Now in Crypto, US lawmakers weigh changes to crypto tax policies. Tornado cash co-founder Roman Storm asked a judge to remove his convincing, and the White House removed Brian Quintenz’s nomination of the Commodity Futures Trading Commission (CFTC).
US lawmakers teach crypto tax policy amidst the closure of the government
US lawmakers Debate Crypto Tax Policy On the Wednesday Senate committee on the financial hearing, including possible tax exclusion for crypto transactions below a specific threshold and how income should be classified from staking services.
Lawrence Zlatkin, the vice president of the Crypto Exchange Coinbase, encouraged the Senate committee to consider a A de minimis tax exemption For cryptocurrency transactions under $ 300 to encourage commercial use of payments and ensure that change occurs within the US. Zlatkin Says:
“The guide principle is a simplicity of traditional finances. Both tax policies should be applied to the same economic activity, whether it involves goods, stocks, or tokens in a blockchain. Right now, the consistency does not exist. The lack of specialized policies has real consequences.”
Lawmakers also contacted how to close the annual tax gap of nearly $ 700 billion by implementing lighter reporting requirements for cryptocurrency transactions, minimizing tax excludes, and potential revenue services from staking services as income income subject to taxation Under the income tax system.
The tax policy is a Main issue for cryptocurrency users.
The Roman Storm is looking for a displacement of Tornado Cash Money Transmission Charge
Roman Storm, co-founder of Tornado Cash, has asked a US federal judge to get him In his single belief for unlicensed money delivery and the jury’s hangings for money violations and penalty violations, the argument of prosecutors failed to prove that he had intended to help evil actors wrongly use the crypto mixer.
According to legal documents filed on September 30 in the US District Court for the Southern District of New York and reviewed by Cointelegraph, the Storm dispute argued prosecutors Tornado Cash. This, according to the defense, will dismiss the grounds for his conviction based on negligent inaction.
“The storm and the bad actor are a claim that he knows that they are using a tornado of cash and failed to take enough steps to stop them. It is a theory of neglect,” the states of motion.
The defense further claims that “lacking proven evidence that Mr. Storm has acted with the intent to help evil actors,” the government attempted to address its burden by claiming that the defendant failed to avoid misuse. “It is a claim that is antithetic to standard factors and is not supported by law,” the motion said.
A motion for Disclaimer The judge is asked to dispose of charges or a verdict because the evidence of persecution, though taken as true, is legal.
White House has removed Brian Quintenz as CFTC nominee
The White House Brian Quintenz’s nomination removed to lead The Commodity Futures Trading Commission on Tuesday, with Quintenz telling Cointelegraph that he would return to the private sector.
“The nominated to lead to the CFTC and go through the confirmation process is the honor of my life,” Quintenz told Cointelegraph, who confirmed earlier reports that his nomination was obtained.
“I am grateful to the President for that opportunity and the Senate Agriculture Committee for its consideration. I hope to return to my private sector striving for this exciting time for change in our country,” he added.
Quintenz is a former CFTC commissioner and head of crypto policy at A16Z. He is widely supported by the crypto industry, but his nomination faces delays in Congress and reports Pushback from Crypto Exchange Gemini co-founders Tyler and Cameron Winklevoss.
The CFTC is set to be a major regulatory agency for the crypto under the Trump administration, but there is no seat for almost a year and is led only by the acting seat Caroline Pham.
