In a United States congressional meeting titled “Building Blocks of Change: The Benefits of Blockchain Technology for Small Businesses,” one of the testifying witnesses called out current cryptocurrency taxation expectations for their overbearing complexity. “Doing your taxes for crypto is the worst nightmare,” said Michael Ammori, General Counsel of Protocol Labs, answering a question from U.S. Representative Steve Chabot on blockchain’s status in terms of whether or not the tech is ready for mass adoption. A gathering on blockchain’s potential and application On March 4, parties gathered for a hearing on blockchain’s impact on small businesses. Four witnesses sat in …

A new working group, spearheaded by senior employees of Ripple and Coinbase, is going to advise United States regulators on crypto-friendly policies. But congresspeople are too busy preparing for the upcoming elections, which means that U.S. crypto firms will have to continue hula-hooping through state-by-state regulations in the near future. Earlier this month, a D.C.-based advocacy group called the Blockchain Association, representing a number of high-profile cryptocurrency firms, launched a working group tasked with pushing for a U.S.-wide regulatory framework. Called the Market Integrity Working Group, the new entity is co-chaired by Breanne Madigan, head of global institutional markets at …

Following a year that has seen unprecedented interactions between United States legislators and the crypto industry, Cointelegraph has compiled a roster of congresspeople who have established stances and policies for blockchain and cryptocurrency that will shape the future of the industry within the country. Some of the congresspeople listed are bullish on blockchain, while some have established clear opposition to topics like Facebook’s Libra or other cryptocurrencies, but Cointelegraph believes that all of them are worth watching in 2020. Rep. Tom Emmer (R-MN) As ranking member of the Fintech Task Force as well as holding positions within the Blockchain Caucus …

Congress clearly has crypto on the brain, with the question of regulation being a matter of when. At a Jan. 30 hearing before the Fintech Task Force, a body within the United States House of Representatives, lawmakers were focused on bringing crypto into the conversation. The basics The hearing — entitled “Is Cash Still King? Reviewing the Rise of Mobile Payments” — featured testimony from witnesses with backgrounds spanning payment providers, consumer advocates and financial inclusion non-profits. While some of the written testimony provided by the witnesses before the hearing mentioned cryptocurrencies, the degree to which the industry occupied the …

A bill seeking to exempt personal cryptocurrency transactions from taxation for capital gains has been reintroduced in the Congress of the United States. What the bill looks to change Called “The Virtual Currency Tax Fairness Act of 2020,” the bill would establish an exemption for virtual currency expenditures that qualify as personal transactions. Users would then not have to report instances when they spent crypto whose valued had changed relative to the U.S. dollar on day-to-day expenses. Representatives Suzan DelBene (D-WA) and David Schweikert (R-AZ) introduced the bill today, Jan. 16. Schweikert introduced an earlier version of this bill in …

The House Financial Services Committee has raised concerns over the use of cryptocurrencies to fund domestic terrorism in the United States. In a Jan. 15 hearing, the FSC Subcommittee on National Security, International Development and Monetary Policy has examined how U.S. financial institutions can combat domestic terrorism, extremism and acts of hate. Titled “A Persistent and Evolving Threat: An Examination of the Financing of Domestic Terrorism and Extremism,” the hearing featured five witnesses reporting on various fundraising methods used by organized domestic extremists. Particularly, the officials and executives have outlined crypto as an important fundraising tool for hate crimes, emphasizing …

Eight members of the United States (U.S.) Congress sent a letter to the Internal Revenue Service (IRS) urging the agency to provide additional clarity on cryptocurrency tax laws. A letter dated Dec. 20, signed by eight U.S. Congress members, stated: “We wrote in April of this year urging the issuance of guidance for taxpayers who use cryptocurrencies and we are pleased to see that you have issued guidance and addressed many questions we posed. We are, however, concerned that this recent guidance creates many new questions related to the topics it seeks to address, namely forks and airdrops.” Cointelegraph reached …

The anti-crypto United States Congressman Brad Sherman (D-CA) has been elected to serve as Chairman of the Subcommittee on Investor Protection, Entrepreneurship and Capital Markets. On Dec. 5, Chairwoman of the House Financial Services Committee Maxine Waters (D-CA) announced that Sherman was elected to take up the position of Chair at the subcommittee that oversees the Securities and Exchange Commission (SEC), the New York Stock Exchange and the Financial Industry Regulatory Authority. Sherman vs crypto and maybe the internet Sherman, who is an American politician serving as a Democratic member of the U.S. House of Representatives since 1997, is known …

A couple of United States lawmakers are looking to classify stablecoins as securities. With Libra considering adopting fiat-pegged stablecoins rather than a single token supported by a basket of national currencies, the proposed crypto project might be facing yet another regulatory hurdle. Meanwhile, lawmakers sponsoring the bill say stablecoins should be classified as securities to protect U.S. consumers. If passed, stablecoin projects like Libra will potentially fall under the purview of stringent U.S. securities regulations. Critics of the move remark that such measures only serve to further dampen the country’s position in the emerging digital landscape. Some commentators have long …

On Nov. 21, the United States Congressional Task Force on Financial Technologies held a hearing on the role of big data in financial services. The last major legislation focused on the subject was the Gramm-Leach-Bliley Act of 1999, which formalized a financial service firm’s obligations to clients — specifically, how they share client information. Given the field’s expansion over the past 20 years, the Fintech Task Force’s posture on Thursday was that of an early exploration of options and opportunities for new and major legislation. The current conundrum Obviously, the scene has changed remarkably since 1999. Financial services are more …

American lawmakers have reportedly introduced a bill aiming to put Facebook’s Libra under the jurisdiction of the Securities and Exchange Commission (SEC). Two Texas representatives, Sylvia Garcia and Lance Gooden, have proposed legislation that would put even more regulatory scrutiny on Facebook’s not-yet-launched Libra stablecoin and related projects, CNBC reports Nov. 21. The bipartisan team of the House Financial Services Committee introduced the bill today, speaking at a committee hearing on the role of big data in financial services. Libra is “clearly” a security under existing law, lawmaker claims In the new bill called the “Managed Stablecoins are Securities Act …

The United States Federal Reserve System is exploring the development of a central bank digital currency (CBDC) and what issues and risks it could potentially pose. Federal Reserve Board Chairman Jerome Powell provided a response to U.S. Representatives French Hill and Bill Fosters’ request on whether the Federal Reserve plans to launch a national digital currency, financial services reporter Zachary Warmbrodt tweeted on Nov. 20. In the letter, Powell set forth the Federal Reserve’s views on the creation of a CBDC, emphasizing that, although the agency is not currently developing a CBDC, it has assessed and continues to evaluate the …