US lawmakers blame crypto firms for ‘tax gap’ in letter to Treasury

2023-6-6 09:15

In a letter addressed to Treasury Secretary Janet Yellen and IRS Commissioner Daniel Werfel, two members of Congress raised concerns about the tax compliance practices in crypto.

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treasury tax letter crypto congress members werfel

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Источник: cointelegraph.com

treasury tax → Результатов: 57

Kenya eyes 3% tax on cryptocurrency transfers

Kenya’s Treasury Secretary outlined the tax proposals in a document sent to parliament on 4 May, 2023. The 3% crypto tax will target cryptocurrencies and NFT transfers on exchanges and by individuals.

2023-5-5 14:25	Crypto Regulation
tax kenya transfers crypto 2023 nft individuals

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3% Tax on Crypto Transfers Part of Kenya's Proposed Budget: Bloomberg

Kenya's Finance Ministry, the National Treasury, has proposed a 3% tax on the transfer of digital assets for the coming budget year.

2023-5-5 03:20	Crypto
proposed budget tax kenya digital transfer year

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UK Treasury opens consultation on taxation of DeFi lending and staking

UK’s HM Treasury has outlined tax policy changes targeted at DeFi lending and staking. The proposals are part of a consultation on taxation of activities conducted using crypto assets in DeFi.

2023-4-27 20:20	UK
defi lending staking treasury taxation consultation activities

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Is the rise in Bitcoin and gold price foreshadowing further debasement?

As the Treasury General Account (TGA) plummets at an alarming rate, losing $130 billion this month alone, the U. S. government faces a ticking financial time bomb. With only $87 billion left in the account and tax receipts unable to keep up with the spending spree, potential consequences are looming.

2023-4-17 15:32	Web3
account billion only left faces bomb financial

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UK Introduces Crypto Self-Assessment Section on Tax Return Forms

The UK is increasing its oversight concerning cryptocurrencies and matters of taxation, this time adding a separate category for digital assets in the tax forms. The changes by His Majesty’s Treasury – expected to be included in the tax period 2024-25 in the self-assessment tax forms – require that the amounts concerning crypto assets be […]

2023-3-20 22:25	Ethereum News
tax forms concerning assets self-assessment crypto treasury

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UK to Add Crypto Declaration in Tax Forms

Taxpayers will have to record their crypto gains separately as of next year, the U.K. Treasury said.

2023-3-16 17:07
crypto separately gains said treasury year declaration

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US Treasury Taxing Crypto. What Does This Mean for TMS Network (TMSN), Litecoin (LTC), and Avalanche (AVAX) Token Holders?

The U.S. Treasury Department has proposed an excise tax of 30% on the cost of powering crypto mining facilities. The tax is set to be imposed on companies such as Litecoin (LTC), Avalanche (AVAX), and TMS Network (TMSN) that use computing resources to mine cryptocurrencies in an attempt to lower the overall number of mining […]

2023-3-14 09:49	Press releases
avalanche ltc avax tax crypto treasury litecoin

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U.S. Treasury Department Proposes 30% Excise Tax on Crypto Mining Firms

A provision in the department’s “Greenbook,” its list of tax proposals and explanations for U.S. President Joe Biden’s budget proposal, would create a phased-in excise tax based on the costs of the electricity used in crypto mining, imposed on the companies “using computing resources” to mine cryptocurrencies.

2023-3-10 02:02	Taxes
tax department crypto mining excise electricity used

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UK tax agency hiring CBDC head

The U.K.'s HM Treasury posted a job advert for a head of central bank digital currency (CBDC) on Indeed on Jan. 24, 2022.

2023-1-27 21:25	CBDC
cbdc head digital bank central currency 2022

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Tax attorney breaks down the MicroStrategy Bitcoin sale

MicroStrategy’s recent sale of a portion of its Bitcoin treasury holdings puts cryptocurrency tax-loss harvesting into the spotlight.

2023-1-4 14:07
microstrategy bitcoin sale cryptocurrency puts tax-loss harvesting

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House Financial Services Committee leader wants to extend crypto tax reforms

The chairman of the House Financial Services Committee, who is a leading Republican, has asked the Treasury Department to postpone enforcing the crypto tax provisions of the Infrastructure Investment.

2022-12-16 14:12
crypto tax house financial committee services department

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United States: Incoming lawmakers move to delay key legislation to tax crypto

U.S. Representative Patrick McHenry wrote a letter to the U.S. Treasury to delay crypto taxes. Many lawmakers this year have raised similar concerns. The United States midterm elections heldThe post United States: Incoming lawmakers move to delay key legislation to tax crypto appeared first on AMBCrypto.

2022-12-16 11:58	News
delay crypto lawmakers states united tax legislation

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New House Financial Services Committee chair wants to delay crypto tax changes

U.S. Republican Representative Patrick McHenry called for clarification on a “poorly” written digital asset tax provision in a letter to the Treasury.

2022-12-17 08:47
tax poorly treasury clarification written digital letter

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Incoming House Financial Services Committee Chair Asks Secretary Yellen to Delay Crypto Tax Provision

Rep. Patrick McHenry, the soon-to-be chair of the House Financial Services Committee, wrote a public letter to Treasury Secretary Janet Yellen asking her to delay the implementation of the tax provision in last year's infrastructure law.

2022-12-16 00:54	policy
delay tax provision secretary yellen house financial

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What the Mention of Crypto in Australia's Budget Means

In its federal budget on Tuesday, Australia's Treasury reiterated a June announcement that bitcoin will not be treated as a foreign currency for tax purposes.

2022-10-26 11:47	policy
australia budget bitcoin treated tax currency purposes

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Australian Treasury consults public on Bitcoin foreign currency tax exclusion

The public has been provided with 25 days to share their opinion on the proposed legislation.

2022-9-7 11:56	Law
public provided days share proposed legislation opinion

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Rio De Janeiro Moves Forward With Bitcoin Integration

The secretary of finance and planning commented on the city’s plans to put a percentage of the treasury into bitcoin. Brazil has tax breaks for bitcoin miners.

2022-7-28 06:30	Taxes
bitcoin treasury percentage plans put brazil miners

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Coin Center Sues U.S. Treasury and IRS Over ‘Unconstitutional’ Tax Reporting Rule

Coin Center filed a lawsuit against the U.S. Treasury Department for drafting an unconstitutional amendment to the infrastructure bill. The post Coin Center Sues U.S. Treasury and IRS Over ‘Unconstitutional’ Tax Reporting Rule appeared first on BeInCrypto.

2022-6-12 21:43
unconstitutional coin treasury center rule tax reporting

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Coin Center Sues US Treasury Over 'Unconstitutional' Tax Reporting Rule

Crypto think tank Coin Center filed a suit against the U.S. Treasury Department and Internal Revenue Service on Friday, claiming a crypto tax reporting requirement enshrined in a 2021 infrastructure law is "unconstitutional."

2022-6-12 04:57	policy
coin unconstitutional tax treasury crypto reporting center

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Coin Center Sues US Treasury Over 'Unconstitional' Tax Reporting Rule

2022-6-11 04:57	policy
tax reporting crypto treasury coin center requirement

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The Biden Administration Proposes Tax on Unrealized Capital Gains With ‘Build Back Better’ Plan

Treasury Secretary Janet Yellen has proposed a tax on unrealized capital gains. Speaking on CNN’s “State of the Union” over the weekend, Yellen said this new tax would be levied on the very wealthy.

2021-10-26 18:41	Legal & Regulation
tax gains unrealized capital yellen weekend said

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U.S. Treasury Secretary Wants to Tax Unrealized Crypto Gains

The United States Treasury Secretary Janet Yellen has announced the proposal of a new tax that could hit unrealized capital gains The post U.S. Treasury Secretary Wants to Tax Unrealized Crypto Gains appeared first on BeInCrypto.

2021-10-25 08:56
unrealized gains treasury tax secretary wants crypto

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Treasury Seeking More Crypto Reporting Requirements, Global Data-Sharing, in Reconciliation Package

The Treasury Department is looking to add more crypto reporting requirements in the reconciliation bill. On the one hand, the Treasury wants to introduce more rules for cryptocurrency transaction reporting; on the other hand, the officials of the department have been telling media that the crypto community’s fear about tax provision in the $1 trillion […] The post Treasury Seeking More Crypto Reporting Requirements, Global Data-Sharing, in Reconciliation Package first appeared on BitcoinExchangeGuide.

2021-8-31 17:05	Legal & Regulation
reporting crypto treasury reconciliation requirements department hand

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US Treasury says Crypto Community’s Fear About Tax Provision in the Infrastructure Bill is Unwarranted

While the Treasury Department yet again tries to assuage the crypto community’s concerns, Jerry Brito of CoinCenter says there’s “little comfort” in it. The post US Treasury says Crypto Community’s Fear About Tax Provision in the Infrastructure Bill is Unwarranted first appeared on BitcoinExchangeGuide.

2021-8-25 16:37	Legal & Regulation
crypto community says treasury infrastructure unwarranted bill

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Treasury to the rescue? Officials to clarify crypto tax reporting rules in infrastructure bill: Report

Speaking on condition of anonymity, an official has reportedly told Bloomberg that the Treasury Department is planning to clarify the definition of “broker” in the recently passed infrastructure bill.

2021-8-16 01:37	Bitcoin Regulation
infrastructure bill treasury clarify told reportedly bloomberg

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US Treasury to Ease Crypto Concerns by Clarifying A ‘Broker’ Doesn’t Include Those Without Transaction Data: Report

The US Treasury Department is set to clarify what exactly entails “broker” for the purpose of reporting to the Internal Revenue Service after the crypto tax provision of the controversial $1 trillion bipartisan infrastructure bill was passed in its original form that overreaches to cover miners, developers, stakers, and validators to report information on clients […] The post US Treasury to Ease Crypto Concerns by Clarifying A ‘Broker’ Doesn’t Include Those Without Transaction Data: Report first appeared on BitcoinExchangeGuide.

2021-8-14 16:44	Legal & Regulation
report crypto treasury broker data without transaction

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Not the Time to Pick Winners or Losers in Crypto Tech, says Tesla CEO as Treasury Crusades Against the Industry

The controversial bipartisan infrastructure bill with its crypto tax provision gained new supporters in the form of Tesla CEO Elon Musk, who tweeted early on Saturday, “This is not the time to pick technology winners or losers in cryptocurrency technology.

2021-8-9 02:11	Bitcoin News
crypto technology tesla losers ceo pick winners

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Janet Yellen Lobbying Against Favorable Amendment to Cryptocurrency Tax Provision

U.S. Treasury Secretary Janet is reportedly opposing the Toomey-Wyden-Lummis amendment to the much-talked-about provision in the infrastructure bill

2021-8-6 15:57
provision janet amendment bill opposing infrastructure much-talked-about

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“Tax Private Stablecoins Out Of Existence,” Proposes Latest Fed Paper Ahead Of Treasury Secretary Meeting

Written by a Professor of Finance from Yale School of Management and an attorney at the Federal Reserve System, wants regulators to take a lesson from history, the Free Banking Era because the central bank must have a “monopoly on money issuance.

2021-7-20 16:07	Stablecoins
take lesson history wants federal reserve system

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Turkey Applies Regulatory Measures to Cryptocurrency Companies

The Republic of Turkey Ministry of Treasury and Finance applies tax and cryptocurrency regulations

2021-7-13 16:41
cryptocurrency turkey applies treasury finance regulations tax

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Why The U.S. Treasury Wants Brokers To Provide More Information About Crypto Assets

The United States Department of Treasury has published the “General Explanations of the Administration’s Fiscal Year” as President Joe Biden released his Budget for 2022. In its document, the Treasury claims that tax evasion using crypto assets is a “rapidly growing problem”.

2021-5-30 21:03	U.S.
treasury crypto assets 2022 budget biden released

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Treasury Secretary Urges for More Aggressive Spending, President Biden Reveals $6T Spending Plan

While the crypto market is waiting for direction, Janet Yellen calls for more funding to run her agency and improve tax collection, while the proposed budget for the next fiscal year will bring US federal spending to the highest sustained level since World War II.

2021-5-27 20:21	Bitcoin News
spending fiscal budget year proposed improve tax

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US Treasury Wants $10k Crypto Transactions Reported; Likely to Rise In ‘Importance in the Next Decade’

The new American Families Plan Tax Compliance Agenda would go into effect in 2023, the agency wants crypto businesses to report transactions in excess of $10,000. Just like they report Cash transactions in excess of $10k The post US Treasury Wants k Crypto Transactions Reported; Likely to Rise In ‘Importance in the Next Decade’ first appeared on BitcoinExchangeGuide.

2021-5-21 16:36	Legal & Regulation
transactions wants crypto excess report decade importance

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US Treasury Plans to Raise Additional $700B Through New Tax Compliance Measures

The U.S. Treasury Department plans to raise an additional $700 billion through the new tax compliance measures. The post US Treasury Plans to Raise Additional $700B Through New Tax Compliance Measures appeared first on BeInCrypto.

2021-5-21 23:00	The United States (USA)
new tax measures through compliance treasury plans

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Biden’s Administration Unveils Proposed Crypto-Tax Measures

As part of President Joe Biden’s new tax enforcement measure, the US Department of Treasury has introduced legislation to combat tax evasion involving cryptocurrencies. Treasury Proposes Measures To Prevent Crypto-Tax Evasion The U.

2021-5-21 22:19	tax
tax biden treasury evasion measures crypto-tax cryptocurrencies

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US Treasury Unveils Biden’s Proposed Tax Measures — Cryptocurrency Transfers Over $10,000 to Be Reported to IRS

The U.S. Department of the Treasury has announced measures to crack down on tax evasion involving cryptocurrencies as part of President Joe Biden’s proposed tax compliance measures. Among the measures is a requirement for businesses that receive crypto assets with a fair market value of more than $10,000 to report transactions to the IRS. Treasury […]

2021-5-20 20:32	treasury
measures treasury tax irs proposed biden businesses

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Bitcoin Drops Below $40K as U.S. Treasury Wants to Ramp Up Cryptocurrency Tax Enforcement

A Treasury report says that all crypto transactions over $10,000 have to be reported to the IRS

2021-5-21 19:19
treasury transactions all crypto irs reported report

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South American MercadoLibre Adds $7.8 Million worth Bitcoin to its Treasury

The online marketplace company also posted a larger quarterly loss, hit by a higher tax bill. Meanwhile, its fintech arm, Mercado Pago, reported a surge of 81. 8% in total payment volume during the pandemic.

2021-5-7 17:26	Gold Store of Value
pago reported mercado arm tax bill meanwhile

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Miami-Dade Officials Hope to Launch a Crypto Task Force, Residents Could Pay Taxes in Bitcoin Soon

Back in mid-February, Bitcoin.com News reported on Miami’s Mayor Francis Suarez supporting the idea of the city holding bitcoin in the treasury and allowing tax payments in bitcoin as well. On April 15, 2021, reports show that the city may introduce the tax payments concept soon, as the District 8 county commissioner Danielle Cohen Higgins […]

2021-4-17 02:30	treasury
bitcoin soon city payments tax treasury holding

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Miami Going Full Bitcoin: City Supports Efforts to Hold Bitcoin in Treasury, Allow Tax Payments in BTC

The U. S. city of Miami is going full bitcoin. The city commissioners have voted to support the mayor’s resolution to allow payments in bitcoin for salaries, taxes, and fees. The city also supports efforts to make bitcoin an acceptable currency for potentially investing in the state treasury.

2021-2-13 23:10
bitcoin city supports payments going miami treasury

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Spanish Treasury Releases Guidelines to Minimize the Risk of Tax Evasion With Cryptocurrencies

The State Agency for Tax Administration of Spain published guidelines to reduce tax evasion for cryptocurrencies, such as bitcoin. The document is part of the general program of the so-called Annual Tax and Customs Control Plan.

2021-2-5 04:30
tax cryptocurrencies evasion guidelines part general document

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US Tax Authorities Discusses Taxing Digital Currencies; Each Standard Method Has Trade-Offs

The world’s largest economy is looking for ways to increase revenues, including taxation of digital assets and cryptocurrencies. During a virtual interview at the OECD’s 2020 Global Blockchain Policy Forum, senior counsel at the Treasury Department, Erika Nijenhuis, stated the U.

2020-11-21 23:38	Legal & Regulation
digital interview oecd 2020 virtual assets cryptocurrencies

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Square to Allow Users to Deposit Coronavirus Stimulus Relief Payment Directly to Cash App

The Internal Revenue Service and the Treasury Department launched a new web tool on Friday that will allow those Americans who don't file a tax return or had too little income to file to register for stimulus payments.

2020-4-13 16:18
stimulus allow don friday americans tax those

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Regulatory Roundup: Trump’s Cryptocurrency Proposals, IRS Changes Rule, China Quarantines Cash

In this roundup, we cover numerous cryptocurrency regulatory developments in the U. S. , including President Trump’s crypto proposals, testimonies by the Federal Reserve chairman and the Treasury secretary, a crypto-friendly SEC proposal, and the IRS changing a crypto tax rule.

2020-2-18 15:10	Virtual Currency
roundup crypto rule regulatory irs proposals trump

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IRS Will Ask If You Own Cryptocurrency on its New Income Tax Form 1040

The US Internal Revenue Service (IRS), a bureau of the Department of Treasury, recently added a question regarding cryptocurrency ownership to its standard 1040 income tax form for the upcoming tax filing season. A draft...

2019-10-13 12:37	Taxes
tax form 1040 irs income cryptocurrency question

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Brazilian Tax Authorities Impose New Requirements on Crypto Trading

Information regarding crypto transactions exceeding $7,600 in value must be submitted to the National Treasury.

2019-8-3 20:30
crypto must value submitted treasury national exceeding

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When Cash Is Banned, Centralized Cryptos Are Not Going to Save You

Australia is now moving forward with its proposed legislation to ban cash purchases over 10,000 AUD ($6,900) for business purposes. According to the treasury website: “The Black Economy Taskforce recommended this action to tackle tax evasion and other criminal activities.

2019-7-30 19:45
cash bitcoin when save banned centralized cryptos

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U.S. Treasury Secretary: Bitcoin, Libra Pose National Security Threat

Coinspeaker U. S. Treasury Secretary: Bitcoin, Libra Pose National Security ThreatThe Treasury Department has concerns that Libra, as well as Bitcoin, could be misused by terrorist financiers and money launders, to carry out illicit activities ranging from cybercrime to tax evasion, extortion, and ransomware.

2019-7-16 11:36
libra bitcoin treasury security national pose secretary

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PwC Introduces New Halo Auditing Tool for Cryptocurrencies as Big 4 Race Intensifies

Tax and Auditing firm PwC the launch of an updated auditing solution for clients who are in possession of cryptocurrency. The solution known as Halo will offer a full breakdown of the client’s crypto treasury.

2019-6-19 21:18	Announcements
auditing halo pwc solution client crypto treasury

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Janet Yellen’s ‘Buy Bitcoin’ note hits $140k in online auction

A “Buy Bitcoin” note, previously shown behind former Federal Reserve Chair Janet Yellen, is now drawing bids at $140,000 in an online auction. A legal pad bearing the phrase “Buy Bitcoin” is attracting bids nearing $140,000 in an online auction,…

Yellen Calls For Deregulation To Enable Easier Money Laundering

From “The Withdrawal Issue”, Richard Greaser of The Bitcoin Bugle is on the beat as Yellen call for deregulating the banking industry and recognizes the special privilege that banks have to facilitate money laundering.

US lawmaker calls for info from Treasury and SEC on crypto market structure bill

Rep. Maxine Waters gave Janet Yellen and Gary Gensler a deadline of June 30 to respond to her requests on the “Digital Asset Market Structure” bill proposed by Republican lawmakers.

How would a US debt default impact Bitcoin?

Cointelegraph analyst and writer Marcel Pechman explains how a U.S. debt default could impact Bitcoin and the larger cryptocurrency market.

US Treasury Secretary Yellen working on SVB collapse, not a bailout: Report

Janet Yellen said in an interview on March 12 that U.S. regulators are working to address Silicon Valley Bank collapse, but not considering a major bailout.

Cato Institute CEO says his daughter married the 'Bitcoin Sign Guy' from 2017 hearing

Jerome Powell said that he also had “close family members” who argued that crypto was still in the development phase, suggesting Bitcoin proponents may be close to home.

2023-6-6 09:15

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