A letter by a bipartisan group of U.S. lawmakers has urged the U.S. Treasury to revise its proposed digital-assets taxation regime.
Coinbase-Backed Advocacy Group Enlists Crypto Masses, Raises $2M From 80,000
A Coinbase (COIN) effort to drum up a cross-country swell of amateur crypto advocates – the nonprofit Stand With Crypto – has paid off with a surge of more than 100,000 individuals getting involved in the opening weeks, organizers say.
Metropolitan Museum of Art to return $550K in donations from FTX
The agreement came on the back of “good faith, arm’s length negotiations” with FTX’s debtors, the museum said.
South Korea’s Ruling Party Calls to Expedite Bill on Lawmakers’ Crypto Disclosures: Report
The leader of South Korea’s ruling People Power Party wants a new bill requiring lawmakers and high-level government officials to declare their cryptocurrency-related assets to be implemented within two months.
Cardano Founder Urges Priority On Election To Avoid Further Chaos In Crypto
The U.S. Congress Democratic committee members are preparing to endorse the Securities and Exchange Commission’s (SEC) stringent regulation of digital assets in their efforts to assert control over the crypto industry.
A new memo pointing towards a hearing on digital assets regulation circulated among the Democrat committee, sparking reactions among top crypto leaders.
In a May 14 tweet, Cardano founder Charles Hoskinson condemned the memo, urging Americans to consider it a top priority issue in the next presidential election. Hoskinson advised US citizens to become single-issue voters and support pro-digital asset candidates in the next election cycle.
Democrat Lawmakers And Their Anti-Crypto Position
The Cardano founder believes the memo suggests the US Democrats and the government are planning a major crackdown on digital assets.
In his tweet, Charles Hoskinson noted that the only way to prevent the government’s “regulatory madness on crypto is to prioritize it during the elections.” He urged crypto enthusiasts to vote for candidates who support pro-digital asset legislation.
His message comes in response to Eleanor Terrett’s tweet. According to Terrett, the memo urged Democrats of the House Committee on Financial Services to stick behind the SEC during the hearing.
This move implies that the SEC could gain full authority over digital asset oversight, expanding its “regulation by enforcement policy” on digital assets.
The memo further noted that nearly all cryptocurrencies are securities, and the problem of crypto regulation isn’t its ambiguity but “mass noncompliance.”
In addition, the memo called attention to Republican committee members advocating to slash the budget to financial regulators.
Also, the notice suggested that such Republicans are not “interested in protecting investor interests.” It recommended that the Democrats focus on approving a clean debt ceiling bill “instead of supporting pro-crypto legislation.”
The memo’s content sparked reactions among the crypto community, with over 900,000 people commenting on Eleanor Terrett’s tweet. Several crypto experts and industry leaders expressed concerns regarding the potential regulatory direction.
A respondent Jeff Beach frowned at the meme, noting that the move could drive the innovation away from the US.
Are There Still Pro-Digital Asset Democrat Lawmakers In The U.S?
Although most US Democrats are anti-crypto, the nascent industry still found a supporter among them. In March 2022, a prominent Democrat Senator, Ron Wyden, expressed his support for the industry.
The Senator told his colleagues to be careful while regulating cryptocurrencies, noting that crypto innovations have presented several opportunities for settling payments.
As a former pioneer of the US internet regulation, Wyden likened crypto to the early days of the internet. At the time, the government established legal protections to guard online platforms against lawsuits for public content published on them.
The Senator emphasized the need for legal protections similar to Section 230 of the Communication Decency Act for digital asset platforms.
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McHenry to U.S. SEC: Which Crypto Firms Have Tried to Register?
The U.S. Securities and Exchange Commission (SEC) has so far disregarded congressional requests for information on its interactions with crypto platforms seeking registration as exchanges, according to Republican lawmakers in the House of Representatives, who threatened a hearing if they’re ignored any longer.
U.S. House Will Have Crypto Bill in 2 Months: McHenry
AUSTIN, Texas – The U.S. House Financial Services Committee and House Agriculture Committee will put together legislation to oversee the crypto sector in the “next two months” after holding joint public hearings starting May, said Patrick McHenry (R–N.C.), chair of the House Financial Services Committee.
Bitcoin Should Be Central to Regulation of Digital Assets
U.S. lawmakers should recognize the unique qualities of Bitcoin as they set out market structure for the crypto economy, says John Rizzo.
India’s Crypto Industry Finally Sees Lawmakers Engaging
On Saturday, India’s crypto industry pulled off a near coup by bringing senior leaders from India’s ruling party and the opposition benches to an event to engage in serious discussions.
Crypto crash has legislators considering new regulations to protect consumers
U.S. regulators are growing concerned in a week that has seen BTC lose a quarter of its value
Here Are the 2020 US Election Races Crypto Should Watch
Lawmakers who are important to the crypto industry are on the ballot this year. CoinDesk is tracking these races for Election 2020.
Hawaiian Bill Would Let Banks Act as Crypto Custodians
Hawaiian lawmakers have submitted a bill that allows banks to provide custody for digital assets.
Halt Libra? US Lawmakers Call for Hearings on Facebook’s Crypto
House Financial Services Committee Chair Maxine Waters asked Facebook to halt development of its Libra crypto until hearings can be held.
South Korea to Decide on ICO Legality in November, Official Says
The South Korean government will decide in November on whether it will allow initial coin offerings again in the country, an official has said.
Spanish Government Eyes Tax Benefits for Crypto Companies
Spain’s ruling political party is reportedly drafting legislation that it hopes will help woo cryptocurrency and blockchain companies to the country.