The United States will analyze three bills for cryptocurrencies

The United States Congress announced that it will discuss three projects aimed at establishing the first regulatory framework for the responsible use of cryptocurrencies in the country, as reported by Chainalysis.

The country seeks to establish the first regulatory framework for digital currencies, focused on their responsible use. The three projects that will be analyzed by Congress include the regulation of stablecoins, tax exemptions for small personal transactions and the implications for national security.

 

 

Stablecoin regulation

 

Stablecoins are the focus of analysis by the US Congress following unfortunate events like the collapse of Terra USD. The bill seeks to prevent further crashes like this one and safeguard the funds of users of cryptocurrency exchange platforms. One of the congressmen who has advocated the most for a regulatory framework is Republican Patrick McHenry.

 

Tax exemptions for small personal transactions

 

In February of this year, Congresswoman Suzane DelBene submitted to Congress a proposal for the Virtual Currency Fiscal Equity Act. The goal she proposes is to “simplify the use of digital assets for everyday purchases by creating a tax exemption for personal transactions of $200 or less.” The result could be a “much broader adoption of cryptocurrencies in everyday transactions.”

 

National security

 

An unavoidable aspect is the analysis of cryptocurrencies and their adoption in the United States. In this sense, reference must be made to the National Defense Authorization Act (NDAA), which in its version approved last July includes aspects related to cryptocurrencies. In the document, some congressmen “presented a provision that requires notification to Congress of State Department rewards paid with cryptocurrencies. Likewise, the Treasury Department would be obliged to enact special measures” against international persons or entities involved in the money laundering.”

The three projects mentioned must be discussed by Congress in its session on Monday, November 14, together with other issues such as tax fraud and blockchain technology.

M.Pino

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Source: morocotacoin