Home Altcoins News Digital Assets like Bitcoin (BTC) here to Stay will There be Responsible Regulation?

Digital Assets like Bitcoin (BTC) here to Stay will There be Responsible Regulation?

Digital Assets like Bitcoin (BTC) here to Stay will There be Responsible Regulation

Senator Cynthia Lummis recently expressed:  Digital assets are here to stay, and responsible regulation that protects consumers from bad actors is important. However, we also have to make sure we aren’t stifling innovation.

Ron Wyden and I are making sure that tax reporting requirements are clear and don’t put an undue burden on entities that have no information to give the IRS.

Community Reaction:  Regulation will never protect anybody, you don’t have flash bots, you don’t have mining equipment or a stake into anything; your regulation is worthless.

Regulation just needs to let everyone know the rules. Cause everyone doesn’t have clear rules right now. There’s a long road ahead before replacing intermediaries with scripts. The DAO hack for one was a wakeup call for “code is law”. We need mass adoption first, and standardized laws will facilitate that goal. It would be naive to discount who really runs this show, and it’s not us.

You stifle innovation the business just goes somewhere else We have seen enough of business going somewhere else It’s time to wake up paradigm shift or continue to die slowly.

Can you ask anybody at the SEC how can their views be “their own and not the SEC” while serving in an “official” capacity at an “official” hearing answering questions “on the record?” Better yet, they won’t speak on “pending” matters, but everything else is their own view.

What the US should do is embrace BTC and make it spendable, tax-free US Treasury should buy some as well Market cap will be in the tens of trillions and US citizens will be able to unlock their gains and spend their BTC in the US economy, instead of just hodling to avoid tax.

The spending is already nationally tax free. It’s the sales tax you have to worry about. It’s appreciation and depreciation against USD you pay or discount your capital gains.

Keep government hands off the people’s money. Spending money should never be a taxable event when sales tax has already been paid. That being said. Any regulation stifles innovation.

I feel your pain and frustration but yelling isn’t going to help right now. Senator Lummis is working hard for all of us while fulfilling her many other duties. This is 99.9% more than any other Senator is doing. Perhaps offer solutions to assist in this precarious situation.

You have never protected retail investors from the extreme risks posed by behemoth banks, Ponzi schemes, crashes, fraud, bail outs & manipulation. Enable individuals to invest as they wish & punish those who cheat them. Accredited investor status allows rich to get richer.

We want to use BTC as money. Please include a fix for tax reporting for individuals as well. A taxable event for every coffee purchase is a non-starter for most people.

 

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dan saada

Dan hold a master of finance from the ISEG (France) , Dan is also a Fan of cryptocurrencies and mining. Send a tip to: 0x4C6D67705aF449f0C0102D4C7C693ad4A64926e9

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