Market Analysis Report (21 May 2019)

IRS Says It Will Issue Crypto Tax Guidance

The U.S. Internal Revenue Service is working on its first tax guidance for cryptocurrency since 2014, the agency’s commissioner stated yesterday. In a reply to Rep. Tom Emmer’s request for further guidance on reporting cryptocurrencies, IRS Commissioner Charles P. Rettig outlined a non-specific plan to release in-depth guidance in the near future. Rettig wrote:

“I share your belief that taxpayers deserve clarity on basic issues related to the taxation of virtual currency transactions and have made it a priority of the IRS to issue guidance.”

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SEC Delays Decision on VanEck/SolidX Filing

The U.S. Securities and Exchange Commission (SEC) has again delayed a decision on a Bitcoin exchange-traded fund (ETF) proposal. In a new document filed Monday, the SEC said it was instituting proceedings on whether to approve or disapprove a proposed rule change that would allow the VanEck SolidX Bitcoin Trust to issue and list its shares.

The new deadline for the SEC to make a decision is August 19, and it can delay one more time for a final deadline of October 18, according to attorney Jake Chervinsky. The regulator has yet to approve any Bitcoin ETFs in the U.S. and has so far either deferred making any decisions or outright rejected proposals over the past few years. In the past, the SEC has cited concerns with market manipulation, liquidity, financial crime and other issues as reasons for its rejections.

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Coinbase’s ‘Earn’ Expands to Over 100 Countries

Cryptocurrency exchange Coinbase has expanded its Earn program to 103 countries. Now users from the U.S., U.K., much of the EU, Canada, Singapore, Australia, Hong Kong, New Zealand, South Korea and Taiwan can sign up to earn cryptocurrency rewards for learning about the tech, Coinbase announced in a blog post last Friday. The company stated:

“The rationale behind Coinbase Earn is that as we progress from mining cryptocurrency to buying it to earning it, we open up new opportunities for people to learn about blockchain technology.”

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