For nearly a decade now, Bitcoin and other digital assets have flown somewhat under the radar when it comes to tax law. While the IRS officially registers them as property, with profits on their sale falling under capital gains taxes, the very nature of how exchanges are set up has historically made profits in this space very difficult for the IRS to track. Enforcement … [Read more...] about IRS Takes Aggressive Posture on Crypto Taxes
Banking on Stablecoins
FinTech news this week spread out over the ecosystem, with no one theme dominating my view of the financial media. Here are some of the reports that caught my fragmented attention during the week after the holiday that marks the beginning of summer in the U.S. "Can traditional banks keep pace with FinTech challengers?," The Financial Brand asks. Traditional financial … [Read more...] about Banking on Stablecoins
May 2021 in FinTech: Crypto’s Wild Ride
Finance's continuing shift to digital is moving more and more from a potential future to a day-to-day reality. FinTech investments have more than doubled in the first quarter of this year, and while Bitcoin continues to rise and fall in a spectacularly volatile fashion, mainstream banking's new focus on the sector speaks to an institutional core that cryptocurrencies have never … [Read more...] about May 2021 in FinTech: Crypto’s Wild Ride
Continuing the Growth of Cannabis Banking
Recreational marijuana is now legal in 16 states - with medical usage legal in 36. It's now a thriving billion-dollar industry in those states -- but it remains in an uncertain position, heavily reliant on cash and with uncertain prospects for banking partners due to the continued federal prohibition. The challenges are more difficult than some industries, to be sure; due to … [Read more...] about Continuing the Growth of Cannabis Banking
FinTech Funding Doubles; Crypto Prices Plunge
Private and public investments in FinTech firms surged in the first quarter of 2021. Research firms are predicting that 2021 will set a record for FinTech funding. Understanding what sectors and regions receive venture funding provides perspective to traditional financial institutions, notes The Financial Brand in its coverage. "Seeing where venture capital money is flowing. … [Read more...] about FinTech Funding Doubles; Crypto Prices Plunge
Navigating a Path to Digital Assets
It’s been a theme throughout the year: digital assets like Bitcoin are breaking into mainstream financial services. The expectation is that technology can bring its services to the consumer on a pre-dawn Sunday when they want to make an impulse buy – and that’s exactly what digital assets enable. They let financial institutions put a disposable asset in the hands of a … [Read more...] about Navigating a Path to Digital Assets