Tag: Circle Internet Financial

Surveillance Firm Launches Launches Push Towards Crypto Market Safety With 16 Other Industry Leaders

by Dailyhodl

New York-based crypto surveillance firm Solidus Labs is teaming up with leading digital asset exchanges, trading firms and industry associations to launch a new crypto market safety initiative.

In a statement, the Crypto Market Integrity Coalition (CMIC) outlines how it will make the crypto market a safer space amid the emergence of new risks.

“The market integrity pledge introduced by the coalition is focused on a commitment to continuously strive towards higher standards of market integrity, risk monitoring, consumer protection and compliance, in order to maintain fair and orderly digital asset markets and prevent market abuse. “

The initiative also wants to engage with regulators to address the challenges in the industry.

“Over time, the coalition will take further steps, including advancing training programs, sharing insights and research, dialoguing with regulators, and considering data-sharing and shared-surveillance frameworks that can address crypto and decentralized finance’s unique cross-market supervision challenges.”

Solidus Labs initiated the formation of the group and co-founded the coalition with 16 other industry leaders, namely Coinbase, Circle Internet Financial, GSR, Huobi Tech, Anchorage Digital, CrossTower, BitMex, Bitstamp, Securrency, Elwood Technologies, CryptoCompare, MV Index Solutions, Global Digital Finance, the Chamber of Digital Commerce, CryptoUK, and Liberty City Ventures.

The CMIC says it is inviting other members of the crypto community to join the coalition.

Check Price Action

Don’t Miss a Beat – Subscribe to get crypto email alerts delivered directly to your inbox

Follow us on Twitter, Facebook and Telegram

Surf The Daily Hodl Mix

 

 

Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

Featured Image: Shutterstock/Oceloti/Natalia Siiatovskaia

Source

Tagged : / / / / / / / / / / / / / / / / / / / / / /

IRS authorized to access information on Circle’s crypto traders to nab tax cheats

by Cointelegraph

A U.S. federal court has granted authorization to the Internal Revenue Service, or IRS, to serve a John Doe summons to fintech firm Circle seeking all information on U.S. taxpayers who traded at least $20,000 worth of crypto assets on its platforms between 2016 and 2020.

The summons will apply to Circle Internet Financial Inc. including all “predecessors, subsidiaries, divisions, and affiliates, including Poloniex LLC.”

According to the Department of Justice’s announcement, Judge Richard Stearns concluded there is “reasonable basis for believing that cryptocurrency users may have failed to comply with federal tax laws.”

The document also notes the IRS “does not allege that Circle has engaged in any wrongdoing in connection with its digital currency exchange business,” adding:

“The summons seeks information related to the IRS’s ‘investigation of an ascertainable group or class of persons’ that the IRS has reasonable basis to believe ‘may have failed to comply with any provision of any internal revenue laws.’”

A Circle representative told Law360: “We’re reviewing [the summons], and of course expect to work collaboratively with the IRS in responding to the court order.”

Attorney General David Hubbert of the Department of Justice’s Tax Division said: “Those who transact with cryptocurrency must meet their tax obligations like any other taxpayer. The Department of Justice will continue to work with the IRS to ensure that cryptocurrency owners are paying their fair share of taxes.”

Circle was founded in October 2013 by Jeremy Allaire and Sean Neville, with the company launching a Bitcoin wallet the following year that later became its crypto payments application, Circle Pay. In 2018, Circle launched USD Coin in partnership with Coinbase, which is now the second-largest stablecoin by market cap.

Circle purchased the popular digital asset exchange Poloniex in 2018, but announced Poloniex would “spin out” into a new company backed by an investment group with ties to Tron’s Justin Sun the following year.