🚨The Kraken has been released

Kraken has notified account holders en-mass today they will be turning over cryptocurrency transaction information to the IRS in entirety on their users.

This includes:
- Name
- Date of Birth
- Tax ID
- Address
- Transactions from 2016-20 👇 Kraken also indicated that the court proceeding with the IRS has temporarily halted the clock on the time it has to assess additional taxes or take legal action related to your tax returns for the years 2016, 2017, 2018, 2019, and 2020.

Don't understand what happened with FTX? Unfamiliar with crypto?

EILI5 🧵Below 👇

If you used FTX, and had cash, they took your deposit.

Once that money was inside FTX, it could go anywhere.

If you used FTX, and had BTC, they took your deposit to their wallet. Once that BTC was inside FTX, it could go anywhere.

Seems like mostly that "anywhere" was Alameda or other FTX creditors/Partners/Bad Actors.

In Exchange for FTT Tokens to Balance the Balance Sheet.

FTT tokens were created by them, and they controlled the market price of them

Alameda insiders- asked could it be Sam didn't know? - They laughed, that there's no way he's claiming to be stupid now, when he was a genius wonderkid.

How do you refute that, or believe the story you're spinning?

SBF: I don't know what to say, I had a lot going on.

https://twitter.com/MarioNawfal/status/1597469671716184065

You're telling us the most fundamental part of your business you had no idea about. How is that possible?

SBF: I wasn't aware of these things.

@MarioNawfal got a DM from SBF that say's he has to leave, repeatedly.

Mario: People are saying you're dodging tricky questions...

Curious to know where @SBF_FTX and @FTX_Official's political donations went?

To Protect Our Future PAC received $27,000,000 - Full details here docquery.fec.gov/cgi-bin/fecimg…

Protect Our Future PAC's Treasurer and compliance consultant is based out of Maricopa County In Arizona. @SBF_FTX @FTX_Official @SBF_FTX and @FTX_Official directly funded their treasurer and consultant with funds that Indirectly lead to the election of @katiehobbs.

Pretty interesting @KariLake

Just like a landlord raises rent to increase revenue and leave room for vacancy.

You should raise prices for services you sell and leave room for excess capacity.

Operating at capacity is an opportunity cost for ALL of us, and it can ruin a business too👇 Opportunity Cost = (returns on best Forgone Option) - (returns on Chosen Option)

Assume you can't take anymore customers, unless you hire more employees.

You're at capacity.

The problem isn't lack of employees, it's you over extending your current capacity.

This is bad.

H.R.3684 Infrastructure bill passed.

Digital Assets are now covered securities.

Reporting will be ushered in for all crypto brokers to report to IRS data on activity from 1/1-12/31/23 of all crypto transfers to other non US brokers (private wallets/offshore)

#XRP #SEC #Ripple Big change. More info to come as I look through more specific language.

congress.gov/bill/117th-con…

#SGB (#FLR) #Airdrop was September 16th.

It's November 5th, and kraken says "significantly later"

If you are on Kraken or other late adopters, and expect to receive the airdrop in 2022 I'd suggest closely monitoring the price and contact a tax professional for planning.

https://twitter.com/krakensupport/status/1456640791808466956

Starting price on exchanges was $0.28 so some will recognize ordinary income at $0.28.

Currently we are seeing it trade at $0.45, a 60% increase.

1,000 SGB received can be $280 in income for those who claimed on early exchanges OR $450 if kraken #DropsItAll right now.

Flare ( $FLR ) AIRDROP for US CITIZENS who hold $XRP.....

IS taxable per IRS Rev.Ruling 2019-24
irs.gov/pub/irs-drop/r…

This ruling is authoritative guidance for the same factual circumstances outlined in the ruling, which fits the same factual circumstance $FLR is airdropped. So here's what happens if FLR Airdropped right now?

1) $FLR trading price at time you receive ability to send it is the FMV you recognize as taxable gain.

Ex. 10,000 FLR @ $2 = $20,000 Taxable Value.

Your basis in your coins are now $2/FLR

shortly $FLR goes to $10, you sell

When I rebuttal someone on twitter about #Shilling and #False information I picture them being this type of person. #RespectThePump #CryptoIsAReligion #AltcoinsAreOurGods #InItForThe💸 😂 #WhatTheHellDidIJustWatch?

https://twitter.com/CryptoKaleo/status/1349136214398554119

I'm all about this #Pump

#SEC case against #Ripple is not dropped no matter what you are hearing. They progressed today by appointing attorneys to represent the defendants. The case is not marked as terminated on the court docket either. You can look this up yourself, and get an account to search SDNY.

https://twitter.com/JTheAccountant/status/1349596935305490432

Contacts removed for their security from trolls.

Common sense- if an individual thinks they'll need money in the next 12 months, due to economic uncertainty(COVID,lockdowns,SEC) they should convert to USD or their national currency to pay their predefined debt (mortgage, car pmts, etc...) Don't use #Crytpo as a bank account.1/6 I fully expect 2021 to be a more crazy year than 2020 for the markets and local economys.Biden Tax increases are coming at a time when they will do the most damage to individuals. Unemployment is very high in USA (even for the rigged metrics). Increase to corporate taxes only 2/6

This is now a competitive advantage for #ripple, further their entire management team has been working with #SEC, #banks, and governance teams for years. Another advantage. I'm hard pressed to think they are not comfortable with each other at this point in the game. Not #Libra 6/ We literally supply the world with US dollars. A strong dollar is having bad effects for other countries (World is in a global recession, soon to be a great depression here if we keep printing the world's currency). Why? The dollar is weakening, and that's not good for 2/

There are a lot of people currently afraid of the impending regulatory clarity from @USOCC Brian Brooks and the Office of the Comptroller of the Currency (OCC). #cryptocurrency = wild west since 2009, we've witnessed extraordinary growth, and extraordinary amounts of fraud. #Cryptsy #MtGox exchanges closed down, stole individuals account balances, and employees fled countries only for the individuals to have little recourse under local and international laws. 11 years later, many individuals losing it all we're getting clarity, and that is exciting.