The Daily: New Crypto Bills on Capitol Hill, Russian Banks Face Demand for Cryptocurrencies
From Washington to Moscow, cryptocurrencies have entered the agenda of those who share a vocation to rule and regulate. Following the congressional summer vacation, the House of Representatives passed a bill that will enable the Treasury to investigate crypto transactions, while a Congressman plans to introduce three drafts supporting the crypto industry. Also in The Daily on Sunday, UK lawmakers push for fintech rules, Russian bankers admit strong demand for crypto services, and the Financial Action Task Force is preparing to present global crypto standards in October.
Also read: Binance Expands, Putin Advisor Visits Huobi, Brazilian Brokerage Goes Crypto
Legislators should be embracing emerging technologies and providing a clear regulatory system that allows them to flourish in the United States.
Emmer plans to propose a “Resolution Supporting Digital Currencies and Blockchain Technology” backing the industry and its development in the US, a “Blockchain Regulatory Certainty Act” affirming that entities which never take control of consumer funds, such as miners and multisig providers, don’t need to register as money transmitters, and a “Safe Harbor for Taxpayers with Forked Assets Act” restricting fines against individuals attempting to report these assets until the Internal Revenue Service (IRS) provides guidance on the matter.
Meanwhile, a group of lawmakers has urged the IRS to clarify the rules that apply to the taxation of crypto incomes and profits. In an open letter released this past Wednesday, the House Committee on Ways and Means called upon the Service to stop expanding its authority until an official notice to US taxpayers is issued, pointing out that the current regulations, published four years ago, are unclear and outdated. And last week, the House of Representatives passed a bill aimed at enabling the Financial Crimes Enforcement Network (Fincen) to investigate cryptocurrency transactions. The agency which operates under the Treasury Department is charged with combating money laundering and illicit financial activities.
Three bills were introduced and voted on first reading in the lower house of Russia’s parliament this spring. Their final adoption was delayed, with lawmakers struggling to synchronize the legal texts and produce a unified legislation. A revamped draft law “On digital financial assets” will be presented for public discussions in October. It’s been reported that the updated bill does not mention the term ‘cryptocurrency’. Meanwhile, an association of leading Russian enterprises proposed an alternative bill which grants digital currencies special status. And according to some reports, the banking industry intends to make its own proposals. Russian officials have indicated they are also awaiting for the new global standards for cryptocurrencies from the Financial Action Task Force before taking the final decision.
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