A number of finance and cryptocurrency firms are expected to meet with the US lawmakers in order to discuss cryptocurrency regulation guidelines for the US market. What to expect?
25 September 2018 – Authorities representing US-based financial giants and cryptocurrency companies are set to meet with Washington lawmakers in order to discuss cryptocurrency regulations in the country.
US Officials to Discuss Crypto Regulations
The upcoming roundtable called “Legislating Certainty for Cryptocurrencies” will be hosted by Rep. Warren Davidson (R-Ohio). It is understood that attendees are planning to address the matter of policy-making in regards to the cryptocurrency market ahead of the introduction of a bill in the House of Representatives by Davidson this autumn.
Davidson sent out a letter to participants, where he reportedly pointed out eight questions for the upcoming meeting, adding that “your input is critical to helping us preempt a heavy-handed regulatory approach that could stall innovation and kill the U.S. ICO (Initial Coin Offering) market.”
Regulators also consider covering private funding disclosures and token issuance laws along with other issues, which include the problem of safeguarding customers from scammers. The upcoming meeting will reportedly see representatives from Fidelity, Andreessen Horowitz, Nasdaq, the U.S. Chamber of Commerce, cryptocurrency startups Ripple, Coinbase and Circle as attendees.
It is also known that the opening remarks will be provided by Reps. Ted Budd, (R-NC), Tom Emmer, (R-MN), French Hill, (R-AK), and Darren Soto (R-FA).
US Lawmakers Positive on Blockchain
Earlier last week, Rep. Emmer stated that his intention was to introduce three bills in a bid to support digital currencies and Blockchain. He added that he plans to focus on the development of Blockchain technology and establishment of a safe harbor for taxpayers with “forked” cryptocurrencies.
According to Emmer, “taxpayers can only comply with the law when the law is clear.”
In addition, this month, US lawmakers requested the Internal Revenue Service (IRS) to issue clarified and “comprehensive” cryptocurrency taxation framework. The officials claim that while the IRS has continued to reiterate the penalties for non-compliance with its guidance for crypto taxpayers, it has failed to introduce a solid taxation framework. It “severely hinders taxpayers’ ability” to meet their obligations, according to the US authorities.
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