The US Treasury Department has proposed new tax rules for crypto exchanges, hosted wallet providers, and payment processors, requiring them to meet tax reporting obligations, while exempting miners and some decentralized finance platforms.
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.
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.
Cryptocurrency is becoming an important issue in the 2024 election, with candidates and voters taking stances on its regulation and use.
The top Republican and Democratic candidates for the U.S. presidency have varying positions on cryptocurrencies, with Donald Trump being a skeptic, Ron DeSantis and Robert F. Kennedy Jr. being supporters, and Joe Biden taking a regulatory approach.
The rejection of a new bill on cryptocurrency regulation by the Australian Senate reflects the country's cautious approach and leaves the industry without legal guidelines as crypto innovation continues.
The G20, including U.S. president Joe Biden, has endorsed the Financial Stability Board's recommendations for regulating cryptocurrencies, which could have a significant impact on the prices of Bitcoin, Ethereum, BNB, XRP, and other major cryptocurrencies.
Coinbase CEO Brian Armstrong predicts that cryptocurrencies will be a prominent topic in the 2024 US elections as the gap between current crypto policies and the needs of Americans becomes more apparent.
U.S. Securities and Exchange Commission Chair Gary Gensler continues to emphasize the importance of crypto companies complying with securities laws, despite recent setbacks in court cases against the industry. Gensler will discuss recent enforcement actions and proposals related to cryptocurrency firms but will avoid discussing ongoing litigation, including high-profile cases against Coinbase and Binance.
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.
Lawmakers in the European Parliament overwhelmingly voted in favor of the cryptocurrency tax reporting rule, DAC8, with 535 votes for, 57 against, and 60 abstentions, empowering tax collectors to track and assess all crypto transactions within member states.
GOP presidential candidate Vivek Ramaswamy announced plans to release a "comprehensive crypto policy framework" and criticized regulatory agencies for their unconstitutional power, highlighting the growing prominence of crypto in the US political landscape.
Crypto legislation is unlikely to progress in the current US Senate, according to former Senator Pat Toomey, despite recent progress in the House, although the lack of a clear position from Senate Banking Committee Chairman Sherrod Brown may be seen as a positive sign according to Coinbase's policy chief.
