What about other radio thank you so much for joining me today what several appreciated so in this video I'll be kind of covering some basics of the United States. I'll be covering four main topics are relating to recent incidents up regarding the currencies and cryptocurrency regulation those incidents are the IRS crackdown on grifter currency and the iris regulation of various trading platforms. Iris compliancy related to criminal forfeiture and criminal forfeiture in general relating to the quite I'll be talking about crypto currencies in relation to terms of ownership out. when related to the United States government and the individual citizen of the United States it'll be talking about personal consumer rates related to cryptocurrency more specifically cryptocurrency mining. so I hope though you find this interesting as always let me know if you have any questions or if you want to see anything else in particular please keep in mind that. I am not an expert on these topics but I figured that I would go ahead and compile some information bring some stuff to light that all you want to hear about and let's go ahead and get started okay. so what I want to start with is the IRS cracked down on a quick base okay know if you're familiar coin basis since we've been a target of the armrest earlier on in this year because people were essentially trading large points crypto currencies holding her to currencies buying selling X. cetera and apparently that is not a wild guess I honestly think that the IRS is kind of taking a very strict approach with this and I would really love to see the United States government kind of sit back and observe before they get too involved but of course you know the IRS does with the IRS does they're one of the most beloved agencies in the United States I see that as a complete joke.
Right so they have been cracking down on point base okay so here's an article written by Dashiell Shapiro on echoing telegraph absolutely awesome article. I will be looking all these things that use as source material for this Article. so please check them out if you are interested on but he goes on to write the clippings recently notified approximately thirteen thousand of its customers it was turning their operation over to the United States. specifically the IRS code bases told those affected that it would be providing their taxpayer ID or securitized debt in a transaction records from twenty thirteen to twenty fifteen to the Internal Revenue Service or the IRS by March sixteenth two thousand eight
teams are still really pretty big crack down here.
It goes on kind of detail what exactly you should and shouldn't do you want working with the IRS if you are one of the people out. you know who's actually cited or implicated in this ownership or under the irises conditions with point base but essentially are you know really. what he advises and he is an attorney okay or he was a former trees Lister really does was talking about vices that you consult a qualified attorney really deal with this. so he says for example let's say in our research has a couple dozen case files all with rage critter tax problems as well as a variety of complex histories. which taxpayer do you think they're going to refer for criminal prosecution the one whose tax returns to the biggest adjustment in dollar terms or the taxpayer. who is rude to them who lied to them and then you refuse to cooperate in the investigation fair or not all too often. it's the little things that make the difference especially when emotions are running high so he basically just advises. you know in the situation don't be a jerk or anything to these people however they may be a jerk to you but basically be cautious be careful treat them with respect and that this is really weird okay. This is really weird because crypto currency has are here and you've been fairly unregulated to my knowledge anyway. I'm so it's really interesting that our C. former tax attorneys are essentially it big tax advice or or information on how to avoid upsetting the armrest. when they come for cryptocurrency accounts okay Sir really weird strange times a reliving
in white you know it could be worse I suppose I don't necessarily like how the IRS is handling this but I'm not You get used.
The IRS is auditing point based arm you know what they are getting information about specific individuals. who have certain trading records and really it's it's kind of touch and go right now okay. so I don't like that hold one I don't think many people do I would like to see and take a more hands off approach but you know like. I said it's really going to come down to people being compliant and dealing with them because guess what people unfortunately I guess we're gonna have to start dealing with the IRS. so interesting but not the only piece of news I have to cover okay so let's move on now to a story about the forfeiture of assets by the United States government and dot this actually case relating to people in Ohio are criminals. who were creating fake identification and selling these fake ID's for big point and other forms of currency okay. so how did the United States government or the federal prosecutors handle this at all the circles written by Molly Jane sucker bread and its title US federal prosecutors asked for forfeiture of five hundred points so you can probably already tell how they handled this okay federal prosecutors are seeking the forfeiture of more than five undred quite worth about five point five million USD sees during the investigation of a group producing fake identity documents according to their how department of justice's. March first news release Bernard we use it's a system. The court prosecutors are also asking for the furniture of more than eight thousand dollars in cash as well as gold and silver coins and bars equal to run two hundred sixty five thousand dollars if the prosecutors when the case than the big point along with the other was that assets will be seized by the United States government.You know it's it's our as previously sold confiscated the corn pollen critical criminal convictions US marshal service has periodically hold auctions for C. script or assets selling three thousand eight hundred thirteen points in January of this year.The proceeds from selling the one hundred forty four thousand Vic what forfeited from Ross Ulbricht after his conviction for founding and running the now defunct online black marketplace Silk Road regal to route forty eight million dollars an average of three
hundred thirty four dollars per vehicle it if the government had sold the court today.
They would have made over one point five billion.Dollars this is another kind of strange and gray area that I think is really weird right now.Are all of you okay with United States corporate selling.The coin which are technically criminally cease to make money it seems weird to me but it's not terribly unheard of. I think that it's kind of strange that they are simply allowed to resell these assets especially for a profit.If they are selling them for profit indeed Of course we have to really develop that this case further but it's interesting to me that these items were seat. And that they are now being held and will be auctioned off okay. I want to know where Every cent from these auctions ends up okay.Do you know what exactly they're doing with it okay and where exactly proceeds go you know who's getting the body how it's being distributed because I think that's extremely important okay if the United States government is going to be allowed to confiscate. Do you know what exactly they're doing with it okay and where exactly proceeds go you know who's getting the body how it's being distributed because I think that's extremely important okay. If the United States government is going to be allowed to confiscate the coin and resell it at a higher price that's that that seems weird to me and I'm sure many of you would probably agree with that so let me know what you think about that also okay let's move on now. This article discusses tax time related crypto and who exactly owns that crypto I during textile.Interesting written by
Robert W. wood. so he goes on to say the corn and other corporate currencies a property for federal tax purposes that can be painful since I'd just about any transfer property can trigger taxes which is that we've seen even prepare for crypto spot cannot qualify as a tax free one oh three one exchange according to the tax code so that's kinda screwed up my opinion also of the United States government is going to start treating cryptocurrency as a property or less okay and because of that exchanges will most likely be tacked on the few What will allow.That's a that's a test we factual who have to pay could turn on who has control over it benefits and burdens of the property the same thing can happen with bank accounts so essentially the iris is in this situation I'm going to be treating I think cryptocurrency more as an asset and a property as opposed to GDT tickets all right which the IRS does regularly currency exchange don't compare aka going on here is the IRS in the courts often look. beyond local want to impose taxes on the party who's the beneficial owner in one case a man was subject to income tax as abeneficial owner of a bank account even though he was not the owner of the account under local law conversely. if you're just wanting something as an agent you should be taxed if someone holds legal title to property as an agent for tax purposes the principle and not the agent is the owner.
One tax case put it at a nominal owner is not the owner for federal income tax purposes. so I'll wrap this one up by saying that for tax Service worker does property might prompt you to consider the concept of ownership. once again more regulation okay once again I I'm not super thrilled about that is a huge deal not necessarily okay but it's another tax it's being imposed upon ownership.So let's wrap up with a slightly more light hearted article slightly more okay. About the FCC warning a Brooklyn there quite minor of harmful interference to T. mobile to the US Federal Communications Commission has sent an official notice dating every fifteen to resident of Brooklyn New York victory Sargo citing that his bitcoin miner was causing harmful interference to T. mobiles broadband network they stated that the device was generating Spurrier submissions on frequencies for T. mobile network continued use of his M. honor us by the Coen water in a way that concertful interference would be breaking federal law. subject to penalties including but not limited to substantial monetary fines arrest actions you see if any radio equipment and criminal sanctions including imprisonment. so this is serious okay all because this guy was using it wider US five the notice contents come back later find that not all and my response was to generate this isn't remotely comply with federal laws on radio frequency
interference can be modified to make them not compliant. so once again this is weird okay this is really weird and maybe this guy's and miners five was hearing will also addicts unit orders.
This first was not aware of the radio frequencies okay really interesting stuff right really interesting stuff. so anyway unfortunately folks it looks like we're really leading more and more toward a functioning system that includes more government regulation. you know whether people want it or not the IRS is really stepping in now in a pretty big way and they are impacting many people they're forcing laws they're treating cryptocurrency more as property versus. you know a currency or or different entity and they are really starting to crack down. so irises on and people are assaulted corn base it seems like a dark time right I'm sure that will pull out of it and that everything will get figured out but for the time being it is a little frustrating to see all these regulations being put in place and many of them come on the coat tails of you know December's cryptocurrency pool honestly one governing bodies roaster to take notice. so honestly I don't know what exactly is going to contain happen with this I'm going to guess that we will probably continue to see more crackdowns unfortunately which you know really isn't isn't all that great I'm not too happy about that what do you as governor is currently going to keep at it got some pretty interesting stuff nothing has been witness like this road before in the in in the time period before these past ten years or so sort really comes down however.You know governing bodies decide to follow protocol that they set up for specific circumstances related crypto. I don't know what they're going to
do exactly it's gonna be interesting. I think no matter what let me know if you think I want to present these articles do to kind of give you a decent look into cryptocurrency regulation and how exactly it functions arm and a couple of specific circumstances because I know it's easy to just say Hey crypto is being more regulated by the IRS but you know what our specific examples of that I think it's always important to cite specific examples because honestly if your citing specific example know specifically you know what's happening I it's really kind of pointless
to just their opinions out.