The crypto industry has faced a number of challenges over the past few months. In June, the price of bitcoin dropped to its lowest value in nearly two years, shaking confidence and leading to layoffs in platforms and supporting organizations.
Despite the setbacks, crypto is still huge—according to CoinMarket, the global crypto market cap is $1.1 trillion or more, depending on the day. That’s about three times as much as the total amount of US corporate taxes expected to be collected in 2022.
Early Efforts
Compared with those numbers, IRS collections from crypto have been unremarkable. In 2017, as part of an effort to obtain taxpayer information from Coinbase, US Magistrate Judge Jacqueline Scott Corley in San Francisco cited IRS claims that “only 800 to 900 taxpayers reported gains related to bitcoin in each of the relevant years and that more than 14,000 Coinbase users have either bought, sold, sent or received at least $20,000 worth of bitcoin in a given year.” Judge Corley wrote...
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INN caught up with cryptocurrency investment expert Dan Hoover to review the current landscape and where the market may be heading. The cryptocurrency investment marketplace has gone through severa...