EddieJayonCrypto
24 Dec 22
• Gary Gensler vows to crack down on crypto firms after sleeping on FTX while Wells Fargo gets a slap on the wrist• Biden administration presses pause on making brokers report on customer gainsFrom Gary Gensler vowing to crack down even more on crypto firms to the IRS and Treasury delaying crypto ga...
• Gary Gensler vows to crack down on crypto firms after sleeping on FTX while Wells Fargo gets a slap on the wrist• Biden administration presses pause on making brokers report on customer gainsFrom Gary Gensler vowing to crack down even more on crypto firms to the IRS and Treasury delaying crypto gain reporting, there is much to consider and the year comes to a close. Here is what is on my mind now.1. My favorite regulatory schlump has vowed to crack down on non-compliant crypto firms. I actually don't have a problem with making firms maintain compliance. That said, I have a question for him. Where was he when Wells Fargo was committing loans violations against more than 16M people. Their penalty is only $3.7B with only $2B going to those affected. That equates to $125 on average. Remember that as you consider just how much he is going after Ripple while also sleeping on the shenanigans going on at FTX. 2. Due to a lack of definitive provisions for enforcing the new requirements, the Biden administration has postponed requiring crypto brokers to report customer' gains. The new rules were to take effect on January 1st. This is great news considering I just found out from my CPA that wash trading of crypto is still legal. So, That will be on the plate for next week.