Crypto News Recap - The IRS Clarifies Its Position on Crypto Purchases - Feb 26 - Mar 5 2021

News Recap Synopsis and additional links found on the unchainedpodcast.com website:
https://unchainedpodcast.com/the-irs-clarifies-its-position-on-crypto-purchases/

The IRS Clarifies Its Position on Crypto Purchases
PLUS: NFTs are going mainstream
This week saw Bitcoin and Ethereum stay relatively flat, hovering around $49,000 and $1,500, respectively. While the two most prominent cryptocurrencies languished, the rest of the market had a vibrant seven days.
Non-fungible tokens continue to push the boundaries of digital ownership and artistic control. Kings of Leon will release an NFT album today, becoming the first rock band to do so, Grimes sold her collection of art NFTs to the tune of $5.8 million in under 20 minutes, and a group of crypto enthusiasts physically burned a Banksy piece titled “Morons,” and revived it as a digital piece that will now be sold as an NFT via OpenSea. Whether NFTs turn out to be the ICOs of 2021 or are here to stay is still up in the air.
Traditional institutions announced quite a few tantalizing crypto schemes this week. On the tech side, Amazon Web Services now supports Ethereum, and PayPal plans to purchase crypto custody firm Curv. On the finance side, Goldman is relaunching its cryptocurrency trading desk, Schwab is considering becoming a crypto broker, and Citibank believes that Bitcoin is at a tipping point.
In other crypto news, the IRS clarified its position on the “did you receive, sell, send exchange, or otherwise acquire” cryptocurrency question found on the 1040. WallStreetBets may be moving to DeFi with plans to “stop betting against the house and become the new house.” BitMEX CEO Arthur Hayes could potentially surrender to U.S. authorities in April. And DeFi saw two hacks this week, with one being a possible rug pull.
On the podcasts, Caitlin Long dives deep on all things crypto banking, dangling enticing tidbits about her upcoming Avanti Bank’s philosophy and its forthcoming token, AVIT, and explaining what was really the core issue with GameStop. And today, Gil Luria, the first Wall Street analyst to cover bitcoin back in 2013, reemerges after a four-year hiatus from crypto to talk about why he views Coinbase’s upcoming direct listing as the Amazon moment for crypto and what his price target is for the stock.

Thank you to our sponsor!
Crypto.com: https://bit.ly/3jzkTAD
Download the Crypto.com app here: https://crypto.onelink.me/J9Lg/laurashinpodcasttesla

This Week’s Crypto News…
NFTs Take Off With Mainstream Artists ????
https://www.rollingstone.com/pro/news/kings-of-leon-when-you-see-yourself-album-nft-crypto-1135192/

Traditional Finance Is Coming to Crypto… One Headline at a Time
Amazon Web Services https://www.coindesk.com/amazon-managed-blockchain-at-last-supports-ethereum-ending-a-two-year-tease
PayPal https://www.coindesk.com/paypal-to-buy-crypto-custody-firm-curv-sources
FTX https://www.coindesk.com/crypto-derivatives-platform-ftx-now-supports-deposits-via-paypal
Goldman Sachs
https://www.coindesk.com/goldman-relaunches-crypto-desk
futures by mid-March after being put into hiatus in 2018 due to regulatory concerns.
State Street https://www.theblockcrypto.com/linked/96864/state-street-van-eck-bitcoin-etf-proposal
Discover Financial https://www.coindesk.com/discover-financial-planning-a-roadmap-for-crypto-blockchain-products
Charles Schwab https://www.theblockcrypto.com/daily/96950/charles-schwab-exploring-white-label-crypto-trading
Citibank https://www.theblockcrypto.com/post/96599/bitcoin-international-trade-currency-citi

The IRS Clarifies the 1040 Question
https://www.coindesk.com/irs-1040-faq-buying-crypto-with-usd
https://unchainedpodcast.com/everything-you-need-to-know-about-your-2020-crypto-taxes/

WallStreetBets Is Becoming a DAO
https://decentralizewsb.com/

Robinhood
https://www.bloomberg.com/news/articles/2021-02-27/robinhood-said-to-plan-confidential-ipo-filing-as-soon-as-march

BitMEX CEO May Surrender to US Government Next Month
https://www.coindesk.com/bitmex-ceo-arthur-hayes-may-surrender-to-us-law-enforcement-next-month

DeFi Roundup
Meerkat Finance https://www.theblockcrypto.com/linked/97082/rug-pull-defi-meerkat-31-million
Uniswap
https://twitter.com/haydenzadams/status/1366428974621085696

Furucombo
https://www.theblockcrypto.com/linked/96572/defi-building-block-service-furucombo-exploited-for-14m

Fun Bits

Reminiscence of CypherPunk Suggests Satoshi Nakamoto Committed Suicide
https://leung-btc.medium.com/len-sassaman-and-satoshi-e483c85c2b10