1. IRS Stands Firm on Staking Taxes 💸
The US IRS is doubling down on their stance that staking rewards are taxable income the moment you receive them. Joshua and Jessica Jarrett tried to argue that these rewards should only be taxed when you sell them, but the IRS isn’t budging. According to Revenue Ruling 2023-14, you gotta report your staking rewards as income based on their market value as soon as you can sell or trade them.
2. Botswana’s Central Bank Labels Crypto as Low-Risk but Wants Rules 🛡️
Botswana’s central bank has given crypto investments a thumbs-up as low-risk for now, thanks to their small local market. However, they’re pushing for regulations to keep potential digital asset risks in check down the line. As crypto gets more intertwined with the financial system, they want to make sure everything stays safe and sound.
3. Trump Appoints Ex-Football Player to Lead New Crypto Council 🏈➡️💼
Donald Trump has tapped former college football star Bo Hines to head his new “Presidential Council of Advisers for Digital Assets,” also known as the “Crypto Council.” Bo will team up with David Sacks, Trump’s pick for crypto and AI czar, to boost innovation and growth in the digital assets space. Fun fact: Bo ran for Congress in North Carolina back in 2022 but didn’t win.
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