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Major Regulations May Coming to the Cryptocurrency Industry in the USA!

Major Regulations May Coming to the Cryptocurrency Industry in the USA!

Several parliamentarians in the US are preparing a bill to regulate brokers engaged in trading cryptocurrencies.

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Several parliamentarians in the US are preparing a bill to regulate brokers engaged in trading cryptocurrencies.

In the US, some lawmakers pressed the button to regulate the buying and selling of cryptocurrencies.

The proposed law aims to ensure that individuals and organizations that transact with cryptocurrencies and earn commissions are subject to the same rules as any person or organization trading in the securities market.

In this way, tax revenues in crypto money earnings can be easily calculated.

“It Should Be Arranged According to Standard Procedure!”

It is stated that Ohio Senator Rob Portman has written a large infrastructure package on the subject.

Portman's spokesperson, Drew Nirenberg, stated that the regulation is not about taxation or user privacy, but about reporting the transactions of individuals and organizations that receive commissions from crypto transactions according to standard procedure.

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Expanding the Definition of “Broker”!

Accordingly, brokers known as 'brokers' in the cryptocurrency literature will be subject to an obligation to report information to the government, such as how much users pay for trading cryptocurrencies.

It is also stated that the definition of 'broker' in the proposal will also include users who trade on decentralized exchanges.

Broker companies trading in the cryptocurrency markets are against regulation. As reported by Politico, Kristin Smith, Executive Director of the Blockchain Community, stated that the change “has the potential to divert many of these crypto-related actors, businesses, and individuals overseas.” Smith noted that the proposal has the potential to stifle innovation.

It is also stated that with the proposal, a regulation will be brought about tokens that use the blockchain systems of other cryptocurrencies but have their value.

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