A client asked me recently what the rules are for deducting bitcoin losses following an exchange failure. Specifically, he wanted to know whether the IRS would accept evidence that he attempted to liquidate his holdings at the exchange in question (a certain high profile Japan-based outfit that shall not be named) as justification to increase…
A mortgage broker friend once told me that, back in the good old days of mortgage lending in the 1980’s, all you needed was a Polaroid of the cash you were keeping buried in your backyard to verify your assets. Thirty years later, banks seem to be a little less trusting of borrowers and a…
A recent World Bank report dismissed the assertion that cryptocurrencies are a deliberate scam, granting bitcoin a welcome credibility boost…sort of. Instead of the usual criticism, the report paid bitcoin a rather backhanded compliment by its description as a “naturally occurring Ponzi.” In other words, “no one is actually in charge of manipulating bitcoin, but…
On July 17th, New York State Department of Financial Services Superintendent Benjamin Lawsky announced that his agency’s long awaited bitcoin licensing framework will be released for public comment on July 23rd. The public comment period, which lasts for 45 days, provides New York’s nascent bitcoin industry with the opportunity to read and suggest changes to…
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