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The upcoming framework will affect users in several countries by automatically exchanging information about crypto transactions between jurisdictions on an annual basis. Leaders of the 20 biggest economies in the world — collectively known as G20 — are pushing for a speedy implementation of a cross-border framework for crypto assets.  According to local reports in New Delhi — where the group members are attending for a two-day summit — the framework will facilitate information exchange between countries beginning in 2027. “We call for the swift implementation of the Crypto-Asset Reporting Framework (CARF) and amendments to the CRS [Common Reporting Standard]. We ask the Global Forum on Transparency and Exchange of Information for Tax Purposes to identify an appropriate and coordinated timeline to commence exchanges by relevant jurisdictions,” noted a consensus declaration signed by G20 leaders. Several countries would be affected by the upcoming framework , including Argentina, Aus...

Since Binance and Coinbase were sued for offering unregistered securities, Dorsey has tweeted posts promoting a focus on Bitcoin development. Long-time Bitcoin (BTC) advocate Jack Dorsey has found himself in a Twitter war with several crypto industry pundits after he responded with “yes” to a question asking if Ether (ETH) was a security . The comment caught the attention of Udi Wertheimer, a Bitcoin Ordinals developer at Taproot Wizards, who inferred Dorsey was a “clown” in a tweet on June 6. In response, Dorsey tweeted “ETH is not a security ? Teach me wizard,” which prompted Wertheimer to share a five-year-old video of the United States Securities Exchange Commission (SEC) chair Gary Gensler stating that ETH was now “sufficiently decentralized” and wasn’t a security . clowns. pic.twitter.com/S8AiJwuMem — Udi Wertheimer (@udiWertheimer) June 6, 2023 However, Gabor Gurbacs, strategy advisor to stablecoin issuer Tether and investment management firm VanEck weighed in on Werthei...

The suit is led by Edwin Garrison and was filed against "FTX influencers," primarily on the YouTube platform. A class - action suit led by Edwin Garrison has been filed against “ FTX influencers ,” mostly on YouTuber, seeking $1 billion because they “promoted FTX crypto fraud without disclosing compensation.” The suit was filed March 15 in the Southern District of Florida Miami Division. Kevin Paffrath, Graham Stephan, Andrei Jikh, Jaspreet Singh, Brian Jung, Jeremy Lefebvre, Tom Nash, Ben Armstrong, Erika Kullberg and Creators Agency LLC were named as respondents. The Moskowitz Law Firm is representing the plaintiffs. The suit is a consolidation of several class action s suits, according to the Law firm. Garrison’s suit was filed on November 15, 2022, “and is the first-filed FTX-related class action filed in the country,” the firm said.   Source: https://thebittimes.com/ftx-influencers-face-1-billion-class-action-lawsuit-over-alleged-crypto-fraud-promotion-tbt...

Reporting cryptocurrency when filing taxes can help investors offset their losses. 2022 was tough for the crypto market. A recent report published by security services platform Immunefi found that the crypto industry lost a total of $3.9 billion in 2022.  Detrimental losses such as these are often concerning for crypto investors, yet there may be a silver lining behind decreasing assets for investors reporting crypto on their taxes. Lisa Greene-Lewis, a certified public accountant at TurboTax, told Cointelegraph that while crypto investors made huge gains in 2021, this changed drastically in 2022. “We have seen a crypto winter occur, and TurboTax wants to help investors cope with their losses,” she said. According to Greene-Lewis, tax-loss harvesting is the most important notion to keep in mind when it comes to saving money when filing taxes. She said: “With crypto, you can offset gains with losses. Any leftover losses can be offset up to $3,000 against ordinary income like wages. Los...