🥳SECs SAB 121 Repealed By The House & IRS Crypto Plans

Democrats joined Republicans to repeal the SEC's unlawful SAB 121.

May 09, 2024

GM Thinkers💡

Crypto scored a massive win yesterday as the House successfully voted to repeal the SEC’s SAB 121 which prevent financial institutions such as banks from custodying Bitcoin and Crypto. 21 Democrats just joined 207 Republicans to pass the resolution to nullify SAB 121.

However, the Biden Administration sent a letter threatening to veto the repeal. Most likely Elizabeth Warren is behind this.

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The Internal Revenue Service is ramping up efforts around crypto tax reporting, introducing a new Form called 1099-DA which will require broker-dealers to report not just transaction details but also the digital asset addresses involved.

Clinton Donnelly, CEO of CryptoTaxAudit, joins me to break it all down;

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Topics:

The IRS' new Form 1099-DA will require broker-dealers to report not just transaction details but also the digital asset addresses involved.
Roger Ver aka Bitcoin Jesus tax evasion arrest
Senator Elizabeth Warren proposes an "anti-millionaire tax," potentially transforming the IRS into a financial panopticon, watching over all American wealth.
President Biden's proposed 2025 budget, which includes tax increases

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