Cryptocurrency

Biden

Bitcoin

Joe Biden

April

In what could be a big shocker for the digital assets industry, US Senator Elizabeth Warren proposed the Cryptocurrency Reporting and Wealth Tax Act. The mandate aims to regulate the up and emerging <a href="https://news.todayq.com/halving-effect-on-crypto-meme-industry-wif-doge-leading/" rel="noopener noreferrer nofollow">crypto market</a> by addressing wealth inequality in the country. Warren goes after crypto industry again 
Senator Warren in a letter sent to US President Joe Biden highlighted the rise of cryptos that has presented both opportunities and challenges for the financial system. She added that the digital assets had offered innovative solutions and investment opportunities but they have also presented regulatory and enforcement challenges.
She stated that it is crucial to establish clear guidelines with reporting requirements. It is needed to be done in order to ensure transparency and accountability in the use of cryptos.
As per the letter, Individuals, trusts, and entities holding crypto assets valued over $1,000 would be mandated to report such holdings. This report will come under the Internal Revenue Service (IRS) annually. The act aims to improve transparency and enable effective tax compliance monitoring by the authority.
One of the major points Warren pitched in the letter is Wealth Tax linked to crypto. As reported, a 1% wealth tax would be imposed on crypto holdings exceeding $500,000 for individuals, trusts, and entities. This is being done to combat growing wealth inequality.&nbsp; Dual risk for market? 
It is important to note that Warren addressed the dual nature of cryptos. She mentioned the need for clear guidelines to make sure that accountability and transparency are being looked after in the industry. According to Warren, the proposed legislation strikes a balance between promoting crypto innovation and maintaining a fair tax system in the digital age.
This cannot be a Coincidence that Bitcoin recently went through its 4th having event and the Senator comes in with a bill like this. BTC price did not reacted the way the crypto industry was expecting to be, while, the authority’s new move is adding more selling pressure to the sentiments.
Bitcoin saw a surge of around 2% in the last 24 hours. BTC is trading at an average price of $66,100 at the press time. Its 24 hour trading volume is up by 14% to stand at $25 billion.
BTC miners recorded a historic daily earnings milestone on Bitcoin halving day, April 20, 2024. Miners earned a total of $107.7 million, marking the first instance of BTC mining revenue surpassing the $100 million mark in a single day.

Sen Warren proposes 1% Wealth Tax on Crypto holdings

Todayq News

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