Australian lawmakers reject Andrew Bragg’s crypto bill
The Committee on Economics Legislation in Australia has recommended that the Digital Assets (Market Regulation) Bill 2023 not be passed, suggesting further research on the topic instead.
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Posted 9/4/2023, 4:30:00 PM
cointelegraph.com
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The United States Internal Revenue Service has proposed regulations for the sale and exchange of digital assets by brokers, aiming to simplify tax filings and prevent tax cheating, with the rules set to go into effect in 2026; meanwhile, several crypto commentators have criticized the new tax reporting rules.
The Australian Senate rejects a proposed bill on digital asset regulation, instead recommending further consultation with the industry, causing criticism from opposition senator Andrew Bragg.
Australian investors may face exposure to unregulated markets and potential investment flight if the Digital Assets (Market Regulation) Bill is rejected by parliament, according to Senator Andrew Bragg, the bill's author.
The U.S. Financial Accounting Standards Board has voted to change how digital assets are valued, a move that could benefit companies, including Tesla and Bitcoin, that hold cryptocurrency.