IRS crackdown! Kraken ordered to reveal user data in major cryptocurrency investigation – 259

Orders Kraken to submit user details to The IRS the court ordered Kraken to turn Over personal information of certain Users to the internet or Internal Revenue Services or service IRS For short according to the court order Kraken must submit details of clients Whose annual traded value surprised Twenty thousand dollars between 2016 and 2020. the personal details requested by The IRS include usernames addresses Birth dates and taxpayer identification Numbers among other documents moreover Cracking must disclose blockchain Addresses transaction hashes and raw Blockchain data to the agency the court Document revealed that the IRS sought Kraken's user records since March of 2021 when the exchange issued an Administrative summons to The Exchange The IRS alleged that Kraken failed to Comply with the court summons the filing Added quote despite discussions between Parties however Kraken refused to comply with the Summons and has not produced the books Records papers and other data demanded In the summons Consequently the officials filed the Current case against Kraken in February Of 2023 to enforce the demands of the 2021 court summons now this is part of The difficulty when you know following Watcher Guru and some of those crypto

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Twitter deals as they do you know kind Of release this news a little late we Had talked about this I believe back in February of 2023 but this is par for the Course as to be expected of of course I I think with cryptocurrency in general As far as regulation is concerned it's Going to start with tax you know Basically tax revenue because you can't Be skipping out on your taxes as far as That's concerned if you filed you know Individually and were tracking with Something like Bitcoin dot tax or Something along those lines and then Submitting I think everything will be Just perfectly fine obviously what They're doing is trying to get some of These bigger accounts that surpass 20 Thousand dollars between 2016 and 2020. This does bring up of course the Question of you know fundamentally is This okay in cryptocurrency and blah Blah blah I think like I've talked about Before the on-ramps and off ramps being Centralized exchanges is what you do to Participate within the old system of of Fiat right and if you're going to do That then you pay the Fiat fees uh they Will quote quote Jesus right uh give Undecessor what is Caesar's that type of Uh thinking but The if we were going to talk about you Know what this is going to why this is Going or how this is going to impact I

Think crypto regulation in the future or Crypto access For to the general public in the future I think that it does spell out some Tricky situations seeing that it's going To be a lot more difficult for people to Participate within cryptocurrency within The United States I think for the most Part what you're going to see is a lot More stringent rules set by Cryptocurrency exchanges I think this is Why we saw a 52 page end user license Agreement from crypto.com come out not Too long ago and these requirements are Getting just crazier and crazier I think Well the last I saw crypto.com 2 was Also sending out you know requests that You reset up you know your direct Deposits if you even have any of those Anymore I mean for the most part in the US Direct Deposit to a cryptocurrency Exchange period the banks have blocked Pretty much across the board as well as The Federal Credit Union onions so your Inlets and Outlets are getting skinnier And skinnier and monitored more heavily And more heavily of course this is the Reason why people talk about Virgin Bitcoin this is the reason why mining is Important and will be extremely relevant Especially within I think the United States because this will be an easy Inlet right if you're utilizing Hardware To generate that not only do you have a

Paper trail that proves that you aren't Doing anything suspicious but you also Have that Inlet into cryptocurrency that Is outside of the banking industry and That sort of thing so you know I I think That that becomes extremely relevant Especially if you're trying to get in a Hefty amount of investment within Bitcoin or within cryptocurrency itself Because Your ability to get your savings or Anything like that Into something like Bitcoin through Traditional Finance is going to become More and more difficult and it'll get Obviously taxed to Hell the hard part of Course with mining from the tax Perspective though that we have to you Know talk about is you get taxed not Only on the electricity that you're Running but you get taxed you know the Income when you mine it and then you Also get taxed on the capital gains if You held it and that can be extremely Difficult to to manage as a minor and And keeping track of that you know and Making sure that you can actually even Make a living off of mining can be Extremely difficult especially when you Have things proposed like the 30 tax on Crypto mining from the Biden Administration boohoo hopefully we'll See that get shut down I presume it will Let me know what you guys think in the

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