Biden's budget proposal for FY 2025 takes aim at crypto transactions and mining
President Biden's budget proposal for FY 2025 introduces measures targeting crypto transactions and mining, including tax changes and reporting requirements, subject to potential revisions by Congress, while former President Donald Trump hints at a lenient approach to cryptocurrency if re-elected to office; meanwhile, the Polish Financial Supervision Authority (KNF) proposes legislation granting it the power to block crypto holders' accounts for 96 hours amid suspicion of criminal activity.
The BSV Blockchain Gazette is presented by Bryan Daugherty, Public Affairs Director of Americas for BSV Blockchain, featuring:
President Joe Biden
Sen. Cynthia Lummis
FDIC Vice Chair Travis Hill
Former President Donald Trump
Polish Financial Supervision Authority (KNF)
US
Biden’s FY 2025 budget proposal targets crypto transactions and mining
President Biden unveiled his FY 2025 budget proposal, which includes crypto provisions such as eliminating tax subsidies for crypto transactions, establishing a 30% tax on electricity used by crypto miners, instating reporting requirements for financial institutions and digital asset brokers, and subjecting digital assets to wash sale rules. Biden’s budget request to Congress is likely to be eroded and altered significantly on all policy issues by Congress through the appropriations process.
Sen. Lummis criticizes Biden’s digital asset mining tax proposal
Sen. Cynthia Lummis (R-WY) criticized President Biden’s proposed tax on digital asset mining, arguing that it would “destroy any foothold the industry has in America.”
FDIC Vice Chair criticizes agency's stance on crypto
In a speech at George Mason University, FDIC Vice Chair Travis Hill criticized the agency’s approach to crypto for giving the impression that the agency is not willing to work with industry players wanting to engage with blockchain or distributed ledger technology.
Trump suggests hands-off approach to cryptocurrency if re-elected
In an interview with CNBC, former President Donald Trump suggested that if he were elected president again, his administration would not crack down on the use of BTC or other cryptocurrencies.
Coinbase appeals SEC's denial of rulemaking petition
Coinbase initiated a formal appeal against the SEC following the denial of its rulemaking petition regarding digital assets. Coinbase is asking the US Court of Appeals for the 3rd Circuit to force the SEC to set clear rules of the road for digital assets, though the crypto exchange does not believe the agency has the authority to regulate digital assets.
EU/UK
Polish Financial Authority Proposes Crypto Account Blocking Legislation
Under proposed legislation, the Polish Financial Supervision Authority (KNF) would have the authority to independently block the accounts of crypto holders for 96 hours if there is suspicion that a transaction may be linked to the commission of a crime.