Crypto Faces Ongoing Challenges Despite Pro-Crypto Shift in U.S. Leadership
Coin Center, a prominent crypto advocacy organization, has raised concerns about potential barriers to innovation in the U.S. crypto sector, even as expectations grow for a more crypto-friendly environment under a possible Trump administration.
The group’s research director, Van Valkenburgh, identified three key issues that could hinder progress for both investors and developers: excessive IRS reporting requirements, sanctions on crypto services like Tornado Cash and Samourai Wallet, and overbearing anti-money laundering (AML) policies.
The group criticizes the U.S. tax code’s requirement to report crypto transactions over $10,000 to the IRS, calling it unconstitutional and a needless surveillance measure.
Coin Center also warns that the sanctions placed on Tornado Cash and Samourai Wallet, along with criminal charges for alleged illegal money transmission, could discourage developers from working on non-custodial crypto services. While the incoming administration’s pro-crypto stance might lead to policy adjustments, Valkenburgh remains cautious.
READ MORE:
Texas Lawmakers Eye Strategic Bitcoin Reserve as Momentum Builds Across the GlobeHe points out that the Department of Justice, despite any changes under Trump, could continue enforcing these regulations, as it values its political independence. Despite these challenges, Coin Center remains hopeful for gradual progress in the crypto market, even if all restrictions are not fully lifted.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
241125: Crypto liquidations reach $470M as Bitcoin retraces, altcoins surge
Dogecoin, XRP, Stellar and Sandbox saw a larger liquidation share than usual as some top altcoins from the 2020-2021 cycle soared as high as 50%. Bitcoin retreated after failing to break the $100,000 milestone on Nov. 24, causing one of the largest weekend crypto liquidation events in over half a y
Australia Seeks Public Input on Adopting Global Crypto Reporting Standards
FET breaks through $1.5