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Bitcoin Daily: Brex Customers Can Redeem Rewards For Crypto; IRS Can Seize Crypto Holdings To Cover Unpaid Taxes

Bitcoin Daily: Brex Customers Can Redeem Rewards For Crypto; IRS Can Seize Crypto Holdings To Cover Unpaid Taxes

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https://www.pymnts.com/news/bitcoin-tracker/2021/bitcoin-daily-brex-customers-can-redeem-rewards-crypto-irs-can-seize-holdings-unpaid-taxes/
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Brex, which provides financial services to businesses, now lets its customers redeem their Brex reward points for Bitcoin and Ethereum, according to a press release. The program is powered by TravelBank.

With the Brex rewards program, which launched in 2018, businesses can earn up to eight times the points on every dollar spent. In addition to cryptocurrencies, points can be redeemed for cash back, gift cards, miles and travel, the release stated.

“The new crypto rewards option reflects Brex’s belief that crypto will play a significant role in the future of finance,” the release stated.

Brex will also provide its customers with crypto education and advice on whether a customer should opt for crypto rewards, according to the release.

In other news, the IRS plans to seize cryptocurrency holdings from owners who cannot pay their tax debts, Cointelegraph reported.

The IRS considers digital currency property, and therefore it is subject to tax principles related to property transactions, IRS deputy associate chief counsel Robert Wearing told the American Bar Association, per the report.

“The IRS will seize that property and will attempt to follow its usual procedures to sell it and use it to satisfy collection,” Wearing said, according to Cointelegraph, which cited Bloomberg.

Meanwhile, the U.S. Securities and Exchange Commission (SEC) brought down 75 enforcement actions and 19 trading suspensions upon cryptocurrency firms and individuals involved in cryptocurrency between July 1, 2013, and Dec. 31, 2020. The settled actions have resulted in $1.77 billion in fines, Cointelegraph reported, citing Cornerstone Research.

The enforcement actions most commonly alleged instances of fraud or of the use of unregistered securities offerings, the report stated.

Lastly, Hashdex Gestora de Recursos Ltda, a money management firm based in Brazil, has raised about $26 million in funding to grow its business, which focuses on cryptocurrency products, Bloomberg reported. Hashdex plans to expand its offices and workforce outside of Brazil this year.

Valor Capital Group invested a “bulk” of the funds, according to Bloomberg. SoftBank, Coinbase Ventures, Canary, Globo Ventures and Igah Ventures also participated in the round.

Hashdex launched a crypto-exchange traded fund, the first such fund on Brazil’s local exchange, the report stated.

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May 13, 2021 at 01:48AM
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