Two US Senators have introduced a new comprehensive measure updating crypto capital gains tax reporting, addressing appropriate government control of crypto, stablecoins, and consumer protection. Cryptocurrencies are Commodities According to Lummis, most cryptocurrencies are commodities, which means the Commodity Futures Trading Commission regulates them. In a previous interview with Politico, Lummis explained that she views bitcoin and Ether as commodities. At the same time, some of the remaining cryptocurrencies on the market would still need to pass the Howey Test. Lummis and Gillibrand both call on the Securities and Exchange Commission to protect exchange users from financial losses caused by security breaches, in line with the Commission’s newly adopted accounting methods to safeguard consumer assets in exchanges. Senators suggest a $600 threshold for no tax reporting duties, making life easy for even the most inexperienced cryptocurrency owners in the United States. Stablecoins Should not be Regulated Like Banks Stablecoins, a sort of digital currency tethered to fiat (government-issued) money, are now within the control of the Office of the Comptroller of the Currency, according to the new bill. It does not support the idea of regulating stablecoins in the same way that banks are regulated, as Gillibrand expressed explicitly in the interview. Senator Lummis casts a vote to postpone the launch of a central bank digital ...
