The (Crypto) Tax Man Cometh

Plus $10m to Celo in just 12 hours

Happy Humpday, Blockfolians

The Lede

Think the IRS was going to be too distracted by current events to care about crypto taxes? Think again.

In a letter published by The Block, the IRS shared that it is looking for third parties to help it accurately determine gains and losses. Indeed, the whole letter reads like, first, an admission that calculating this information is really, really hard; and second, that you better believe the IRS is going to do what it takes to make sure those calculations are accurate.

Crypto Tax in 2020: A Comprehensive Guide - Bitcoinist.com

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Highly Relevant Reading


Community Commentary

A new mining pool has emerged in China and quickly become one of the world’s largest - but no one knows who’s behind it
Investor Allen Farrington has dropped another of his always-excellent essays, this time on why bitcoin is no longer an experiment and “trolling its way to victory”

A Really Big Number We Should Be Paying Attention To

$10,000,000

That’s how much 509 global investors just put into buzzy blockchain platform Celo via a 12-hour CoinList token sale


Final Thought

What’s that sound? Oh right, it’s the mic dropping.