Welcome to the daily crypto news :
* ### The IRS Just Issued Its First Cryptocurrency Tax Guidance in 5 Years;
* ### SEC Rejects Bitwise’s Latest Bitcoin ETF Proposal;
* ### Facebook CEO Mark Zuckerberg to Testify Before Congress Over Libra Crypto;
* ### New Libra Fork Will Create Permissionless Stablecoin Free of Corporate Control;
* ### Report: Blockchain Among Highest-Paying Industries in Canada;
* ### Price Analysis 09/10: BTC, ETH, XRP, BCH, LTC, EOS, BNB, BSV, XLM, TRX;
# [The IRS Just Issued Its First Cryptocurrency Tax Guidance in 5 Years](https://www.coindesk.com/the-irs-just-issued-its-first-cryptocurrency-tax-guidance-in-5-years)
> The U.S. Internal Revenue Service (IRS) has published its first guidance in five years for calculating taxes owed on cryptocurrency holdings.
> Industry members have been eagerly awaiting the update since May 2019, when IRS Commissioner Charles Rettig said the agency was working on providing fresh guidance. The agency’s 2014 guidance left many questions unanswered, and the crypto market has grown more complex in the years since.
> As expected, the guidance notice released Wednesday addresses: the tax liabilities created by cryptocurrency forks; the acceptable methods for valuing cryptocurrency received as income; and how to calculate taxable gains when selling cryptocurrencies.
> Drew Hinkes, a lawyer with Carlton Fields and the general counsel to Athena Blockchain, told CoinDesk that “from the tax collector’s standpoint, this is the right answer,” though Certified Public Accountant Kirk Phillips said he was surprised that the guidance basically only addressed forks.
> #### [Read more](https://www.coindesk.com/the-irs-just-issued-its-first-cryptocurrency-tax-guidance-in-5-years)
# [SEC Rejects Bitwise’s Latest Bitcoin ETF Proposal](https://www.coindesk.com/sec-rejects-bitwises-latest-bitcoin-etf-proposal)
> The U.S. Securities and Exchange Commission (SEC) has rejected the latest attempt at creating a bitcoin exchange-traded fund (ETF).
> The SEC announced Wednesday that the ETF proposal, filed by Bitwise Asset Management in conjunction with NYSE Arca, did not meet legal requirements to prevent market manipulation or other illicit activities. The SEC placed the burden on NYSE Arca, rather than Bitwise’s proposal itself.
> To date, the SEC has rejected all bitcoin ETF proposals, citing market manipulation and fraudulent activity concerns.
> The order read:
> > “The Commission is disapproving this proposed rule change because, as discussed below, NYSE Arca has not met its burden under the Exchange Act and the Commission’s Rules of Practice to demonstrate that its proposal is consistent with the requirements of Exchange Act Section 6(b)(5), and, in particular, the requirement that the rules of a national securities exchange be ‘designed to prevent fraudulent and manipulative acts and practices.'”
> #### [Read more](https://www.coindesk.com/sec-rejects-bitwises-latest-bitcoin-etf-proposal)
# [Facebook CEO Mark Zuckerberg to Testify Before Congress Over Libra Crypto](https://www.coindesk.com/facebook-ceo-mark-zuckerberg-to-testify-before-congress-over-libra-cryptocurrency)
> Facebook CEO Mark Zuckerberg will defend the Libra cryptocurrency project before U.S. lawmakers later this month.
> The House Financial Services Committee announced Wednesday that Zuckerberg will testify on Oct. 23 during a hearing titled “An Examination of Facebook and Its Impact on the Financial Services and Housing Sectors.” Zuckerberg will be the only witness.
> While details were sparse, Wednesday’s press release noted that Committee Chairwoman Maxine Waters (D-Calif.) has drafted the “Keep Big Tech Out of Finance Act.” Previously, Waters had called for Facebook to halt development of Libra until lawmakers’ concerns were addressed.
> “The draft legislation prohibits large platform utilities, like Facebook, from becoming chartered, licensed or registered as a U.S. financial institution,” Wednesday’s release said, adding:
> > “The bill also prohibits large platform utilities from establishing, maintaining, or operating a digital asset that is intended to be widely used as medium of exchange, unit of account, store of value, or any other similar function as defined by the Federal Reserve.”
> #### [Read more](https://www.coindesk.com/facebook-ceo-mark-zuckerberg-to-testify-before-congress-over-libra-cryptocurrency)
# [New Libra Fork Will Create Permissionless Stablecoin Free of Corporate Control](https://www.coindesk.com/new-libra-fork-will-create-permissionless-stablecoin-free-of-corporate-control)
> Thirty different blockchain companies and nonprofit organizations plan to fork the Facebook-led Libra crypto project to build their own permissionless version, dubbed OpenLibra.
> Announced at the ethereum developer conference Devcon by Lucas Geiger, co-founder of blockchain infrastructure startup Wireline, OpenLibra will function as a stablecoin pegged to the actual Libra cryptocurrency. Libra is currently scheduled to go live late next year.
> “We’re going to fork the code, fork the community and create a new cryptocurrency called OpenLibra,” said Geiger during his presentation at Devcon. “There is no token sale. No equity and no company behind this initiative.”
> OpenLibra’s core team includes representatives from blockchain projects including Cosmos, Web3 Foundation, Democracy Earth and others, as well as non-profit organizations such as the Danish Red Cross.
> Geiger explained that “a generous grant” from the Interchain Foundation would support OpenLibra research, alongside personal funds. The Interchain Foundation is a non-profit dedicated to supporting Cosmos network development.
> #### [Read more](https://www.coindesk.com/new-libra-fork-will-create-permissionless-stablecoin-free-of-corporate-control)
# [Report: Blockchain Among Highest-Paying Industries in Canada](https://cointelegraph.com/news/report-blockchain-among-highest-paying-industries-in-canada)
> A recent report from the Canadian Digital Chamber of Commerce shows that salaries in the Canadian blockchain industry are amongst the highest in the country.
> ## Much needed legal clarity
> The Chamber of Digital Commerce Canada released its October report on the country’s blockchain ecosystem, showing insights into the health of the industry, current strengths and legal needs throughout Canada.
> The report collected data from more than 150 participants coming from the cryptocurrency and blockchain industries, Canada’s government and academia. The study was conducted by the Blockchain Research Institute (BRI) with support from professional services company Accenture.
> The report, which takes a closer look at Canada’s blockchain ecosystem by region and company size, stated that the industry desperately needs government commitment to move this highly innovative technology sector forward by providing legal clarity. BRI’s chairman Don Tapscott said:
> > “While the research showed that the blockchain industry is diverse and growing in Canada, it also surfaced challenges regarding access to funding and business services, and uncertain regulatory environments.”
> #### [Read more](https://cointelegraph.com/news/report-blockchain-among-highest-paying-industries-in-canada)
# [Price Analysis 09/10: BTC, ETH, XRP, BCH, LTC, EOS, BNB, BSV, XLM, TRX](https://cointelegraph.com/news/price-analysis-09-10-btc-eth-xrp-bch-ltc-eos-bnb-bsv-xlm-trx)
> Grayscale director of sales and business development Rayhaneh Sharif-Askary said that institutional interest in the crypto space has been strong throughout this year. The second quarter inflow was $85 million with 80% coming from institutions. Though this is positive, it shows that the inflow is only a trickle and a fraction of the firepower the institutions hold.
> A Bitcoin (BTC) exchange-traded fund (ETF) can also boost interest in the asset class. The United States Securities and Exchange Commission (SEC) will announce their decision on Bitwise Asset Management’s ETF proposal before the Oct. 13 deadline. Bitwise managing director and global head of research Matt Hougan is positive on the prospects of the proposal receiving a green light.
> The volatility in Bitcoin is likely to rise following an announcement by the SEC. What are the key levels to watch out for? Let’s analyze the charts.
> ## BTC/USD
> Bitcoin has broken out of the down-sloping flag and the RSI has formed a positive divergence, which are bullish signs. The bulls are currently attempting to push the price above the 20-day EMA. If successful, a rally to the 50-day SMA and above it to the downtrend line of the symmetrical triangle is possible.
> The leading cryptocurrency is likely to hit a wall at the downtrend line, from where it might enter a minor correction. If the next dip forms a higher low, it will confirm $7,700 as the new floor. Therefore, aggressive traders can retain the stops on the long positions at $7,700.
> Our bullish view will be invalidated if the BTC/USD pair reverses direction from current levels or from the 50-day SMA and plummets below the critical support zone of $7,702.87–$7,337.78. Such a move will hurt sentiment and will delay hopes of a strong recovery by the end of this year. However, we give it a low probability of occurring.
> #### [Read more](https://cointelegraph.com/news/price-analysis-09-10-btc-eth-xrp-bch-ltc-eos-bnb-bsv-xlm-trx)
