Fewer than 100 of 250,000 federal tax returns prepared and filed so far this year through the company have filed a Form 8949 for cryptocurrency gains and losses, Credit Karma said Tuesday. That's less than 0.04 percent of filers.
Up Next in Regulation
The good news for bitcoin and cryptocurrencies keeps coming this week after the bitcoin price jumped by over 10% a few days ago. Now the South Korean financial regulator is reorganising so it can "proactively respond to financial innovation in the fourth industrial revolution era" — meaning it's looking to nurture bitcoin, cryptocurrency and blockchain. The regulator — the Financial Services Commission (FSC) — has created the Financial Innovation Bureau to take oversight of the burgeoning crypto sector. "The FSC plans a major organizational reshuffle to better protect financial consumers and proactively respond to financial innovation in the Fourth Industrial Revolution era," an FSC statement read. "The new Financial Innovation Bureau will also be tasked with policy initiatives for financial innovation, such as innovating financial services using fintech or big data, and responses to new developments and challenges
Boost For Bitcoin As Korean Regulator Looks To Nurture Cryptocurrency
The good news for bitcoin hasn't stopped this week...
In the span of a few hours, it became Crypto Twitter vs U.S. Representative Brad Sherman. On Wednesday, Congress hosted a pair of back-to-back hearings on the topic of cryptocurrencies, which notably saw Rep. Sherman – no stranger to controversy among crypto circles – call again for a blanket ban on "buying or mining cryptocurrencies." And while Sherman is just one lawmaker among more than 400, social media observers quickly turned their sights on the California Democrat. For example, Sherman was accused of bias because his largest donor this past election cycle is a credit card payments firm based in Los Angeles (where his district, California's 30th Congressional, is based). Sherman's declaration – and indeed, the wider social conversation around the twin hearings – led to a boost for the #CryptoCongress hashtag. According to data from Twitter analytics site Keyhole, the hashtag had a reach of over 1 million accounts and more than 2.7 million impressions from the start of the hearings yesterday to today.
Congressman's Call for Crypto Ban Sparks Social Uproar
In the span of a few hours, it became Crypto Twitter vs U.S. Representative Brad Sherman.
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