Author Archives: Joe Collins

Crypto Industry Fights Back: Lawsuit Challenges IRS “Broker” Rule

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The DeFi Education Fund, Blockchain Association, and Texas Blockchain Council have filed a lawsuit in Texas challenging the IRS and Treasury’s finalized “broker” rule. They argue the rule exceeds statutory authority, violates the Administrative Procedure Act, and imposes unconstitutional compliance burdens on DeFi developers. Critics warn the rule could stifle innovation and drive blockchain development offshore.

 

Richardson, Texas and Washington, D.C. (December 27, 2024) – On December 27, 2024, the DeFi Education Fund, the Blockchain Association, and the Texas Blockchain Council filed a lawsuit in the U.S. District Court for the Northern District of Texas, challenging the Internal Revenue Service’s (“IRS”) and Treasury Department’s final “broker” midnight rulemaking on the basis that the rulemaking exceeds the agencies’ statutory authority, violates the Administrative Procedure Act (“APA”), and is unconstitutional.

During the rule’s comment period, the public warned the IRS and Treasury that moving forward with the rule would cripple the digital asset industry. But the government ignored this feedback, leaving the digital asset sector with a rule that puts unlawful compliance burdens on software developers who build so-called “trading front-end services.”  This midnight rule will stifle innovation and burden American entrepreneurs—if it stands.

“The IRS and Treasury have gone beyond their statutory authority in expanding the definition of “broker” to include providers of DeFi trading front-ends even though they do not effectuate transactions,” said Marisa Coppel, Head of Legal, Blockchain Association. “Not only is this an infringement on the privacy rights of individuals using decentralized technology, it would push this entire, burgeoning technology offshore. Blockchain Association continues to stand with the innovators and users of DeFi, and will continue to fight this misguided rulemaking to ensure the United States remains a home for decentralized finance technology and developers alike.”

“We are incredibly disappointed in today’s decision by the Treasury and the IRS to finalize the misguided and unfairly sweeping DeFi portion of their ‘broker’ rulemaking in a year-end, ‘midnight rulemaking,’” said Miller Whitehouse-Levine, Chief Executive Officer, DeFi Education Fund. “Decentralized Finance promises to make financial services and the digital economy more accessible, efficient, interoperable, dependable, and consumer-focused — this promise is at the heart of our work at the DeFi Education Fund. This unfortunate rulemaking is a direct threat to financial innovation, and we intend to fight it using every tool available to us.”

“The new IRS broker rule imposes unrealistic expectations on the digital asset ecosystem,” said Texas Blockchain Council President Lee Bratcher. “The rule fails to recognize the decentralized nature of this technology, where many actors simply do not have access to the information the IRS is now demanding. This regulatory overreach risks driving critical development overseas, threatening US competitiveness in the digital economy.”  – Texas Blockchain Council

Femi Olaniyan Presents The Fintech App Awards 2024, celebrating the best fintech apps in Nigeria

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Fintech App Awards 2024 is celebrating the best fintech apps in Nigeria. After extensive analysis, testing, and reviews conducted on both the main channel and the secondary channel, Personal Finance Circle, the team has curated a list of top-performing apps across various categories. Femi Olaniyan Productions aims to recognize outstanding innovation, functionality, and impact within the Nigerian fintech industry.

If your company has been honored with an award, congratulations! Please reach out via email at hi@femiolaniyan.com or send a direct message on Instagram to @thefemiolaniyan to claim your prize.Their team values your feedback and would love to hear your thoughts on the winners.

Why Bench Accounting Shut Down Overnight and What It Means for Small Businesses

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Bench Accounting, once a leader in online bookkeeping services, shocked the small business community with its sudden closure on December 27, 2024. The Vancouver-based company had been a trusted partner for thousands of entrepreneurs, offering a blend of proprietary software and human expertise to manage bookkeeping and tax preparation. Despite raising over $100 million in funding, Bench’s abrupt shutdown has left many scrambling to find alternative solutions during a critical time in the financial calendar. Clients are advised to retrieve their financial data promptly and explore other platforms, such as Kick, which Bench has recommended as a transition option.

For small business owners, this serves as a reminder to diversify reliance on service providers and regularly back up crucial data. The closure also underscores the volatile nature of the fintech industry, where rapid growth is often accompanied by significant operational challenges. To gain deeper insights into Bench’s sudden shutdown and its implications for your business, check out this insightful YouTube video. This video explores the reasons behind the closure and offers guidance on navigating this unexpected disruption.

Lecture 8 from the ISTA STO Summit 2024: Explore Blockchain Innovation

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You’ll Learn:

  • How blockchain and security tokens are reshaping global markets.
  • Alan’s insights on tokenization and strategic investments.
  • The future of fintech and digital asset innovation.
  • Explore ISTA’s mission to connect thought leaders in the blockchain space.

ISTA proudly presents STO Summit 2024, sponsored by ArtRevo. Lecture 8 is now live on the ArtRevo YouTube channel, featuring Alan Konevsky, Executive VP at tZERO.

Alan’s extensive expertise as a digital industry advocate and fintech leader provides a must-watch discussion for anyone interested in the cutting-edge developments of the financial world.

 

Payhawk’s Fintech Power 50: Industry Leaders Share Top Trend Predictions for 2025

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The fintech industry is reaching a pivotal moment. In this webinar, Pedro Batista (VP of Payments, Payhawk), Kamran Hedjri (CEO, PXP Financial), and Jeff Parker (CEO, Paymentology) come together to explore the game-changing trends shaping finance in 2024 and share bold predictions for 2025.

From AI-driven innovation and embedded finance to sustainability initiatives and blockchain advancements, this panel unpacks the critical areas businesses must prioritize to stay ahead in a rapidly evolving landscape.

 

Revolutionizing Digital Banking: Insights from Top Fintech Leaders

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The digital banking revolution is reshaping the financial landscape, challenging traditional models, and paving the way for a new era of innovation. In a compelling panel discussion, industry leaders came together to explore the transformative forces driving this change and to provide insights into the strategies shaping the future of financial services.

Moderated by the esteemed Dr. Maya Hajjehagain, the discussion brought together some of the brightest minds in the field. Ahmed Ali, Head of IT Demand & Delivery at Emkan Finance; Ali Alqaraawi, Chief Operating Officer at Aljazira Capital; Ahmed Aledreessi, Head of Digital Factory at Jeel; and Karim Mostafa, Product Growth Manager at KnowledgeNet, shared their unique perspectives and expertise.

One of the central themes of the discussion was the impact of digital banking innovations on traditional financial institutions. Panelists delved into how advancements in technology are disrupting long-established practices, forcing banks to adapt and embrace new strategies to stay relevant in an increasingly digital world. The shift, while challenging, presents immense opportunities for institutions willing to evolve.

Another key focus was the growing adoption of digital banking solutions by both consumers and businesses. The panelists highlighted how user-friendly interfaces, convenience, and enhanced security features are driving a widespread embrace of digital platforms. This transition is not just reshaping how people manage their finances but is also fostering a deeper connection between banks and their customers.

The discussion also emphasized the role of emerging technologies in transforming the financial ecosystem, particularly in Saudi Arabia. Panelists explored how innovations such as artificial intelligence, blockchain, and biometrics are being integrated into digital banking systems to enhance efficiency, security, and customer experience. These technologies are not only streamlining operations but are also creating opportunities for entirely new financial products and services, positioning Saudi Arabia as a hub for fintech growth in the region.

 

 

Download the PWC Emerging Trends in Real Estate® 2025 Report

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#PropTech –

The time has come

“Real estate investors and developers should be poised for an upturn in industry trends as the post-pandemic disruption abates and positive cyclical forces gain strength.

The Federal Reserve is among the most important cyclical forces. Its pivot to reducing interest rates indicates a peak for inflation and construction costs — and the pivot is helping real estate markets to clear, boosting transaction activity. However, not all dealmakers are ready to jump in with both feet. After all, rate cuts also indicate a slower economy and that could affect net operating income (NOI) growth. The path to renewed vigor could take surprising detours.

The specific contours of what happens next won’t be exactly like what’s happened before. Today’s critical real estate investment factors are supply dynamics and a modernized stock of buildings. For example, newer office buildings offer amenities (the so-called “flight to wellness”) that make them preferable to the languishing stock of aging buildings. And in housing, there are too few developments catering to senior citizens whose ranks are growing by several thousand every day.

New real estate cycles are marked by a growing number of opportunities. In this Emerging Trends in Real Estate® report, we illustrate what’s improving and share the views of our survey respondents as they gauge real estate’s prospects for recovery and renewal.” -PWC

 

Download Link: https://www.pwc.com/us/en/industries/financial-services/asset-wealth-management/real-estate/emerging-trends-in-real-estate.html