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Warning IRS Declares War On Crypto

Originally aired on October 12, 2023

In this episode of The O Show, host Wendy O covers various topics in the crypto and NFT space. She discusses updates on FTX, the proposed IRS rules on crypto taxes, news from Squid Grow, and the correlation between certain individuals in the industry and political connections. Wendy emphasizes the importance of understanding crypto taxes and working with a reputable CPA to ensure compliance. She also highlights the ongoing market trends, particularly with Bitcoin’s price movements. Wendy invites viewers to engage with her on YouTube for a better interactive experience. The episode provides valuable insights into the current state of the crypto industry and offers sound advice for crypto enthusiasts.

Proposed IRS Rules on Crypto Taxes

  • Senators express concerns about delayed crypto tax reporting rules.
  • The IRS aims to hold crypto brokers accountable for tax reporting.
  • Lack of clarity in crypto tax guidelines causing stress for taxpayers.
  • Importance of finding a reputable CPA to navigate crypto taxes legally.

Updates on FTX

  • FTX facing trial and allegations of bribery and fraud.
  • Caroline Ellison testifies regarding bribery and the recovery of locked funds.
  • FTX collapse impacts other companies, such as Genesis, who lost significant amounts.

Squid Grow Updates

  • Squid Grow announces the conclusion of their migration and trading resumption.
  • Changes to tokenomics with removal of the transfer tax.
  • Emphasis on transparency and addressing community concerns.
  • Successful audit and commitment to security and growth.

Correlation Between Individuals and Political Connections

  • Notable individuals and VC groups tied to crypto exchanges like Huobi.
  • Allegations of bribes and involvement with public servants.
  • Questions about Sam Bankman-Fried’s relationship with Gary Gensler and other politicians.
  • Examining connections between crypto companies and public officials.

Importance of Due Diligence and Code Testing

  • Testimony reveals lack of code testing at companies like Alam and FTX.
  • Vulnerabilities and losses caused by failure to properly audit and test code.
  • Highlighting the need for thorough due diligence and caution when engaging with crypto projects.
  • Lessons in risk management and the importance of responsible development practices.

Genesis Settlement with FTX

  • Genesis settles a $175 million agreement with FTX, expunging billions in claims.
  • Reduction in the amount originally claimed by FTX.
  • Implications for ongoing bankruptcy proceedings and potential creditor payouts.
  • Demonstrates the complexities of legal processes in the crypto industry.