Kentucky Leads New State Push to Tax Prediction Markets, Testing Limits of State Authority
[ad_1] Key Takeaways ▸ Kentucky became the first state to explicitly tax prediction market platforms (14.25% on transaction fees), with Iowa (20%) and Illinois (50%) proposing similar measures, all focused on revenue capture rather than prohibition. ▸ The federal agency that oversees trading markets (the CFTC) sued three states, arguing that prediction markets are a […]
Tax Policy, Not Technology, Is Blocking Bitcoin Payments, Advocates Say
[ad_1] Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure Using Bitcoin to buy groceries or pay a bill sounds simple. Under current US tax law, it is anything but. Every transaction — no matter how small — triggers a taxable event that must be reported to the IRS, forcing users […]
Coinbase denies lobbying against Bitcoin tax exemption: ‘Totally false’
[ad_1] Coinbase exchange founder and CEO Brian Armstrong has dismissed claims that the company has been lobbying against a tax exemption for Bitcoin transfers below $200. In a statement on X (formerly Twitter), Armstrong labelled the claims as “totally false,” adding, I’ve spent a bunch of time lobbying for Bitcoin’s de minimis tax exemption, and […]
US Congressmen Unveil Bipartisan Move To ‘Modernize’ Stablecoin Tax Code
[ad_1] U.S. lawmakers have unveiled a bipartisan effort to modernize the federal tax code’s treatment of digital assets, with a particular focus on stablecoins, everyday transactions, staking and mining rewards. Representatives Max Miller (R-OH) and Steven Horsford (D-NV) released a draft of the Digital Asset PARITY Act that aims to provide clearer, more practical tax […]
UK Expands Crypto Reporting Rules as Global Tax Oversight Tightens
[ad_1] The United Kingdom will require domestic crypto platforms to report all transactions from UK-resident users starting in 2026, expanding the scope of the Cryptoasset Reporting Framework (CARF). The change will give His Majesty’s Revenue and Customs (HMRC) — the UK’s tax authority — automatic access to both domestic and cross-border crypto data for the […]