‘An Act of War Against the Middle-Class’ — Americans Criticize Janet Yellen’s Idea to Tax ‘Unrealized Capital Gains’

The 78th United States secretary of the treasury Janet Yellen told CNN’s “State of the Union” on Sunday that US lawmakers are considering taxing unrealized capital gains.

Pakistan Government Not Against Crypto Investments, High Court Calls for Regulations

The executive power will not oppose cryptocurrency investments, a high-ranking government official has told lawmakers in Pakistan.

What I Learned About Crypto Regulation From a Week in DC

WASHINGTON – Within a 36-hour period, the first bitcoin futures exchange-traded fund (ETF) began trading, the underlying cryptocurrency hit a new all-time high and federal lawmakers dusted off their 2019-era concerns about the Facebook-linked stablecoin project Diem.I spent most of DC Fintech Week in the US capital to reconnect with people I haven’t seen in two years and put faces to folks I’ve emailed during the coronavirus pandemic but never actually met.

Australia Needs Regulations to Facilitate Crypto Business, Senate Committee Reports

A Senate committee in Australia has made a number of proposals to address the lack of proper regulations for the cryptocurrency space.

Australian Lawmakers Want Crypto Framework That Recognizes DAOs

Australia has moved a step closer to adopting a comprehensive regulatory framework for the digital assets space.

Iran to Pilot ‘National Cryptocurrency,’ Amend Central Bank Law

The central bank of Iran is gearing up to begin the pilot phase of its digital currency project in the near future, its new head announced to representatives of local media.

US Lawmakers Push Back on Facebook’s Novi Wallet Launch

WASHINGTON, D.C. — A group of US lawmakers say Facebook cannot be trusted to launch a digital currency.In a Tuesday missive, US Senators Brian Schatz (D-Hawaii), Sherrod Brown (D-Ohio), Richard Blumenthal (D-Conn.), Elizabeth Warren (D-Mass.) and Tina Smith (D-Minn.) ordered Facebook CEO Mark Zuckerberg to “immediately discontinue the company’s pilot of Novi” and end its work on the Diem stablecoin project.The lawmakers said Facebook cannot be trusted to protect user data or manage a payments network in an open letter Tuesday, just hours after Facebook announced it was launching a pilot program for its Novi wallet subsidiary in the US and Guatamala.Read more: Facebook’s Novi Taps Paxos, Coinbase Ahead of Diem RolloutUnder the pilot project, Facebook will let users purchase Paxos Dollars (USDP) and custody the funds with Coinbase.”We urge you to immediately discontinue your Novi pilot and to commit that you will not bring Diem to market,” the lawmakers wrote on Tuesday.Libra 2.0The backlash is reminiscent of the response to the original Libra announcement.

Odds Grow That South Korean Crypto Tax Will Be Postponed

Media outlets and lawmakers have been pouring scorn on the South Korean government’s much-maligned plans to introduce a tax on crypto trading from next year – with some suggesting that Seoul will have to back down from its plans.

The ‘Holding Billionaires Accountable’ Lie — Media, Big Tech Fact Checkers Mischaracterize Angst Toward Biden’s Tax Proposal

US citizens and financial institutions are concerned about the Biden administration’s goals to get banks to report to the Internal Revenue Service (IRS) aggregate inflows from a customer’s bank account annually that exceed $600.

South Korean Government Faces Raft of Crypto Tax Amendment Bills

South Korean lawmakers are inundating parliament with crypto tax delay bills.

VC firm a16z pursuing crypto lobbying push in Washington

Andreessen Horowitz executives will seek to guide US policymakers on standards for crypto and Web 3.0. Anthony Albanese, chief operating officer of Andreessen Horowitz’s (a16z) crypto division, and Katie Haun, general partner at the firm, are among a high-powered delegation from the venture capital giant who will engage with lawmakers and administration officials in the United States on crypto regulations.According to CNBC on Wednesday, the move is part of efforts by the Silicon Valley-based VC outfit to promote favorable regulation of the emerging Web 3.0 ecosystem.Speaking to CNBC, a16z global policy chief Tomicah Tillemann decried the broken state of the current Web 2.0 status quo.

US lawmaker is most concerned about Treasury's response to crypto

Exactly 3% of the United States Senate attended the Texas Blockchain Summit on Friday, all addressing their fellow lawmakers' understanding of crypto and blockchain. Wyoming Senator Cynthia Lummis said the Treasury Department may be more of a threat to innovation in blockchain and cryptocurrencies in the United States than the Securities and Exchange Commission or the Commodity Futures Trading Commission.Speaking at the Texas Blockchain Summit in Austin on Friday, Lummis said her recent concerns with the federal agency came from the language concerning brokers of cryptocurrency in the infrastructure bill currently at the center of debate in Congress — Treasury Secretary Janet Yellen has expressed her support of the legislation.

South Korean opposition set to tackle controversial crypto tax law

Opposition lawmakers are seeking a one-year delay in the enactment of the law as well as a lowering of the tax burden on crypto traders. Lawmakers belonging to South Korea’s opposition People Power Party have prepared a fresh challenge to the planned crypto tax law.According to The Korea Herald, opposition lawmakers are advocating for a one-year extension to the start of crypto taxation in the country.As previously reported by Cointelegraph, South Korea’s crypto tax regime that will see the imposition of a 20% levy on cryptocurrency gains above 2.5 million Korean won ($2,100) will come into effect in 2022.Apart from the one-year delay, the lawmakers are also pushing for a tiered tax levy for crypto that is in line with the Financial Investment Income Tax regime set to be implemented in 2023.Under the legislative proposal, instead of the government’s 20% flat rate on profits above $2,100, the lawmakers have suggested 20% on gains between 50 and 300 million won ($42,000 to $251,000) and 25% of profits above 300 million won.Commenting on the need to ease the burden on crypto investors, Representative Cho Myoung-hee argued that a tax regime for cryptocurrencies should be in line with the country’s financial investment income tax.Related: South Korean lawmaker: Delaying tax laws on crypto is 'inevitable'The People Power Party’s challenge to the crypto tax bill comes on the heels of a similar action by lawmakers belonging to the ruling Democratic Party back in September.

Russian Parliament to Consider Restrictions for Non-Qualified Crypto Investors

Cryptocurrency can be quite complicated for some and lawmakers in Russia think they need to contemplate restrictions for private investors.

Lawmakers in Kazakhstan Propose Registration for Crypto Farms, Higher Electricity Rate for Miners

Members of the parliament in Kazakhstan have proposed the establishment of a state register for cryptocurrency farms operating in the country.

Russia aims to limit crypto purchases by non-accredited investors

The Bank of Russia also wants to slow down transactions to crypto exchanges to prevent “emotional” crypto purchases. Anatoly Aksakov, chairman of the Russian State Duma Committee on Financial Markets, argued that Russia needs to adopt new laws to protect retail investors from the potential losses of investing in crypto, local news agency Interfax reported on Wednesday. To this end, lawmakers in the country’s parliament are reportedly considering new legislation to limit cryptocurrency investments by non-accredited investors, he stated.The official delivered his remarks during a Bank of Russia-backed event devoted to financial consumer protection.“Digital currencies are subject to our enhanced focus, and we will look to provide maximum protection for our citizens who invest in digital assets because it is a new instrument, and it is quite difficult for an unskilled investor,” Aksakov said.Cryptocurrency investment is associated with a lot of risk as well as promising returns, with global investors pouring billions of dollars into crypto, Aksakov said.

Janet Yellen Defends Tax Compliance Agenda — 3 State Treasurers Promise Not to Comply

The 78th United States secretary of the treasury, Janet Yellen, is very concerned about tax evasion, according to statements she made during an interview with CNBC’s “Squawk Box” that aired on October 5.

US Lawmakers Float the Idea of Minting a Trillion-Dollar Platinum Coin to Avoid Sovereign Debt Crisis

American politicians have been clamoring about the US facing a significant debt crisis and the debt ceiling putting the country at risk of default.

US Senator Warren introduces bill to study crypto's role in ransomware

The Ransom Disclosure Act aims to help the Department of Homeland Security gather critical data on ransom payments in cryptocurrency and fiat. As cryptocurrency adoption continues apace in the United States,  lawmakers want to better understand how it's used — for both legal and illegal purposes.The Ransom Disclosure Act, introduced by Senator Elizabeth Warren and Congresswoman Deborah Ross, would require victims of ransomware attacks to disclose information about ransom payments to the Department of Homeland Security (DHS).

US Lawmakers Urge Federal Reserve Chair Jerome Powell To Support Development of Crypto and Digital Assets

A bipartisan group of US lawmakers is urging Federal Reserve Bank Chairman Jerome Powell to support the development and adoption of decentralized digital assets.

Law Decoded: Infrastructure woes and benevolent punishments, Sept. 27–Oct. 3

As House Democrats grapple over the infrastructure bill, the Biden administration and Federal Reserve eye stablecoin regulation. This week, United States lawmakers and regulators have stolen much of the spotlight once more.

Brazil aims to tighten penalties for crypto-related financial crimes

The penalties are part of a new piece of legislation that also regulates crypto trading and payments. Brazilian lawmakers are working to provide stricter regulations for cryptocurrency-related crimes, approving a set of new penalties for laundering money with crypto.Brazil’s Special Committee of the Chamber of Deputies has approved a bill that significantly tightens penalties for financial crimes that employ cryptocurrencies like Bitcoin (BTC), according to an official announcement on Sept.

Coinbase Meeting With US Lawmakers to Discuss Crypto Regulatory Proposal

The Nasdaq-listed crypto exchange Coinbase has been meeting with members of Congress to discuss the cryptocurrency regulation it plans to propose, according to CEO Brian Armstrong.

US Lawmakers Urge Fed Chair Jerome Powell to Support Crypto Innovation

Several US lawmakers have called on Federal Reserve Chairman Jerome Powell to support cryptocurrency innovation.

South Korean crypto tax delay thwarted

The crypto tax will begin for South Koreans in 2022 but some industry observers say there is no cause for concern. Lawmakers in South Korea settled a long political battle on Sept.

China fear is now infrastructure bill fear — 5 things to watch in Bitcoin this week

From bans to bills, the FUD is strong for Bitcoin and crypto this week, but traders are overwhelmingly optimistic about BTC price action. Bitcoin (BTC) is at the start of another week with China's latest "ban" behind it — but its next "FUD" story is already brewing.The United States' infrastructure bill is back on the table, with this week likely to see a definitive vote on what could shake up cryptocurrency businesses.At the same time, fundamentals and on-chain metrics alike continue to be more bullish than ever, and traders are betting on — at worst — a moderate price dip to a floor no lower than $36,000.What are the odds? Cointelegraph takes a look at five things that could move the markets in the coming week.D-Day for infrastructure billThe macro narrative switches from China to the United States this week as lawmakers decide the fate of the so-called “infrastructure bill.”H.R.3684, fresh from Senate approval, should see a final vote on Monday — despite rumors that it may yet be delayed.The bill includes a contentious description of a “broker,” one which could have far-reaching implications for US crypto businesses.

US Lawmakers See China’s Authoritarian Crackdown on Crypto as Big Opportunity

Several US lawmakers see China’s authoritarian crackdown on cryptocurrency, including bitcoin, as “a perfect opportunity for American leadership on cryptocurrency.” One senator noted that it is “a reminder of our huge structural advantage over China.” US Lawmakers Comment on China’s Cryptocurrency Crackdown Following the latest news of China’s crackdown on cryptocurrency, several US lawmakers have […]

Coinbase wants to be 'an advisor, a helpful advocate' for this purpose

"While half of the lawmakers in DC have misconceptions about crypto, the other half have realized that the crypto industry is a huge opportunity...." If that isn't ambiguity on the part of United StaThe post Coinbase wants to be 'an advisor, a helpful advocate' for this purpose appeared first on AMBCrypto.

Iranian Lawmakers Oppose Crypto Restrictions, Call for Supportive Regulations

Members of the Iranian parliament, the Majlis, have voiced concerns over Tehran’s restrictive policies towards innovations such as cryptocurrencies.

US Blockchain-organisation BBA Publishes Crypto Toolkit Guidelines for Regulatory Consideration

The Boston Blockchain Association (BBA) has published a toolkit that will guide Massachusetts lawmakers in their efforts to create crypto laws.

BBA pushes for crypto regulatory clarity in Massachusetts

The Boston Blockchain Association has published crypto regulatory advisory guidelines for lawmakers in Massachusetts to consider. The Boston Blockchain Association, or BBA, together with Boston-based media house Media Shower and the Chamber of Digital Commerce are working to lobby for favorable crypto regulations in Massachusetts.According to a release issued on Monday, the BBA in collaboration with Media Shower and the Chamber of Digital Commerce has released a crypto regulatory toolkit for lawmakers in the state.Dubbed the Massachusetts Edition of the Legislator’s Toolkit for Blockchain Technology, the document reportedly aims to guide policymakers in the state towards enacting laws that will benefit the cryptocurrency industry within the Commonwealth.The policy document reportedly covers five core recommendations for crypto-related legislative actions including tax laws, regulatory sandboxes, and the creation of a working group to study blockchain technology.Legal and regulatory sandboxes often provide a suitable environment for crypto startups to begin early operations within being burdened by onerous laws and guidelines.According to the announcement, the policy document is similar to the Texas Edition of the toolkit developed by the Texas Blockchain Council.The crypto regulatory toolkit comes as Massachusetts lawmakers are considering three cryptocurrency and blockchain-focused pieces of legislation including the Senate Bill 200 that is aimed at studying the novel tech and its areas of application.Related: Massachusetts regulator seeks to revoke Robinhood’s broker-dealer licenseCrypto policy toolkits by industry proponents are becoming a regular feature of the dialog between blockchain groups and policymakers.

South Korea May Have to Postpone Crypto Taxation, Lawmaker Declares

A push from one of the South Korean top lawmakers may stir the postponement of the crypto taxation billed to commence on January 1, local media reported.

US Lawmakers Propose to Subject Cryptocurrencies to Wash Sale Rule

A committee of the US House of Representatives has proposed to subject cryptocurrencies to the “wash sale” rule.

IRS, Janet Yellen Press Lawmakers to Push ‘Tax Compliance Agenda’ — Banks to Report Deposits, Withdrawals of $600

On Wednesday, US Internal Revenue Service (IRS) commissioner Charles Rettig and Janet Yellen, the Treasury secretary, urged lawmakers to give the IRS permission to report annual inflows and outflows from American bank accounts.

Russian Duma wants to regulate crypto mining as business

Russia is moving to regulate cryptocurrency mining after legitimizing the broader crypto industry in January. As Russian cryptocurrency advocates are working to attract global crypto mining operators, local lawmakers have gotten more serious about regulating the industry.Anatoly Aksakov, chairman of the Russian State Duma Committee on Financial Markets, claimed that Russian lawmakers are now considering recognizing the crypto mining industry as a form of entrepreneurship under local business laws, TASS news agency reported Sept.

El Salvador Lawmakers Passes $150M Bitcoin Trust Fund into Law

El Salvador parliament has passed the Bitcoin Trust Fund proposal into law.

El Salvador Lawmakers Endorse $150,000,000 Bitcoin Trust

El Salvador’s legislative assembly has approved a large trust one week before Bitcoin (BTC) becomes legal tender.

Congressional Researchers Remind Of Crypto Regulations Risks

The US Congressional Research Service (CRS) is reminding lawmakers of trade-offs and risks related to potential forthcoming crypto regulations spearheaded by the US administration.

Let’s be clear: Blockchain technology is infrastructure

With continued dialogue between the blockchain industry and the US Congress, there is still hope that regulatory legislation will arrive at a mutually beneficial resolution. In recent weeks, the blockchain industry made headlines as it engaged in intense discussions with lawmakers after a $28 billion crypto tax reporting proposal unexpectedly became part of the Bipartisan Infrastructure Deal (BID).

Coinbase Executive Slams Crypto Provision in Infrastructure Bill, Gives List of Suggestions for Lawmakers

Coinbase’s global vice president of tax, Lawrence Zlatkin, is sharing his critique on an editorial response from Bloomberg that discusses the crypto provisions defined in the ongoing US infrastructure bill.  Bloomberg’s op-ed took the stance that the crypto provisions within the original bill will help to bolster the government’s tax revenue from crypto entities paying […] The post Coinbase Executive Slams Crypto Provision in Infrastructure Bill, Gives List of Suggestions for Lawmakers appeared first on The Daily Hodl.

Congress has put forward 18 bills on digital assets in 2021 so far

Former FDIC regulator, Jason Brett, argues that US lawmakers have pivoted away from private stablecoins to focus on regulating decentralized digital assets this year.

Crypto language in the infrastructure bill is a political shell game, says Cointelegraph GC

According to Zachary Kelman, Republicans and moderate Democrats may know the tax reporting requirements for crypto firms are impossible, but want to have a provision to fund some of the projects without raising taxes. Zachary Kelman, the general counsel for Cointelegraph, said that the political fight over the tax implications for crypto in the infrastructure bill is nothing new, as it’s likely about how lawmakers plan to pay for everything.In an interview with Cointelegraph's Jackson DuMont, Kelman claimed that Senators pushing the crypto language in the infrastructure bill — which ultimately passed the House of Representatives after one senator objected to a clarifying amendment — may have been more influenced by political concerns than ones potentially affecting the crypto space.

US lawmakers urge CFTC and SEC to form joint working group on digital assets

The letter seems to be applying political pressure for the two government agencies to act on their own rather than waiting for a bill requiring the creation of such a group to become law. Two members of the United States House of Representatives have petitioned the heads of the Securities and Exchange Commission and Commodity Futures Trading Commission to work with participants in the crypto space for transparency and regulatory clarity.In a Monday tweet, Representative Glenn Thompson said he had submitted a letter with Representative Patrick McHenry to the CFTC and SEC, urging the agencies to "establish a joint working group on digital assets.” Thompson and McHenry requested SEC chair Gary Gensler and acting CFTC chair Rostin Behnam to “promote an active dialogue” between federal regulators and participants in the crypto market.“A working group on digital assets would enable both the SEC and CFTC to explore how to effectively use their current jurisdiction cooperatively,” said the letter.

US Lawmakers Urge SEC and CFTC to Create Joint Working Group on Crypto Regulation

Two US lawmakers have urged the chairman of the Securities and Exchange Commission (SEC) and the acting chairman of the Commodity Futures Trading Commission (CFTC) to establish a joint working group for the regulation of crypto assets.

Central Bank of Iran Should Regulate Cryptocurrencies, Securities Watchdog Says

With bitcoin mining being a regulated activity in Iran, the head of the country’s securities and exchange regulator believes the central bank has to turn its attention to cryptocurrencies.

Pro-Crypto House Lawmakers Are Fighting Digital Currency Clause in Infrastructure Bill

As the heavily debated infrastructure bill makes its way through Congress, proponents of cryptocurrencies are speaking up in the US House of Representatives in an effort to combat controversial crypto legislation.

Rep. Anna Eshoo Asks Pelosi to Amend Infrastructure Bill’s Crypto Provision

Lawmakers continue to take issue with the bill’s language on crypto tax reporting.

Broker licensing for US blockchain developers threatens jobs and diversity

Lower socio-economic groups will be excluded from the blockchain industry if United States lawmakers approve the infrastructure bill. United States lawmakers will soon destroy a massive opportunity for job creation and a diverse workforce in blockchain technology if they do not amend infrastructure bill HR 3684, which would require blockchain developers to attain broker status on US soil.HR 3684 does not recognize the taxonomy of the asset class.

Infrastructure bill passes US Senate — without clarification on crypto

"This legislation imposes a badly flawed, and in some cases unworkable, cryptocurrency tax reporting mandate that threatens future technological innovation,” said Senator Toomey. The fight for lawmakers to clear up the language used to define brokers in the crypto space may be moving to the United States House of Representatives soon after a failed attempt in the Senate.In a 69-30 vote, the Senate passed HR 3684 this morning, a bipartisan bill that proposes roughly $1 trillion in funding for roads, bridges and major infrastructure projects.

BREAKING: US lawmakers behind crypto amendments to infrastructure bill introduce compromise

The new compromise amendment could still be added to HR 3684 through a unanimous consent request — provided no senators object. United States Senators putting forth differing amendments for provisions in the infrastructure deal that apply to crypto have reached a compromise after a legislative setback. In a press conference on Monday, Senator Pat Toomey said there was now a bipartisan agreement on an amendment to infrastructure bill HR 3684, backed by Cynthia Lummis, Rob Portman, Mark Warner, Kyrsten Sinema and Ron Wyden.

Treasury Secretary Yellen Privately Lobbies Against Tax Amendment Crypto Industry Wants: Report

US Treasury Secretary Janet Yellen has reportedly raised objections to lawmakers about the cryptocurrency tax amendment to the $1 trillion infrastructure bill that is supported by the crypto community.

New Bill in Spain Seeks To Enable Crypto-Based Mortgages

Lawmakers in Spain are proposing a new law that would allow homeowners to pay their mortgages using cryptocurrency.

Three US Senators propose narrowing crypto tax language in infrastructure bill

“While Congress works to better understand and legislate on issues surrounding the development and transaction of cryptocurrencies, it should be wary of imposing burdensome regulations that may stifle innovation,” said Senator Pat Toomey. Lawmakers have written an amendment to an infrastructure bill in the US Senate which proposes excluding certain crypto companies from the reporting requirements for brokers.In an amendment from Oregon Senator Ron Wyden on behalf of himself and Wyoming Senator Cynthia Lummis and with the support of Pennsylvania Senator Pat Toomey, the US lawmakers suggested that some of the provisions in the bipartisan infrastructure deal not apply to developers in the crypto space, miners, and blockchain firms.

Polish Lawmakers Press Finance Ministry on Crypto Firms' Bank Accounts

In the light of Poland’s looming crypto exchange regulations, a group of lawmakers has filed a request for information to the country’s Ministry of Finance, asking whether the ministry plans to facilitate making bank deposits for Polish crypto companies, and if it aims to develop regulations for stablecoins in the near future. “In an increasing number of

Some US lawmakers want Bitcoin miners to be exempted from proposed crypto taxes

Certain members of Congress want assurances that Bitcoin miners and crypto software developers will not be subject to the newly proposed tax rules. Lawmakers in the United States have called for caution regarding implementing a proposed tax policy that could have significant implications for America’s crypto space.As previously reported by Cointelegraph, an expanded crypto taxation regime was a last-minute addition to the $1-trillion infrastructure deal currently being debated in Congress.

US Senator Says Crypto Tax in Infrastructure Bill Is ‘Unworkable,’ Plans to Offer Amendment to Fix It

Several US lawmakers have spoken up against the cryptocurrency tax provision in the $1 trillion infrastructure bill.

Digital Transformation Law Draft Would Allow Users to Pay Mortgages With Crypto in Spain

A new proposal of a digital transformation law, written by a group of lawmakers in Spain would introduce the possibility of paying mortgages with cryptocurrency.

This Is What Needs To Happen To Secure DeFi and Crypto-Friendly Regulations, According to US Lawmaker

US Representative for North Carolina Ted Budd (R-NC) says that the US can adopt crypto-friendly regulations amid fear of the evolution of blockchain and decentralized finance (DeFi).

Biden to Step Up Crypto Tax Enforcement to Help Fund $1 Trillion US Infrastructure Plan

US President Joe Biden and lawmakers have agreed on the details of a roughly $1 trillion bipartisan infrastructure package with measures to step up tax enforcement around crypto assets.

Congressman takes aim at peers who think crypto could cause a ‘financial 9/11’

Characterizing his contemporaries as viewing the crypto sector as a “financial 9/11,” Congressman Ted Budd has warned lawmakers against driving blockchain innovation offshore. Representative Ted Budd of North Carolina, a member of the House Financial Services Committee and Congressional Blockchain Caucus, has urged lawmakers to embrace decentralized innovation.In what appears to be the first occasion in which a publicly elected official has met with a decentralized autonomous organization (DAO), Budd acknowledged the increasing concern about crypto among lawmakers while speaking to MakerDAO’s Chris Cameron on July 29.“There are some on the Senate side and some on the House side which fear, especially when it comes to currency, the blockchain, decentralized finance and how it’s going to evolve,” he said.

US Lawmakers Fear Cryptocurrency Could Be a 'Financial 9/11', Says Congressman

Rep. Ted Budd appeared on MakerDAO's Maker Speaker Series to talk about DeFi, cryptocurrency, and regulations.

US Tax Bill Seeking USD 28B From Crypto Clears 1st Test, Amid Strong Criticism

A US bipartisan infrastructure bill that might raise USD 28bn from crypto investors has been voted to advance, with a number of crypto industry insiders strongly opposing it. The US lawmakers are looking into tightening the regulatory rope around crypto to squeeze more money out of the sector by applying new information reporting requirements - thus raising more in taxes.

Senators add crypto taxes to infrastructure deal to raise $28B in extra revenue

US lawmakers believe they can find $28 billion worth of infrastructure funding by expanding taxation on crypto transactions. Last-minute additions to the bipartisan infrastructure deal in the United States Senate saw lawmakers propose expanded cryptocurrency taxation to raise an additional $28 billion in revenue.The proposal will implement tighter rules on businesses handling crypto, expand reporting requirements for brokers and mandate that digital asset transactions worth more than $10,000 are reported to the Internal Revenue Service.Senator Rob Portman of Ohio, the lead Republican for the infrastructure discussions, noted Congress has expressed concerns regarding crypto reporting and taxation requirements for some time:"Everybody's been talking about the appropriate way to provide more reporting in particular and that leads to better compliance." The crypto measures were hastily added to the deal on July 28, following weeks of back and forth between the Republicans and Democrats.

US Lawmakers Want to Avoid Chinese-Like Surveillance With Digital Dollar

Conservative members of Congress today said they wouldn’t want a digital dollar to be used as a surveillance tool—which may be what is happening in China.

Did Uniswap just yield to the 'evolving regulatory landscape'

Regulatory scrutiny is raining hard on DeFi as lawmakers slowly come to terms with the evolving space and its challenges.

China wants US senators to ‘stop making trouble’ out of digital yuan

China's Foreign Ministry responded to US senators' claim regarding the digital yuan's function as a tracking and tracing tool during the 2022 Beijing Winter Games. The heat is rising between the United States lawmakers and Chinese officials even before the Olympic flame ignited at the 2022 Beijing Winter Games. During a press briefing on Tuesday, Chinese Foreign Ministry spokesman Zhao Lijian addressed US senators’ warning letter to the US Olympic and Paralympic Committee regarding the use of digital yuan at the Olympic games next year.

Treasury secretary Yellen urges lawmakers to quickly introduce stablecoin guidelines

The President’s Working Group on Financial Markets expects to deliver regulatory recommendations for stablecoins in the coming months. United States Treasury Secretary Janet Yellen has told financial regulators that the government must act quickly to establish a regulatory framework for stablecoins.The comments came at Monday's meeting of the President's Working Group on Financial Markets.

Turkey Official Says Crypto Framework to be Presented to Parliament in October

The Turkish lawmakers are ready with the new cryptocurrency bill and will present it later in the year to the Parliament.

US lawmakers don't want Olympic athletes to use digital yuan at 2022 games

The trio urged the Olympic committee to work with federal agencies "to protect the privacy of American athletes from the Chinese Communist Government." Three US senators have signed a letter urging Olympic officials to forbid American athletes from handling digital yuan during the Beijing 2022 Winter Games.In a Monday letter to US Olympic and Paralympic Committee board chair Susanne Lyons, Republican senators Marsha Blackburn, Roger Wicker, and Cynthia Lummis requested officials prevent US athletes from using or accepting digital yuan given their allegation it can be "tracked and traced" by the People’s Bank of China, or PBoC.

Paraguayan Lawmakers Present a Very Different ‘Bitcoin Bill’ Than Expected

A group of Paraguayan lawmakers presented a ‘Bitcoin bill’ in the National Congress last week, but it turned out to be a very different proposal than what crypto followers expected.

AML compliance mandatory for foreign crypto exchanges, says Korean regulator

South Korea’s strict crypto regulatory oversight is now extending to overseas exchanges that offer cryptocurrency trading services denominated in the country’s currency. Eun Sung-soo, chairman of South Korea’s Financial Services Commission (FSC), has said that foreign crypto exchanges that deal in the Korean won must comply with the country’s Anti-Money Laundering standards.According to The Korea Herald on Tuesday, Eun made these comments while fielding questions from lawmakers about the FSC’s plans to regulate crypto exchange giant Binance.Eun reiterated the need for overseas exchanges that offer won-denominated crypto trading pairs to comply with the same Anti-Money Laundering standards as platforms based in the country.As part of this compliance, these foreign exchanges will have to register with the Korea Financial Intelligence Unit — the FSC’s AML watchdog.The FSC chairman’s remarks also offer another indication of South Korea’s efforts to maintain strict oversight on its local crypto market.

Lawmaker in Paraguay Teases ‘Mega Surprise’ in Bitcoin Bill Presentation Next Week

A member of Paraguay’s lower house is promising a “mega surprise” ahead of his presentation on a Bitcoin-focused bill to lawmakers next week.

Paraguayan lawmakers to present Bitcoin bill on July 14

El Salvador’s decision to accept Bitcoin as legal tender in June appears to be influencing lawmakers across the region to begin exploring their own cryptocurrency strategy.

Blockchain technology could be particularly beneficial for women, says WTO director general

The former foreign and finance minister of Nigeria said the G20 should be looking into blockchain solutions to close the gender gap. Ngozi Okonjo-Iweala, the director general of the World Trade Organization and former foreign and finance minister of Nigeria, said blockchain technology could help empower unbanked and underbanked women around the world.Cointelegraph editor-in-chief Kristina Cornèr addressed the G20 High Level Independent Panel on Financing the Global Commons for Pandemic Preparedness and Response today, asking regulators and lawmakers how blockchain technology could help promote financial inclusion for women in the time of COVID-19 and beyond.

Russian lawmakers prepare legal amendment to confiscate crypto

Russia’s prosecutor general, Igor Krasnov, says new crypto regulations are needed to combat corruption as — in his view — digital assets are often used to facilitate crime. Russian lawmakers are working on new legislation that would allow the government to confiscate cryptocurrencies, according to a senior official.Russian Prosecutor General Igor Krasnov claimed that the government is now developing a set of amendments to the country’s criminal code to allow authorities to seize crypto obtained from illegal activity, local news agency TASS reported.Speaking at a conference of prosecutors’ offices of European countries on Wednesday, Krasnov stressed that cryptocurrencies like Bitcoin (BTC) have been increasingly used for corruption and bribery.

New Bill to Ban Crypto Payments in Iran, Support Mining and Regulate Exchange

Urged by the growing popularity of cryptocurrencies, Iranian lawmakers have prepared new legislation to introduce comprehensive rules for the expanding industry.

Fed chair met with Coinbase CEO Brian Armstrong and former House speaker in May

Armstrong said he had spoken about China’s central bank digital currency with lawmakers and heads of federal agencies, believing it to be "a threat to US reserve currency status long term." Prior to the Federal Reserve announcing it would release a discussion paper on a central bank digital currency, chairperson Jerome Powell met with Coinbase CEO Brian Armstrong.According to Powell's meeting calendar which was made public on Friday, the Fed chair held a 30-minute meeting with Armstrong as well as former House of Representatives Speaker Paul Ryan on May 11.

Proposed bill in Iran could ban all foreign-mined cryptocurrencies

Lawmakers seem to be attempting to establish a legal framework behind a Central Bank of Iran decision for people to only use crypto from state-licensed mining operations for payments. A new bill drafted by the Iranian Parliament Commission on Economy aims to restrict the use of cryptocurrencies within the country while providing a clearer legal framework for miners.According to a Friday report from the Tasnim News Agency, lawmakers drafted a bill titled “Support for cryptocurrency mining and organizing the domestic market for exchanges,” which the country’s parliament first announced on June 23.

Russia’s central bank to study crypto investment risks

The Bank of Russia is collecting data from 15 credit firms and payment systems like Visa and Mastercard. Russia’s central bank has scheduled a risk assessment for cryptocurrencies like Bitcoin (BTC), according to the Bank of Russia’s screening program for the second half of 2021.The examination of the potential risks of cryptocurrency investing will consider “systemic risks linked to cryptocurrency investment by Russian individuals and entities.” As part of the investigation, the Bank of Russia will collect data from 15 credit organizations including major banks like Sberbank, VTB and Tinkoff Bank, payment systems like Visa and Mastercard, and electronic payment providers like Western Union, Qiwi and WebMoney.The Bank of Russia is also looking to release a study on equity investment by non-resident investors by October or November 2021.The Bank of Russia’s assessment of crypto-related risks comes amid growing criticism from local lawmakers and businesspeople regarding the institution's tough stance on the crypto industry.Related: CEOs of top Russian banks Sberbank and VTB blast BitcoinIn mid-June, Russian State Duma member Fedot Tumusov said that the Bank of Russia was short-sighted on crypto while industrial tycoon Oleg Deripaska blasted the central bank for pressuring local industry to avoid cryptocurrencies.Earlier this week, the Bank of Russia established the first pilot group for testing the country’s central bank digital currency, the digital ruble.

Leaders in France, US Urge Crypto Regulation ‘Before It’s Too Late’

Some politicians and regulators appear in a hurry to place checks and balances on crypto – perceiving that they must take some kind of control over the sector before it is too late. In the United States, lawmakers want to go on a stricter regulatory route than the status quo – and are keen to stamp out the anonymous nature of crypto transactions, once again

Binance faces regulatory upheaval as lawmakers target ‘global’ exchanges

Regulators in Japan, the United Kingdom and the Canadian province of Ontario have all tightened their grip on cryptocurrency exchanges.

Despite regulatory uncertainty, Indian crypto investment surges 19,900% in one year

Unperturbed by persistent threats of a renewed crypto crackdown from lawmakers, Indian investors have piled $38.8 billion into cryptocurrency over the past year. Despite India’s uncertain regulatory climate regarding crypto assets, nationwide investments in digital assets have increased by roughly 19,900% over the past year.According to data from blockchain analytics firm Chanalysis that was reported by Bloomberg on June 28, crypto investments increased during mid-2020 before going parabolic as the markets surged into new all-time highs towards the end of the fourth quarter.Chainalysis estimates the total invested in crypto across India grew from $200 million to $40 billion over roughly the past year, with the firm estimating 15 million Indians are exposed to cryptocurrency.Monthly value of fiat invested into crypto by Indians: ChainalysisThe data illustrates the positive impact of the Indian Supreme Court’s March 2020 decision to overturn the Reserve Bank of India’s ban on financial institutions providing banking services to firms operating with digital assets.However, it has not been entirely smooth sailing for India’s crypto sector since the Supreme Court repealed the RBI ban last March, with lawmakers frequently threatening new legislation prohibiting crypto assets over the past 15 months.In spite of the persistent threats of a renewed regulatory crackdown, Sandeep Goenka, the co-founder of local exchange ZebPay, highlighted growing appetites for digital assets among Indian’s aged 18 to 35, noting a preference to invest in crypto over gold.

Spanish court rules John McAfee can be extradited to the United States

Lawyers will have the opportunity to appeal the court’s decision and local lawmakers will need to approve the extradition before it is final. John McAfee, the founder of the antivirus software company of the same name, is one step closer to facing prosecution in the United States for tax evasion.In a ruling released today, the Spanish National Court approved the extradition of McAfee to the United States.

MP Lodges Constitutional Challenge to Bukele’s Bitcoin Bill

Another Salvadorian MP has launched a bid to derail President Nayib Bukele’s bitcoin (BTC) adoption bill – and has teamed up with a lawyer as part of his effort. As reported last week, two lawmakers from the opposition Farabundo Martí National Liberation Front (FMNL) party last week lodged a bid to amend the bill, which has already been passed in parliament

Revised Bill ‘On Virtual Assets’ Aims to Regulate Ukraine’s Crypto Space This Summer

The Ukrainian parliament has released an updated version of the draft law “On Virtual Assets.” The revised bill requires exchanges to obtain government authorization, disclose their ownership and implement mandatory KYC procedures.

Democratic lawmakers have formed group to address regulatory concerns around crypto

US President Joe Biden is also expected to discuss crypto's role in ransomware attacks during his meeting with Russian President Vladimir Putin on Wednesday. Maxine Waters, who represents California's 43rd congressional district in the US Congress, said she had organized a group of Democratic lawmakers for a deep dive on cryptocurrencies and central bank digital currencies. In a Tuesday virtual hearing of the US House of Representatives’ Task Force on Financial Technology, Waters said “cryptocurrencies and other digital assets” were an important issue for the House Financial Services Committee, for which she is the chairperson.

Latin American Countries Eye Bitcoin Adoption After El Salvador Passed Bitcoin Law

A number of lawmakers in Latin American countries have expressed their interest in bitcoin following El Salvador passing the law making the cryptocurrency legal tender.

El Bitcoin, Supportive Lawmakers, FUDy Seizures and 20 Crypto Jokes

What a week! The El Salvador President unveiled plans to give bitcoin the status of legal tender, and quickly the news shook the Cryptoverse that that will indeed officially happen in just 90 days, with lawmakers across Latin America expressing their support for bitcoin adoption, including the Ecuadorian Vice Minister of Economic Inclusion - with all this raising some existential BTC questions.

Bill banning crypto mining for 3 years dies in NY state assembly

The NY state assembly needs to approve any bill or propose amendments before it can be signed into law by Governor Andrew Cuomo. A bill which would have required miners in New York to halt operations for three years as part of an apparent effort to slow the environmental impact of crypto has been defeated in the state legislature.New York Senate Bill 6486 failed to pass the state assembly today after lawmakers in the Democrat-controlled state senate approved the legislation earlier this week.

Nigerian Lawmakers Slam Naira Devaluation, Warn of Inflation Implications

Nigeria’s House of Representatives has moved a motion calling on the country’s central bank to end the continuing devaluation of the naira.

IMF plans to meet with El Salvador’s president, potentially discussing move to adopt Bitcoin

The International Monetary Fund has previously spoken out against smaller nations like the Marshall Islands recognizing a digital currency as legal tender. The International Monetary Fund has said El Salvador’s recent decision to make Bitcoin legal tender in the country may raise legal and financial concerns.In a Thursday press briefing from the International Monetary Fund, or IMF, spokesperson Gerry Rice said the group was already in discussions with lawmakers in El Salvador over a loan to support the country’s economy, having approved emergency funds related to the pandemic last year.

Stablecoins not that radical, says Bank of England official

The Bank of England's executive director of the Financial Market Infrastructure Directorate says that stablecoins are hardly “launching us off into some brave new world.” There has been much commotion about stablecoins amongst central bankers, regulators and lawmakers in recent years, most notably in the furor surrounding Facebook's repeated attempts to launch variously designed stablecoins that would be native to its multiple social media platforms.Not everyone in the financial world is that perturbed though.

Crypto Exchanges Kraken, KuCoin, and Bitfinex Eye Entry Into India: Report

Three major crypto exchanges are looking at ways to enter the Indian market, as the country’s lawmakers wrestle with a potential ban on crypto.

Mexico lawmakers aim to follow the example of neighboring countries with proposed Bitcoin legislation

“We are going to lead the shift to crypto and fintech in Mexico,” said one senator. Eduardo Murat Hinojosa, a senator of the federal government of Mexico, has said he will be submitting a proposal to lawmakers seemingly aimed at crypto adoption in the country.In a tweet today, Hinojosa changed his profile picture to feature the senator speaking into a microphone with the iconic “laser eyes,” indicating support for crypto.

IRS needs congressional authority to handle crypto, says chief

"Most crypto, virtual currencies are designed to stay off the radar screen," said Charles Rettig. Internal Revenue Service chief Charles Rettig called out lawmakers for not taking the initiative on addressing the problem of many US residents not paying taxes on crypto.In a Tuesday senate hearing on the IRS’ fiscal year 2022 budget, Rettig said that the agency would likely require a "clear dictate from Congress" to regulate crypto.

Latin American MPs Widen Overton Window For Bitcoin

Lawmakers across the Latin American region are expressing their support for bitcoin (BTC) adoption – in the wake of the groundbreaking announcement over the weekend from the President of El Salvador that the nation aims to adopt BTC as legal tender. MPs from Brazil, Argentina, Paraguay, and Panama have rushed in to show their support as bitcoin adoption appears to be

Latin lawmakers don lazer eyes on Twitter in support of Bitcoin

An increasing number of Latin American lawmakers are donning Lazer eyes on their Twitter avatars to express their support for Bitcoin and digital assets. Gabriel Silva, a Panamanian congressman, is moving to follow in El Salvador’s footsteps by proposing legislation to adopt Bitcoin and other cryptocurrencies on a national scale. El Salvador’s president, Nayib Bukele announced during the Miami Bitcoin conference on June 6, that he will submit a bill to lawmakers demanding that Bitcoin be made legal tender.

Proposed New Law Would Allow Russians to Inherit Bitcoin and Co.

Senior Russian lawmakers are set to push ahead with the creation of a new law that would allow citizens to inherit bitcoin (BTC) and other cryptoassets, include it in their wills and divorce settlements – and allow creditors to access tokens in successful bankruptcy claims. Crypto currently has a decidedly grey legal status in Russia.

US Senators Call for Increased Measures to Regulate and Trace Cryptocurrencies

Two US senators have urged lawmakers to increase measures to regulate cryptocurrencies, including how to trace cryptocurrency transactions, in order to combat ransomware attacks.

Bitcoin users will get help relocating and working in El Salvador: President

Nayib Bukele says he wants to help entrepreneurs embrace El Salvador as a base, with Bitcoin free from capital gains tax. Bitcoin (BTC) hodlers who want to earn BTC tax-free will get help to stay in El Salvador, the country's president has said.In a tweet on June 7, Nayib Bukele said that his government would "help" settle foreign workers.El Salvador: "We'll help with that"The announcement is one of many which continue to come informally from Bukele, now famous for attempting to put El Salvador on a form of "Bitcoin standard."At last week's Bitcoin Conference 2021 in Miami, he told the audience in a prerecorded video message that he would send a bill to lawmakers demanding that Bitcoin be made legal tender. Welcome to the future #Bitcoin pic.twitter.com/j30vcZVXvJ— Nayib Bukele (@nayibbukele) June 5, 2021 Now, as part of social media engagement with well-known cryptocurrency figures, Bukele suggested that those wishing to travel to work in El Salvador would get official support.