future of crypto regulations
Regardless how you feel politically, the current presidents administration has taken a stance on crypto. Crypto currency is an area of concern with growing tax evasions. back in july the us treasury announced proposed changes to crypto reporting of bidens proposed American families plan. this would implement new rules for businesses and crypto exchanges. requiring to report any crypto transactions with a fair market value of 10,000 or more to the irs. which is the same current required cash deposits if you deposit more than 10k into your checking account your ban is required to report that to the federal government. i think this is complete and utter bull shit, i do agree on regulations this legitimizes crypto but as far as reporting goes it should be a concern of stable coin, since you have to trade majority of coins for a stable coin then trade for your currency like usd. the report says cryptocurrency poses a significant detection problem by facilitating illegal activity broadly including tax evasion. The SEC is trying to regulate stable coins instead of all coins which is is a smarter move and are trying to coordinate with other finical regulators so they dont let anything fall through the cracks as this needs to be done right.
Links
The Biden Administration Took a New Stance on Crypto. Here’s What Investors Should Know: https://time.com/nextadvisor/investin...
SEC’s Gensler likens stable coins to 'poker chips’ amid call for tougher crypto regulation: https://www.washingtonpost.com/busine...
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