Crypto Goes to Court - The Supreme Court is set to hear arguments in its first case involving cryptocurrencies. The case involves Coinbase, one of the leading crypto exchanges

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Today's Tax Talk with Attorney Steven Leahy

Steven Leahy

239 episodes

4 days ago

Attorney Steven Leahy has worked with business owners in the Chicago area and beyond for over two decades. He is the tax resolution answer man for those with: unfiled tax returns, tax planning issues, and more. What do you need to do as a business owner to avoid issues with the IRS? Attorney Leahy is the Founder & Principal of Opem Tax Advocates with the Law Office of Steven A. Leahy, PC. He is the host of the IRS Radio Hour on 560 the Answer, a frequent guest on Home Sweet Home Chicago and other WGN Radio programs, and is the tax answer man on television stations like ABC 7 and FOX Chicago.

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Crypto Goes to Court - The Supreme Court is set to hear arguments in its first case involving cryptocurrencies. The case involves Coinbase, one of the leading crypto exchanges

Today's Tax Talk with Attorney Steven Leahy

13 minutes 51 seconds

2 years ago

Crypto Goes to Court - The Supreme Court is set to hear arguments in its first case involving cryptocurrencies. The case involves Coinbase, one of the leading crypto exchanges

Crypto-Tuesday March 21, 2023 - The Supreme Court is set to hear arguments in its first case involving cryptocurrencies. The case involves Coinbase, one of the leading crypto exchanges, attempting to compel arbitration for a pair of class action lawsuits against it.

Abraham Bielski is suing Coinbase for $31,000 he lost after providing a scammer access to his account. Suski v. Coinbase concerns a million-dollar sweepstakes event hosted by Coinbase in 2021. In that case, plaintiffs allege they were misled.

The outcome of the case could have major implications for how Crypto companies can resolve disputes. As more class action lawsuits are filed against crypto ledgers, the Supreme Court's decision in this case could have major ramifications.

Ripple vs SEC is also an important case reaching the end of litigation. We have covered this case in this space. The question before the court is whether XRP is a security, as the SEC alleges. If it is, Ripple violated the registration provisions of the Securities Act of 1933 and many other cryptocurrencies are also securities and subject to SEC regulation.

Attorney Steven A. Leahy reviews these cases on Today’s Tax Talk.

https://coinflip.tech/markets

https://www.washingtonexaminer.com/policy/courts/supreme-court-takes-up-first-cryptocurrency-case

https://www.irs.gov/newsroom/irs-issues-guidance-seeks-comments-on-nonfungible-tokens

https://fortune.com/crypto/2023/03/21/ripple-xrp-sec-landmark-court-case-digital-assets/