In two hot developments from the USA, two regulatory packages emerged, one on taxation. Patrick McHenry, who last week slammed the SEC’s other Gary Gens, is now focusing on securities and commodity smoothings. The details of the new cryptocurrency regulations are as follows…
US Congress to enact new crypto money law in 2 months
Texas President Representative Patrick McHenry said he will pass legislation to oversee the crypto industry in the “next two months.” When asked whether Biden would sign this bill, McHenry answered “yes”.
“What we plan to do in the next two months is to communicate a deal,” McHenry says. He also adds that the bill will address both securities and commodity smoothings and issues that are hard to fix on both sides.
The U.S. Congress has so far failed to pass a comprehensive law on cryptocurrencies, despite a series of bills that made headway on Capitol Hill last year. But this month, Republicans on the House Financial Services Committee took swift action on stablecoin regulations. They presented a draft of discussion that could provide a new starting point for negotiations with the Democrats.
US Internal Revenue Service to publish tax guidance in 12 months
In another hot news from the US, Julie Foerster, Project Director of the Internal Revenue Service (IRS), said that her Department hopes to release ready-made crypto tax guidance “within 12 months”. Foerster also reported that the IRS plans to change its view of cryptocurrencies. She said that she wanted to be more involved in the sector thanks to this.
Foerster emphasizes that his views are his own, not necessarily those of the IRS. However, he stated that he was working with his team of five. Next, the IRS “needs to look at the skills of the people we have today and bring in the future. We need to have the right tools and the right people.”
Preparing tax law for NFTs
Foerster emphasizes that cryptocurrencies are evolving. He underlined the need to increase communication between the Revenue Administration and the crypto community. In particular, he urged people to comment on the March proposal to tax NFTs. The comment period closes on June 9th.
Foerster also shared that the US tax office has spoken to some of its foreign counterparts about crypto taxation practices. “I will say there are countries that come and want to talk to us and our big business and international division. Events like this and other events we attend also provide us with an international perspective.”
“Congress needs to provide adequate guidance”
cryptocoin.com As we have reported, the SEC Chairman spoke before the Financial Services Committee of the US House of Representatives last week. “Congress needs to provide adequate guidance,” says Senate’s Cynthia Lummis of Gensler’s securities claims.
Contact us to be instantly informed about the last minute developments. twitter‘in, Facebookin and InstagramFollow and Telegram And YouTube join our channel!
Risk Disclosure: The articles and articles on Kriptokoin.com do not constitute investment advice. Bitcoin and cryptocurrencies are high-risk assets, and you should do your own research and due diligence before investing in these currencies. You can lose some or all of your money by investing in Bitcoin and cryptocurrencies. Remember that your transfers and transactions are at your own risk and any losses that may occur are your responsibility. Cryptokoin.com does not recommend buying or selling any cryptocurrencies or digital assets, nor is Kriptokoin.com an investment advisor. For this reason, Kriptokoin.com and the authors of the articles on the site cannot be held responsible for your investment decisions. Readers should do their own research before taking any action regarding the company, assets or services in this article.
Disclaimer: Advertisements on Kriptokoin.com are carried out through third-party advertising channels. In addition, Kriptokoin.com also includes sponsored articles and press releases on its site. For this reason, advertising links directed from Kriptokoin.com are on the site completely independent of Kriptokoin.com’s approval, and visits and pop-ups directed by advertising links are the responsibility of the user. The advertisements on Kriptokoin.com and the pages directed by the links in the sponsored articles do not bind Kriptokoin.com in any way.
Warning: Citing the news content of Kriptokoin.com and quoting by giving a link is subject to the permission of Kriptokoin.com. No content on the site can be copied, reproduced or published on any platform without permission. Legal action will be taken against those who use the code, design, text, graphics and all other content of Kriptokoin.com in violation of intellectual property law and relevant legislation.