House representatives have reintroduced a bill that aims to give tax relief to small crypto transactions, exempting traders from paying taxes on payments less than $200. First introduced in 2020, the Virtual Currency Tax Fairness Act is an amendment to the Internal Revenue Service’s tax code, and has been resurfaced by Reps. Suzan DelBene (D-Wash.), […]
An American couple has rejected a refund from the Internal Revenue Service (IRS) after the agency taxed them for staking their Tezos (XTZ). In declining the IRS’ refund, the couple hopes to force the government provide clarity on taxes relating to crypto staking. Josh and Jessica Jarrett of Nashville, Tennessee, were first offered the refund […]
$8 Billion Flushing Bank to Offer Bitcoin Services | Fidelity Files to Launch ETF Tied to Metaverse | Draft Bill Could Let U.S. Treasury Block International Crypto Transactions
The Biden Administration is expected to issue an order that would make government agencies begin conducting risk analysis on cryptocurrency as a national security threat.
A new bill introduced in the U.S. has a provision that “would essentially give the Treasury Secretary unchecked and unilateral power” to ban cryptocurrency transactions, warned crypto advocacy organization Coin Center. Treasury Secretary Janet Yellen will be able to prohibit any crypto transactions “without any process, rulemaking, or limitation on the duration of the prohibition.” […]