US TREASURY SAYS BITCOIN/XRP=CURRENCY, BANS SELF HOSTED WALLETS, and INCREASES CRYPTO TAXES?

US Treasury limits Self-Hosted wallets and Comptroller of Currency Cryptocurrency = Currency, wants your BITCOIN on an Exchange, & YOU PAY MORE IN GAINS TAXES?

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Coinbase quits issuing 1099-K, will issue 1099-MISC for “US Coinbase customers who have received $600 or more in cryptocurrency through Coinbase Earn, USDC rewards and/or staking income during 2020.” https://www.forbes.com/sites/shehanch… Coinbase exchange ended all margin trading effective Nov. 25,2020, due to recent regulations by Commodity Futures Trading Commission (CFTC). Margin trading typically requires 1099-B statements to be issued. Coinbase said no more 1099-K for trades, will only issue 1099-MISC for interest. Coinbase knows treasury will treat crypto as Currency?

Following perhaps the same taxation rules under Section 988 of IRC, which means an exchange dealing in foreign currency buy/sell doesn’t need to issue 1099’s for the activity, and the individual trading is responsible for gain/loss reporting, and all gain/loss is treated as ordinary income no matter how long its hold (No more capital gain tax rates). https://www.coindesk.com/coinbase-end… https://www.law.cornell.edu/uscode/te…

Brian Armstrong tweets about proposed regulations aiming at ending the ability of individuals to anonymously holding cryptocurrency in cold storage wallets. Know Your Customer (KYC) regulations will need to be followed, effectively treating Cryptocurrency as Currency. Treasury says in order to withdrawal from an exchange the exchange must know who the money is being transferred to, effectively identifying the individual or company who has custody of the wallet address before transfer can be completed. Effectively ending cold storage? https://twitter.com/brian_armstrong/s…

XRP is open source and Ripple a company has been developing software to use upon the Consensus ledger on which XRP operates, and which XLM was reborn from. Because XRP the crypto has a business (RIpple) that has been actively developing software (since 2013) using the open source XRP consensus ledger, that works with the banks and has KYC and AML capabilities, I believe it’s much better positioned if such a change takes place. https://ripple.com/files/ripple_solut… (Read, and see page 22-23 for compliance info.)

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If you’d like to donate XRP Deposit Address: rw2ciyaNshpHe7bCHo4bRWq6pqqynnWKQg

Destination Tag: 3272323849

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Digital Perspectives= https://www.youtube.com/user/bradboom…

Crypto News/Trading – Alex Cobb= https://www.youtube.com/channel/UCg5G…

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