Welcome back to another Crypto Daily 3 at 3.

What's going on, guys? It is Wednesday, October 9th.

And we are flying through a bunch of different issues today.

So first of all, we're going to be talking some new guidance from the IRS on cryptocurrency reporting,

particularly with regard to forks.

A lot of people kind of nervous about this one.

Second, we're going to be popping over to Osaka to hear a couple pieces of news from DevCon,

multi-collateral dye is coming, a new Open Libra project that has a bunch of people kind of

yammering. So we'll be looking at that. And then third, we're going to talk about the regular Libra project that has a bunch of people kind of yamoring. So we'll be looking at that.

And then third, we're going to talk about the regular Libra. And specifically, the latest

round of challenges it faces, including senators, putting pressure on companies like Visa and MasterCard

to withdraw from the Libra Association. But let's dive in on the IRS first. So this cryptocurrency guidance was not

expected. It's the first time we've heard from them since 2014, as you can see here from

at Crypto Tax Girl, who's a great follow in general for this whole side of the market.

And so what was going on? Well, Peter Van Valkenberg from Coin Center sums it up like this. He says,

new IRS guidance is like, quote, owing income tax when someone buries a gold bar on your property

and doesn't tell you about it. So what does that mean specifically? The bad, as they say here,

any fork with new coins, for example, Bitcoin Cash or Ethereum Classic will create an income event for taxpayers.

So this is their summation. The new guidance suggests that a taxpayer will have a taxable income

the moment that new coins from a hard fork are recorded on the newly forked blockchain

and that the taxpayer has dominion and control over the cryptocurrency so that he or she can

transfer cell exchange or otherwise disposed.

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