Renowned Rapper Soulja Boy Releases Bitcoin Rap Song on New Album

The world famous rapper Soulja Boy, is one of the first hip-hop emcees to include crypto in the title of a track with the release of his new album that contains the ‘Bitcoin’ rap song. The Chicago-based rapper has released his fourth studio album this week under his alter ego, Young Drako, which is not only making news due to its catchy hooks and unique sound but also because it has a track dedicated to Bitcoin.

The relationship between mainstream culture and crypto is one of the most fascinating developments in 2018 as celebrities, footballers, boxers and musicians are being linked to a wide spectrum of altcoins and ICO projects. Bitcoin could become the next big popular culture trend as the crypto industry takes off.

Bitcoin Rap

‘Bitcoin’ is the name of the fourth track on the Young Drako record from the chart-topping hip-hop emcee, released by the SODMG Records and Palm Entertainment labels on October 4. Although Soulja Boy might not have the lyrical dexterity or multi-syllabic rhyming skills of a Rakim, Nas or Eminem, some of the soundbites from ‘Bitcoin’ will amuse crypto fanatics.

Including references to crypto such as “I made a hundred racks ($100,0000) off of bitcoin. You can catch me running up the bitcoin,” and “I spent 6,000 on the bitcoin,” it would seem that Soulja Boy benefited from the Bitcoin boom at the back-end of 2017. Other references in the song included mentions about PayPal and Cash App, which shows the rapper might not be up to date with the latest crypto payment gateway apps and software currently in the marketplace. The rapper seems more concerned with “hoarding cheddar” than the technical nuances of blockchain.

Soulja Boy first sprang to prominence with his music video, Crank That, becoming a YouTube sensation in September 2007, which currently has over 365 million YouTube view. The single peaked at number-one on the U.S. Billboard Hot 100 and was listed by Forbes at 18 on their Hip-Hop Cash Kings List in 2010 for making approximately $7 million over the course of that year.

Rappers Waxing Lyrical About Bitcoin

Although Soulja Boy is now the first rapper to have Bitcoin in a title of a track, he is not the first hip-hop artist this year to mention crypto. Rap god and multiple Grammy winner, Eminem, referenced cryptocurrencies on his new album, Kamikaze by saying:

Remember everybody used to bite Nickel, now everybody doing bitcoin.

Global Task Force, U.S. Tax Agency, SEC Dominate Crypto Headlines

Regulations are ruling the crypto headlines so far this week. Over the past 24 hours, we’ve learnt the Financial Action Task Force (FATF) is reportedly set to finalize new international standards for regulating cryptocurrency firms next month. The commissioner of the Internal Revenue Service (IRS) has stated his agency has “made it a priority” to issue more comprehensive crypto tax guidance “soon.” Finally, the U.S. Securities Exchange Commission (SEC) announced it would delay, once again, its decision on the VanEck and SolidX Bitcoin exchange-traded fund (ETF) proposal.

At the time of writing, bitcoin (BTC) and ether (ETH) are trading at $7,945.4 and $252.9; a 0.54% and 0.83% jump over the past 24 hours, respectively. As for the MVIS CryptoCompare Digital Assets 10 Index, it is currently tracking at 3,822.7 (-0.6%).

Global Standards for Regulating Crypto Firms Next Month

According to reports from CoinDesk, the FATF is set to finalize new international standards for regulating cryptocurrency firms next month. These standards, they report, are widely expected to subject crypto exchanges, wallet providers, and other businesses to the “travel rule” – a colloquial term given to a rule found in the Bank Secrecy Act (BSA) that requires all financial institutions to pass on certain information to the next financial institution, in certain funds transmittals involving more than one financial institution.

Introduced in 1996 in the U.S., the “travel rule” is designed to help law enforcement agencies detect, investigate, and prosecute money laundering and other financial crimes by preserving an information trail about persons sending and receiving funds through funds transfer systems. The arrival of such international standards would go beyond the basic know-your-customer requirements that are widely enforced in the crypto space at present.

IRS Commissioner: More Detailed Crypto Tax Guidance ‘A Priority’

According to letter from IRS Commissioner Charles P. Rettig dated May 16, the agency has “made it a priority” to issue a more comprehensive tax guidance for cryptocurrencies. The Commissioner’s letter was written in response to a request from 21 Congressmen to provide clarity on tax treatment in relation to cryptocurrency holdings.

In 2014, the U.S. tax agency issued a guidance for cryptocurrency. In his May 16 response letter, Rettig revealed the IRS will “soon” issue more robust guidance. “I share your belief that taxpayers deserve clarity on basic issues related to the taxation of virtual currency transactions,” the Commissioner wrote.

SEC Delays Decision on VanEck SolidX Bitcoin ETF

The SEC announced the postponement of a decision regarding the VanEck SolidX bitcoin ETF proposal. The postponed ETF proposal was initially filed over a year ago. In January – amid the U.S. Government shutdown – it was withdrawn, only to be resubmitted later that month. On March 29, the commission delayed the joint proposal for the first time. The SEC must announce its decision – or, for the final possible time, postpone its decision – on the proposed bitcoin ETF no later than August 19.

Notably, the U.S. investor watchdog is seeking comments from the public in relation to the proposed VanEck SolidX bitcoin ETF. To guide commentary, they included fourteen questions in Monday’s filing. Comments must be submitted within the following 21 days, whilst rebuttals to said comments are due within the next 35 days.