IRS Virtual Currency Guidance Questioned At House Committee On Small Business Hearing On Bitcoin
At 1PM on 4/2/14 in room 2360 of the Rayburn House Office Building, the House Committee on Small Business assembled for a hearing on Bitcoin: Examining the Benefits and Risks for Small Business. The House Committee on Small Business is chaired by Congressman Sam Graves [MO-06], other representatives on the committee are Tom Rice [SC-07], Chris Collins [NY-27], Kerry Bentivolio [MI-11], David Schweikert [AZ-06], Tim Huelskamp [KS-01], Richard Hanna [NY-22], Jaime Herrera Beutler [WA-03], Scott Tipton [CO-03], Mick Mulvaney [SC-05], Blaine Luetkemeyer [MO-03], Mike Coffman [CO-06], and last....
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The US House of Representatives committee on small business held a hearing on 2nd April to discuss the growing use of bitcoin by the country's small business owners (SMBs), and the pros and cons that using this technology as a payment option offers the demographic. Entitled 'Bitcoin: Examining the Benefits and Risks for Small Business', a panel of experts spoke about the benefits and costs of the use of bitcoin by SMBs, while also touching on hot topics like Silk Road and the recent IRS decision on the tax treatment of digital currencies. Committee Chairman Sam Graves noted in his opening....
Last Wednesday, the Committee on Small Business held a hearing aimed at exploring Bitcoin, the benefits and risks for small businesses. The hearing was attended by financial, legislative, economics and leading Bitcoin professionals. "Bitcoin: Examining the Benefits and Risks for Small Businesses," was one of the first hearings to be entirely focused on how Bitcoin can affect small business. Those appearing at the hearing to give testimony were Jerry Brito, Senior Researcher at the Mercatus Center. Adam White, Director of Business Development and Sales at Coinbase. Mark Williams, Master....
View the full video of the Senate Homeland Security and Governmental Affairs Committee hearing on virtual currencies here. Don't bother running from regulation, said an influential agency director at a key government hearing on Monday 18th November - because in the long term, there's nowhere to hide. FinCEN director Jennifer Shasky Calvery warned virtual currency companies against fleeing US shores in the hope of more lenient regulatory frameworks elsewhere. "If business is going to leave the United States based on perceived or actual regulatory burden, I always believe that they're going....
View the full video of the Senate Committee on Banking, Housing, and Urban Affairs hearing on virtual currencies here. The Present and Future Impact of Virtual Currency hearing taking place today at the US Senate will be webcasted live on C-SPAN3. The Committee on Banking, Housing and Urban Affairs' Subcommittee on National Security and International Trade and Finance, and Subcommittee on Economic Policy will meet in open session. This is the second of two hearings on digital currency this week, the first being held by the US Senate Committee on Homeland Security and Governmental Affairs....
Very recently, it has become painfully clear that the US government wants a lot more information on decentralized virtual currencies like bitcoin. In an appropriations bill that went through the committee recently, the House of Representatives requested that the FBI provide a report to them. In the bill, under the heading "Money Laundering": "The Committee understands that bitcoins and other forms of peer-to-peer digital currency are a potential means for criminal, terrorist or other illegal organizations and individuals to illegally launder and transfer money. News reports indicate that....