Stocks get off to a hot start 🔥

Good Afternoon! 

Hey, everyone. It's Adam from Elite Trade Club. 

Here’s what moved the market today.

Markets 📈

The market continued its hot streak on Friday with solid gains for U.S indexes. The small-cap Russ2K outperformed with a point-plus rally for the second session in a row.

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Market-Moving News 📈

IRS Program to Catch Crypto Tax Cheats Falls Short 🚫

The Internal Revenue Service's (IRS) initiative, "Operation Hidden Treasure," aimed at identifying cryptocurrency tax cheats, has yielded minimal results since its launch in 2021. The Treasury Inspector General for Tax Administration reported last week that the program has primarily benefited government contractors rather than achieving its enforcement goals.

Limited Achievements 📊

The program has focused on acquiring data analytics tools, software licenses, and employee training rather than delivering concrete enforcement outcomes. The IRS's civil office of fraud enforcement has secured over 600 licenses for these tools but lacks documented evidence of the program's effectiveness or results.

Significant Spending with Limited Impact 💸

Since the 2020 fiscal year, the IRS has spent at least $47 million on contracts with blockchain-analytics companies specializing in tracking cryptocurrency transactions. Chainalysis, the largest recipient, received 81% of this funding. Despite these investments, the tools from Chainalysis and similar firms have notable limitations, such as only being able to monitor transactions on public blockchains, while many transactions occur off-chain through exchanges like Coinbase.

Mixed Results from IRS Divisions 🕵️

Operation Hidden Treasure is a collaboration between the IRS's civil and criminal divisions. While the criminal unit has investigated 390 crypto-related cases from 2018 to 2023, the civil division's enforcement efforts have been described as "indirect and negligible" by the inspector general.

IRS Acknowledges Need for Improvement 📈

Heather Maloy, the IRS's chief tax compliance officer, responded to the report, agreeing that digital asset compliance enforcement requires enhancement. The IRS aims to improve its approach to ensuring taxpayers accurately report cryptocurrency transactions.

Autonomix [AMIX] $1.38 (+123%)
landed a deal to license its Apex 6 Radiofrequency Generator to RF Innovations in exchange for 250K shares of stock.

DatChat [DATS] $1.89 (+81.7%)
rallied in sympathy with Trump Media Technology [DJT +31.7%] following an assassination attempt on former Pres. Trump at a rally in Butler, PA over the weekend.

Aeon Bio [AEON] $2.28 (+62.8%)
was reiterated as a “buy” by analysts at HC Wainwright late last week, maintaining a $6 price target on the stock.

ASLAN Pharma [ASLN] $1.38 (45.8%)
said it would not appeal Nasdaq’s delisting notification.

Locafy [LCFY] $3.65 (34.7%)
filed a Form 6K late Sunday disclosing the resignation of Andrea Betti from its board of directors.

Naas Technology ADR [NAAS] $2.80 (33.4%)
was downgraded from “hold” to “sell” by analysts at Refinitiv/Verus midway through today’s trading session.

That's it for today! Please, write us back, and let us know what you think of the Closing Bell Roundup. We're always eager to hear feedback!

Thanks for reading. I'll see you at the next open! 

Best Regards,
— Adam G.
Elite Trade Club

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