Bitcoin and Crypto Talk (Merged)(includes NFT) (2 Viewers)

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superchuck500 said:
I don’t see how they can say it’s ordinary income if you can’t even sell the coin. It seems much more like a dividend paid in fractional shares.
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I agree, but until it's sorted out as policy it would seem they are trying.
 
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This week’s decision marks a big step toward providing an answer and a “quick fix” to the relatively narrow fair value question that stakeholders have been clamoring for. Many stakeholders have been critical of the current accounting practice, which generally treats cryptocurrency as an intangible asset rather than allowing it to be held at fair value.

That means under that system a firm that holds bitcoin or another digital asset that goes down in value reflects that drop in its reports but does not do the same if the value rises.
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www.cfodive.com

FASB votes for fair-value crypto fix

The FASB’s tentative decision Wednesday is an important step toward providing an answer to the crypto valuation question companies and other stakeholders have been clamoring for.
www.cfodive.com www.cfodive.com

 
Mr. Blue Sky said:
These last few posts caused me to check my Coinbase account just now for the first time in months and let’s just say……………. It wasnt pleasant .
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But now is the time to throw “beer” money at it.
 
Mr. Blue Sky said:
These last few posts caused me to check my Coinbase account just now for the first time in months and let’s just say……………. It wasnt pleasant .
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I suspect that the inability to directly sell ETH2 until later when the upgrade is complete means most of the miners sold prior and there's no trade activity to entice new buyers except those willing to go long on it.
 
A bit scary...

www.jonesday.com

CFTC Action: Democracy in DAOs

CFTC action could spell trouble for unincorporated decentralized autonomous organizations in digital asset markets.
www.jonesday.com www.jonesday.com

The Result: The CFTC's recent Order found bZeroX, LLC and its two founders violated the Commodity Exchange Act ("CEA") by unlawfully engaging in activities that could lawfully be performed only by a registered futures commission merchant ("FCM") or designated contract market ("DCM"), and contended that individual DAO members that voted on governance measures are jointly and severally liable for debts of the DAO as an unincorporated association.
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