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The U.S. Congress has begun hearings for a bill aimed at implementing a de minimis tax exemption for smaller cryptocurrency transactions. An act developed by Washington, D.C.- crypto advocacy group Coin Center was introduced in a congressional hearing on Thursday (January 16, 2020). Lawmakers Want..
News A bill seeking to exempt personal cryptocurrency transactions from taxation for capital gains has been reintroduced in the Congress of the United States. What the bill looks to changeCalled “The Virtual Currency Tax Fairness Act of 2020,” the bill would establish an exemption for virtual cur..
News The House Financial Services Committee has raised concerns over the use of cryptocurrencies to fund domestic terrorism in the United States. In a Jan. 15 hearing, the FSC Subcommittee on National Security, International Development and Monetary Policy has examined how U.S. financial instituti..
News Eight members of the United States (U.S.) Congress sent a letter to the Internal Revenue Service (IRS) urging the agency to provide additional clarity on cryptocurrency tax laws. A letter dated Dec. 20, signed by eight U.S. Congress members, stated: “We wrote in April of this year urging the..
News The anti-crypto United States Congressman Brad Sherman (D-CA) has been elected to serve as Chairman of the Subcommittee on Investor Protection, Entrepreneurship and Capital Markets. On Dec. 5, Chairwoman of the House Financial Services Committee Maxine Waters (D-CA) announced that Sherman was..
Analysis A couple of United States lawmakers are looking to classify stablecoins as securities. With Libra considering adopting fiat-pegged stablecoins rather than a single token supported by a basket of national currencies, the proposed crypto project might be facing yet another regulatory hurdle..
Follow up On Nov. 21, the United States Congressional Task Force on Financial Technologies held a hearing on the role of big data in financial services. The last major legislation focused on the subject was the Gramm-Leach-Bliley Act of 1999, which formalized a financial service firm’s obligation..
News The United States Federal Reserve System is exploring the development of a central bank digital currency (CBDC) and what issues and risks it could potentially pose. Federal Reserve Board Chairman Jerome Powell provided a response to U.S. Representatives French Hill and Bill Fosters’ request o..
News United States pro-crypto Congressman Warren Davidson (R-OH) has once again called for clear regulations of blockchain industry to maintain U.S. economic dominance. On Nov. 4, Davidson published a letter in the Wall Street Journal in response to an Oct. 24 report on automation in manufacturing..
News U.S. Representatives Patrick McHenry (R-NC) and Warren Davidson (R-OH), have encouraged Bitcoin (BTC)-powered innovation on the Bitcoin white paper’s 11th birthday. U.S. policymakers should not attempt to deter Bitcoin’s techU.S. congressman McHenry, who represents North Carolina’s 10th Distr..