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.
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"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.
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.