Cryptocurrency tax
Johnson, who is based in Clearwater, Florida, shared with Al Jazeera an important X thread from Miles Deutscher, a prominent crypto analyst, explaining the significance of the Trump presidency and its possible effect on the US economy.< https://info-dealer.com/exoskeletons-in-construction/ /p>
Trump’s top team is meeting with bitcoin and crypto experts and industry executives to discuss creating a White House role dedicated to cryptocurrency policy, overseeing policy and regulation across the federal government, Bloomberg reported, citing anonymous sources.
“Bitcoin, which is rare and is special, will become ever more rare, ever more valuable, over time it’ll be financed just like gold oil. Bitcoin will be way, way, way higher—sometimes lower—you just have to have faith,” Lutnick, who is the U.S. custodian for Tether’s $130 billion stablecoin USDT via Cantor Fitzgerald, said earlier this month.
Colorado pastor cryptocurrency
Eli Regalado, a pastor in Denver, Colorado, and his wife, Kaitlyn Regalado, “created, marketed and sold a cryptocurrency known as the ‘INDXcoin’ to members of the Christian community,” according to a statement from the Colorado Division of Securities. “The INDXcoin was also offered through the Kingdom Wealth Exchange (KWE), an online cryptocurrency exchange that they created, controlled and operated.”
“Mr. Regalado took advantage of the trust and faith of his own Christian community and that he peddled outlandish promises of wealth to them when he sold them essentially worthless cryptocurrencies,” Chan said.
In three YouTube videos and an interview with BusinessDen, the 44–year-old struck a defiant tone, vowing to resume selling his cryptocurrency outside Colorado — he’s barred from doing so inside the state — and to fight and defeat a lawsuit that state regulators have filed.
Colorado Securities Commissioner (CSC) Tung Chan filed civil fraud charges against Eligo and Kaitlyn Regalado last week in Denver District Court, according to a statement from the Colorado Department of Regulatory Agencies. The complaint accuses the Regalados of targeting members of the state’s Christian community, enriching themselves by promoting a cryptocurrency token that the Denver couple launched called the INDXcoin.
“It was last October 21 that the Lord brought this cryptocurrency to me. He said, ‘Take this to my people for a wealth transfer,’” Regalado said in a video update to INDXcoin followers in August 2022.
“These allegations of fraud are propped up and based on the State of Colorado assuming that we are a security. If INDXcoin is seen as a security by a court of law then yes, we are guilty of securities fraud, but we have always maintained that we are a utility,” he said.
Cryptocurrency meaning
Most of the time, when you hear about cryptocurrency types, you hear the coin’s name. However, coin names differ from coin types. Here are some of the types you’ll find with some of the names of tokens in that category:
Individual coin ownership records are stored in a digital ledger, which is a computerized database using strong cryptography to secure transaction records, control the creation of additional coins, and verify the transfer of coin ownership. Despite the term that has come to describe many of the fungible blockchain tokens that have been created, cryptocurrencies are not considered to be currencies in the traditional sense, and varying legal treatments have been applied to them in various jurisdicitons, including classification as commodities, securities, and currencies. Cryptocurrencies are generally viewed as a distinct asset class in practice. Some crypto schemes use validators to maintain the cryptocurrency.
Otherwise, fraudsters may pose as legitimate virtual currency traders or set up bogus exchanges to trick people into giving them money. Another crypto scam involves fraudulent sales pitches for individual retirement accounts in cryptocurrencies. Then there is straightforward cryptocurrency hacking, where criminals break into the digital wallets where people store their virtual currency to steal it.
After the early innovation of bitcoin in 2008 and the early network effect gained by bitcoin, tokens, cryptocurrencies, and other digital assets that were not bitcoin became collectively known during the 2010s as alternative cryptocurrencies, or, “altcoins”. Sometimes the term “alt coins” was used, or disparagingly, “shitcoins”. Paul Vigna of The Wall Street Journal described altcoins in 2020 as “alternative versions of Bitcoin” given its role as the model protocol for cryptocurrency designers. A Polytechnic University of Catalonia thesis in 2021 used a broader description, including not only alternative versions of bitcoin but every cryptocurrency other than bitcoin. “As of early 2020, there were more than 5,000 cryptocurrencies. Altcoin is the combination of two words “alt” and “coin” and includes all alternatives to bitcoin.” : 14
An initial coin offering (ICO) is a controversial means of raising funds for a new cryptocurrency venture. An ICO may be used by startups with the intention of avoiding regulation. However, securities regulators in many jurisdictions, including in the U.S. and Canada, have indicated that if a coin or token is an “investment contract” (e.g., under the Howey test, i.e., an investment of money with a reasonable expectation of profit based significantly on the entrepreneurial or managerial efforts of others), it is a security and is subject to securities regulation. In an ICO campaign, a percentage of the cryptocurrency (usually in the form of “tokens”) is sold to early backers of the project in exchange for legal tender or other cryptocurrencies, often bitcoin or Ether.
