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FOIA documents reveal cryptocurrency guidance has not been a priority for the IRS
On May 16th, in response to a letter from 21 members of Congress, IRS Commissioner Charles P. Rettig wrote, “I share your belief that taxpayers deserve clarity on basic issues...
Today, Reps. Warren Davidson and Darren Soto introduced the Token Taxonomy Act, which includes several common-sense changes to federal law. First, the bill would amend the definition of “security” in...
Several members of Congress have sent a letter to the IRS calling for cryptocurrency tax clarity.
Today's letter, published by House Ways and Means Committee Chairman Kevin Brady, calls on the agency to “expeditiously issue more robust guidance clarifying taxpayers’ obligations when using virtual currencies.” It is...
Video of the Rules Committee meeting is below and you can watch Rep. Jared Polis speak about the bill that he co-sponsored with Rep. David Schweikert. The amendment would have...
Reps. Polis & Schweikert introduce Cryptocurrency Tax Fairness Act in Congress
In April, Coin Center explained how the tax laws affecting digital currency transactions create serious friction for consumers and merchants and discourages the use of Bitcoin (or any cryptocurrency) as...
In a letter sent today to IRS Commissioner John Koskinen, Reps. Jared Polis and David Schweikert asked the IRS to take action on recommendations the Treasury Inspector General for Tax Administration...
Bitcoin taxation is broken. Here’s how to fix it.
We recently described what a bill creating a federal safe harbor for non-custodial uses of cryptocurrency should look like, and we’re now advocating for just such a bill in Congress....
Last weekend I attended what will probably be the final meeting of the Uniform Law Commission’s drafting committee for a model Regulation of Virtual Currency Businesses Act (the RVCBA!). The...
State Digital Currency Principles and Framework
States have begun to look at how virtual currencies, such as Bitcoin, and the businesses that utilize them to provide consumer products, interact with money transmission and consumer protection policy....
How to improve North Carolina’s digital currency bill
North Carolina’s Senate Bill 680, which seeks to cover virtual currency under the state’s money transmission law, has been making its way through the state legislature. Recently some have hailed...