IRS Expands Key US Tax Language to Include NFTs

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ASLO: A16z rejects plan to decentralize MakerDAO, EU crypto miners must be ready to throttle business and more |

October 19, 2022

The biggest crypto news and ideas of the day

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Hello and welcome to The Node. This is Daniel Kuhn and Xinyi Luo, here to take you through the latest in crypto news and why it matters. In today’s newsletter:

Top Shelf: IRS expands U.S. tax language, EU Commission says countries must be ready to block crypto mining and A16z pushes back against MakerDAO founder Rune Christensen’s decentralization manifesto. The Takeaway: David Z. Morris takes a look at the lies, misdirections and fantasies Terra founder Do Kwon told podcaster Laura Shin in a recent podcast.

– D.K.

Today’s must-reads

Top Shelf

IRS Expands Key US Tax Language to Include NFTs: The U.S. Internal Revenue Service (IRS) released an updated draft for its 2022 tax filing instructions that includes a broader definition of “digital assets,” including an explicit recognition of non-fungible tokens.

Crypto investors will have to calculate and report taxable income on form 1040 “if you disposed of any digital asset in 2022 that you held as a capital asset, through a sale, exchange, gift, or transfer,” according to the latest document.

EU Countries Must Be Ready to Block Crypto Mining, Commission Says: Members of the European Union must be ready to block crypto mining, the European Commission's legislative arm said Tuesday as the region prepares for an uncertain winter. The EU is also developing an energy-efficiency label for blockchains and planning to cut tax breaks for crypto miners.

“In case, there is a need for load shedding in the electricity systems, the [EU] member states must also be ready to stop crypto-assets mining,” the commission said in a document published Tuesday. This comes amid the Russian-Ukraine war that has disrupted access to gas and raised energy prices and a 900% increase in crypto’s energy consumption over five years, the EU said.

A16z Doesn’t Support Plan to Break Up DeFi Giant MakerDAO: Venture capital giant Andreessen Horowitz (a16z) is not on board with founder Rune Christensen’s vision to break up MakerDAO, one of crypto’s largest decentralized finance protocols, into smaller units.

A16z, an investor in Maker with power to sway votes in decision-making, laid out its own vision for the protocol’s path forward, pushing back against plans to make the DAI issuer more decentralized and censorship-resistant. "Currently, MakerDAO is wrestling with the trade-offs between growing the protocol or hardening it against regulatory risks,” Dustin Teander, an analyst at crypto intelligence platform Messari, told CoinDesk.

– D.K.

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Putting the news into perspective

The Takeaway

(Terra, modified by CoinDesk)

Do Kwon’s Beautiful Dark Twisted Fantasy World

In an in-depth interview with podcaster Laura Shin, Terra founder and international fugitive Do Kwon offers “a window into the mind of an unapologetic sociopath,” according to one viewer. CoinDesk’s David Z. Morris writes about the things we know, suspect and assume about the developer who built and destroyed a multi-billion dollar algorithmic stablecoin empire. Read the full article here.

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The news in a sentence