Senators move to exempt Bitcoin, crypto miners from proposed U.S. tax rules
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Re: Senators move to exempt Bitcoin, crypto miners from proposed U.S. tax rules
#2Obviously HN community is down on crypto. This exemption is a sign that Bitcoin is getting closer to the mainstream of finance. Like most flanker-moves, Governments should be incorporating it in to their tax policies rather than shunning it. Cannabis is a good proxy, states can keep it illegal and not make tax revenue or they can legalize it, control it and tax it. The feds should do the same. Same for crypto, keeping it on the fringes will only help illegal enterprises and rogue nations use it to bypass sanctions. As to whether it has a use or is a store of value, these are largely irrelevant questions. It is pure speculation, allowing one person to bet against another, much like playing poker in a casino.
Re: Senators move to exempt Bitcoin, crypto miners from proposed U.S. tax rules
#3Sidetopic, but I am rather disappointed that Venmo has been pressuring me via email to embrace crypto and imagine behind the scenes they own however much, trades only get executed internally, and they do their best to extract transaction fees. To me this is the antithesis of what the crypto community was looking to stand for in terms of privacy and independence from traditional banking systems.
Re: Senators move to exempt Bitcoin, crypto miners from proposed U.S. tax rules
#4It seems rather unprecedented that there are currently US citizens who are billionaires because of their crypto holdings, without the government having any insight into precisely who these people are. It seems like eventually the government is going to push for more onerous reporting laws to return to the usual equilibrium, where the government has at least some basic idea regarding who owns what (which I think they currently have, even for offshore bank accounts)
(not that I in any way support more aggressive reporting laws)
Re: Senators move to exempt Bitcoin, crypto miners from proposed U.S. tax rules
#5Obviously HN community is down on crypto. This exemption is a sign that Bitcoin is getting closer to the mainstream of finance. Like most flanker-moves, Governments should be incorporating it in to their tax policies rather than shunning it. Cannabis is a good proxy, states can keep it illegal and not make tax revenue or they can legalize it, control it and tax it. The feds should do the same. Same for crypto, keepin…
Isn't crypto a direct threat to their power?
If finance can't be tracked it can't be taxed.
If it's mainstream more and more people could potentially switch to crypto, which would reduce their tax collections.
Just theorizing. I have no idea if this would happen.
Re: Senators move to exempt Bitcoin, crypto miners from proposed U.S. tax rules
#6Sidetopic, but I am rather disappointed that Venmo has been pressuring me via email to embrace crypto and imagine behind the scenes they own however much, trades only get executed internally, and they do their best to extract transaction fees. To me this is the antithesis of what the crypto community was looking to stand for in terms of privacy and independence from traditional banking systems.
Venmo is pushing crypto hard because Instant Payments are coming down the pipeline from the Fed in the next 18 months (already in beta testing with a handful of smaller banks, they're ahead of schedule based on my reading of the roadmap), and that kills Venmo (and Paypal to a lesser extend) if they don't have something to pivot to.
That's what you're seeing Visa, Paypal, and others attempt to go upmarket (business payments) or branch out (crypto, Plaid acq attempt).
Re: Senators move to exempt Bitcoin, crypto miners from proposed U.S. tax rules
#7Obviously HN community is down on crypto. This exemption is a sign that Bitcoin is getting closer to the mainstream of finance. Like most flanker-moves, Governments should be incorporating it in to their tax policies rather than shunning it. Cannabis is a good proxy, states can keep it illegal and not make tax revenue or they can legalize it, control it and tax it. The feds should do the same. Same for crypto, keepin…
Isn't crypto a direct threat to their power? If finance can't be tracked it can't be taxed. If it's mainstream more and more people could potentially switch to crypto, which would reduce their tax collections. Just theorizing. I have no idea if this would happen.
BTC can be tracked better than cash
Re: Senators move to exempt Bitcoin, crypto miners from proposed U.S. tax rules
#8Sidetopic, but I am rather disappointed that Venmo has been pressuring me via email to embrace crypto and imagine behind the scenes they own however much, trades only get executed internally, and they do their best to extract transaction fees. To me this is the antithesis of what the crypto community was looking to stand for in terms of privacy and independence from traditional banking systems.
Venmo is pushing crypto hard because Instant Payments are coming down the pipeline from the Fed in the next 18 months (already in beta testing with a handful of smaller banks, they're ahead of schedule based on my reading of the roadmap), and that kills Venmo (and Paypal to a lesser extend) if they don't have something to pivot to. That's what you're seeing Visa, Paypal, and others attempt to go upmarket (business pa…
Interesting, I’ll have to research that. It seems like something that would take a long time to deploy.
Re: Senators move to exempt Bitcoin, crypto miners from proposed U.S. tax rules
#9Earlier quoted context omitted.
Isn't crypto a direct threat to their power? If finance can't be tracked it can't be taxed. If it's mainstream more and more people could potentially switch to crypto, which would reduce their tax collections. Just theorizing. I have no idea if this would happen.
BTC can be tracked better than cash
Sure, if you don't use mixers
Re: Senators move to exempt Bitcoin, crypto miners from proposed U.S. tax rules
#10Earlier quoted context omitted.
Venmo is pushing crypto hard because Instant Payments are coming down the pipeline from the Fed in the next 18 months (already in beta testing with a handful of smaller banks, they're ahead of schedule based on my reading of the roadmap), and that kills Venmo (and Paypal to a lesser extend) if they don't have something to pivot to. That's what you're seeing Visa, Paypal, and others attempt to go upmarket (business pa…
Interesting, I’ll have to research that. It seems like something that would take a long time to deploy.
It's been in the works for years.
https://www.pymnts.com/news/faster-payments/2021/five-banks-...
https://corpgov.law.harvard.edu/2020/08/31/fednow-the-federa...