Riding The Wave News Summary 176
Crypto community reacts to Biden’s proposed crypto tax reporting rules, Fed's Powell at Jackson Hole: Prepared to Raise Rates Further if Appropriate, & more.
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Crypto community reacts to Biden’s proposed crypto tax reporting rules
Fed's Powell at Jackson Hole: Prepared to Raise Rates Further if Appropriate
OnlyFans’ parent company bought $20M of Ethereum as revenue surged
Tweets
https://twitter.com/BitcoinFear/status/1695949372607926502
https://twitter.com/GameofTrades_/status/1695843618404409669
https://twitter.com/KobeissiLetter/status/1695189481173688336
Crypto community reacts to Biden’s proposed crypto tax reporting rules
Several prominent crypto commentators have criticized the new crypto tax reporting rules recently put forth by United States President Joe Biden.
On Aug. 25, to catch crypto users avoiding taxes, the Internal Revenue Service (IRS) proposed brokers follow new rules for selling and trading digital assets. Brokers would use a new form to make tax filing easier and prevent cheating on taxes.
The U.S. Department of the Treasury indicated that the proposed rules would make digital asset reporting similar to reporting on other assets.
However, many in the crypto community believe the stringent rules will push the crypto industry further away from the United States.
On Aug. 25, Cointelegraph reported that Kristin Smith, CEO of the Blockchain Association, held reservations about merging digital asset reporting with traditional assets.
“It’s important to remember that the crypto ecosystem is very different from that of traditional assets, so the rules must be tailored accordingly and not capture ecosystem participants that don’t have a pathway to compliance,” Smith stated.
“If every crypto issue needs to go to a court of law, then as a country, we are squashing the innovation taking place here,” Sonnenshein stated.
Fed's Powell at Jackson Hole: Prepared to Raise Rates Further if Appropriate
Restrictive monetary policy will continue to be needed until inflation is sustainably slowing, said U.S. Federal Reserve Chairman Jerome Powell in his keynote speech at the Kansas City Fed's Jackson Hole Symposium.
The central bank, said Powell, is ready to raise rates further if appropriate, though will proceed carefully.
OnlyFans’ parent company bought $20M of Ethereum as revenue surged
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