Navigating the Crypto Tax Storm: US Regulations and the Future of the Industry 🇺🇸

Clinton discusses taxes in the cryptocurrency industry with David Canedo from Glassnode to shed light on the complex issue of taxes within the crypto world. The pair delved into a range of topics, including the recent SEC crackdown on Kraken and Coinbase, Elizabeth Warren's stance against digital currencies, and the potential involvement of the IRS in Operation Choke Point. The conversation also touched on how changes in the tax code, such as those pertaining to foreign investment corporations, can impact the ever-evolving world of cryptocurrency.

💎 Guest: David Canedo, Head of Tax and Compliance Strategy at Accointing by Glassnode
For daily insights into Crypto portfolio tracking, market intelligence, tax and compliance solutions for smart investors, follow Accointing by Glassnode:
👉@accointing

✍🏽 Join The Crypto Tax Amnesty Initiative
👉 https://www.cryptotaxamnesty.org

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▬▬▬▬▬ TIMESTAMPS ▬▬▬▬▬
00:00:00 - Intro
00:01:23 - Uncertainty Among Crypto Traders
00:02:00 - US Gov't's Goal to Be Top Financial Hub
00:04:25 - Complicated PFIC Tax
00:07:13 - DAOs 101: Coins and Tokens as Ownership and Control
00:07:36 - IRS Regulations on Cryptocurrencies
00:07:45 - Cryptocurrencies as Securities: Implications on Wash Sale Rule
00:08:02 - Passive Income and DAOs: Why PFIC Law Applies to Cryptos
00:08:43 - Scary Implications of PFIC Law for Crypto Holders
00:09:00 - Crypto Offerings by Brokerages
00:10:11 - Coinbase and Kraken: Future Scenarios for Crypto Exchanges
00:10:30 - Regulated Brokerages and Crypto Ownership
00:11:00 - Will Regulated Brokerages Boost Crypto Ownership
00:11:29 - The Howie Test and Future of Cryptocurrency Regulation
00:12:17 - Crypto Ownership Won't Be Illegalized
00:13:02 - Bitcoin and Ethereum: Least Controversial Assets for Trading
00:15:30 - IRS Notice on Cryptos as Stocks Can Be Transformational
00:16:26 - No Tax on HODLing, Only Applicable When Selling Crypto Assets
00:16:43 - US Wants to Lead Crypto Industry, Many Opportunities Ahead
00:17:19 - Banks Want to Be Involved in Crypto
00:18:41 - Outro / Sponsor

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📣 Host: Clinton Donnelly
Twitter 👉 https://twitter.com/CryptoTaxFixer

Clinton Donnelly, LLM, EA, is the president and founder of CryptoTaxAudit. Clinton holds an advanced law degree in international financial planning and taxation. He is an enrolled agent authorized to represent taxpayers before the IRS. Clinton also holds a Certified Cryptoasset Anti-Financial Crime Specialist certification.

▬▬▬▬▬ SPONSOR ▬▬▬▬▬

🐋 Sponsor: CryptoTaxAudit

CryptoTaxAudit is the ultimate solution for ensuring your crypto taxes are precise and fully compliant with the latest regulations. With expert guidance and support, you can avoid costly penalties and enjoy complete peace of mind. Don't take any chances with your hard-earned assets. Become a Audit Defense member today and take control of your financial future! Visit CryptoTaxAudit.com today.

Visit 👉 https://CryptoTaxAudit.com

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📜 Disclaimer
All opinions expressed by the show’s host and guests are their own. Do not construe them as tax, legal, or financial advice. In addition, they may not represent the policies or opinions of our sponsor, CryptoTaxAudit. Research legal, tax, and financial guidance and advice as needed.

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