A new definition of crypto comes from the IRS — Law Decoded, Oct. 17-24

[Google News Bot]

No matter how much attention the United States Securities and Exchange Commission (SEC) or Commodity Futures Trading Commission gets in the crypto industry, for individual traders and investors, it often comes down to the Internal Revenue Service’s (IRS) position — and how much tax one owes. Last week, the IRS last week released a draft bill featuring a well-defined digital assets section that outlines if and how taxpayers will account for the use of cryptocurrencies, stablecoins and nonfungible tokens (NFTs). Page 16 of the draft defines digital assets as any digital representations of t ...

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