The U.S. House of Representatives will hold a week of discussions on cryptocurrency, focusing on the taxation of digital assets.

This event aims to build a clearer tax policy for cryptocurrency while considering legislation regulating stablecoin issuance and investor-friendly measures.

MAIN CONTENT

  • The U.S. House of Representatives is hosting the 'Cryptocurrency Week' focusing on the taxation of digital assets.

  • The tax policy committee is preparing for a hearing on the legal tax framework for cryptocurrency on July 16.

  • There is a possibility of passing the regulation law for stablecoin issuers and reducing double taxation.

What policy is the U.S. House of Representatives discussing during Cryptocurrency Week?

The Chairman of the Ways and Means Committee, Mr. Jason Smith, confirmed that the House will implement the 'Cryptocurrency Week' event to focus on building a specific legal framework for cryptocurrency.

This week-long event aims to thoroughly analyze policies related to cryptocurrency, especially regarding taxation and regulations on stablecoin issuance. This is an important step following the enhanced oversight of the cryptocurrency market.

The hearing on July 16 will help determine the necessary steps to develop an effective tax policy for digital assets.

Jason Smith, Chairman of the Ways and Means Committee, 05/07/2024

What will the tax policy committee discuss on July 16?

The oversight subcommittee of the Ways and Means Committee will hold a hearing to review measures to build a tax framework for cryptocurrency that is in line with market realities.

Previously, the lack of clarity regarding digital asset taxation made it difficult for investors and businesses to calculate tax obligations, causing many to face double taxation or complex filings.

Is the law on stablecoins expected to be passed in the near future?

It is likely that next week, the House will vote on the stablecoin issuance regulation bill, which has previously been passed by the Senate to ensure safety and transparency in the market.

The approval of this law will create a turning point to meet the demand for strict management of stablecoins – a type of cryptocurrency with a stable value, playing an important role in the digital financial ecosystem.

What cryptocurrency tax policies are being proposed?

Last week, Senator Cynthia Lummis proposed a bill to exempt small cryptocurrency transactions from taxes and amendments to avoid double taxation for investors.

Meanwhile, the House's current policy is unclear but is expected to aim towards more market-friendly regulations to promote healthy development.

We need a flexible tax law that helps reduce the administrative burden on investors and promotes innovation in the digital sector.

Cynthia Lummis, Senator from Wyoming, 03/07/2024

Examples of the impact of cryptocurrency tax policy on investors

When tax policies are clear, investors will reduce legal risks and no longer worry about double taxation. According to a 2023 Tax Policy Institute report, nearly $40 million in taxes were duplicated in the cryptocurrency sector due to inconsistent regulations.

A clear tax framework helps increase transparency and attract individual investors to the market, while also encouraging businesses to adopt Blockchain technology more effectively.

The next steps of the U.S. Congress in managing cryptocurrency

In addition to establishing a tax framework, Congress is expected to issue additional regulations on security, consumer protection, and monitoring token issuance activities to ensure the sustainable development of the cryptocurrency market.

These policies are expected to build trust for investors and businesses, contributing to maintaining the United States' leading position in the fintech sector.

Frequently Asked Questions

  • What is the U.S. House of Representatives Cryptocurrency Week?
    This is an event focused on discussing policies related to cryptocurrency, particularly the taxation and regulation of stablecoins, aimed at developing a comprehensive legal framework.

  • When does the cryptocurrency tax hearing take place?
    The hearing organized by the Ways and Means Committee is scheduled for July 16, 2024, to discuss the taxation of digital assets.

  • Will the stablecoin regulation law be passed?
    There is a high likelihood that the House will vote to pass the stablecoin regulation law that has been approved by the Senate, aimed at enhancing control and transparency.

  • What is noteworthy about the new tax policy?
    The proposed bill aims to exempt small transactions from taxes and eliminate double taxation, facilitating investors and developing the market.

  • What is the impact of the new policy on investors?
    It helps mitigate legal risks, increases transparency, and promotes the sustainable development of the cryptocurrency market in the United States.

Source: https://tintucbitcoin.com/uy-ban-ways-and-means-hop-thue-ky-thuat-so/

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