The Illinois Senate has passed a new bill, Senate Bill 1797, with a vote of 39 to 17 to combat cryptocurrency fraud and protect investors. This law, known as the Digital Assets and Consumer Protection Act, aims to regulate digital asset businesses in the state. Under this bill, any company dealing with cryptocurrencies must register ...
Last month, the U.S. Senate enacted a rare bipartisan vote to repeal the “DeFi Broker Rule,” which aimed to hold crypto transaction facilitators accountable to the IRS for tax reporting. While critics of this rule argued it would stifle innovation and drive businesses overseas, proponents maintained that it would simply align crypto with traditional financial ...
Last month, the U.S. Senate passed a resolution to repeal the controversial DeFi Broker Rule, which required certain crypto transaction facilitators to report information to the IRS. This rule, part of the Infrastructure Investment and Jobs Act, aimed to ensure compliance with existing tax laws without imposing new tax obligations. Critics argued that the reporting ...
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Institutional interest in Bitcoin within the European Union is lagging behind that of the United States, which is moving ahead with new cryptocurrency regulations. Although President Trump’s recent executive order aims to establish a federal Bitcoin reserve, European companies have been quiet about adopting Bitcoin. Experts suggest this reluctance is due to Europe’s complicated regulatory ...
U.S. Representatives Tom Emmer and Darren Soto are proposing new legislation called The Securities Clarity Act aimed at clarifying regulations for digital assets. Currently, laws do not separate digital assets from the securities contracts they might be tied to, creating issues for cryptocurrencies that evolve from being classified as securities to potentially being treated as ...
This week, Tether, Bitcoin, XRP, and other cryptocurrencies are gaining attention as stablecoin legislation moves through Congress. President Donald Trump recently supported the bills during a video address at a crypto conference, urging lawmakers to establish straightforward rules for stablecoins. Tether, the largest stablecoin, is pegged to the U.S. dollar but has faced scrutiny over ...
Former US President Donald Trump aims to position the United States as a leader in Bitcoin, declaring it a “Bitcoin superpower” during a speech at the Digital Asset Summit. His administration implemented policies, like a proposed “strategic Bitcoin reserve,” to boost Bitcoin adoption. However, other major economies, including China and the European Union, are not ...
Bitcoin’s price saw a significant increase, hitting $87,453 but then fell back to $83,655 after President Trump made a video appearance at the Digital Asset Summit in New York. Traders were hopeful that Trump would announce zero capital gains taxes on cryptocurrencies, but he only reiterated his commitment not to sell seized Bitcoin and called ...
In early 2025, the Trump Administration announced a significant shift in cryptocurrency regulation by signing an executive order aimed at reducing restrictions in the crypto Market. This new approach includes the formation of a task force to create clearer guidelines, as well as the closure of investigations into major platforms like Robinhood and OpenSea, which ...
