Coinbase vs IRS: CEO Says Broker Tax Forms ‘Potential Solution’
Coinbase CEO Brian Armstrong has suggested US cryptocurrency businesses adopt broker-style bureaucracy to achieve a better relationship with the taxman. 1099-B ‘Potential Solution’ to Crypto Tax Woes. In a blog post published Saturday, Armstrong argued that the costliness of Coinbase’s current legal battle with the Internal Revenue Service could in future be avoided. “…Coinbase and the IRS have (I believe) a shared goal to ensure all U.S. customers pay their taxes,” he wrote. “I believe a good option would be to use the same third-party reporting mechanism that brokerage firms like....
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In a surprise post on Coinbase's blog today, Coinbase revealed that they have "been insured for almost a year." Coinbase insurance was secured through worldwide insurance broker, Aon. Aon has over 60,000 colleagues worldwide and provides services for clients in over 120 countries. That Coinbase is securing insurance from a potentially worldwide network of underwriters is no small fact to look over. Coinbase's insurance policy "covers losses due to breaches in physical or cyber security and employee theft." Pointedly, Coinbase insurance does not help any individuals that lose their bitcoins....
CoinDesk has reached out to Coinbase for clarification on whether the company's policy excludes bitcoin held in cold storage (offline wallets). Coinbase has revealed that its users' online wallets are being insured through top broker Aon. The news came in a surprise blog post in which the company announced it has been insured against the theft or loss of bitcoin since November 2013, stressing that its users are not being charged for the cover. The wallet and merchant services provider said it teamed up with Aon, one of the world's largest insurance brokers, to further protect its users'....
On Thursday, Apifiny, a global digital asset trading and mining network, announced the company’s subsidiary Apifiny Prime has been granted a broker-dealer license from the Financial Industry Regulatory Authority (FINRA). The firm now joins the ranks of brokerage and exchange businesses like Coinbase, Etoro, and Circle. FINRA Grants Apifiny Prime a Broker-Dealer License The leading regulator that oversees American broker-dealers, FINRA has granted a broker-dealer license to Apifiny Prime. The license allows Apifiny to make private investor placements and vend securities,....
Coinbase published the company’s shareholder letter on Tuesday which detailed it made over $2 billion in net revenue during the second quarter. The firm said “Q2 was a strong quarter” for Coinbase as it saw both “growth and diversification” this year. While netting in $2 billion, Coinbase said it has 68 million verified users and the company also noted it has been working with Spacex, Tesla, PNC Bank, Wisdomtree, and Elon Musk. Coinbase Q2 Results: Over $2 Billion in Revenue, Retail Users Rise, 9,000 Institutional Customers Coinbase (Nasdaq:COIN) has published....
There’s truly never a dull moment in DeFi. Reports have emerged this week that interest-yielding platform Nexo is pursuing an acquisition of an SEC licensed broker dealer with the intent to offer a “modified version” of the company’s products. How this would impact their current offering is unclear. The move comes at a time of seemingly increased rocky roads for DeFi platforms. Interest-Generating Products & Disruptive DeFi Along with the company’s pursuit of a licensed broker dealer, Nexo is also in talks with nationally chartered banks. The platform is....