U.S. Lawmakers Urge IRS, Treasury to Hurry Crypto Tax Rules

Congressmen Brad Sherman and Stephen Lynch called the crypto industry "a major source of tax evasion" in a letter asking for the prompt release of proposed regulations.

• 2023-06-07
• Internal Revenue Service U.S. Treasury Department Brad Sherman Stephen Lynch House Committee on Financial Services reporting requirement

Russia's Rosbank to Use Crypto for Cross-Border Transactions

Rosbank, one of Russia's largest banks, is reportedly venturing into the world of cryptocurrencies to facilitate cross-border payments.

• 2023-06-05
• Rosbank Russia Cross-Border Transactions Vladimir Olegovich Potanin U.S. Treasury Department

U.S. congressman says crypto mining tax scrapped in debt ceiling deal

A proposed tax on electricity used by cryptocurrency miners in the U.S. has been scrapped in the deal to raise the country’s debt ceiling, according to Republican congressman Warren Davidson.

• 2023-05-30
• debt ceiling Joe Biden Bitcoin mining cryptocurrency miners U.S. Treasury Department Warren Davidson excise tax proposed tax crypto miners Biden administration

Weekly Market Wrap: Bitcoin trades below US$27,000 amid U.S. debt ceiling negotiations

Bitcoin traded below the US$27,000 mark for most of the week, as investor sentiment was weighed down by the prospect of the U.S. government’s potential default. Investors will be closely monitoring the ongoing debt ceiling negotiations.

• 2023-05-19
• debt ceiling Bitcoin U.S. Treasury Department market capitalization Kevin McCarthy Hong Kong President Joe Biden Core inflation

White House Pushes for Punitive Tax on Crypto Mining

U.S. President Joe Biden is looking to impose a punitive tax on crypto mining operations for the “harms they impose on society,” the White House’s Council of Economic Advisers (CEA) argued Tuesday in an online post. The administration’s blog entry made the case for a U.S. tax equal to 30% of a mining firm’s energy costs – an unusual industry-specific penalty that could threaten the profits of such businesses. “Currently, cryptomining firms do not have to pay for the full cost they impose on ot

• 2023-05-03
• Joe Biden excise tax administration U.S. Treasury Department energy costs mining operations

Crypto Exchange Poloniex Agrees to $7.6M Fee to Settle Sanctions Violation Charges

Crypto exchange Poloniex will remit $7.59 million to settle sanctions violations allegations with the U.S. Treasury Department's Office of Foreign Asset Control (OFAC), the sanctions watchdog announced Monday.

• 2023-05-02
• OFAC Poloniex U.S. Treasury Department compliance program Poloniex exchange Poloniex LLC

Crypto and Regulators Are Speaking the Same Language When It Comes to Financial Transparency

Nowhere is this clearer than in the conversations between builders of decentralized finance (DeFi) and financial regulators. Can linguistic consensus be found at Consensus? For the most part, financial watchdogs in the U.S. (and the international bodies that are essentially offshoots of the U.S. Treasury Department) have said crypto clearly fits into the existing regulatory framework.

• 2023-04-27
• financial regulators U.S. Treasury Department decentralized finance

Where the U.S. Government Went Wrong in Regulating Crypto

Former public policy attorney Keiko Yoshino writes about why she started paying attention to crypto, particularly the regulatory missteps.

• 2023-03-26
• Federal Deposit Insurance Corporation U.S. Treasury Department U.S. Federal Reserve executive branch Signature Bank alternative currency public servant

ANALYSIS: USDC Dodges a Bullet, But Crypto Industry Now Has New Problems

The financial turmoil that killed Silvergate Bank, Silicon Valley Bank and Signature Bank will cast a long shadow on crypto's development.

• 2023-03-13
• USDC Federal Deposit Insurance Corporation SVB U.S. Treasury Department Circle Apple Podcasts existential crisis FDIC Silvergate

After SVB failure, regulators close crypto-friendly bank Signature Bank

Signature Bank is the second casualty of the ongoing banking crisis in the U.S. The New York-based financial institution stopped operating abruptly on Sunday — customers will be made whole. Regulators said that Signature Bank also caused a systemic risk and could threaten the U.S. banking system. “We are also announcing a similar systemic risk exception for Signature Bank, New York, New York, which was closed today by its state chartering authority,” the U.S. Treasury Department, the FDIC and

• 2023-03-13
• Signature Bank U.S. Treasury Department Silicon Valley Bank FDIC bank account financial institution SVB Federal Reserve