Three Consecutive Congress Hearings Follow Crypto Crack Down
Just this past Tuesday, the United States Congress held three simultaneous hearings regarding the uses of crypto and its potential use in existing financial institutions. Though recently the Biden Administration has scrutinized the use of digital assets on the basis of tax evasion, Bitcoin steadily climbs with the hopes of a close above $40K. Led […]
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While Congress is planning multiple hearings, it's less clear what financial regulators might do.
A blockchain-friendly member of Congress faced confirmation hearings on Capitol Hill yesterday in his bid to join the Trump administration. Representative Mick Mulvaney, a Republican from South Carolina, was nominated in December by then-President-elect Donald Trump to head up the Office of Management and Budget, which would make him the White House’s point person on budgetary matters. According to the Washington Post, Mulvaney ran into a hiccup or two during his hearings. The conservative US Representative drew fire from Democrats because of a failure to pay $15,000 in federal taxes....
The Crypto for Congress initiative has launched. All members of Congress will be given bitcoin as campaign contributions to help them learn about cryptocurrency. The initiative is supported by Congressional Blockchain Caucus members, including pro-crypto Representatives Darren Soto and Tom Emmer. Each Congress Member Receiving Bitcoin Contribution The “Crypto for Congress” initiative has launched, the Chamber of Digital Commerce announced Monday. “Today, all members of the United States Congress will receive a campaign contribution in bitcoin” as part of this....
One of the most talked about issues with respect to Bitcoin and other cryptocurrencies is exactly how they are to be legally defined. The Internal Revenue Service has ruled that, for tax purposes, Bitcoin is not to be considered “money”. While Bitcoin is commonly used as payment for goods and services and acts as a “denominator of value”, the IRS ruled that Bitcoin is taxable as property, not money, simply because it is not considered “legal tender” by Federal and state governments. The US Senate held two different sets of hearings on Bitcoin and the Homeland Security and Governmental....
Read CoinDesk's report on the first day of the hearing here. Read CoinDesk's report on the second day of the hearing here. Read VC Fred Wilson's reaction from attending the hearing. Read a roundup of the community's reaction to the hearings. You can watch the full video from both days here. Stay tuned to CoinDesk for more updates on developments, and be sure to follow us on Twitter for live tweets of bitcoin events. The New York Department of Financial Services is shortly to begin its hearing about bitcoin and other digital currencies. Taking place in the 4th Floor Boardroom of 90 Church....