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US Court Authorizes IRS to Summon Cryptocurrency User Records From Circle and Poloniex

The Internal Revenue Service (IRS) has obtained authorization from a federal court to seek information on cryptocurrency users from Circle and Poloniex exchange platforms. The tax authority wants records identifying crypto users who conducted $20,000 or more in crypto transactions during the years 2016 to 2020 as well as other documents relating to their crypto transactions. IRS Got Court Approval to Summon Data on Crypto Users From Circle and Poloniex The U.S. Department of Justice (DOJ) announced Thursday that a federal court has authorized the IRS “to serve a John Doe summons” on “Circle Internet Financial Inc., or its predecessors,…

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DeFi Hype Seems Bloated As Only 1% Of Crypto Users Are Actually Into It

The DeFi hype seems quite bloated as the news reports show that only 1% of the crypto users are attracted to it and participate in it so let’s read more about that report in our latest cryptocurrency news. The DeFi hype seems to not be hype after all as only 1% of the users participate in the sector because they seek a minimum of 15% annual return to justify the expected risks. A recent study by a privacy-oriented computation platform ARPA found that despite the hype, DeFi remains a niche corner of the crypto market and that only experienced users are…

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