Fun

News Feed - 2023-08-03 02:08:16

Tom Mitchelhill3 hours agoElizabeth Warren, Bernie Sanders urge closure of ‘$50 billion crypto tax gap’United States senators, including Elizabeth Warren and Bernie Sanders, have claimed that crypto tax evaders are siphoning off billions from the government.1821 Total views15 Total sharesListen to article 0:00NewsJoin us on social networksA number of United States lawmakers have urged the Internal Revenue Service and the Treasury to speed up the closure of tax loopholes being exploited by “crypto tax evaders.”


In an Aug. 1 letter, Democratic Senators Elizabeth Warren, Bernie Sanders, Bob Casey and Richard Blumenthal warned the top officials of both agencies that they must swiftly act on new tax regulations.


The senators claim there is a “$50 billion crypto tax gap,” and the IRS and Treasury risk missing out on roughly $1.5 billion in tax revenue for the 2024 financial year if a tax policy update is delayed.“Given the chance, tax evaders and the crypto intermediaries willing to aid them will continue to game the system, exploit loopholes, and siphon off billions of dollars a year from the U.S. government. You must not give them that chance.”


The senators are referring to new tax laws outlined in the Senate’s $1.2 trillion infrastructure bill passed in August 2021. The bill aimed to increase the tax reporting requirements for businesses acting as crypto brokers.


“Nearly two years have passed since the law was enacted, and the implementation deadline is less than six months away — but Treasury has yet to publish proposed rules,” the letter reads.Letter to the Treasury and the IRS urging swifter crypto tax policy. Source: Elizabeth Warren


While the bill has been signed into law the Treasury and the IRS are yet to release their new tax rules. The agencies have until Dec. 31 to publish and implement the rules, but the lawmakers are requesting they be put in place much sooner.


Related:US defense bill may be problematic for USDC and stablecoins: Analysts


Elizabeth Warren has been an outspoken critic of the cryptocurrency industry in the U.S., going as far as forming an “anti-crypto army” as the centerpiece of her Senate re-election campaign.Elizabeth Warren’s anti-crypto army campaign. Source: Twitter


While Sanders has been more publicly quiet on crypto compared to his Democratic counterparts, he has co-signed a number of letters headed by Warren seeking to impose tighter restrictions on the space.


A recent poll commissioned by Grayscale Investments found that 59% of Democrats and 51% of Republicans consider crypto to be the future of finance, suggesting th Warren’s stance may not prove to be a vote-winner among the majority of the population.


Collect this article as an NFTto preserve this moment in history and show your support for independent journalism in the crypto space.


Opinion:GOP crypto maxis almost as bad as Dems’ ‘anti-crypto army’# Cryptocurrencies# IRS# Law# Taxes# United States# Bernie Sanders# RegulationAdd reactionAdd reactionRelated NewsWhat is profit and loss (PnL) and how to calculate itWorldcoin launch sparks debate over data privacy and future of AIAI can be a ‘creative amplifier’ — Grammy chief exec Harvey Mason Jr.Coin Center and Blockchain Association slam ‘unworkable’ US Senate DeFi billXRP court ruling marks milestone, but new crypto law could take yearsJudge suggests IRS issued $4K refund over tax lawsuit based on quality of lawyers: Report

News Feed

Report: Crypto Hedge Fund Three Arrows Capital Pitched a GBTC Arbitrage Trade Before Rumored Collapse
Report: Crypto Hedge Fund Three Arrows Capital Pitched a GBTC Arbitrage Trade Before Rumored Collapse Last week there was a lot of focus on the crypto hedge fund Three Arrows Capit
Ethereum Price Recovery: Analyst Predicts Blow Off Top To $3,300 In One Week, Here’s Why
Este artículo también está disponible en español. The Ethereum price is showing strong signs of a potential breakout, as an analyst predicts a surge to $3,300 in just one
Martin Young3 hours agoFriend.tech SIM-swap scourge continues as scammer nets $385K in EtherLeaked mobile phone numbers have given scammers an easy way to drain Friend.tech user accounts.1108 Total views29 Total sharesLi
Stablecoin Savings: Circle Launches High Yield USDC Accounts for Businesses
Stablecoin Savings: Circle Launches High Yield USDC Accounts for Businesses Two years ago the cryptocurrency firm Circle announced the launch of USDC, a stableco
Hong Kong University of Science and Technology to Build Metaverse Campus
Hong Kong University of Science and Technology to Build Metaverse Campus The Hong Kong University of Science and Technology has announced plans to build an online-based metaverse c
Bitcoin miner CleanSpark plunges 10% after $800M share offering
Brayden Lindrea8 hours agoBitcoin miner CleanSpark plunges 10% after $800M share offeringWith a market capitalization of $4.2 billion, a $800 million stock offering would effectively dilute CLSK shares by 19%.8059 Total
Decentralized dilemma: Could Ethereum survive if SEC ruled ETH a security?
Daniel Ramirez-Escudero8 hours agoDecentralized dilemma: Could Ethereum survive if SEC ruled ETH a security?U.S. regulators have yet again injected uncertainty into the crypto markets by assessing whether Ethereum is a s
‘Persistent inflation’ will be key in Bitcoin’s run to $200K — Crypto fund manager
Ivan Zhelev5 hours ago‘Persistent inflation’ will be key in Bitcoin’s run to $200K — Crypto fund manager“Unsustainable budget deficits” and “persistent inflation” have HashKey Capital analysts predicting
Amaka Nwaokocha27 minutes agoPro-Ripple lawyer predicts prolonged legal battle, hints at settlement factorsJohn Deaton says there has not been “a single serious conversation” about a potential settlement between Ripp
Ex-Binance adviser to join Kamala Harris campaign: Report
Turner Wright3 hours agoEx-Binance adviser to join Kamala Harris campaign: ReportThe prospective Democratic nominee’s position on crypto and blockchain is still unclear, but officials connected to the industry are repo
FBI seizes $6M from crypto scammers targeting US citizens
Stephen Katte21 hours agoFBI seizes $6M from crypto scammers targeting US citizensTether said it aided in recovering the stolen crypto by freezing the scammers’ wallets, which the FBI then seized.  2931 Total views14
Bitcoin Set To Hit $140,000 Target In December – Here’s Why
Este artículo también está disponible en español. Bitcoin (BTC) experienced a rather turbulent end to November, reaching a local bottom of $90,796 on Tuesday. Notably, th