Biden's Crypto Tax Proposal Is Attempt to 'Kill' Adoption in US, Says Financial Services Chair - Decrypt

The Chairman of the House Financial Services Committee, Patrick McHenry, criticized the Biden Administration's proposed crypto tax regulations, claiming that they aim to "kill" the digital asset industry in the U.S. and urged for clearer rules.

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Relevant topic timeline:

8/25/2023

Sweeping U.S. Tax Proposal Met With Boos From Crypto World

The U.S. Treasury Department's new proposal on digital asset taxes is facing criticism from the crypto industry, as it may capture decentralized operations that are difficult to comply with, although it may also provide a clear path for crypto investors to file their taxes.

8/25/2023

Biden administration unveils new crypto tax reporting rules

The U.S. Treasury Department has proposed a new rule that would require cryptocurrency brokers to report user information on sales and exchanges of digital assets to the IRS, in an effort to crack down on tax evasion and help taxpayers determine if they owe taxes.

8/27/2023

Crypto community reacts to Biden's proposed crypto tax reporting rules

Prominent crypto commentators criticize the new crypto tax reporting rules proposed by President Joe Biden, fearing that they will push the crypto industry further away from the US and stifle innovation.

9/1/2023

Gary Gensler’s Crypto Approach Likely Won’t Be Slowed By The Courts

The Securities and Exchange Commission (SEC) may have suffered setbacks in its regulation-by-enforcement approach to the cryptocurrency industry, with the latest ruling in favor of Grayscale Investments potentially paving the way for the emergence of a bitcoin spot exchange-traded fund (ETF); however, the SEC could appeal the decision or find new ways to deny similar applications, and the lack of a regulated exchange for the bitcoin spot market remains a challenge. Despite court challenges, SEC Chair Gary Gensler is expected to continue pursuing his regulation tactics, while Congress and a potential Republican president in 2024 may play a role in shaping the regulatory environment for digital assets.

9/12/2023

Gensler to push for crypto regulation despite recent SEC court losses

Despite recent losses in court, SEC Chair Gary Gensler remains firm in his belief that his agency should regulate cryptocurrencies as securities, stating that most crypto assets meet the Howey Test and should comply with securities laws. The SEC's defeats in cases against Ripple and Grayscale have not deterred Gensler's stance, and he plans to convey this to lawmakers during a Senate Banking Committee hearing.

9/12/2023

Crypto Regulation Hangs in Balance as Senator Brown Remains Wary of Industry Fraud and Misconduct

Senator Sherrod Brown has expressed a negative view of the crypto industry, stating that it is rife with fraud and abuse, making his support crucial for any future crypto legislation in the US. Securities and Exchange Commission Chair Gary Gensler has also criticized the sector, but Brown's stance is seen as pivotal for the industry's regulatory framework.

9/12/2023

SEC Chief Gensler Renews Crypto Criticism, But Bitcoin ETF Prospects Remain Unclear

U.S. SEC Chair Gary Gensler criticized the crypto industry during a Senate hearing but did not provide any information on the regulator's stance on Bitcoin spot ETF applications, which are currently under review.

9/12/2023

House Financial Services Committee Announces Two Hearings on Tuesday

The Chairman of the House Financial Services Committee, Patrick McHenry, has announced two upcoming hearings on September 19, 2023, concerning capital markets, financial institutions, and monetary policy.

9/18/2023

SEC Commissioner Urges Crypto Firms to Keep Engaging Despite Regulatory Uncertainty

Hester Peirce, a commissioner with the SEC, has called for clarity on digital asset regulations and expressed disappointment with the SEC's progress in developing a regulatory framework for cryptocurrencies, highlighting the need for the United States to catch up with countries like Switzerland and Singapore.