Proposed California Bitcoin Bill Adds New Reporting Requirements
The California Senate Appropriations Committee has voted 6-1 to advance a bill that would create a licensing regime for bitcoin companies in the state. The bill moved forward on 27th August, with Senator Jim Nielsen, a Republican from California's Fourth District, casting the lone dissenting vote. The bill received a second reading on Monday, with a third reading set for a later date. AB-1326's movement through the California Senate - it passed the lower chamber in June - comes as groups supporting and opposing the measure spar over the law's wording. The bill, introduced by Assemblyman....
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In the world of digital currency, misinformation spreads quickly, and there may be no greater recent example of this than California Assembly Bill 129, a piece of proposed legislation that has been heralded somewhat incorrectly as an already successful move by the state to "legalize cryptocurrencies". Though, the bill would recognize digital currencies as "lawful money", it would also ensure the legal footing of additional forms of legal tender such as points and coupons, and is currently only halfway to becoming law. Regardless, many in the digital currency community have high hopes that....
Janet Yellen's position on a "compromise" amendment proposed yesterday is unclear, but she reportedly raised objections to the language on crypto put forth by Senators Wyden, Lummis, and Toomey. On Wednesday of this week, several U.S. senators proposed an amendment to an infrastructure bill which would clarify language concerning crypto. Even though that proposal seemingly has the support of the white house, U.S. Treasury Secretary Janet Yellen has reportedly come out against the measure.According to a Friday report from the Washington Post, Yellen raised objections to the proposed....
The Keep Innovation in America Act seeks to repeal the reporting requirements of the infrastructure bill and clarify the meaning of “broker.”
The infrastructure bill was first proposed by the Biden administration aimed at primarily improving the national transport network and internet coverage. The United States House of Representatives passed the $1.2 trillion bipartisan infrastructure bill, which if signed into law by President Joe Biden, would enforce new provisions in relation to crypto-tax reporting for all citizens.The infrastructure bill was first proposed by the Biden administration aimed at primarily improving the national transport network and internet coverage. However, the bill mandated stringent reporting....
The bill proposes pushing back the mandated reporting requirements to 2026 as well as changing the definition of broker. A bipartisan group of United States lawmakers has introduced legislation to change the tax reporting requirements that will go into effect due to the recently signed infrastructure bill.House Representatives Patrick McHenry and Tim Ryan introduced the Keep Innovation in America Act, which would change the definition of a broker as defined in HR 3684, the bipartisan infrastructure bill signed into law by President Joe Biden on Monday. The bill proposes pushing back the....