Overview
On April 13, 2023, Bloomberg Law quoted Lisa Zarlenga in a piece titled "Crypto Donations to Charity Falter on Fuzzy Rules, Dip in Value." The article discusses the downward trend of crypto giving which is well reflected in the example of the Back Bay Baptist Church. With the church accepting virtual currencies for donations, there was 30% decline in donations from the previous year.
There's lots of confusion surrounding the federal tax laws which even tech enthusiasts have recognized. Zarlenga expressed that the collapse last year of digital asset values is what is causing the reluctance with these donations.
Read the full article at Bloomberg Law (subscription required).
