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I just want to give you a little update on what’s going on with the market, and it’s just kind have been slow, to say the least. There is not a whole lot of action.

There was some news that I did see though. It was really interesting to me that the US government is going to be taxing staking as capital gains now because as it currently sits, you would be taxed as ordinary income.

If let’s say you were to stake your Ethereum, Bitcoin or any of these other cryptocurrencies with like crypto.com, Celsius, BlockFi or any of these other partners, and it’s really confusing because you have to basically get a crypto tax software, which you should have anyways, but you need to get this because you need to record the exact date and time that you would actually get and in possession of the crypto that you were staking, and then the rewards.

The reason why you need this is because if it’s taxed as ordinary income it’s just like basically earning any other income that you would earn from your business or from your job and there was this whole ruling on this, and it was really interesting and I’m not 100% sure this is correct, it’s just news that I heard and I thought it was really unique.

Basically what they were saying is when you come into contact and you actually get to earn this new cryptocurrency, it should be treated just like a capital gain, you’re actually getting new property because here in the US, cryptocurrency is taxed as real estate, which is taxed as capital gain.

It’s really interesting and it just makes more sense to me, this makes the most sense because you’ve all these people staking and doing DEFI and the earning all of this yield, and it’s really difficult to know exactly when you earned it, how you earned it, and there’s two different rulings right now, it is just a mess.

So, if this is actually true, I’m pretty excited about this because then, you can earn all of this DEFI yield, and only when you sell it would become a taxable event. Again, this is something to be paying attention to if you do a lot of DEFI. If you want more clarity on this, definitely do a Google search on this.

But it is what I just heard, so that’s kind of your news update for today, the markets are kind of trading sideways, nothing crazy to be honest.

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Please always check with a professional before making any decisions with your money. These videos are for educational purposes only and I am not responsible for your actions in any way. No official financial advice is being given. Never listen to anyone online who tells you to not check with a professional! Joe Parys is not providing you with individual investment advice. Joe Parys is not registered to provide investment advice, is not a financial adviser, and is not a broker-dealer. Joe Parys is not responsible for any gains or losses that result from your cryptocurrency investments. Investing in cryptocurrency involves a high degree of risk and should be considered only by persons who can afford to sustain a loss of their entire investment. Investors should consult their financial adviser before investing in cryptocurrency.

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