Odaily Planet Daily News In a letter to Senate Finance Committee Chairman Ron Wyden and Finance Committee Senior Member Mike Crapo, Coin Center listed certain principles that the government should consider in terms of blockchain regulation.
Coin Center said: If a country is to tax cryptocurrencies, it should provide clear guidance on how to calculate the tax amount, and should also set a threshold for the amount of income below which no tax is required. (The Block)
According to previous news, a new regulation in the United States will take effect on January 1, 2024. By 2024, U.S. businesses will have to collect personal information such as the name, address and ID of anyone who buys goods with more than $10,000 in cryptocurrencies.
Last year, cryptocurrency think tank Coin Center sued the U.S. Department of the Treasury and Treasury Secretary Janet Yellen, among others, alleging that the new rules they were about to enforce amounted to “unconstitutional financial regulation.” A judge has recently dismissed the case, saying Coin Center and its co-plaintiffs have no standing to sue because the rule has not yet taken effect and any alleged damages are speculative.
Alex
