Coin Center
Recent News About Coin Center
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Josh Jarrett challenges IRS taxation policy on cryptocurrency block rewards
Josh Jarrett has initiated a lawsuit against the Internal Revenue Service (IRS) over its policy of taxing cryptocurrency block rewards as income upon their creation. The IRS's stance has been criticized by Coin Center, which is assisting Jarrett in this legal battle, as it advocates for tax parity for block rewards.
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Jerry Brito announces departure from Coin Center; Peter Van Valkenburgh named successor
Coin Center celebrated its tenth anniversary earlier this year. At the end of the year, Jerry Brito will step down as Executive Director, and Robin Weisman will step down as Senior Policy Counsel. Both will pass the torch of leadership for Coin Center’s next chapter.
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CFTC's action against Uniswap raises questions about published speech regulation
This week, the Commodity Futures Trading Commission (CFTC) took notable action against Uniswap Labs, raising more questions than answers. This follows a series of CFTC enforcement actions against software developers Opyn, 0x, and Deridex from last fall. In all these cases, the targets settled and paid fines rather than contesting in court. Consequently, none of these actions leaves a binding precedent or offers regulatory clarity. The uncertainty is particularly damaging because all these enforcement actions implicate the rights of individuals to write and publish...
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Coin Center wins appeal on crypto reporting rules; IRS revises broker form
Coin Center has announced two significant victories in its ongoing efforts to protect the rights of cryptocurrency developers and users. The organization successfully appealed a case against the Treasury Department's 6050I reporting scheme, and the IRS released a new draft tax reporting form for cryptocurrency brokers that omits the controversial "unhosted wallet provider" designation.
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Senators propose exemption from capital gains tax for small cryptocurrency transactions
The Virtual Currency Tax Fairness Act was introduced by Senator Ted Budd and cosponsored by Senators Kyrsten Sinema, Kirsten Gillibrand, and Cynthia Lummis. The bill proposes a de minimis exemption from capital gains tax for low-value cryptocurrency transactions in everyday use.
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Senate attaches crypto sanctions bill to intelligence legislation
A version of the Terrorist Finance Prevention Act (TFPA) has been attached to a must-pass intelligence authorization bill in the Senate. The TFPA requires the President to implement significant secondary sanctions against individuals in the crypto space involved with terrorist financing. These sanctions could apply to regulated financial institutions, such as custodial exchanges, and non-custodial entities referred to as "foreign digital asset transaction facilitators."