Crypto Exchanges Before 2018 Are Not “Like-Kind”, According to IRS Official – November 15

📈 30 Second Cryptocurrency Price Summary

Current Bitcoin Price$8,611

Bitcoin has fluctuated around the mid $8,000 range today, returning to $8,600.

Top-20 altcoins have once again remained flat, with only a few coins having 1% moves or greater within the last 24 hours. Cosmos is up 3%, while Litecoin and EOS are up 1.5% each.

Top Stories for November 15, 2019 🔥

👉 Crypto Exchanges Before 2018 Are Not “Like-Kind”, According to IRS Official

An attorney in the IRS Office of the Associate Chief Counsel has claimed that crypto-to-crypto trades before 2018 cannot be treated as tax-deferred “like-kind” transactions.

It was made clear that like-kind exchanges could not be used for cryptocurrency trades made in 2018 and onward, however trades before this time have been a point of contention.

A decision also looms surrounding airdrops, where it is undecided if promotional airdrops should be treated as taxable.

👉 New Law in Wyoming Creates NY BitLicense Workaround

A new crypto-banking law in the state of Wyoming may present a way around the troublesome New York BitLicense, according to sources.

A special structure called a Special Purpose Depository Institutions (SPDI) may allow crypto exchanges to operate in New York without going through the state’s complicated licensing procedures.

👉 Compound Finance Secures $25m in Funding

Compound Finance have landed USD$25 million in Series A funding, led by Andreessen Horowitz.

The funding will be used to bring Compound Finance to the ordinary person, via integration with a range of exchanges and wallets.