Small business advocacy group recommends US congress 'clarify the status of d...
“We encourage market participants looking to determine whether a digital asset is a security to seek the advice of securities counsel and engage with FinHub staff,” said the SEC. The U.S. Securities and Exchange Commission, or SEC, has delivered a report to Congress containing recommendations from small businesses seeking regulatory clarification on the role of digital assets. In a Sept. 27 announcement, the SEC’s Office of the Advocate for Small Business Capital Formation reported on recommendations from the commission’s 40th Annual Small Business Forum held in May. Participants at the....
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The Nigerian blockchain advocacy group, the Stakeholders in Blockchain Technology Association of Nigeria (SIBAN), has said crypto is legit and must be regulated. The group adds that any such regulation should on one hand encourage innovation, but discourage bad actors on the other. Equal Access to Banking and Financial Services The Nigerian blockchain advocacy group, the Stakeholders in Blockchain Technology Association of Nigeria (SIBAN), has implored the Central Bank of Nigeria (CBN) to reconsider its decision to block crypto entities from the banking ecosystem. The group insists that....
The American Institute of CPAs has sent the IRS a letter to clarify tax status of small virtual currency transactions and nine other virtual currency issues, according to The Wall Street Journal. A bitcoin payment for a small purchase can have an investment gain or loss on that purchase under the IRS’s existing tax treatment. This is an onerous reporting requirement. Annette Nellen, a professor at San Jose State University, who helped draft the institute’s request, said the AICPA wants to know the tax rules before they become audit issues. Bitcoin Usage Grows. The number of daily bitcoin....
Cryptocurrency advocacy group, Coin Center has started educating the US Congress about Bitcoin and blockchain technology. A large-scale implementation of any new technology is only effective when there is active collaboration between the private and public sectors. The same holds good for cryptocurrency technology. The cryptocurrency community is still a niche segment. A majority of the world’s population, including politicians and bureaucrats, is still in the dark about how the entire Bitcoin network works. Coin Center, a non-profit cryptocurrency research and advocacy group based out of....
U.S. financial regulators will now work together to create modalities for clear-cut crypto regulations in America. The U.S. House of Representatives on Tuesday passed H.R. 1602 — the Eliminate Barriers to Innovation Act — introduced by Congressman Patrick McHenry (R-NC).H.R. 1602 was among six bipartisan financial services-related bills passed by Congress on Tuesday with the McHenry-sponsored legislation focusing on regulatory clarity for cryptocurrencies.Introduced back in March, the bill seeks to clarify the roles of agencies like the Securities and Exchange Commission and the Commodity....
The Bitcoin Foundation has stepped up its US lobbying efforts by hiring Washington, DC-based firm Thorsen French Advocacy. The announcement from the Foundation represents perhaps the most high-profile bitcoin lobbying effort to date. In May, Falcon Global Capital hired a lobbying firm to work with Congress, joining Peck Madigan Jones and other companies who are pushing legislators on the topic of digital currency. Thorsen French Advocacy, founded in 2010, is led by Alec French and Carl Thorsen. The two long-time legislative officials have served in various legal capacities within the US....