Taxbit, a crypto tax compliance software company, laid off 80 workers (40% of its staff) and announced the departure of CEO Austin Woodward. Lindsey Argalas, a former Intuit executive, replaced him. The company plans to re-expand in the UK and EU amidst a more complex regulatory environment and growing taxation focus in the crypto space.
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Binance Layoffs and New Hires: Examining the Crypto Industry’s Growth Challenges
Binance.US confirms layoffs amidst SEC investigation, while other crypto firms like Eden Block and Public make strategic hires. Crypto industry sees experienced professionals joining, but also faces legal challenges leading to job losses.
Crypto Wash Trading Regulations: Balancing Tax Evasion Prevention and Innovation
Democrats push for tighter regulations on cryptocurrency wash trading to address tax evasion, as the IRS doesn’t currently treat cryptocurrencies as securities. Regulators aim to balance fostering innovation while protecting investors and the broader financial system from fraudulent activities.
Crypto’s Image Problem: Overcoming Scandals and Jargon for Mainstream Adoption
The crypto industry must address its image problem to achieve mainstream adoption, through better communication of digital assets’ purpose, offering tangible services, and fostering trust and transparency amidst skepticism from recent incidents surrounding FTX and Terra ecosystem.