Bitcoin News Roundup for Aug. 31, 2020

With bitcoin still lagging behind U.S stocks and additional tax guidance in the U.S., CoinDesk's Markets Daily is back for your latest crypto news roundup!

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This episode is sponsored by Crypto.com, Bitstamp and Nexo.io.

US Stocks Closing on Bigger August Gain Than Bitcoin  

While bitcoin is eyeing an August gain for the first time in three years, the cryptocurrency is still lagging U.S. stocks over the month. 

Chinese Bank Disables Digital Yuan Wallet After Soft Launch Draws Wide Attention

China Construction Bank had quietly opened up the wallet service of China's digital yuan to public users – but has now disabled it shortly after the feature gained wide attention.

What Changes at the Fed and the SEC Mean for Crypto 

Chairman Powell’s speech on Thursday highlighted how much the Federal Reserve’s role is changing, and that's an opportunity for the crypto industry.

Cryptocurrency Earned From Carrying Out Microtasks Is Taxable, Says IRS Memo 

The U.S. tax department has provided guidance around crypto revenue earned from microtasks via crowdsourcing platforms and, yes, such income is taxable.