Review 2019: Five milestones in US blockchain industry regulation

[wangsen666]

In the blockchain and digital currency industries, the United States has always been the "vane" of global regulation. However, just as we are about to enter 2020, the United States still does not seem to give a clearer direction for cryptocurrency supervision, except for the lack of clarity. Outside the regulatory framework, many crypto market participants remain concerned that regulators will take enforcement actions from time to time. However, the US Securities and Exchange Commission (SEC), the US Commodity Futures Trading Commission (CFTC), and the US Congress issued guidelines in 2019 that also provide a roadmap for the development of blockchain and digital currency regulations in 2020.

[1714886039]

1714886039

[1714886039]

1714886039

[1714886039]

1714886039

[1714886039]

1714886039

[avikz]

I understand you are new here. But always post a link to the article that you want to discuss here! That will help people to understand and get a background knowledge about the discussion. I am not sure what exact article you are trying to point out here but I think the below article is a good fit,

https://www.nasdaq.com/articles/op-ed%3A-u.s.-cryptocurrency-regulation-faces-uncertainty-in-2020-2019-12-18

US indeed is trying to introduce harsher measures in crypto field and we have seen some significant changes in 2019. IRS has also designed a new tax form for individuals to declare the crypto holding of their citizens! But it is always better to have something than nothing! Majority of the nations don't have any regulations around cryptos and many other have banned it! At least it's not banned in US and people are still able to function!

[ChrisPop]

US indeed is trying to introduce harsher measures in crypto field and we have seen some significant changes in 2019. IRS has also designed a new tax form for individuals to declare the crypto holding of their citizens! But it is always better to have something than nothing! Majority of the nations don't have any regulations around cryptos and many other have banned it! At least it's not banned in US and people are still able to function!

Looks like they're trying to keep a close eye on the use and expansion of cryptocurrencies in the States. I'd say that they are afraid of the fast development of Bitcoin and overall the decentralization offered by the adiacent technologies. Otherwise why have tax payers declare them? I'm not familiar with the law in the USA though - is each citizen obligated to declare his entire wealth?

[kryptqnick]

I understand you are new here. But always post a link to the article that you want to discuss here! That will help people to understand and get a background knowledge about the discussion. I am not sure what exact article you are trying to point out here but I think the below article is a good fit,

https://www.nasdaq.com/articles/op-ed%3A-u.s.-cryptocurrency-regulation-faces-uncertainty-in-2020-2019-12-18

US indeed is trying to introduce harsher measures in crypto field and we have seen some significant changes in 2019. IRS has also designed a new tax form for individuals to declare the crypto holding of their citizens! But it is always better to have something than nothing! Majority of the nations don't have any regulations around cryptos and many other have banned it! At least it's not banned in US and people are still able to function!

Is something better than nothing, though? I recently read that one of the effects of the capital gains tax which has to be paid for cryptos in the US is that basically any transaction involving cryptos should be declared to tax authorities! That's totally crazy and very unfair, since Bitcoin is not a property and many countries don't even have a capital gains tax to begin with. In my country, on the other hand, we have no regulations, and it's great, because nobody has to pay taxes, no KYC is required and unless you steal electricity for mining you're very unlikely to be prosecuted by the authorities.

[btc_angela]

US indeed is trying to introduce harsher measures in crypto field and we have seen some significant changes in 2019. IRS has also designed a new tax form for individuals to declare the crypto holding of their citizens! But it is always better to have something than nothing! Majority of the nations don't have any regulations around cryptos and many other have banned it! At least it's not banned in US and people are still able to function!

Looks like they're trying to keep a close eye on the use and expansion of cryptocurrencies in the States. I'd say that they are afraid of the fast development of Bitcoin and overall the decentralization offered by the adiacent technologies. Otherwise why have tax payers declare them? I'm not familiar with the law in the USA though - is each citizen obligated to declare his entire wealth?

Crypto has been in their radar specially when it peaked in 2017, that's why in 2018-2019, not just US but most countries took a hard line stance. So they introduce a lot of guides, like this, Guidance for a Risk-Based Approach to Virtual Assets and Virtual Asset Service Providers. And I would agree that at least US is still lax as far as crypto though, but I think they have somewhat introduces crypto related tax.

[CryptoBry]

US indeed is trying to introduce harsher measures in crypto field and we have seen some significant changes in 2019. IRS has also designed a new tax form for individuals to declare the crypto holding of their citizens! But it is always better to have something than nothing! Majority of the nations don't have any regulations around cryptos and many other have banned it! At least it's not banned in US and people are still able to function!

I fully agree. USA has been a strict but lucrative market and as one of the new industries around we should not and could not be demanding much, so we should allow the government to take the time because eventually a clearer view on regulations will be slowly taking place. There is no magic here. Regulations can be taking time, and we should allow its evolution to happen gradually. Indeed, strict regulations is a lot better than an outright ban just like what the government of China is doing where even exchanges are finding it hard to operate and do business. In the USA, people have the free means and ways to express whatever ideas and opinions they may have even contrary to the existing government, and that is something may not be true in other countries. Let's count the blessings not so much on things lacking.