Tuesday June 7, 2022 – Legislation was introduced in Congress today that would classify the vast majority of digital assets as commodities, giving regulatory control to the Commodity Futures Trading Commission.
The Bill is presented as the bill as “landmark bipartisan legislation that will create a complete regulatory framework for digital assets that encourages responsible financial innovation, flexibility, transparency and robust consumer protections while integrating digital assets into existing law.”
there are those that believe, “[i]n order for cryptocurrencies to truly expand to their highest possible market reach and for the technology underlying these digital assets to fully provide benefits to global economies, regulation is critical. In order for there to be effective regulation, there must be clearly defined terms and distinctly assigned overseeing bodies”
Attorney Steven A. Leahy reviews the proposed legislation on Today’s Tax Talk Crypto-Tuesday edition.
Steven A. Leahy is a tax attorney in Illinois. He was the host of the long-running popular Radio Show “The IRS Radio Hour” heard every Sunday evening on AM 560 The Answer. Attorney Leahy is also the author of the book “Deal With Your IRS Problems Today!” You can get a FREE copy of this important book at FreeIRSBook.com. Or Call 24/7 (312)664-6649