Crypto World Update – IRS Establishes New Definition

Crypto Update: The IRS has recently expanded the definition they have had on what crypto is. Ripple is looking good in its case against the SEC. Hong Kong has undergone an opposition to China regarding regulations.

Page 16 of the draft defines Digital Assets as any digital representations of the value recorded on a “cryptographically secured distributed ledger or any similar technology.” Tax forms in 2021 required taxpayers to say whether they had received, sold or exchanged in “virtual currency” — with this term changing in the yet-to-issued 1040 tax form for 2022.

“You have a financial interest in a digital asset if you are the owner of record of a digital asset, or have an ownership stake in an account that holds one or more digital assets, including the rights and obligations to acquire a financial interest, or you own a wallet that holds digital assets.”

XRP Update:
Stuart Alderoty, XRP’s general counsel, said on Twitter that the firm finally has a set of elusive documents after “18 months and 6 court orders,” though they are confidential at the SEC’s insistence. “It was well worth the fight to get them,” he said, adding: “I’ve always felt good about our legal arguments, and I feel even better now. I always felt bad about the SEC’s tactics, and I feel even worse about them now.”

Hong Kong Update:
Hong Kong’s Elizabeth Wong, head of the fintech unit at the Securities and Futures Commission (SFC) is fighting for the right to pursue Cryptocurrency trading in Hong Kong. In a way that has nothing to do with China. They want to upholds their Crypto status in the world and not let it die down under China’s regulations.