A cryptocurrency community has sued both the US Treasury Department and IRS over allegations of financial espionage against its members. The crypto community claims that Section 6050I's reporting requirements violate its rights. According to the group, Section 6050I violates both the First Amendment and the Fifth Amendment to US laws.
The largest infrastructure bill in US history has just been sent to the US Senate for consideration. However, the bill requires cryptocurrency miners, marked as "brokers," to pay a huge amount of tax, which Senator Cynthia Lummis and her colleagues questioned and immediately filed an amendment.
The US Congress recently passed at least two cryptocurrency bills that are supposed to facilitate mainstream adoption of digital currencies. The bill, called the Blockchain Innovation Act, and part of the Digital Taxonomy Act were passed as part of the broader US Consumer Safety Technology Act of 2020.
The story of banning Bitcoin in India seems not to be any near to the end. At first, it was the country's Reserve Bank (RBI) calling for the immediate ban of cryptocurrencies. Now, it's the people and businessmen themselves that are calling for the government to put a total ban on Bitcoin.
The price of Bitcoin is usually influenced by a confluence of factors. Sometimes, even a personal opinion can have serious impacts on prices and make them crash or skyrocket. If a person is important enough.
The USA seems to be keeping pace with global digitization. Shortly after the country announced its plans on issuing the digital dollar, a new bill was presented to legalize blockchain-based digital signatures.