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Author Topic: [2014-10-25] CD: Could Bitcoin Become a Policy Issue for US Congress?  (Read 600 times)
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October 26, 2014, 12:00:29 AM

Could Bitcoin Become a Policy Issue for US Congress?

One potential byproduct of Congressional inaction on bitcoin might be that other government agencies start taking action to address their respective areas of oversight. There is the risk that different agencies could also disagree on how to treat bitcoin, and there’s good reason for that, since it has many different technical aspects.

The Internal Revenue Service (IRS) has, understandably, had to provide guidance on how to report bitcoin for tax purposes, treating it like property instead of currency. Other agencies like the Commodities and Futures Trading Commission (CFTC) have also weighed in on the subject of regulating bitcoin, though it has not entered the debate as to whether bitcoin is a currency or commodity.
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