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By Staff Reporters
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In a first-of-its-kind settlement with the SEC, the crypto exchange Kraken will stop offering crypto staking services in the US. The regulatory crackdown sent a chill across the crypto industry, since staking (crypto’s version of a high-yield savings account, as CoinDesk explains it) is a growing source of revenue for crypto platforms. Shares of Coinbase, the largest crypto exchange in the US, dropped the most since July on the news.
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The IRS is asking millions of taxpayers in 22 states including California and Colorado who received tax rebates last year to hold off on filing their taxes. Why? The agency said it is seeking to clarify whether those tax rebates and special refunds are considered taxable income. “We expect to provide additional clarity for as many states and taxpayers as possible next week,” the IRS said on February 3.
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Inflation going back up? The big economic data release of the week is Tuesday’s consumer price index report. It probably won’t be cause for celebration, because inflation is expected to have ticked back up in January. If so, it’ll fan more fears that the economy is heating up when the Fed wants it to keep cooling down.
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Filed under: "Ask-an-Advisor", Accounting, Alerts Sign-Up, Information Technology, Investing, LifeStyle, Taxation | Tagged: crypto, crypto-currency, crypto-staking, fed, FOMC, inflation, IRS | Leave a comment »
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