Enter the taxman 😨

The IRS’ latest draft of its crypto disclosure form still misses the mark, one expert says.

Author

Ryan Ozawa
August 10, 2024

IN PARTNERSHIP WITH

📝 What you need to know

The U.S. government’s gift to crypto investors on Friday? Another stab at an IRS tax form for digital assets. The proposed 1099-DA no longer asks for some details many saw as too intrusive—like wallet addresses. Still, one expert warns that the collection of crypto information could mean “overreach and unintended consequences.”

With memories of Monday’s crash still fresh, crypto markets closed the week battered but still in better shape than many expected. The price of Bitcoin has largely held above $60K for a couple of days and is trading at $60,685—down less than 2% for the week.

This Week in Coins: Bitcoin Ends in the Red, but Some Alts Survive a Crazy Week

Most coins started the week in the red. Bitcoin and others have since risen—albeit slightly—after U.S. economic data calmed investors.

IRS Updates Crypto Tax Form, Drops Wallet Address Requirement

The revised Form 1099-DA, released Friday, omits a few controversial fields—but could still bring “unintended conferences,” Decrypt was told.

Meet the Cryonics Company Preserving Bitcoin Legend Hal Finney’s Body

Cryonicists believe the human body and organs can be frozen and unfrozen at a later date, allowing for a form of immortality.

Atari Revives Its Classic ‘Breakout’ Game on Ethereum Layer-2 Base

Atari launches Breakout on Base, offering players a chance to win prizes in an on-chain gaming competition.

🎓 LEARN: Getting Started with Institutional Staking

Earn a free NFT by taking our course, “Getting Started with Institutional Staking,” in partnership with Figment. Learn all about how proof of stake blockchains work, how to earn rewards through staking, and the various staking solutions available to retail and institutional investors.

💬 Quote of the Day

❝

“The crypto tax landscape remains complex for both individuals and businesses, especially with the SEC/CFTC still debating swimlanes.”

—Andrew Rossow, AR Media Consulting

🌐 From Our Hubs

🎮 GG: How Midnight Society Moves Forward After Dr. Disrespect 'Shock'—And What's Next for Deadrop

In an exclusive interview, Midnight Society co-founder Quinn Delhoyo discusses Deadrop's future and moving on from Dr. Disrespect.

🎭 SCENE: Adidas Launches Exclusive Doodles Apparel Alongside Pharrell Song

Doodles and Adidas are selling co-branded NFT packs that include digital items, with potential exclusive physical apparel pulls.

🤖 EMERGE: Figure AI Debuts New Humanoid Robot to Challenge Tesla

Figure AI has upped the ante in the humanoid robot race with its new Figure 02 model, with aims to go toe-to-toe with offerings from tech heavyweights Tesla and OpenAI-backed 1X.

From Our Partner

DeFi network Radix has created RadQuest, a gamified onboarding platform, to make getting started with the Radix ecosystem fun and simple. Join RadQuest mascot Jetty on a series of quests that showcase Radix’s user-friendly interface and unique features, collecting Elements and Morph Energy Cards to build your own unique RadMorph NFT.

📚 Dive Deeper

📹 WATCH: FOMO HOUR 176 - ETH Leads the Charge

ETH leads gains in majors, ETHE outflows slowing. Putin signs crypto mining bill. Tether mints another $250 million on SOL. Tether plans to double staff to improve compliance.

🎓 LEARN: What Is ‘X Empire’? The Telegram Tap-to-Earn Elon Musk Game and Airdrop Details

UPDATE: Following the rebrand from Musk Empire to X Empire, the developers have revealed an ETA for the TON token listing and airdrop.