regarding the newly proposed regulations. Kristin Smith, the CEO of the Blockchain Association, expressed optimism in a statement. She said that if the rules were implemented effectively, they could provide essential information for everyday crypto users to comply with the tax laws accurately.<\/p>\n\n\n\n This new step echoed a recent call to action<\/a> by US Senators Elizabeth Warren, Bob Casey, Richard Blumenthal, and Bernie Sanders to the Department of the Treasury and the IRS, urging the swift implementation of robust rules to counter the misuse of digital assets for evading taxes.<\/p>\n\n\n\n The backdrop to this call lies in the Infrastructure Investment and Jobs Act (IIJA), passed by the US Congress in November 2021. The legislation mandates the Treasury and the\u00a0IRS to devise and enforce<\/a>\u00a0new regulations, compelling third-party cryptocurrency brokers to provide pertinent information, gains, and losses to the tax agency.<\/p>\n\n\n\n As crypto assets transition from the realm of tech enthusiasts to mainstream adoption, governments and regulatory bodies globally are grappling with how to regulate the sector effectively. In the US, crypto regulations primarily unfold at the agency level, involving entities like the Department of Treasury, the Securities and Exchange Commission (SEC), the IRS, and the Financial Crimes Enforcement Network (FinCEN).<\/p>\n","post_title":"Biden Administration Unveils New IRS Guidelines for Crypto Tax Reporting","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"biden-administration-unveils-new-irs-guidelines-for-crypto-tax-reporting","to_ping":"","pinged":"","post_modified":"2023-08-27 20:38:34","post_modified_gmt":"2023-08-27 10:38:34","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=13103","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":12940,"post_author":"1","post_date":"2023-08-07 16:25:33","post_date_gmt":"2023-08-07 06:25:33","post_content":"\n The New York Attorney General's (AG) office is reportedly investigating the parent company of the collapsed crypto lender, Genesis Global Capital. The AG examines the dealings of the Digital Currency Group (DCG) and Genesis before the latter's collapse. Bloomberg reported citing two people familiar with the matter.<\/p>\n\n\n\n According to the information shared with the media publication, Attorney General James has requested information from the executives of Genesis, including the former Chief Risk Officer, Michael Patchen. The federal prosecutors in Brooklyn and the Securities and Exchange Commission are conducting<\/a> the investigations.<\/p>\n\n\n\n In January, Genesis filed for bankruptcy protection in the US, then owing creditors more than US$3B. The collapse of the crypto lender was exacerbated by the fall of FTX and Three Arrows Capital (3AC). Genesis' collapse also led to a\u00a0legal tussle<\/a>\u00a0between the platform and the Gemini cryptocurrency exchange.<\/p>\n\n\n\n In particular, the attorney general examines the transactions between Genesis and DCG. Last year, the Group disclosed receiving $575 million in loans from Genesis. Additionally, the probe covers a promissory note that DCG's founder and CEO Barry Silbert said resulted from the company assuming the liabilities of Genesis following the collapse of 3AC.<\/p>\n\n\n\n The investigations from the AG's office arrived at a time the top law enforcement agency is stamping its authority on digital assets. James has brought similar lawsuits against several digital asset companies, including KuCoin<\/a>, BlockFi, and Celsius, for allegedly offering unregistered securities.<\/p>\n\n\n\n Additionally, in May, James proposed legislation seeking to tighten the regulations of the digital asset sector. If adopted by lawmakers, the legislation is expected to protect investors, consumers, and the broader economy.<\/p>\n\n\n\n
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