The US President New Restrictions on Crypto Businesses

larry_vw_1955

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Quote from: Ale88 on November 16, 2021, 02:03:05 PM

I think in the next years will see a ton of US citizens moving abroad for crypto tax purposes and even renouncing their citizenship so they will owe 0 to the IRS. The US government is going in the wrong direction...

It could be argued that the us government has been going in the wrong direction for a long time. crypto is just another symptom. but renouncing citizenship over crypto someone would really have to be having alot of money for that to make sense. and not only that but they have to pay some other country to be able to become a citizen there. Grin

D-law

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Seems they must have found out a possible way to monitor Crypto Currency businesses.
Those in the cryptocurrency sphere might just adapt,this is because,the government has a big hand so as to know what's good and bad in it's Country.
Reporting this won't affect bitcoin price in any way,rather adapting to them restricted rules.

enhu

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It was the definition of brokers that is quite not right in this bill so maybe they sell. But before Biden signed it, we already know it's coming since it's been fought in the Senate for months. New restrictions mean a new set of rules but I think when Binance adjusted how much traders without KYC can withdraw, many are already getting out of the exchanges and for it, the dump is not so deep.

If the Building Back Better program of the administration will work, it's good for thier economy. Inflation continues and not going to slow down though because of this 1T infrastructure bill.

cheezcarls

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There are only two things that you can't escape in this world. Death and taxes.

In my opinion regarding the decline of the crypto prices after Biden's statement on crypto taxes, I think this bloodbath is going to be short-lived. To be honest, I'm happy because I can buy BTC and other cryptocurrencies at my targeted prices. Not sure if $59k is gonna be the new support here, but let's see where it ends up this week.

Darker45

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Panic selling is the opposite reaction. The best thing to do is to hide your Bitcoin and avoid all centralized platforms. But if you think it is worth abiding to all these policies, go ahead. But if you have little trust in your government, then Bitcoin is precisely your thing. And you wouldn't heed the call.

Forget about the possible good it might do to the economy. The economy is under 99.99% control of the government and its cohorts. Whatever little good it might do to the economy will be dissolved because of the bad decisions, bad people, bad interests, bad motives, and so forth.

pooya87

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Internal revenue services (regardless of the country) trying to take people's money is not a new thing, not even in cryptocurrency world. They have always been pushing for more surveillance and control so that they could always keep their hands in everyone's pockets.
Panic selling bitcoin, which is the only currency in the world that nobody can ever control, shows how little people understand it. Not to mention their increased trading volume subjects them to more taxation Cheesy

Anyways, this is just the brand new type of FUD that will replace the "China banned FUD" for at least 2 or 3 years.

The Cryptovator

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What is negative there? It's just clueless FUD and panic seller became panic. As a result, we are experiencing a little correction in Bitcoin & other altcoin markets. Asking report to IRS above $10000 isn't and wouldn't be negative. To be honest even this isn't an easy task expecting a perfect report from cryptocurrency users unless they are using any centralized wallet or exchange.

This is nothing actually nor should affect Bitcoin price. The US at least not preventing its users to use cryptocurrency. Rather than they want to monitor and that is a behavior of centralized organization like government. We shouldn't be panic about that as well.

ALLON2017

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sunsilk

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Quote from: Alert31 on November 16, 2021, 10:46:04 AM

Do you think it is just a short dumped for bitcoin and other cryptocurrencies?

Yes, I do believe that it's like that. Such news are being romanticized by the media and that creates FUD when they deliver the news.

Quote from: Alert31 on November 16, 2021, 10:46:04 AM

What good it will do to the economy , to the government and to all crypto enthusiast?

To the government and economy, it's good.

But for individuals that will be affected of it, as the usual, it's about taxes and many of us are mixed up with this topic. Others are happy, many are not.

TimeTeller

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Quote from: Hamphser on November 16, 2021, 05:47:53 PM

Quote from: LFC_Bitcoin on November 16, 2021, 03:09:49 PM

None of these rules come into play until 2024, it’s so dumb people are panicking now. Plus node operators & miners can’t report KYC details for people they don’t know & why should they. This is just a load of FUD, it’ll pass. Miners & devs will tie this up in so many legal battles, nothing will happen.

For those who dont trust up the system will eventually panic out but trying to look on general perspective then its not really that possible to impose those things no matter how government do really make out some announcement or declaration against crypto or something opposes to that.

If they would intend to do such thing then they had already done it a long time ago when crypto hadnt flied out with colors.

For now theres nothing to worry about honestly.

People are panicking for something they are really not well-versed of or don't really have the right info to begin with.
If they know what it is really about and when, they won't panic and make mistakes with their decisions.
And with those years before actual implementation, alterations may possibly happen as it can always change because of evolving situation in the market.
So yes, people should educate themselves before concluding something that it is not.

Hamphser

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Quote from: LFC_Bitcoin on November 16, 2021, 03:09:49 PM

None of these rules come into play until 2024, it’s so dumb people are panicking now. Plus node operators & miners can’t report KYC details for people they don’t know & why should they. This is just a load of FUD, it’ll pass. Miners & devs will tie this up in so many legal battles, nothing will happen.

For those who dont trust up the system will eventually panic out but trying to look on general perspective then its not really that possible to impose those things no matter how government do really make out some announcement or declaration against crypto or something opposes to that.

If they would intend to do such thing then they had already done it a long time ago when crypto hadnt flied out with colors.

For now theres nothing to worry about honestly.

Haunebu

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He is clearly trying to regulate the cryptocurrency market through those restrictions which isn't necessarily a bad thing since this could be a win-win situation for both the US government and crypto investors.

Also, these restrictions could have caused the correction which was inevitable since you cannot expect the market to always stay bullish without any corrections.

I feel that this correction is a good thing since the market will turn bullish again soon thanks to positive news which could help BTC reach a new ATH.

bL4nkcode

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Quote from: cr1776 on November 16, 2021, 02:00:31 PM

Quote from: Alert31 on November 16, 2021, 10:46:04 AM

Quote

"The new infrastructure bill signed by US President Joe Biden includes a crypto language that makes it easy for the IRS to bring transparency in crypto tax reporting"

...

What they mean is that they want to be able to control everyone and everything and so they need to track everything.

Heck, that's how government works for you.

Quote from: Upgrade00 on November 16, 2021, 02:18:32 PM

This part of the article was what interested me the most, reporting digital asset transactions above $10,000 means it is being viewed as a fiat where all transactions are monitored and it can only work if the transaction happens over a regulated exchange which contains the user information and is legally required to submit it when required.

Yes, there has lots of discussions about this months ago since the bill got released, exchanges (e.g. coinbase) will ask as required to fill an IRS form related to it, like normal quarterly/annual submitting tax related info to the bureau like it's a huge nuisance for every transaction.

But good thing this will come to effect on 2024 and I see no reason that is the main cause for the correction.

LFC_Bitcoin

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None of these rules come into play until 2024, it’s so dumb people are panicking now. Plus node operators & miners can’t report KYC details for people they don’t know & why should they. This is just a load of FUD, it’ll pass. Miners & devs will tie this up in so many legal battles, nothing will happen.

Upgrade00

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The bill rather seeks to increase transparency for the Internal Revenue Services (IRS). It also notes that digital asset transactions worth more than $10,000 shall be reported to the IRS. Furthermore, the bill also runs the risk of requiring node operators to identify information related to crypto transactions that they have no way of reporting.
This part of the article was what interested me the most, reporting digital asset transactions above $10,000 means it is being viewed as a fiat where all transactions are monitored and it can only work if the transaction happens over a regulated exchange which contains the user information and is legally required to submit it when required.

Secondly, what sort of information would be required from node operators and what situation would make this necessary? Seems like quite an unnecessary addition.

Quote from: titular on November 16, 2021, 11:28:51 AM

Obviously, this bill was not written in our own interests. Regardless, this is just one of the steps we have to get by in order to reach the level of adoption we are seeking.

Price may be affected in the short term, like in many scenarios. However, having clear and concise rules for crypto tax reporting seems like a blessing in disguise; legitimizing bitcoin further.

I'm not convinced yet that Bitcoin has to become a digital fiat to gain global adoption, users are just lazy and would rather the government control their funds for them.
The government shouldn't get to decide the rules for bitcoin.

Ale88

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Quote from: Alert31 on November 16, 2021, 10:46:04 AM

Quote

"The new infrastructure bill signed by US President Joe Biden includes a crypto language that makes it easy for the IRS to bring transparency in crypto tax reporting"

This news has a negative impact in crypto market because it restricted crypto businesses and those with digital asset transactions worth more than $10,000 shall be reported to the Internal Revenue Services. Crypto market are now moving down and maybe this news will cause a panic selling.

Do you think it is just a short dumped for bitcoin and other cryptocurrencies?
What good it will do to the economy , to the government and to all crypto enthusiast?

Source:
https://www.coinspeaker.com/biden-infrastructure-bill-crypto-brokers/

Interesting to see how the old people like Biden and his friends are going in a completely different direction compared to other younger politicians such as Miami and New York mayors. We can actually see the difference between people who still live in the past and those who are already thinking about the future. How can someone like Biden understand and see what cryptocurrencies will become in the next 10 years? Probably he won't be even be here by that time Roll Eyes

Quote from: cr1776 on November 16, 2021, 02:00:31 PM

What they mean is that they want to be able to control everyone and everything and so they need to track everything.

Like the "transactions in a bank account more than $600" or the second proposal, "transactions in a bank account that in aggregate add up to more than $10,000 in a year" - so in short anyone who has a bank account will have every transaction shared with the collectivist authoritarians that is occupying DC right now. And they want this imposed worldwide, talk about a prison planet.

Controlling the DeFi? Good luck with that Roll Eyes

I think in the next years will see a ton of US citizens moving abroad for crypto tax purposes and even renouncing their citizenship so they will owe 0 to the IRS. The US government is going in the wrong direction...

cr1776

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Quote from: Alert31 on November 16, 2021, 10:46:04 AM

Quote

"The new infrastructure bill signed by US President Joe Biden includes a crypto language that makes it easy for the IRS to bring transparency in crypto tax reporting"

...

What they mean is that they want to be able to control everyone and everything and so they need to track everything.

Like the "transactions in a bank account more than $600" or the second proposal, "transactions in a bank account that in aggregate add up to more than $10,000 in a year" - so in short anyone who has a bank account will have every transaction shared with the collectivist authoritarians that is occupying DC right now. And they want this imposed worldwide, talk about a prison planet.

perfect999

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Quote from: Alert31 on November 16, 2021, 10:46:04 AM

This news has a negative impact in crypto market because it restricted crypto businesses and those with digital asset transactions worth more than $10,000 shall be reported to the Internal Revenue Services. Crypto market are now moving down and maybe this news will cause a panic selling.

Do you think it is just a short dumped for bitcoin and other cryptocurrencies?
What good it will do to the economy , to the government and to all crypto enthusiast?

I have never been one of those who feel the need for the government to recognize cryptocurrency and become part of it. I have always wanted cryptocurrency to be a system that is fully on its own without the government being part of it. But, then I knew that as the community continues to grow, the government would always develop interest in it and would somehow try to start be part of it. And now this is how they’re doing it. The would want to take tax from the profit you’re making from cryptocurrency.

But, I wouldn’t say that’s wrong,because it’s a normal thing that people have to pay tax whenever they make earnings like this. So I’m not going to say that this will affect the community in any negative way, we should see it as a normal thing. As long as it is not a kind of rule that stops people from making use of cryptocurrency.

smartaction

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Since us are one of the largest and richest nations. So it is only natural that the negative news of the President of that country will have some negative effect on the crypto-currency market. But it will not be stable for long. Now some panic sellers are selling their coins so the market is down a bit. However, Bitcoin will rise again and this time the price is likely to be $70,000

thecodebear

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This law doesn't even come into effect until 2023 or 2024. And hopefully by then someone who understands crypto a bit better will get a bill passed that changes the wording of this. Regardless, i don't think this had anything to do with the dip, as it's been known for a while that this language was in the bill and the bill was going to be passed. Seems like Bitcoin is just solidfiying $60k as support before it blasts off over the next few months. Reminds me coiling up under $20k a year ago. Took a while and had a few dumps but then it went on a tear.

Topic: The US President New Restrictions on Crypto Businesses (Read 220 times)