Crypto Market News: Stakeholders in the crypto market now have a chance to express their views on the gray areas of crypto asset related taxation, thanks to a new window of policy inputs sought by the US Senate Finance Committee. On Tuesday, the committee initiated an effort to address uncertainties surrounding the tax treatment of digital assets seeking input from experts, stakeholders and interested parties. This is a welcome move from the committee, which is in sharp contrast to the hostile environment created by the U.S. Securities and Exchange Commission (SEC).
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The SEC’s actions have already led to several US based crypto companies looking elsewhere to conduct business due to the highly uncertain market environment involving repeated enforcement actions. In June 2023, the federal regulatory agency launched one of the largest attacks on the crypto businesses, with back to back lawsuits against the two top crypto exchanges in the world.
Deadline To Submit Inputs On Crypto Taxation
Senate Finance Committee Chairman Ron Wyden and Finance Committee Ranking Member Mike Crapo have invited members of the crypto community and other stakeholders to help them better understand how Congress can address the tax challenges. The committee has admitted that the growth of crypto market created new regulatory issues like the challenge of monitoring it based on the existing federal tax laws. Further, the committee is seeking detailed responses on issues like crypto loans, staking and mining. A question on staking said,
“What factors should be most important when determining when an individual is participating in staking in the trade or business of staking?”
The Senate leaders have set a rolling basis deadline until September 8, 2023 to accept responses from crypto industry participants.
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