Below is a summary of some of the significant legal and regulatory actions that occurred over the past week. This alert is not intended to be a comprehensive list of all such developments, but rather a selection of publicly-reported news that may be of particular interest.
Congressional Bill Introduced to Modify Taxation of Small Cryptocurrency Purchases
Last week, Rep. Jared Polis (D – Colo.) and Rep. David Schweikert (R – Ariz.) introduced the Cryptocurrency Tax Fairness Act of 2017 (the “Bill”). The bipartisan legislation creates a structure for taxing purchases made with cryptocurrency. The Bill’s primary goal is to ease the burden on those who make purchases with cryptocurrency by establishing a threshold under which they would not be required to report profits and losses – thus making it easier to keep track of tax obligations. In doing so the Bill would bring cryptocurrency under a
Continue Reading Blockchain Week in Review – September 15, 2017