Bitcoin

<p class="is-style-lead">MicroStrategy CEO and Bitcoin supporter Michael Saylor has agreed to the largest income tax settlement deal in Washington D.C.’s history.&nbsp;</p>
<p>According to The Washington Post, Bitcoin (<a href="https://crypto.news/price/bitcoin/" target="_blank" rel="noopener noreferrer nofollow">BTC</a>) advocator Michael Saylor and his software company MicroStrategy reached a $40 million payment package with the state to settle a tax evasion lawsuit.&nbsp;</p>
<p>Attorney General Brian L. Schwalb’s case <a href="https://www.washingtonpost.com/dc-md-va/2024/06/03/bitcoin-investor-michael-saylor-dc-tax-evasion/" target="_blank" rel="noopener noreferrer nofollow">revolved</a> around Saylor’s residency and tax returns between 2005 and 2021.&nbsp;While Saylor claimed he lived in Florida, city attorneys had reason to believe he lived in a luxury apartment and on yachts within the District of Columbia’s jurisdiction.&nbsp;</p>
<p>Both MicroStraegy and Saylor denied tax evasion violations per the terms of the settlement deal.&nbsp;</p>
<p>You might also like: <a href="https://crypto.news/michael-saylor-ethereum-altcoins-are-unregistered-crypto-securities/" rel="noopener noreferrer nofollow"> Michael Saylor: Ethereum, altcoins are unregistered crypto securities </a></p>
<h2 class="wp-block-heading" id="michael-saylor-s-ether-etf-prediction-nullified">Michael Saylor’s Ether ETF prediction nullified</h2>
<p><a href="https://crypto.news/?s=Saylor" rel="noopener noreferrer nofollow">Saylor</a>’s tax debacle in the Capital follows disputed assertions by the enigmatic Bitcoin believers. Early last month, MicroStrategy’s founder <a href="https://crypto.news/michael-saylor-ethereum-altcoins-are-unregistered-crypto-securities/" target="_blank" rel="noopener noreferrer nofollow">told</a> an audience that the U.S. SEC would deny spot Ethereum (<a href="https://crypto.news/price/ethereum/" target="_blank" rel="noopener noreferrer nofollow">ETH</a>) ETFs.</p>
<p>Saylor’s reasoning for the statement stemmed from unclarity around the securities status of cryptocurrencies. However, in the CEO’s words, altcoins like Cardano (<a href="https://crypto.news/price/cardano/" target="_blank" rel="noopener noreferrer nofollow">ADA</a>), Ethereum, and Solana (<a href="https://crypto.news/price/solana/" target="_blank" rel="noopener noreferrer nofollow">SOL</a>) are all unregistered crypto asset securities. The argument echoed rhetoric from SEC Chair Gary Gensler.&nbsp;</p>
<p>Although <a href="https://crypto.news/?s=Gensler" target="_blank" rel="noopener noreferrer nofollow">Gensler</a> has refrained from making such a categorical statement, the commissioner is adamant that most cryptocurrencies fall under existing financial laws, and digital asset service providers operate illegal businesses should they fail to register with the regulator.&nbsp;</p>
<p>Weeks after Saylor’s stance on stage, the SEC announced the first stage of spot <a href="https://crypto.news/?s=Ethereum+ETF" target="_blank" rel="noopener noreferrer nofollow">ETH ETF</a> approvals. Due to what experts have termed “shifting political tailwinds,” the Ether-backed products look likely to trade on national exchanges before the year’s fourth quarter.&nbsp;</p>
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
 <div class="wp-block-embed__wrapper">
  <blockquote class="twitter-tweet" data-width="550" data-dnt="true">
   <p lang="en" dir="ltr">Good sign. Prob see rest roll in soon. Then prob one more round of fine-tune comments from Staff. End of June launch a legit possibility altho keeping my o/u date as July 4th <a href="https://t.co/WymshkTvat" target="_blank" rel="noopener noreferrer nofollow">https://t.co/WymshkTvat</a></p>— Eric Balchunas (@EricBalchunas) <a href="https://twitter.com/EricBalchunas/status/1795934675380109479?ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">May 29, 2024</a>
  </blockquote>
  <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
 </div>
</figure>
<p>Analysts like Bloomberg’s <a href="https://x.com/EricBalchunas/status/1795934675380109479" target="_blank" rel="noopener noreferrer nofollow">Eric Balchunas</a> and James Seyffart did note issuers withdrew all staking language from updated filings, and S-1 forms remain under review.&nbsp;</p>
<p>The updates have fueled speculation over the regulator’s view on Ethereum as a blockchain running under the proof-of-stake consensus model and whether the SEC will ever recognize crypto staking as a non-security instrument.&nbsp;</p>
<p>Read more: <a href="https://crypto.news/unlike-the-us-hong-kong-considering-staking-in-spot-ethereum-etfs/" rel="noopener noreferrer nofollow"> Unlike the US, Hong Kong considering staking in spot Ethereum ETFs </a></p>

Michael Saylor, MicroStrategy to pay $40m in tax evasion settlement

Table of Contents

crypto.news

Other articles published on Jun 3, 2024

BlockDAG Keynote 2 Incites Investor Rush, Targets $30 by 2030, Outpacing GRT Price Updates and Fa...

Biggest Web3 Gaming Reveal EVER!? Readyverse on $XRP + $MYTH + $AVAX

Are Bitcoin ETFs drawing capital away from Gold? VanEck CEO says…

Top 3 Altcoins Set for Explosive Growth

Crypto Analyst Says Bitcoin Will Rise To $79,600 If This Holds

GameStop Soars 300% as Roaring Kitty Buys Big GME Calls

Join our free newsletter for daily crypto updates!