Last week was apparently "government says get rekt" week in crypto. The SEC kicked things off by disapproving a bitcoin ETF proposal from Bitwise and closed things out by taking emergency action against Telegram's $1.7B ICO. In between, the IRS dropped its first crypto guidance in 5 years, indicating that forked tokens could create a tax liability, whether you want them or not. What's more, two Senators sent threatening letters to the CEOs of Visa, Stripe, and Mastercard who, along with eBay, dropped out of the Libra Association by the end of the week. The one bright spot was the CFTC saying that ETH is a commodity.
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The Breakdown