Bitcoin

Out of context: Reply #2132

  • Started
  • Last post
  • 2,675 Responses
  • neverscared2

    IRS head asks for authority to regulate cryptos

    Commissioner of the Internal Revenue Service (IRS) Charles Rettig called on Congress to grant the tax agency authority to regulate cryptocurrencies. Rettig made the comments on Tuesday while testifying before the Senate Finance Committee.

    the crackdown is arriving.

    neverscared 2Permalink
    UpvoteDownvote
    Flag
    • https://www.breaking…neverscared
    • for those in the usa.shapesalad
    • surprised it took this longKrassy
    • Wonder what regulations they would impose. Do exchanges not provide 1099s end-of-year for capital gains?monospaced
    • I checked, rates on crypto capital gains are 15% or as high as your regular income, depending on how long you hold it. IRS definitely gets theirs already.monospaced
    • so...even the state considers this crypto thing to be real money.uan
    • well, it's money when you buy/sell it with real money :) When you sell and money goes into your bank account, that's a gain, and the IRS sees it.monospaced
    • It's a commodity, for sure, just like any "product" in that sense. Except it's trying to also be a currency. Interesting stuff.monospaced
    • Pretty sure the real "threat" needing regulation is not bitcoin but stable coins - Tether and Coinbase printers go brrrrrr dailygrafician
    • Unlike "real money," though, it's not insured by the fed. If it's lost/stolen, they don't really treat it like the same kind of crime, based on what I understanmonospaced
    • at this point Tether is in the "scam" territory but a long bow, while Coinbase hadn't had an audit in a while while printing a lot of USDC by the hour...grafician
    • so, regulation means cleaning the house on stablecoins, exchanges etc. then the value of crypto will drop like a fly shot with a shotgungrafician
    • I don't know what you mean by "cleaning the house" though.monospaced
    • Okay, so I researched more. The IRS does collect capital gains, but right now the exchanges aren't required to report the gains to the IRS!monospaced
    • People are probably getting away with tax evasion right now. If it's regulated, all transactions will result in yearly tax forms for individuals, from the IRS.monospaced
    • the SEC just needs to follow whale_alert https://twitter.com/… then drop the hammergrafician
    • sorry mono, not in the mood tonight to have a long discussion, hope you get the idea..regulating crypto = regulating exchangesgrafician
    • I mean crypto idiots still forget you can't buy lambo with crypto, you need to convert to USD and then Uncle Sam drops the hammergrafician
    • yeah, I already said that, but right now the exchanges aren't automatically reporting large transactions to the IRSmonospaced
    • I get they want to regulate exchanges, just trying to figure out exactly what regulations beyond reporting, if any. BTW, I happen to know a ton about tax shitmonospaced
    • as I work at one of the Big 4 ;)monospaced
    • Well do americans report the overseas exchanges accounts opened with vpns and disclose those proceeds? Look into that first lolgrafician
    • there are almost 400 crypto exchanges and only 3-4 have US subsidiaries, good luck regulating thatgrafician
    • then again you also had illegal gambling in Trump Tower and other stuff and nobody bothered so this thing with crypto must be that "FUD" shitgrafician
    • propublica.org literally published article today about how the super wealthy dodge taxes so yeah idk mono, you tell us how regulation worksgrafician
    • IRS can track income, and banks report transactions over $10K, so they do get some action. IRS just wants them to report, just like all financial entities mustmonospaced
    • regulation is not the same thing as reporting
      IRS goes after the little guys, SEC goes after the whales - and in crypto, only the whales and exchanges matter      grafician
    • I'm NOT telling you how it works, nor am I arguing. Not sure why you're interpreting it like that.monospaced
    • And your arguemnt is just repeating what I already said. It's weird.monospaced
    • this is why Elon gets into trouble with his tweets, not drgs for going long on BTC again 3 hours ago and might not disclose the gainsgrafician
    • interesting ... what trouble did Elon get into? I totally missed that.monospaced
    • Reporting is exactly what the IRS is asking for in regards to regulation, dude. That's what their official statement is on the matter. But I'm still reading.monospaced
    • just because the IRS chef proposed this doesn't mean the IRS will regulate anything, again, reporting is different than regulation
      we're not arguing, just sayin      grafician
    • https://arstechnica.…grafician
    • if it was only about reporting gains, crypto wouldn't drop, but regulating the market means exposing a lot of dirt and that makes crypto go downgrafician
    • heck, it ain't any crypto market without market manipulation obviously - for ppl hating the system, they do love repeating the old system's mistakes lolgrafician
    • oh above I said there are almost 400 exchanges, mostly tracked by coinmarketcap, but apparently there are over 8000 mostly un regulated...wild wild west indeedgrafician
    • so I'm asking, once again, which regulation are you talking about beyond reporting?monospaced
    • uhm from kyc to price manipulation and beyond?grafician
    • then deal with stablecoins as those are basically printing money out of thin air - a thing only a central bank would allow in any regular monetary systemgrafician
    • why are we having this conversation anyway mono? do you not get the implications or?grafician
    Show [[ numHiddenNotes ]] more notesAdd Note
    SaveCancel

View thread