China’s plans to ban private cryptocurrency is terrible but also offers a lesson and opportunity for US policymakers, says Competitive Enterprise Institute financial policy expert John Berlau.
For investors to benefit from a fair and competitive marketplace, regulators must proactively provide rules of the road to industry. Unfortunately, the SEC has instead adopted a strategy of regulation-by-enforcement in this area.
One thing is certain, these new taxes do not only impact the rich. In fact, liberals would like to give the wealthy in high-tax states like New York and California a tax cut as part of the plan!
"We are going to do a lot of damage."
"This overly broad definition of the word ‘broker' will block rapid innovation in cryptocurrencies and it will endanger the privacy of many Americans and cryptocurrencies. This is wrong."
U.S. Senators Pat Toomey (R-Pa,) Mark Warner (D-Va.) and Cynthia Lummis (R-Wyo.), Kyrsten Sinema (D-Az.) and Rob Portman (R-Oh.) today announced an agreement on an amendment to fix digital asset reporting requirements in the infrastructure bill. “There’s broad agreement that digital asset exchanges behaving as brokers should be required to report transactions just like other … Continue reading Does this agreement save crypto from govt meddling?
U.S. Senate Banking Committee Ranking Member Pat Toomey (R-Pa.) released the following statement regarding a provision in the bipartisan infrastructure package that would tax cryptocurrency transactions: “Congress should not rush forward with this hastily-designed tax reporting regime for cryptocurrency, especially without a full understanding of the consequences. By including an overly broad definition of broker, … Continue reading Infrastructure bill invents new tax on cryptocurrency