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US Lawmakers Propose to Subject Cryptocurrencies to Wash Sale Rule

17.9.2021
A committee of the U.S. House of Representatives has proposed to subject cryptocurrencies to the “wash sale” rule. Since cryptocurrencies are treated as property by the Internal Revenue Service (IRS), they are currently not subject to the wash sale rule. This proposal attempts...

South African Tax Body Updates Crypto Tax Guidance, Confusion Persists

2.9.2021
In late August, the South African Revenue Service (SARS) released new guidelines that clarify the correct treatment of taxable crypto events. The new guidance, which was published on the revenue collector’s webpage, explains how cryptocurrency-related income should be disclosed in...

Canadian Tax Agency Launches Audit To Thwart Crypto Tax Evasion

1.9.2021
The Canada Revenue Agency (CRA) is increasingly targeting crypto traders who have not yet reported their profits from transactions as part of a large scale audit implemented by the tax agency’s Cryptocurrency Section. The crackdown was signaled by Norman MacDonald, head of tax litigation at...

Biden Administration Pushes Global Crypto Data Sharing Rules in $3.5 Trillion Budget Bill: Report

1.9.2021
The Biden administration is reportedly pushing to include global crypto data sharing rules in the $3.5 trillion budget package. The Treasury wants crypto businesses to report information on foreign account holders “so that the U.S. can share information with global trading partners.”...

Infrastructure bill set for a vote by Sept. 27 with no changes to crypto tax provisions

25.8.2021
The House of Representatives will vote on the controversial infrastructure bill without amendments to its cryptocurrency provisions by Sept. 27

Treasury to the rescue? Officials to clarify crypto tax reporting rules in infrastructure bill: report

16.8.2021
Speaking on condition of anonymity, an official has reportedly told Bloomberg that the Treasury Department is planning to clarify the definition of “broker” in the recently passed infrastructure bill

Biden’s infrastructure bill doesn’t undermine crypto’s bridge to the future

13.8.2021
Some saw beneficial effects from the week’s legislative face-off. Still, “crypto and blockchain technology is at a significant moment.”

Crypto.com Launches Crypto Tax Filing Service in Australia

13.8.2021
Crypto.com has launched a new service to help make it easier for Australians to file their cryptocurrency tax returns. This service, called the Crypto.com Tax, had been launched in Canada and the USA earlier. It is now being extended to Australian users. Crypto.com Tax makes it easy to complete...

Members of Congress lobby Nancy Pelosi and others to amend crypto tax definition

13.8.2021
Anna Eshoo has urged the House to amend the language in the controversial infrastructure bill

Crypto tax startup TaxBit raises $130M in funding round, now valued at $1.3B

12.8.2021
The company said some of the funds would be used to open new offices in the United States and the United Kingdom

Coinbase beats earnings estimates as analysts say regulation will ‘stifle’ innovation

11.8.2021
COIN exceeded earnings estimates but analysts caution that blanket crypto-sector regulation will “stifle innovation” and possibly cast a shadow on Coinbase's growth

$1.2 Trillion Infrastructure Bill Passes Senate With Troubling Crypto Requirements

11.8.2021
The U.S. Senate has passed the $1.2 trillion infrastructure bill with a crypto reporting requirement provision that has been described as “unworkable.” Senator Ted Cruz warned: “This infrastructure bill has in it a portion that is designed to obliterate crypto. That would be...

Unchanged crypto tax bill will be put to a vote on Tuesday

9.8.2021
Senate talks regarding the controversial crypto provisions to the U.S. infrastructure bill have ended without amendment, suggesting the original bill will be voted on come Tuesday

US Senator Warns Passing Unproven Crypto Law Will Stifle Innovation and ‘Make Americans Poorer’

8.8.2021
U.S. Senator Mike Lee has raised concerns that adopting the crypto tax provision in the $1.2 trillion infrastructure bill will stifle innovation and make Americans poorer. He explained that cryptocurrencies are not like securities and cannot be regulated with the same policies, noting that to do...

US Senator Urges Congress to Stop Treasury From Picking Winners and Losers in Crypto

7.8.2021
U.S. Senator Pat Toomey has called on Congress to stop the Treasury Department from maximizing its ability to regulate and tax crypto by picking winners and losers. “Congress should not allow that to happen,” he said. US Senator Urges Lawmakers Not to Crush Crypto Innovation Following...

Treasury Secretary Yellen Privately Lobbies Against Tax Amendment Crypto Industry Wants: Report

7.8.2021
U.S. Treasury Secretary Janet Yellen has reportedly raised objections to lawmakers about the cryptocurrency tax amendment to the $1 trillion infrastructure bill that is supported by the crypto community. The White House subsequently announced its support for a competing amendment. Yellen Exerting...

White House Backs Crypto Tax Amendment Endorsing Proof-of-Work in Infrastructure Bill

6.8.2021
The White House has endorsed an amendment to the $1 trillion Infrastructure bill that supports proof-of-work over all other consensus mechanisms. However, the crypto community is supporting a different amendment. White House Takes Stance on Infrastructure Bill’s Crypto Tax Amendment The White...