Congressional Committee Calls for Clearer Crypto Tax Code in Letter to IRS

In an open letter to the Internal Revenue Service (IRS), the U.S. House’s Committee on Ways and Means argues that the tax collection body is leaving investors in the lurch with its vague cryptocurrency tax codes. Authored by congressional representatives Kevin Brady, Lynn Jenkins, Darin LaHood, David Schweikert and Brad Wenstrup, the letter, addressed to Acting Commissioner David Kautter, calls on the IRS to devise a more concrete cryptocurrency taxing scheme than the one it currently enforces. Opening with reference to a similar letter the Committee sent to the IRS…

US Lawmakers ‘Strongly Urge’ IRS to Update Crypto Tax Guidance

A group of U.S. lawmakers has called on the nation’s Internal Revenue Service (IRS) to release comprehensive guidance for taxpayers earning gains on cryptocurrency investments or transactions. In an open letter sent to acting IRS commissioner David Kautter, representatives Kevin Brady, Lynn Jenkins, David Schweikert, Darin LaHood and Brad Wenstrup write that the agency has had “more than adequate” time to develop clear rules on how cryptocurrency-related profits would be taxed. Rather than release such guidance, the IRS has instead focused on enforcement actions around preliminary rules released in 2014,…

Bitfury Reveals New Generation of Bitcoin ASIC Chips

Bitfury Group has developed a new, more efficient bitcoin mining chip, the firm announced Wednesday. The Bitfury Clarke application-specific integrated circuit (ASIC) chip “offers the strongest performance among bitcoin mining chips and is unparalleled in efficiency,” the company claims in a blog post. The new chip, according to the firm, is customized for the SHA256 algorithm, boasts power efficiency up to 55 mW/GH and a hashrate up to 120 GH/s. It has 8,154 rolled hashing cores, fully integrated controllable clock generation and an integrated power-on-reset circuit. In a statement, CEO…

Crypto Daily News | Crypto Market Rebounds; Coinbase Reponds

In today’s edition of Crypto Daily News, we’ll cover the details of the crypto market rebound and Coinbase’s official statement regarding the proprietary trading allegations. Crypto Daily News: September 20th, 2018 Crypto Market Rebounds The crypto market is rebounding this morning, after taking a sharp fall last week after rumors spread that Goldman Sachs (NYSE:GS) wasn’t focusing on a cryptocurrency trading desk. Later, GS confirmed that the news was “fake” and that the desk is, in fact, ready, but waiting for demand. Currently, the crypto market is trading just above…

LINE’s Token-Powered Ecosystem | Plans have been Unveiled

Plans for LINE’s token-powered ecosystem have been unveiled. The messaging app giant from Japan announced its new venture at CoinDesk’s Consensus: Singapore event this morning. LINE’s plans are ambitious; it wants to launch its new system by the end of 2018. Will it do it? LINE’s Token-Powered Ecosystem It can have such ambition because LINE already has more than 164 million monthly active users across four key countries. It is this user-base that the app giant will capitalize on to launch its token-powered ecosystem. LINE’s token-powered ecosystem centers around its previously announced LINK token. The…

IBM Patent Eyes Blockchain for Drone Fleet Security

Computing giant and prolific blockchain researcher IBM has applied to patent a system that would use distributed ledger technology (DLT) to address privacy and security concerns associated with the increasing usage of drones in both commercial and recreational applications. According to documents made public on Thursday by the US Patent and Trademark Office (USPTO), IBM first applied for the patent, the latest in its growing library of prospective blockchain applications, in March 2017. In the patent application, the authors detail how a blockchain ledger could be used to store data…

Ripple Soars as Wider Crypto Markets See Flush of Green

Thursday, September 20: virtually all of the large-market-cap cryptocurrencies are in the green today, posting solid gains across the board, as data from Coin360 data shows. Market visualization from Coin360 After a volatile week, Bitcoin (BTC) rebounded past the $6,400 mark yesterday night, hitting as high as $6,450 before correcting slightly and then trading sideways to seal its current trading price of $6,410. Bitcoin’s 24-hour growth is at 1.8 percent, according to Cointelegraph’s Bitcoin Price Index. On the week, the top coin is up around 1.1 percent, but down by…

Crypto Thefts Have Tripled This Year, Totalling $540 Million So Far

Japan’s National Police Agency has revealed that a staggering 60.503 billion yen ($540 million) worth of crypto was stolen in the first six months of 2018, Asahi Shimbun reports September 20. The agency is said to have stated that the number of reported incidents involving crypto thefts has hit 158 over the course of the first half of this year, triple the number of incidents reported for the same time period in 2017. For the entirety of 2017, around 662.4 million yen ($5.91 million) worth of crypto was reportedly stolen…

Australian Financial Regulator Issues Warning on ‘Misleading’ ICOs

Australian financial watchdog, the Australian Securities and Investments Commission (ASIC), has issued a warning on “misleading” Initial Coin Offerings (ICOs) and crypto-asset funds targeted at retail investors. The document was published Thursday, September 20, on ASIC’s official website. According to the release, ASIC has stopped five different ICOs from raising capital since April 2018. This was done due to the lack of appropriate investor protection measures on part of the fundraisers in question. As the watchdog states, these offerings had to be restructured to meet existing legal standards. In September,…

Another Cryptocurrency Exchange Hack Hits Japan

Another cryptocurrency heist has shaken Japan. This time, 6.7 billion yen ($60 million USD) worth of company and user funds have vanished from Japanese cryptocurrency exchange platform Zaif. Tech Bureau Corp, the Osaka-based company that operates Zaif, estimates the heist occured on September 14, 2018, between 5 p.m. and 7 p.m. local time. The exchange detected the breach on September 17, 2018, and reported the event to authorities the following day. Of the stolen money, the hacker siphoned 4.5 billion yen (about $40 million USD) from user accounts and 2.2…