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 Cynthia Lummis of Gensler’s securities claims.
