16 minutes News

16 Minutes on the News #12: Crypto Regulations; ATM Fees

Scott Kupor, Angela Strange, and Sonal Chokshi

Posted October 20, 2019

This is the 12th episode of 16 Minutes, our weekly news show where we quickly cover the top headlines of the week, the a16z Podcast way: what’s real, what’s hype from our vantage point in tech. This week, we cover the following news — with a16z experts managing partner Scott Kupor and general partner in fintech Angela Strange, respectively, in conversation with Sonal Chokshi:

  1. crypto & regulation/policy updates from the SEC and IRS — including the SEC releasing an announcement that it settled charges for an unregistered ICO, and the IRS’ issuing guidance (in the form of a revenue ruling and answers to FAQs) on tax treatment for hard forks and air drops;
  2. ATM fees at record highs — where it was reported that it now costs ~$4.72 (vs. $1.97 in 1998, as tracked by Bankrate.com) to withdraw money from ATMs not owned by one’s bank, which disproportionately falls on low-income people in neighborhoods banks tend to avoid

For relevant background/ related links: