Cryptocurrencies, the Black Sheep. Congressmen concerned about the tax compliance of cryptocurrencies.

Originally Posted On Publish0x




Last June 3, a group of U.S. Congressmen sent a letter to Treasury Secretary Janet Yellen and Internal Revenue Service (IRS) Commissioner Charles Rettig expressing their concerns about the tax compliance of cryptocurrencies. The signatories of the letter, led by Rep. Tom Emmer, called on Treasury and the IRS to provide "clear and consistent guidance" on how taxpayers should report their income and gains derived from digital asset transactions.


According to the congressmen, the lack of adequate regulations on cryptocurrencies has generated "confusion and uncertainty" among users, investors and companies in the sector. In addition, they have pointed out that the IRS has used "invasive and disproportionate" methods to obtain information on cryptocurrency transactions, such as massive summonses to exchange platforms. The lawmakers have also criticized President Joe Biden's proposal to require financial institutions to report to the IRS on accounts with a balance over $600, including cryptocurrency accounts. According to them, this measure represents an "invasion of privacy" and an "unnecessary administrative burden" for the sector.


The congressmen have urged the Treasury and the IRS to adopt a "balanced and reasonable" approach that encourages innovation and growth of cryptocurrencies, while ensuring tax compliance and consumer protection. The letter has been welcomed by the crypto community, which has applauded the congressmen's initiative for defending the rights and interests of digital currency users.


However, some experts have pointed out that the letter is unlikely to have a real impact on Treasury and IRS policies, as these agencies have an agenda of their own and a negative view of cryptocurrencies. Thus, it seems that the battle between the government and the crypto sector is far from over. Meanwhile, we, the users of bitcoin and other cryptocurrencies continue to enjoy the advantages of a "free, open and secure" monetary system, which does not depend on the will or whim of any centralized power.


👉💯💲🎁 All of the Tools, Platforms and Applications that are promoted in this article have referral programs with which you can earn passive earnings without investment, however, I recommend that you do your own research.


Velzon Trading Bot - Advanced trading bot created with artificial intelligence, minimum deposit: 5 USDT, minimum withdrawal: 10 USDT, percentage: 4.5% Daily (Only for investors who are knowledgeable about how these websites work, see article).


Bitrefill - Living with crypto, a philosophy of financial freedom. Travel, play, eat and live with BTC


⚜ CoinInn - Trading - Bonus between $500 and $750, non-withdrawable, trading only, valid for 6 days, profits withdrawable to the portfolio of your choice (Need to complete KYC to extract).


⚜ StormGain - Trading - They can start without investment, capital is acquired with the Bitcoin Cloud Miner. The capital obtained in mining is not withdrawable, only to operate on the platform, profits withdrawable to the portfolio of your choice.


⚜ QuantFury (JRRU2593) - Trading - Bonus in cryptocurrencies or company stock worth up to $250.


⚜ KuCoin,  BingXPrimeXBTCoinEX,  MoonXBTBiBoxBitYardZooMex - Trading - They offer different bonuses.


⚜ CoinMarketCapTradingView - Indispensable tool for traders.


Invitation (1), Invitation (2) - Increase your traffic sources, share your referral code with the world.


⚜ AddmeFastBscAds - Advertise websites: Earn cryptocurrencies and boost your Referral Links and Social Networks.


Publish0x, Bulb, SubstackZirklesTipMeACoffeeCashRain - Web3 Blogging Platform, Social Media Platform and Others.


⚜ NFTify Store - To create your own NFTs store, without investment, no codes. 


⚜ LaMint ,  TakeItNFTs,  PowChessHasteArcade - Earn Bitcoin SV (Without Investment).


⚜ StormGain affiliate programWallet HandCash - Make money and/or cryptocurrencies with affiliate marketing.


⚜ Books & Other Tools - Some things you may find interesting.


⚜ Ledger,  BixBox02Ellipal TitanKeystone - Hardware Wallet.


⚜ Wallet HandCash , Wallet Guarda - Other wallets with affiliate marketing.


"You will ask yourself: And if I take a risk and lose...? I will ask you: AND IF YOU RISK AND WIN? Success begins with thought, because sooner or later the man who wins is the one who believes he can do it. Do not be afraid of mistakes or failure, winners are not afraid of losing, losers are, in most cases the risk comes from not knowing what you are doing, so trust yourself, learn, be patient, manage your emotions and above all, enjoy the journey, what the wise man does at the beginning, the fool does at the end" - Anonymous.
 |  🎁 Tips 🎁  |  💲 Products 💲 |


Author's Note: The opinion expressed here is not investment advice, is provided for informational purposes only, and reflects the opinion of the author only. I do not promote, endorse or recommend any particular investment. Investments may not be right for everyone. Every investment in the market and every trade you make involves risk, so you should always do your own research before making any decision. I do not recommend investing money that you cannot afford to chair, as you could lose the entire amount invested.


Enjoyed this article? Stay informed by joining our newsletter!


You must be logged in to post a comment.

About Author