Senators Demand Clarity on Cryptocurrency Taxes, Coinbase Faces Arbitration in Hacked Funds Lawsuit
Senators Warren, Casey, Blumenthal, and Sanders are urging the Treasury and IRS to clarify cryptocurrency tax rules and assess the potential revenue loss if the regulations are not implemented by the end of the year. Meanwhile, a US District Judge has ordered that Coinbase's class action lawsuit concerning hacked funds must be settled through arbitration, as per the company's terms of service requiring arbitration for user claims.
The BSV Blockchain Gazette is presented by Bryan Daugherty, Global Policy Director for BSV Blockchain Association, featuring:?
Senators press Treasury and IRS on cryptocurrency tax rules, demand revenue loss estimates
Sens. Elizabeth Warren (D-MA), Bob Casey (D-PA), Richard Blumenthal (D-CT), and Bernie Sanders (I-VT) wrote a letter to Treasury Secretary Janet Yellen and IRS Commissioner Daniel Werfel regarding tax reporting requirements for cryptocurrency brokers. The senators questioned when Treasury plans to release the regulations mandated in the Bipartisan Infrastructure Law, and asked for an estimate as to how much tax revenue will be lost if the rules do not go into effect by the end of the year. Lawmakers requested a response by August 15.
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Coinbase faces arbitration in class action lawsuit over hacked funds, ruling by US District Judge
US District Judge Jeffrey S. White ruled that a proposed class action against Coinbase stemming from alleged hacker attacks that resulted in stolen account funds must go to arbitration, because the company indicated in its terms of service that users must arbitrate claims.
Rep. Mike Flood hosts flyover Fintech Conference to explore financial services and crypto future
Rep. Mike Flood (R-NE) held a Flyover Fintech conference in his home district at the University of Nebraska to discuss the future of financial services, crypto, and digital assets.