This seminar provides an overview of the literary and intellectual history of late nineteenth-century America. Meanwhile, the abolitionist movement reached its peak, Lincoln freed slaves, the North defeated the Confederacy, and reconstruction came to the South. The country has witnessed the rise of the women`s rights movement, the rise of Darwinian thought, and great leaps in technology and industry. In short, the United States became modern in the late nineteenth century, and the nation`s writers played a crucial role in promoting narratives, aesthetics, and ideas that would change American thinking. As a potential insolvency of FTX becomes even more likely, some have already accepted that their #FTX #cryptoholdings may be lost. Unfortunately, mental copying doesn`t count as #tax lag. So, what can you do?! ð¡In order to generate tax losses and reduce potential taxable gains, these must first be realized. This means that assets with imminent losses must be either (i) sold for FIAT, (ii) exchanged for other assets, or (iii) exchanged for valuables or commodities. As long as such a sale has not taken place, even if access to the funds is virtually lost, there is usually a legal right to their return.
As a result, these losses have not yet been realized for tax purposes in most jurisdictions. Considering that a lawsuit could potentially take years and remain unsuccessful, this is obviously not a satisfactory outcome. Another solution could be an OTC transaction, in which the claim for the delivery of certain assets against FTX is sold to another person. However, the price of these assignments of receivables is generally well below the market price of the corresponding assets. Therefore, if you decide not to #hodl this situation, taxable losses, even if a withdrawal from FTX should not be possible, can at least be realized through a transaction executed now. However, if this is the desired course of action, it is necessary to keep a copy of the transaction history for tax documentation purposes, especially taking into account the possible closure of the trading platform. Blockpit AG offers an easy-to-use and fully automated solution by connecting your FTX API to your Blockpit account. Last but not least: there were some tax cases in the Mount Gox fiasco where clear documentation of the loss of access to the platform was accepted as evidence of the loss of funds. It might be worth trying to convince the tax authorities if a sale or over-the-counter negotiation is no longer possible. ð Are you interested in other updates like this one from Florian Wimmer? Then follow Blockpit AG on Twitter: In March 2022, CBI again warned retail clients about the risks of investing in crypto assets, pointing out that crypto assets are “very risky and speculative”. Since anyone educated already knows this, it is difficult to see what public interest these repeated regulatory statements serve.
They also create a climate where the dominant regulatory position with respect to crypto assets and markets is not favourable. Anyone working in FinTech knows the challenges that even large, established technology companies face in meeting the expectations of financial services regulators. Regulated financial firms are expected to be staffed according to the supervisor`s perception of their resource needs. The regulator expects them to be governed and managed by strictly defined protocols and practices, all of which are documented and available for regulatory inspection. The focus on content, governance and behaviour fosters a culture of consensus and decision-making through committees with limited scope for risk-taking, experimentation and innovation. Head of Regulatory Affairs at Blockchain for Europe (BC4EU) / EU Public Affairs Consultant for Technology Policy and Fintech Whether a crypto asset can be considered money ultimately depends on its functionality. When a crypto-asset is generally accepted as a means of payment, it becomes “money” even if it is not legal tender. This prospect was terrifying for central bankers around the world.
If a crypto asset is “money,” central bank money supply management could be marginalized or even redundant through traditional tools such as interest rate setting. Indeed, the decentralized nature of the DLT blockchain means that there is no central authority that can impose conditions for the use of crypto assets or restrict their creation. The content of this article is provided for informational purposes only and does not constitute legal or other advice.