regulations
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Biden: Changing the tax on cryptocurrency transactions will increase tax revenue by $24 billion
It is reported that the Wall Street Journal quoted the draft budget for the fiscal year 2024, and that the US President Joe Biden would propose to change the tax on cryptocurrency transactions. Biden predicted that this would increase the tax revenue of the industry by up to $24 billion. The White House spokesman confirmed that the proposed regulations should reduce false transactions. The plan involves loss-making cryptocurrency sales to lock in losses that are not taxable. Then the investor repurchases assets of similar amount again. Interpretation of this information:…
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Lawyer of Blockchain Association: Gensler’s remarks or opinions are not laws, and SEC has no right to supervise any of them
According to reports, Gary Gensler, chairman of the United States Securities Commission, reiterated in a recent interview with New York magazine (NYMAG) that all encrypted assets and all transactions are subject to the United States securities law, except for Bitcoin spot transactions. Interpretation of this information: The message states that the chairman of the United States Securities Commission, Gary Gensler, has stated in an interview with New York Magazine that all encrypted assets and transactions are subject to US securities law, with the exception of Bitcoin spot transactions. This interpretation…
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Terrence Yang: The IRS and the SEC pay special attention to digital assets
According to reports, Terrence Yang, Managing Director of Swan Bitcoin, said that cryptocurrency investors may want to ensure the security of all relevant tax information in this quarter. The IRS and the Securities and Exchange Commission (SEC) pay special attention to digital assets. Although the IRS has regulations and restrictions on the use of capital losses, any remaining capital losses can be carried forward to other tax years. However, this benefit only applies to Bitcoin, not to most other cryptocurrencies. Bitcoin is currently regulated as a commodity, while most other…
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CZ: “Binance is considering taking off the shelf of the US project Token” is a false message
It is reported that CZ, the chief executive of Binance, said in response to the news that “Binance is considering removing the Token of all US projects including USDC” spread on the internet, this is false news and said that the blockchain has no borders. Interpretation of this information: The CEO of Binance, CZ, has recently addressed rumors that the cryptocurrency exchange is considering removing the Token of all US projects, including USDC. CZ has labeled the rumors as false news, stating that the blockchain has no borders. The concept…
