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Silk Road founder Ross Ulbricht has received millions of dollars in donations since his January 21 presidential pardon. However, a showering of digital assets and artwork means the millionaire is also racking up a substantial tax bill. Ulbricht could be facing two types of tax bills. By April 15 next year, he will owe federal taxes for the 2025 calendar year. This includes gift income.  The US Internal Revenue Service (IRS) defines gifts, as “ any transfer to an individual where full consideration is not received in return.” In other words, Ulbricht’s gifts of BTC, memecoins, and artwork qualify as gift income. Ulbricht could also owe back taxes. Back taxes are any type of tax that Ulbricht might not have fully paid by the original due date, typically owed from a previous tax year. Back taxes can occur from failing to file, underreporting, or underpaying. Who donated 300 BTC to Ross Ulbricht? Read more: Ross Ulbricht’s wallet is losing millions on Pump Fun memec...

Join Our Telegram channel to stay up to date on breaking news coverage The cryptocurrency sector is continuously attempting to sell us new products. This election season, a new political group allegedly eager to support all things pro-crypto is emerging: the bitcoin voter. Coinbase, a cryptocurrency trading platform with more than 100 million users worldwide, has launched its own voter registration initiative and is ranking candidates on their friendliness toward crypto issues. The Crypto Council for Innovation, a pro-crypto trade group that represents platforms like Fidelity and Gemini, purportedly published data last Wednesday purporting to indicate that one in seven voters “hold crypto and say that they are ready to vote for pro-crypto candidates.” In an effort to prove their expertise in the cryptocurrency space, a small but rising number of political campaigns have begun accepting bitcoin donations. All of this is done to support the idea that there might one...