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Mind Of Mav
Congressional Dogpiling
Two U.S. Congressmen have sent a letter to the Treasury Secretary and the IRS Commissioner, demanding the implementation of tax regulations for the cryptocurrency industry.
In the letter, Representatives Brad Sherman and Stephen Lynch expressed concern about the lack of compliance with tax laws in the cryptocurrency industry. They pointed to a report from the Treasury Inspector General for Tax Administration, which found that the IRS is unable to identify many cryptocurrency taxpayers because of the lack of reporting.
The two congressmen called for the prompt release of proposed regulations that would “close the tax gap and bring the cryptocurrency industry into full tax compliance.”
The Biden administration has also expressed interest in regulating the cryptocurrency industry. In March, President Biden proposed a 30% tax on cryptocurrency mining. However, this tax was not included in the recent legislation that raised the U.S. debt ceiling.
Cryptocurrency proponents believe that the proposed tax on cryptocurrency mining is a temporary measure. They argue that the industry is still in its early stages of development and that it will eventually become more compliant with tax laws.
However, the lack of regulation in the cryptocurrency industry is a concern for many investors. They worry that the lack of oversight could lead to fraud and other problems.
It remains to be seen whether the U.S. government will implement stricter regulations for the cryptocurrency industry. However, the concerns expressed by Congressmen Sherman and Lynch suggest that the issue is likely to be a priority in the coming years.
Here are some additional details about the proposed regulations:
The regulations would require cryptocurrency exchanges to report all transactions to the IRS.
The regulations would also require cryptocurrency miners to report their mining income.
The regulations would impose penalties for non-compliance.
The proposed legislation is just more of the same crypto FUD whos allegations cannot be backed with facts.
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The “Three Token Pillars” portfolio is democratically proportioned between the Three Pillars of the Token Economy & Interchain:
CryptoCurreny – Security Tokens (STO) – Decentralized Finance (DeFi)
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