Further requirements on crypto firms could be on the way as the administration is looking for new revenue streams. U.S. Department of the Treasury will reportedly push to extend the reach of new rules designed to govern the cryptocurrency space. Closely following the infrastructure package freighted with last-minute crypto taxation provisions is the upcoming budget…
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This is the third time Rep. Emmer has introduced the bill to the House of Representatives, but the first with a Democrat in the presidency. Minnesota Rep. Tom Emmer has reintroduced a bill aimed at preventing the IRS from imposing penalties or fees on crypto taxpayers with forked assets. In an announcement from Emmer on…
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U.S. Congress subcommittee says that bank reporting methods led to Capitol attack arrests but worries that Bitcoin might have helped fund the insurrection. A U.S. Congress subcommittee is investigating if domestic extremists are turning to cryptocurrency as a source of funds for their activities. On Feb. 25, the Subcommittee on National Security, International Development, and…
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But security tokens are not ready to take over the world quite yet. Every Friday, Law Decoded delivers analysis on the week’s critical stories in the realms of policy, regulation and law. Editor’s note Technology is by and large not the major barrier — though many in the industry have a decent bit of hubris…
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We didn’t learn much new in today’s hearing, but the spotlight was definitely on the gamified trading app, rather than the traders on r/WallStreetBets. Vlad Tenev, Robinhood’s CEO, very much occupied the hot seat in today’s hearing before the House Financial Services Committee over January’s market volatility. None of the representatives seemed particularly interested in…
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A bipartisan group of representatives has introduced a bill to the House that seeks to create a task force focused on combating terrorist financing via cryptocurrencies. U.S. Representative Ted Budd (R-NC) has sponsored a new piece of legislation aimed at creating an agency tasked with combating the use of cryptocurrencies in terrorist financing. The bill…
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The dedicated office would oversee “all non-defense related deployment and activities related to blockchain technology within the Federal Government.” A new bill filed on Thursday, H.R.9067, seeks to create an office that will “coordinate” federal applications of blockchain technology. Sponsored by Rep. Darren Soto, a Democrat representing Florida’s 9th district, the bill would “establish an…
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Congressman Davidson, in particular, sees potential Treasury action as a bad idea for everybody involved. Several members of Congress have voiced opposition to a rumored blockade on self-hosted crypto wallets in the works at the U.S. Treasury. In a Dec. 9 letter addressed to Treasury Secretary Mnuchin, four members of the Congressional Blockchain Caucus wanted…
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Allaire also sees political moderation as the best scenario for continued crypto development. One of the leaders in U.S. crypto is optimistic that the space will grow under the administration of Joe Biden governing from the middle. Jeremy Allaire, CEO of Circle, took to CNBC’s Squawk Box on Monday to argue that the Biden administration…
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But the bill is unlikely to become law any time soon. On Wednesday night, Congresswoman Rashida Tlaib introduced a bill before the U.S. House of Representatives looking to make fiat-pegged stablecoin operators abide by the same rules and registration requirements expected of banks. The legislation, under the name “the Stablecoin Tethering and Bank Licensing Enforcement…
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