Washington Moves To Review Crypto Tax Rules With New IRS Study Bill
Kraken sent 56 million tax forms to the Internal Revenue Service last year. Nearly a third covered transactions worth less than a dollar. More than 75% were for trades under $50. Those numbers, cited by the crypto exchange last month, have added weight to a growing call in Congress to rethink how small digital asset transactions are taxed in the United States. Related Reading: Crypto Access To Banks In Focus After Trump’s New Executive Order A Study, Not An Exemption A bipartisan group of House lawmakers introduced a bill Tuesday that takes a first formal step toward addressing that....
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The northwest pacific state’s governor has finally passed a bill into law to form a working group to explore the opportunities for industry and commerce to benefit from blockchain. Three years and one veto after it was first proposed, Washington state Governor Jay Inslee has signed a bill into law today that aims to expand the state’s adoption of blockchain technology across various financial and industrial sectors.The law saw Governor Inslee order the formation of the Washington Blockchain Work Group which will “examine various potential applications for blockchain technology.” The Work....
A new bill filed in the Washington State Senate is seeking to prohibit local marijuana businesses from using bitcoin. Sponsored by Senators Steve Conway and Ann Rivers, SB 5264 seeks to amend some of the state’s rules governing the sale and distribution of marijuana products. The move comes more than four years after Washington voters passed a ballot measure legalizing marijuana in November 2012. Under the proposed rule, businesses that work in the local marijuana industry would not be allowed to either pay for goods with digital currency or accept those kinds of payments from customers.....
Crypto regulation is still a bit pain point in the market right now. The Infrastructure Bill that went before the House in the U.S. has made waves across the market recently. The bill would adversely affect the industry widely. And thus, crypto investors have been fighting this bill as much as they can. Related Reading […]
Missouri lawmakers moved a step closer to letting the state hold Bitcoin after a new bill was pushed forward for committee review. The proposal would set up a separate fund inside the state treasury to collect and keep Bitcoin under certain rules. Related Reading: Bitcoin Undeterred: Trump’s 15% Global Tariff Hike Fails To Rattle Crypto […]
The two bills introduced on Feb. 2 propose allowing the state of Tennessee as well as its counties and municipalities to invest in crypto, as well as forming a committee aimed at studying crypto and blockchain. Jason Powell, a member of the Tennessee House of Representatives, has introduced a bill proposing counties, municipalities, and the state to invest in cryptocurrencies and nonfungible tokens, or NFTs. According to Tennessee House Bill 2644 introduced on Feb. 2, Powell proposed amending the current state code to add crypto, blockchain, and NFTs to the list of authorized investments....