New US Crypto Tax Law, SEC Still Processing BTC ETFs, Saylor Buys More BTC, and More — Week in Review
The U.S. introduces stringent tax reporting laws for transactions over $10,000, while the SEC grapples with a backlog of paperwork for pending spot Bitcoin ETFs. Meanwhile, Michael Saylor sells Microstrategy shares to increase his bitcoin holdings, and CNBC’s Jim Cramer hails Bitcoin as a “technological marvel.”
New Crypto Tax Law Takes Effect in US: Transactions of $10,000 or More Must Be Reported to IRS Within 15 Days
Starting January 1, 2024, a new U.S. tax law mandates individuals and businesses to report cryptocurrency transactions over $10,000 to the IRS within 15 days, detailing sender information and transaction specifics. Failure to comply could result in felony charges. This regulation, part of the Infrastructure Investment and Jobs Act, applies to both individuals and businesses involved in crypto-related trade or business, but the lack of clear Treasury guidance on compliance specifics raises concerns among entities like Coin Center, a crypto policy advocacy group.
SEC Still Processing Spot Bitcoin ETF Paperwork, Report
Expectations are high for the U.S. Securities and Exchange Commission (SEC) to approve spot bitcoin ETFs, with speculation about an announcement either later this week or early next week, as the January 10 deadline looms. Despite rising bitcoin prices in anticipation, sources suggest the SEC still has considerable paperwork to review. While some reports indicate potential early-week approvals, others, citing the volume of paperwork, lean towards a decision closer to the deadline. The market is watching closely for the SEC’s decision, which could include multiple ETF approvals.
Michael Saylor Selling $216 Million of Microstrategy’s Shares, Plans to Buy More Bitcoin
Michael Saylor, Executive Chairman of Microstrategy, plans to sell 315,000 shares of his company’s stock, valued at approximately $216 million, according to an SEC filing. This move is part of a pre-arranged trading plan involving the sale of up to 400,000 shares. Saylor intends to use some of the proceeds from this sale to purchase more Bitcoin for his personal holdings. The decision to exercise his stock option, expiring in April 2024, also addresses personal financial obligations. As of December 2023, Saylor personally owned 17,732 BTC, while Microstrategy reported holdings of 189,150 bitcoin.
Jim Cramer: Bitcoin Can’t Be Killed — It’s a Technological Marvel That Is Here to Stay
Jim Cramer, known for his previously mixed stance on Bitcoin, has recently made bullish statements about the cryptocurrency. During a CNBC segment, Cramer, a former hedge fund manager and co-founder of Thestreet.com, recognized Bitcoin as a “technological marvel” and emphasized its resilience, stating, “This thing, you can’t kill it.” Cramer, who once advocated for Bitcoin and later shifted to skepticism due to ransomware concerns and regulatory issues, notably advised against crypto investment in December 2022 but now acknowledges Bitcoin’s staying power amidst discussions on the potential approval of spot Bitcoin ETFs by the SEC.
What are your thoughts on the state of crypto tax laws? You can let us know in the comments section below.
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