IRS Releases Tax Guidance on Hard Forks and Airdrops

The U.S. Internal Revenue Service (IRS) has taken a significant step to provide much-needed clarity for crypto users. On October 9, 2019, the tax authority published an announcement of Revenue Ruling 2019-24, which addresses an array of questions concerning tax compliance related to cryptocurrency airdrops and blockchain hard forks. The issue of how to tax…

DropBit Adds Lightning Network Support

DropBit, a bitcoin wallet and payment service provided by CoinNinja, allows you to send bitcoin to people who don’t own any. Now, it’s using Lightning Network to beef up its self-stylized role as the Venmo for bitcoin. Revealed exclusively to Bitcoin Magazine ahead of a public announcement, the DropBit app has built out its own…

SEC Rejects Bitwise’s Bitcoin ETF Proposal

Like many that came before it, Bitwise’s bitcoin exchange-traded fund (ETF) aspirations have fallen by the wayside. This comes just three days after Bitwise’s Head of Research told CNBC that “We’re closer than we’ve ever been before to getting a bitcoin ETF approved.” The asset management firm filed this bitcoin ETF proposal in January 2019…