Steven Ware of Yonkers, New York, pleaded guilty to bank fraud and aggravated identity theft for orchestrating a fraudulent tax refund scheme. Using stolen personal details of an investment firm executive, Ware deposited an $810,337 Treasury check into a fake credit union account, then withdrew funds via debit card purchases in NY, NH, and MA. After wiring over $634,000, he was arrested in 2024 and faces sentencing in October. The IRS highlighted the case as a warning against identity theft in financial crimes.
about NY Man Pleads Guilty in $810K Tax Refund Fraud SchemeInternal Revenue Service (IRS)
0 in Finance and 0 in Crypto last weekScammer Pleads Guilty in $10M IRS Fraud Scheme
Xerxes Shevar, a Brooklyn resident, admitted guilt in a widespread IRS fraud scheme that siphoned $10 million through fraudulent tax refunds. The conspiracy involved scammers from the U.S., Ghana, Nigeria, and Ireland, who used stolen identities to file fake tax returns and open bank accounts. Authorities revealed the group attempted to steal $38 million between 2010 and 2013, successfully obtaining over $10 million. Shevar was arrested in 2024 upon returning from Ghana and sentenced to three years of probation plus $290,000 in restitution. The scam impacted over 11,000 victims and involved thousands of bank accounts and credit cards.
about Scammer Pleads Guilty in $10M IRS Fraud SchemeUS Treasury Repeals Controversial Crypto Broker Rule
The U.S. Treasury Department has nullified a rule that classified decentralized finance (DeFi) exchanges as brokers under the tax code, mandating transaction reporting to the IRS. Initially published in December 2023, the rule faced backlash from lawmakers and was repealed through the Congressional Review Act, with President Trump signing the reversal in April. The Treasury confirmed the rule now holds no legal effect, reverting regulations to their pre-2023 state. This decision marks a significant shift in crypto tax policy, relieving DeFi platforms from stringent reporting requirements.
about US Treasury Repeals Controversial Crypto Broker Rule$8.6B Bitcoin Transfer Sparks Hack Speculation
A series of Bitcoin transactions totaling 80,000 BTC ($8.6 billion) from wallets dormant since 2011 has raised eyebrows in the crypto community. Coinbase’s Conor Grogan suggested a ‘small possibility’ of a hack, citing an odd BCH test transaction, though many experts dispute this theory. Some speculate the funds belong to Roger Ver, an early Bitcoin investor arrested for tax fraud, and may signal an IRS settlement. Critics argue the slow, manual execution of transfers and the mathematical improbability of hacking a private key make a breach unlikely. The debate highlights the intrigue surrounding large-scale crypto movements and security concerns.
about $8.6B Bitcoin Transfer Sparks Hack SpeculationIRS Faulted for Mishandling Crypto Seizures by Watchdog
The US Treasury Inspector General for Tax Administration has identified significant shortcomings in the IRS Criminal Investigation division’s handling of seized cryptocurrencies. The watchdog’s report, released Tuesday, found that the IRS-CI repeatedly failed to adhere to established guidelines for documenting and managing confiscated digital assets between December 2023 and January 2025. Specifically, the agency neglected proper procedures for seizure memorandums, which should detail crypto addresses, dates, and amounts. The findings have prompted recommendations for reforms to improve compliance and transparency in the IRS’s approach to digital asset seizures.
about IRS Faulted for Mishandling Crypto Seizures by WatchdogUS Universities Push SEC for Strict Crypto Staking Rules
Representatives from top universities, including UC Berkeley and Georgetown, met with the SEC’s Crypto Task Force to propose a comprehensive staking rulebook. Key recommendations included limiting the term ‘staking’ to protocol-level validation, capping intermediary fees at 5%, and mandating real-time disclosures of yields and risks. The group also pushed for public dashboards tracking validator influence and licensing thresholds for dominant validators. These measures aim to prevent misleading marketing and enhance accountability in staking services. The SEC is reviewing the proposals, which could influence future regulatory frameworks for digital assets.
about US Universities Push SEC for Strict Crypto Staking RulesSEC Exempts Crypto Staking from Securities Rules
The U.S. Securities and Exchange Commission (SEC) issued new guidance stating that common forms of crypto staking, such as self-staking and delegated staking, are not subject to securities laws. The SEC’s Division of Corporation Finance confirmed that participants in these activities do not need to register with the Commission, addressing long-standing regulatory uncertainty. The decision has significant implications for Ethereum ETFs, potentially unlocking new revenue streams for investors. While SEC Commissioner Hester Peirce praised the move, Commissioner Caroline Crenshaw criticized it for straying from legal precedent. The guidance also clarifies that additional staking-related services, such as early withdrawals or slashing protection, do not automatically classify as securities offerings.
about SEC Exempts Crypto Staking from Securities RulesSenators Challenge Treasury on Crypto Tax Rule
Senators Cynthia Lummis (R-WY) and Bernie Moreno (R-OH) have called on the Treasury to adjust the Corporate Alternative Minimum Tax (CAMT) to exclude unrealized crypto gains, arguing that current rules could force companies to pay taxes on paper profits. The CAMT, part of the 2022 Inflation Reduction Act, imposes a 15% minimum tax on large corporations, but new FASB accounting rules require mark-to-market valuation of crypto holdings, potentially taxing unrealized gains. The senators warn this could disadvantage U.S. firms and drive innovation offshore. Their effort aligns with Trump-era rollbacks of Biden’s crypto regulations, including the recent repeal of a DeFi broker rule.
about Senators Challenge Treasury on Crypto Tax RuleCoinbase Challenges IRS Over Crypto Privacy in Supreme Court
Coinbase has taken a stand against the IRS’s sweeping data collection practices by filing an amicus brief with the US Supreme Court. The crypto exchange argues that the IRS’s 2016 John Doe summons, which compelled disclosure of detailed financial records for over 14,000 customers without individualized suspicion, violates Fourth Amendment protections against unreasonable searches. Coinbase’s brief supports petitioner James Harper and challenges the third-party doctrine, which allows government access to data shared with third parties like exchanges. The company warns that unchecked IRS access to blockchain transaction data could enable continuous surveillance of crypto users’ activities. While Coinbase complies with lawful requests, it opposes bulk data collection without cause, urging the Court to apply constitutional privacy standards to digital financial data.
about Coinbase Challenges IRS Over Crypto Privacy in Supreme CourtTrump Proposes Eliminating Federal Income Tax for Tariffs
Donald Trump has reiterated his proposal to eliminate the federal income tax, replacing it with revenue from import tariffs—a plan he claims would return the US to the prosperity of the Gilded Age. The proposal, aimed at individuals making under $200,000 annually, could save Americans over $134,000 in lifetime taxes, according to research. However, Trump’s shifting tariff policies have already caused market volatility and drawn criticism from analysts who argue protectionist measures harm capital markets. While the tax cuts might stimulate investment in assets like crypto, the administration’s inconsistent trade rhetoric has raised uncertainty.
about Trump Proposes Eliminating Federal Income Tax for Tariffs