Kraken Offering Equity / BSV Surged 200% / IEOs are ICOs / Crypto Tax Laws

Inside Bitcoin presented by IBM Watson.

Presented by Subscribe | View in browser $BTC (3:43 p.m. EST): $8,026.40 (1.46%) // 90-day high: $8,320.82 // 90-day low: $3,733.75 / / More… $ETH (3:43 p.m. EST): $258.12 (2.88%) // 90-day high: $275.39 // 90-day low: $125.40 // More…       1. U.S. based crypto exchange Kraken is offering retail investors the chance to buy equity in the platform during a $10 million fundraise. As of Tuesday morning, Kraken raised just north of $6.76 million from 300 investors. Kraken offered equity to accredited investors with a $1,000 minimum commitment. Kraken officials stated, "We are always looking for ways to democratize access to our equity, allowing more of our valued clients to become valued investors." -COIN TELEGRAPH       2. Bitcoin SV surged 200% as Craig Wright was granted a U.S. patent for bitcoin's whitepaper and original code. BSV reached as high as $195 BSV/USDT on the Singapore based exchange Huobi. Wright intends to assign the copyright rights to "Bitcoin Association," the organization that supports Bitcoin SV and owns the Bitcoin SV software. Five weeks ago BSV was removed from multiple exchanges including Binance as the crypto community renounced Craig Wrights claims that he was the real Satoshi Nakamoto. -COIN DESK       A MESSAGE FROM IBM WATSON Join us to build your AI plan. Bring your team (and your lunch) to a one-of-a-kind, interactive online workshop with IBM Watson experts on Wednesday, May 29, from 1 to 2 pm ET. Join us to identify your top pain points, brainstorm your AI use cases, and walk away with an actionable plan to accelerate AI deployment across your business. Save your spot 3. From The Forums: Twitter user @JChervinsky tweeted a statement that caused agreement throughout his mentions regarding Initial Exchange Offerings.  "IEOs are just ICOs administered by exchanges. End of story. Please don't be fooled into thinking this makes IEOs somehow more legitimate than ICOs. Exchanges have gladly listed worthless tokens for years to earn fees. Their involvement is *not* a meaningful stamp of approval." Crypto Twitter influencer @BullyEsq quoted the tweet and said, "Unregistered securities brokers conducting unregistered securities offerings. What could possibly go wrong?!" Binance's Launchpad has been the leader in IEOs with all four of its listed projects having positive gains since their listing.       4. The IRS will soon release in-depth guidance on cryptocurrency tax reporting for the first time since 2014. The move comes in a response to Rep. Tom Emmer's request for further guidance on reporting cryptocurrencies. IRS Commissioner Charles P. Rettig wrote in a response to Emmer, "I share your belief that taxpayers deserve clarity on basic issues related to the taxation of virtual currency transactions and have made it a priority of the IRS to issue guidance." Emmer is part of the Congressional Blockchain Caucus who aim to solidify reporting and legal requirements associated with cryptocurrencies. -THE TOKENIST       A MESSAGE FROM LINODE Need a server up and running today? Have your choice of Linux distro, resources, and node location and instantly deploy an SSD server in the Linode Cloud. Now offering Dedicated CPU instances, designed for all high performance computing needs.  Here's $20 worth of hosting on us to get you started. 5. The NY Post released an article titled, "Bitcoin will soon be worth zero." -NY POST 6. The SEC obtained an emergency order halting the ICO of Argyle Coin in an apparent Ponzi scheme involving 300 investors. -SEC 7. Youtube influencer PewDiePie helped grow blockchain-based live streaming service DLive's userbase to over 5 million users after signing an exclusive live streaming deal with the company last month. -COIN DESK 8. Assemblymen Clyde Vanel introduced a smart contract bill to the New York State legislature. -CITY AND STATE NY 9. TD Ameritrade invested in ErisX, a regulated cryptocurrency exchange. -TD AMERITRADE 10. The SEC delayed the ruling on the VanEck Bitcoin ETF until the end of the summer at the earliest. -DECRYPT MEDIA       Written and curated by Darren Webb. He created Currencylists and has worked in marketing roles for a multitude of cryptocurrency and blockchain projects since 2014. Based in NYC, Darren loves to read and continue to learn about cryptocurrency and emerging technology in his spare time. You can find him on Twitter @Dwebbny. Editing team: Kim Lyons (Pittsburgh-based journalist and managing editor at Inside) and David Stegon (senior editor at Inside, whose reporting experience includes cryptocurrency and technology).

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Sponsored by   May 21, 2019 COPYRIGHT CLAIMS: Craig Wright, the controversial self-proclaimed creator of bitcoin, has filed registrations with the U.S. Copyright Office supporting his claims of authorship over the original bitcoin code and the Satoshi white paper. A press release sent to CoinDesk states: “In the future, Wright intends to assign the copyright registrations to Bitcoin Association to hold for the benefit of the Bitcoin ecosystem. Bitcoin Association ... supports BSV and owns the Bitcoin SV client software.” To be clear, registration does not imply ownership of copyright. The copyright process allows anyone to register anything in an effort to prepare, say, for lawsuits associated with ownership. Full story TAX CLARITY: The U.S. Internal Revenue Service is working on its first tax guidance for cryptocurrency since 2014, the agency’s commissioner said Monday. In a reply to Rep. Tom Emmer’s request for further guidance on reporting cryptocurrencies, IRS Commissioner Charles P. Rettig outlined a non-specific plan to release in-depth guidance “soon.” “I share your belief that taxpayers deserve clarity on basic issues related to the taxation of virtual currency transactions and have made it a priority of the IRS to issue guidance,” Rettig wrote. Full story ETF UPDATES: The U.S. Securities and Exchange Commission (SEC) has again delayed a decision on a bitcoin exchange-traded fund (ETF) proposal from the VanEck SolidX Bitcoin Trust. The regulator invited comments from the public, due 21 days from when the order is published in the Federal Register, and rebuttals to those comments, due 35 days after such publication. At the same time, NYSE Arca has formally applied to the SEC for a rule change that would allow it to list shares in a proposed bitcoin investment trust that would invest exclusively in bitcoin and short-term U.S. Treasury securities. Full stories here and here TOKEN LAUNCHER: Bitfinex announced today its first foray into the increasingly popular business of initial exchange offerings (IEOs). A new service from the exchange, called Tokinex, will announce its first token launch this Thursday, followed by the debut of a second token on June 13. “What it means to be an exchange has evolved alongside the maturing crypto market. It has become an entire ecosystem, not just limited to the remit of trading digital assets,” said Jean Louis van der Velde, CEO of Bitfinex and Ethfinex. Full story SPONSOR SECTION The blockchain story in 2019 is beginning a new chapter, one in which the questions executives are asking are tougher, more granular, more grounded, and more pragmatic. Is blockchain ready for prime time? 1,400 executives say yes.  Learn the answers in Deloitte's 2019 Global Blockchain Survey.   OUT OF STEAM? The path of least resistance for bitcoin still appears to be on the higher side. After all, the cryptocurrency has registered double-digit gains for three consecutive weeks – a feat last seen at the height of the bull market in 2017. However, the bulls looks exhausted, having failed three times in the last seven days to engineer a sustained move above $8,300. That, coupled with a bearish candle pattern on the daily chart, suggests scope for a pullback to $7,000 in the short term. Full story BEST OF THE BEST HIGH SOCIETY: "In his Midtown office, with weed paraphernalia on every shelf, he kept three bongs on his desk — and was toking from one as he met the millionaires." That's the New York Post's rather cinematic description of a young Charlie Shrem's first 2012 encounter with Winklevoss brothers in a preview of "Bitcoin Billionaires ," Ben Mezrich's just-released book chronicling the squared-jawed twins' adventures in crypto-land.     THE REST JAPAN BILL: In-the-works Japanese legislation on cryptocurrencies has been moved to the House of Councilors, the upper house of the nation’s parliament or diet, according to Nikkei. The bill is aimed to tighten regulations covering cryptocurrency trading, as well as change the legal name for “virtual assets” to “cryptographic assets.” SCAM WARNING: The Australian Securities and Investments Commission has warned investors of a possible crypto scam called Dartalon Ltd. Also using the name GFC Investments, the firm purportedly offers trading in forex, contracts-for-differences and cryptocurrencies, Finance Magnates reports. RIPPLE REMITTANCES: One of Saudi Arabia’s biggest banks, SABB, has teamed up with Indian bank IndusInd to open a remittance corridor between the two nations using blockchain technology from Ripple. Ripple said on its website that SABB believes that one of the key advantages for customers is the tracking and transparency of the technology. WHO WON #CRYPTOTWITTER Copyright © 2019 CoinDesk, All rights reserved.  Our mailing address is:  250 Park Avenue South New York, NY, 10003, US  Want to change how you receive these emails? You can update your preferences or unsubscribe from this list

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