News | 07.08.19
Lawmakers Push for New Bitcoin Rules
The IRS is expected to update its 2014 guidance on cryptocurrencies in coming weeks, following an April request from a bipartisan group of 20 lawmakers. Meanwhile, Congress is considering at least three bills that would resolve some of the legal issues surrounding cryptocurrency. Crypto's backers worry the United States is falling behind other nations like Japan and Switzerland, who have developed legal frameworks that have attracted cryptocurrency projects and investment; Facebook chose to incorporate the group that will govern its proposed digital currency, Libra, in Switzerland. “The concern I have is really about driving innovation out of the country,” said Rep. Tom Emmer (R- MN), who led the congressional delegation that asked for the new IRS guidance. There are critics among lawmakers, however, like Rep. Maxine Waters (D-CA), chair of the House Committee on Financial Services, who asked Facebook to halt development of Libra until lawmakers can examine the potential risks it poses to global financial stability.
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