Proposed Law (Responsible Financial Innovation Act) to Change Cryptocurrency Tax and Security Rules



Published
A bill proposed by Senator Cynthia Lummis (R-WY) aims to overhaul how cryptocurrency can be taxed within the U.S. Senator Cynthia Lummis has been working on the Responsible Financial Innovation Act since last year.
It touches upon taxation and securities rules as they relate to cryptocurrency.
This Video Breaks Down the Responsible Financial Innovation Act and provides some legal analysis on the proposed law.

Video Timestamps:
00:00 - Intro
00:27 - Responsible Financial Innovation Act Overview
03:03 - Staking Rewards IRS Case
03:36 - Effect on IRA & Retirement Schemes
04:00 - Definition of "Broker"
04:35 - Analysis of Proposed Law
06:55 - IRS Staking Rewards Analysis
07:25 - Judge Made Law vs. Legislation
09:00 - Final Thoughts/Outro

-IRS Staking Rewards Videos-

IRS vs Proof of Stake : US Tax Agency Moves to Dismiss Crypto Staking Rewards Case:
https://youtu.be/kByTqbxf5uI

IRS Lawsuit Over Cryptocurrency Staking Reward Taxes:
https://youtu.be/a5kl99Z6JtE

Source:

https://decrypt.co/94834/bill-bitcoin-senator-lummis-alter-capital-gains-landscape-crypto
Category
Cryptocurrencies
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